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71% Of Investors Prefer Institutional Custody, While Only 23% Have Beneficiary Plans

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Two recent surveys shed light into how the average investor approaches storing crypto assets, and what their plans are incase of death.

Survey #1

The first survey, performed by iTrustCapital, shows that 71% of investors prefer Institutional Custody over generating and storing their own private keys. (Source)

Survey #2

The second survey, performed by the Creation Institute, showed that only 23% of investors have a documented plan for passing on their assets in the case of their death. (Source)

How this relates to iTrustCapital:

  1. All client funds are stored with Institutional Custody partner – Curv.
  1. All clients have formal beneficiary and contingency plans set up when establishing their account and in the case of death, their assets will be passed down.

🔥 Open an IRA w/ iTrustCapital to grow your Crypto TAX-FREE 🔥

Get 1-Month FREE with Discount Code ($29.95 Savings)

Link: itrustcapital.com?referralcode=UNCLEBOB Code: UNCLEBOB

Watch my podcast with Alex Bertolino on how to trade your 401K tax free here ⤵️

Click above to watch now!

Binance Aquire Swipe Wallet In Deal That Furthers Mainsteam Crypto Adoption

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Binance, the global blockchain company behind the world’s largest digital asset exchange, today announced the completion of its acquisