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  • Binance is asking U.S. users to withdraw their cryptocurrency from the exchange

    Binance is asking U.S. users to withdraw their cryptocurrency from the exchange

    Key highlights:

    • Binance is asking U.S. customers to withdraw their crypto from the exchange
    • Binance says it can’t offer services to U.S. customers because of regulations
    • The exchange says users from the United States have 90 days to withdraw their funds

    Binance notifies U.S. users that they should withdraw their crypto

    Binance is the world’s largest cryptocurrency exchange by trade volume. The platform earned its popularity by listing a wide variety of altcoins, and providing in-demand products such as Binance Coin, futures contracts and lending.

    According to Binance’s terms and conditions, users from the United States are not allowed to use the platform. This policy was first announced by Binance in July of 2019. However, this did not stop some U.S. users from using the exchange anyway. Now, Binance seems to be getting more serious about enforcing its rules.

    According to a report from The Block, Binance is now contacting customers who used the exchange from an United States I.P. address. 

    Binance is taking practical steps regarding this issue, and it is sending emails to U.S users and notifies them that the exchange can’t provide services for U.S users. Binance explains that it can’t offer services to U.S. customers due to regulations. 

    The emails warn U.S users that they have 90 days to move their funds, and Binance suggests U.S users in these emails migrate over to Binance US or other cryptocurrency exchanges. When the Binance system detects an American account, these emails will be automatically sent to him/her. 

    Recent regulatory developments

    This decision of Binance followed the prosecution of BitMEX by the U.S government. There are different allegations against BitMEX, and the most important ones are breaking regulations regarding money laundering and know your customer requirements. Now, all customers of BitMEX have to pass an identity verification process. 

    Binance itself has also attracted the attention of regulators. In September, the FATF released a report regarding Binance’s strategy of moving between different jurisdictions, and the report interpreted these measures as evading regulations.

    Recently, Forbes released a report saying that Binance is following a strategy designed to minimize the impact of U.S. regulations on the company. The report argues about Binance corporate plan for deceiving U.S regulators and making a profit from cryptocurrency traders in the U.S. In response, Binance’s chief executive Changpeng Zhao stated that the Forbes report is incorrect.

  • BTC/USD Goes past $16,000, ETH/USD Dips Below $460

    BTC/USD Goes past $16,000, ETH/USD Dips Below $460

    Konstantin Anissimov, Executive Director at CEX.IO

    BTC/USD

    On Thursday, 12th November, the BTC/USD trading pair at 15,726 and dropped momentarily below 15,500 in the first hour of the day. Then the price would gradually climb up to the level of the open and go into the green between 5:00 and 6:00 UTC. Then there were two hours of increased volatility between 9:00 and 11:00 UTC. First, BTC/USD rose to a local summit of 16,171 between 10:00 and 10:15 UTC, then a rapid downward retracement followed, which took the pair to 16,674.

    Starting from 11:00 UTC, the pair reversed upwards and continued rising steadily through to 16:00 UTC. Between 16:00 and 17:00 UTC a hanging man formed, signaling a coming downside price action. And in the next hour, a bearish candlestick took BTC/USD to 16,000.

    The price dynamics in BTC/USD continue to be largely bullish, letting Bitcoin try to capitalise above $16,000. As for the rest of the week of 9th November, with the $16,000 handle being tested, we are likely to see BTC capitalise above $16,000 by the end of this week.

    ETH/USD

    On Thursday, 12th November, Ethereum was contrastively much less bullish and substantially less volatile too than Bitcoin during the entire day. The ETH/USD pair opened the day at $463, edging down in the first hour of the day much like BTC/USD. The subsequent steady reversal pattern was also quite similar-looking to that of BTC/USD, with the cross rate rising to the day’s summit of $470.6 between 10:00 and 10:15 UTC. However, the following graphic intraday picture on the ETH/USD chart looked rather different from that of BTC/USD.

    Closing at $457.85, ETH/USD was only able to climb to $465.1 between 14:00 and 15:00 UTC. In the next three-hour interval, the pair only dipped lower to close the hourly candlestick between 17:00 and 18:00 UTC at $455.

    The positivity that we saw a day before has been slightly marred by Ether’s performance on Thursday. However, the token still keeps well above the 0.786 Fibonacci level and the 50-day and 20-day simple moving averages. Also, from the graphic viewpoint, the pair clearly continues its uptrend which stands unimpaired. Therefore, we are still eligible to look forward to Ether going to test its current high for 2020 at $488 before this week ends, the $480 level being a highly probable goal for Ether to achieve during the rest of this week.

  • Is Nouriel Roubini changing his tune on BTC?

    Is Nouriel Roubini changing his tune on BTC?

    Key highlights:

    • Prominent Bitcoin critic Nouriel Roubini might be softening his stance on Bitcoin
    • Roubini admitted that Bitcoin partially functions as a store of value
    • MicroStrategy CEO Michael Saylor was previously bearish on BTC but has since invested $170 million in Bitcoin

    Nouriel Roubini, a professor at New York University’s Stern Chool of Business, is one of the most prominent critics of Bitcoin. Roubini has been on a warpath against Bitcoin for years, and he believes BTC is related to internet frauds and criminal activities. He considers blockchain as a theoretical concept that is not practical.

    Roubini has had many arguments with individuals from the cryptocurrency industry – one of the most notable examples of this was his debate with former BitMEX CEO Arthur Hayes.

    However, it seems that Roubini has slightly softened his tune regarding Bitcoin recently. He still believes Bitcoin is not a phenomenon that remains but acknowledges its property for storing value. He contemplates that this store of value property is not complete, but partial.

    A change in Roubini’s approach

    Roubini’s statements in an interview on November 6 showed a sort of change in his approach regarding Bitcoin. Previously, he had called BTC a joke, and he didn’t believe in its ability as a store of value. But it seems that he has softened his position in this recent interview.

    It’s not apparent why he has shifted his position, but he emphasized that he observes a sort of value in Bitcoin’s algorithm. He talked about halving events and reducing miners’ rewards and acknowledged some importance for Bitcoin’s algorithm.

    Roubini noted that BTC is more stable than other cryptocurrencies, and its capability to store value is better. He thinks Altcoins are being devalued at a faster rate than fiat currencies.

    Who will change their position next?

    While Roubini’s statements were not in support of Bitcoin, it was a shift in position from one of Bitcoin and Blockchain’s most prominent critics.

    Previously, we’ve observed many Bitcoin bears change their position over time. One such example is Michael Saylor, the CEO of MicroStrategy. Saylor made a complete turn in his stance on Bitcoin, and his company has invested $450 million into the world’s largest cryptocurrency.

    Saylor is now one of the most prominent figures who defend cryptocurrencies in social media and interviews. He is optimistic about the future of Bitcoin and other cryptos, and he has bought $170 million of Bitcoin, which is a notable figure. Who will be the next Bitcoin bear to change their position?

  • 1inch Integrates with MyEtherWallet

    1inch Integrates with MyEtherWallet

    1inch swaps will now be available directly in MEW users’ wallets.

    As 1inch team aims to offer users more diverse options for crypto swapping and staking, also improving their experience, today 1inch announces an integration with MEW (MyEtherWallet), a well-known wallet and client interface for interaction with the Ethereum blockchain.

    Wallet integrations are essential to 1inch as they enable users to take advantage of provided services directly in their wallets. Meanwhile, with more than one million monthly users, MEW is one of the most popular Ethereum wallets in operation.

    This integration will expand MEW’s functionality for swapping coins directly from within their wallets, adding more options.

    Through MEW’s free and open-source interface, users can store, send and receive ETH and any other ERC-20 tokens. MEW is compatible with a range of mobile, browser, and hardware wallets including MetaMask, Ledger, Trezor, Trust wallet, Coinbase wallet and many others. Most importantly, users’ funds and keys stay in their possession at all times.

    “1inch has built a DEX aggregator that embodies some of the best aspects of decentralization,” says Kosala Hemachandra, MyEtherWallet’s founder and CEO. “Working with them to make their platform more accessible to MEW users was an easy decision for us. DeFi is still in an experimental stage, and companies like 1inch are paving the way for greater adoption.”

    The high traffic from MEW will increase 1inch’s market penetration and enhance its position as a leading DEX integrator.

    “1inch aims to save users time and money by offering the best swap rates in the fastest possible time,” says Sergej Kunz, 1inch co-founder and CEO. “With the MEW integration, they will have more options for swapping tokens directly in their wallets, as coin offerings will substantially expand.”

    “This partnership with MyEtherWallet, a long-established player in the crypto space, comes as a validation of 1inch’s rapid growth and product development,” he adds.

    The 1inch team expects this integration to substantially increase the platform’s trading volume, while, at the same time, opening access to 1inch services to a large number of MEW customers.

    About 1inch 

    1inch (https://1inch.exchange/) is a decentralized exchange aggregator that sources liquidity from various exchanges and is capable of splitting a single trade transaction across multiple DEXs. Smart contract technology empowers this aggregator enabling users to optimize and customize their trades. Launched in May 2019 by Sergej Kunz, CEO, and Anton Bukov, CTO, 1inch has surpassed $5B in overall volume in just over a year. In August 2020, the 1inch team released Mooniswap (https://mooniswap.exchange/) – an AMM (automated market maker) where LP (liquidity provider) earnings are dramatically increased by slowing down price changes to prevent arbitrage traders from earning up to 100% of the swap slippages (Mooniswap intro video). In November 2020, 1inch was updated to version 2 which major highlights are Pathfinder, an API that contains a new discovery and routing algorithm, and an intuitive, user-friendly UI. 1inch has already integrated support for top DEXs including Uniswap v1 and v2, Balancer, Curve, Kyber, SushiSwap, DODO, Oasis, Mooniswap, and many more.

    About MyEtherWallet

    MEW (https://www.myetherwallet.com) is a nexus point for transacting in the Ethereum ecosystem, providing unprecedented access, a secure wallet, multi-faceted integration possibilities, and comprehensive education that allows anyone to quickly take advantage of all the benefits crypto finance has to offer.

    For five years, MEW has been the leading wallet interface, providing to anyone free, open source, and secure access to the Ethereum blockchain. Today, MEW is an access point for the entire Ethereum ecosystem.

  • Vitalik Buterin Stakes 3,200 ETH in Ethereum 2.0

    Vitalik Buterin Stakes 3,200 ETH in Ethereum 2.0

    Key highlights:

    • The Ethereum project is moving from Proof-of-Work to Proof-of-Stake
    • The Ethereum 2.0 deposit contract was launched recently
    • Ethereum co-founder Vitalik Buterin staked 3,200 ETH in the contract

    The second generation of Ethereum, also known as Ethereum 2.0, is currently in development. Ethereum is moving over to Proof-of-Stake in order to circumvent the downsides of Proof-of-Work consensus designs. Proof of Stake (PoS) saves more energy, provides better performance and doesn’t need expensive hardware and equipment.

    Vitalik Buterin commits 3,200 ETH to Ethereum 2.0

    The deposit contract address for Ethereum 2.0 was launched recently, and it allows users to stake their ETH in anticipation of Ethereum 2.0. The deposit contract address is making progress, and it includes over 49,000 ETH at the moment. EtherScan indicates that 3,200 ETH from the mentioned figure belongs to Vitalik Buterin, who is a co-founder of the Ethereum project. This contribution’s worth is around $1.45 million given current Ethereum prices.

    Buterin believes the deposit contract will attract more people over time. At the moment, a lot of ETH coins are in cold storage, and as soon as the coins’ owners trust Ethereum 2.0 and its security, more ETH will flow to the deposit contract address.

    The deposit contract requires 524,288 ETH to be staked by 16,384 validators. December 1 is the earliest date that the genesis of Ethereum 2.0 can start, but it will only represent Phase 0 Ethereum 2.0. Buterin’s contribution made positive headlines, and attracted more attention to the deposit contract.

    If we look back to the ETH sale in 2015, participation fluctuated heavily during the sale process. Deposit contract address represents the first step in moving from Proof-of-Work to Proof-of-Stake. It is an exciting transition, and if it is done successfully, Ethereum will be able to deliver a much better user experience in the future.

    Once 524,288 ETH are staked, the Beacon Chain will go live. The Beacon Chain is an entirely new blockchain that uses Proof-of-Stake, and supports the entirely new ecosystem of Ethereum 2.0 – to use an analogy, the Beacon Chain will be the spine of Ethereum 2.0.

    Developers started Medalla, the final public testnet for Ethereum 2.0, in August. and there are no other testnets until Ethereum 2 launch. This multi-client testnet is an environment for testing operations of Phase 0.

  • CoinCheckup Receives Major Upgrade – Highly Accurate Crypto Prices, Customizable Frontpage, Better Mobile Experience and More

    CoinCheckup Receives Major Upgrade – Highly Accurate Crypto Prices, Customizable Frontpage, Better Mobile Experience and More

    We’ve Upgraded CoinCheckup!

    CoinCheckup has been around since 2017, and we’re glad so many of you have chosen our platform as your source of cryptocurrency information. The cryptocurrency markets move fast and websites like CoinCheckup need to be refreshed periodically to keep up with the times.

    Key Highlights:

    • We’ve just launched a major upgrade for CoinCheckup
    • You can now customize the frontpage and enjoy faster loading times
    • The crypto price charts are now more detailed and prices are more accurate
    • Mobile users will now have a much better experience

    For the past few months, we’ve been working on a number of improvements to take CoinCheckup to the next level, and we’re now ready to introduce them to our users as well. We’ve just launched a big upgrade to CoinCheckup that will make your experience on the site even better.

    Sleek layout

    The first thing you’ll notice is that the layout of the site has been changed – this will make it easier to access the most important information, and it also minimizes the amount of clutter that’s on the screen. The re-designed CoinCheckup website should also load significantly faster than the previous version.

    Now, you also have more options to customize the CoinCheckup frontpage. You can keep it the way it is, or choose to display more information across different time frames. For example, if you want to see a coin’s 24-hour, 7-day, 1-month and 3-month performance on the frontpage, you can now do so simultaneously.

    Example of a customized CoinCheckup frontpage

    More accurate crypto prices

    A feature that we’re sure many of you will appreciate is that CoinCheckup now has live prices, meaning that you no longer have to refresh the page to get the most up-to-date price information. When the price changes, the digit that has changed will either flash red or green, depending on the direction.

    Another new upgrade is that we’ve changed our data sources, which will result in more accurate price information. Prices are now also updated much more frequently, and this will make it easier for you to stay on top of all the action in the cryptocurrency market. In addition, the charts are now more detailed, allowing you to take a closer look at the performance of the cryptocurrencies listed on CoinCheckup.

    Our new crypto price charts offer a lot more detail

    Redesign for mobile devices

    We also did not forget about our mobile users, and made a bunch of improvements to the site which should result in a much better mobile experience. If you’re on mobile, go ahead and try it out – we think you’ll like it.

    CoinCheckup is now a lot friendlier to mobile devices

    Final thoughts

    When updating a platform like CoinCheckup, it’s important to keep in mind that our users already like the platform the way it is – otherwise, they would be using something else! That’s why we paid special attention to preserving the aspects of the site that users like the most, and focused on providing a faster and cleaner experience.

    Thank you for using CoinCheckup!

  • According to Bill Miller, all leading banks will have exposure to BTC

    According to Bill Miller, all leading banks will have exposure to BTC

    Key highlights:

    • Veteran investor Bill Miller says that banks will eventually have exposure to BTC
    • Miller revealed in 2017 that his MVP1 fund invested in BTC
    • Legendary macro investor Paul Tudor Jones is also a Bitcoin bull

    Veteran investor Bill Miller says that all leading banks and prominent investment firms will ultimately have exposure to BTC or a similar asset. He believes Bitcoin is here to stay, and is growing stronger and stronger. BTC’s fundamentals have attracted a lot of attention, and now people like Bill Miller are optimistic about it.

    Miller’s statements indicate his bullish position on BTC

    Many leading firms are exploring Bitcoin, which motivates other companies to follow the trend. After MicroStrategy announced its BTC investment, Square followed suit as well. And now, the well-known investor Bill Miller is optimistic about Bitcoin and says that it will be here to stay.

    Miller Value Partners was founded by Bill Miller, and he is the head of this organization at the moment. He is the manager of other famous organizations like Opportunity Equity. He is well-known for outperforming the S&P 500 from 1991 to 2005.

    He thinks that crypto is going to stay, and its risk is considerably lower than before. Miller considers Bitcoin as an asset with excellent performance, and he talks about the exciting process of demand and supply for BTC.

    Bitcoin’s supply is increasing by around 2.5% a year, but its demand is faster, and BTC’s supply will be limited to 21 million coins. Bitcoin has deflationary properties, and it also functions as a store of value. Due to Bitcoin’s scarcity, it is often labeled as digital gold.

    It isn’t the first time that Miller expressed interest in BTC. In 2017, he revealed that his MVP1 fund had made an investment in Bitcoin. Of course, Miller is not the only prominent fund manager who appreciates the future and fundamentals of BTC. Paul Tudor Jones also lately talked about Bitcoin’s massive potential, and he said that 2% of his portfolio is comprised of Bitcoin.

    MicroStrategy CEO Michael Saylor and macro investor Paul Tudor Jones consider investing in BTC like investing in early technology stocks. Early investors of Google and Facebook made a huge profit, and now, BTC could be in a similar position. Many people call Bitcoin the future of money, and BTC seems like a fascinating investment opportunity.

    Will all the banks finally eventually have exposure to Bitcoin? Tell us about your thoughts in the comment section.

  • Ready for Chaos? Swingby’s Chaos-Mainnet Launches on December 28th

    Ready for Chaos? Swingby’s Chaos-Mainnet Launches on December 28th

    Singapore, Singapore, 9th November, 2020, // ChainWire //

    Swingby is the “warp-speed” protocol for inter-blockchain swaps. It allows all DeFi users to move assets between blockchains without a trusted party. 

    Today, Swingby announces its first mainnet network will be released on the 28th of December; it will bridge native Bitcoins onto Ethereum via Wrapped BTC (WBTC).

    The initial bridge will enable the most liquid digital asset in the world (Bitcoin), currently valued at a $300 billion market cap, to be moved onto the Ethereum network to tap its $10b DeFi ecosystem.

    “This launch will be pivotal to Swingby. After December 28th, Swingby will have a fully operational Chaos-Mainnet network which will be generating a tremendous amount of value to the world of DeFi and bringing in a large number of new users” – Yusaku Senga, CEO

    Why is this big news for DeFi?

    On December 28th, Swingby will be launching its first Chaos-Mainnet bridge, allowing users to easily move their bitcoins into WBTC on Ethereum without the need for a trusted party. Similarly, the bridge can be used in the opposite direction allowing WBTC-ERC20 tokens to be moved back into native BTCs.

    What’s so special about it?

    1. Trustless: Swingby’s Skybridge will be the only way to trustlessly swap BTC into wrapped Bitcoin (WBTC).
    2. Simple to use: The Swingby bridge has been designed to work with standard transaction types removing the need for complex smart contract calls and allowing the bridge to work with any wallet.
    3. Community rewards: Users willing to provide liquidity and governance to the Swingby bridge will be rewarded a share of the fees for each swap processed.

    Discover the three core use cases of the Bitcoin to Ethereum bridge.

    More news is coming!

    Leading up to launch on December 28th, the team will be announcing some key partnerships with projects that have helped deliver the Chaos-Mainnet bridge and some additional venues that will be providing liquidity to the SWINGBY token.

    To help spread awareness of this event, which will change Swingby forever, the team will be hosting a series of Q&As and giveaways for our superhero community.

    About Swingby 

    Swingby Labs was launched in Singapore in 2018 by a group of crypto enthusiasts joining forces to make the tools to connect Bitcoin with other blockchains.

    Swingby’s protocol, Skybridge, builds trustless bridges between BTC, Ethereum, Binance Chain and other blockchains secured by a network of node groups that execute fast token swaps using ‘multi-party computing’ and layer 2 technology.

    Skybridge allows users to move Bitcoin tokens between the Bitcoin, Ethereum and Binance Chain blockchains without relying on a central custodian, opening up a whole world of DeFi capabilities such as liquidity pooling and DEX trading with easy to use UX.

    Swingby plans to launch its Ethereum MainNet on december 28th, bringing Bitcoin to an ecosystem which already has $10b in capital locked up in DeFi contracts. Building on exciting partnerships with projects such as Elrond, Waves and Kira Protocol, Swingby aims to expand its reach to other chains and projects, adding support where the most value can be added.

    The Skybridge testnet bridge has transacted over $14 Billion in testnet BTC capital between the Bitcoin and Binance Chain blockchains, and its decentralized technology has been fully battle tested in live high volume environments.

    Contacts

    Chief Executive Officer

    • Jacob Plaster
    • Swingby
    • jacob@swingby.network
  • Top 3 Coins to Watch – Week 46

    Top 3 Coins to Watch – Week 46

    As we make our way through Q4 2020, several cryptocurrency projects are making upgrades to their platforms and other changes that could arouse the interest of the broader cryptocurrency community. With all eyes on Bitcoin and Ethereum, this week’s selection of top 3 coins to watch aims to shine a light on some smaller market cap cryptocurrencies, which look set for some interesting price action.

    1. Bitcoin Cash (BCH) 

    Bitcoin Cash is a hard fork of the world’s largest cryptocurrency – Bitcoin. It started out on August 1, 2017 following a dispute regarding block size among Bitcoin developers. Bitcoin Cash supporters, led by Roger Ver, pushed for a larger block size limit in order to facilitate more transactions. Bitcoin Cash blockchain thus features an 8 MB block size and can handle up to 116 transactions per second (TPS).

    BCH Hard Fork Expected to take place on November 15

    Due to a disagreement among Bitcoin Cash developers regarding the allocation of BCH for future protocol development funding, Bitcoin Cash is expected to undergo a hard fork around November 15. Already in August, a group called Bitcoin Cash ABC (BCH ABC) proposed a protocol update, which includes a rule that 8% of mined BCH would be distributed to Bitcoin ABC developers in order to finance ongoing protocol development. However, Roger Ver and Bitcoin Cash Node (BCHN) were against this change, leading to the only possible solution to address the wishes of both sides – a hard-fork. It appears that Bitcoin Cash Node will prevail, though:

    “At the present time, over 70% of blocks are signalling for Bitcoin Cash Node while less than 1% are signalling for Bitcoin Cash ABC, so Bitcoin Cash Node looks like it will be the dominant chain by far.”

    BCH holders are advised to keep an eye on the developments around the hard-fork and move their coins to a personal wallet under their control, although some of the leading exchanges such as Binance, Huobi and OKEx have announced that their exchange wallets will support the chain fork. Kraken exchange announced that it will be supporting the Bitcoin Cash Node regardless of the outcome, but as far as Bitcoin Cash ABC is concerned, it will be supported only if hashpower on the ABC network is at least 10% of the hashpower on the Bitcoin Cash Node network. Definitely worth to follow the event, especially if you are already a holder of BCH.

    2. Stratis (STRAX) 

    Stratis is a blockchain environment and a cryptocurrency for enterprise users. With a focus on the financial industry, the project aims to offer its customers an easy way to build blockchain-based solutions. Stratis supports the native C# programming language, which is already widely used, and therefore acts as a simple bridge to blockchain technology.

    Stratis Mainnet Release to take place on November 12

    The team behind the Stratis project has announced that their mainnet will finally be released on November 12. The updated and renamed STRAX Blockchain will include several new features, including support for the development and deployment of DeFi smart contracts. Even though the name of the project will stay the same, holders are required to swap their STRAT tokens for STRAX tokens, which will be the medium of exchange on the mainnet. Users must swap their tokens until November 12 at 9 AM GMT as STRAX tokens that remain unclaimed in this swap window will be irreversibly destroyed in October 2021. More information regarding the token swap can be found here.

    3. PChain (PI)

    PCHAIN is the world’s first native multichain system, which features the support for Ethereum Virtual Machine (EVM). It consists of one main chain and multiple derived chains and the consensus is reached based on the patented PDBFT algorithm, which has significantly reduced the cost of communication. The smart contracts of PCHAIN can be easily invoked with other non-native Tokens (BCH, ERC20).  Much like Stratis, third-party developers, including corporations and financial institutions, can build smart contract-enabled applications atop PChain.

    First Monthly Token Burn Following the Successful Mainnet Update

    PChain’s team completed a successful Mainnet upgrade in October and is set to conduct its fourth monthly token burn. The burn, which will destroy 50 million PI tokens is scheduled to take place on November 15. After November’s burn, the team has 6 more to go, as they plan to continue burning the tokens, until destroy a total of 500 million tokens. Around 2.6% of the total supply is forever removed out of circulation during each burn. In addition, the team has just confirmed the launch of their mobile wallet application for iOS. Android users will sadly have to wait a bit longer, but PChain assures that the wallet will be made available for download in Google Play store soon as it is already being reviewed. Furthermore, Epoch 17 delegation and voting process is scheduled to end this week, with the vote results being publicly announced by November 10.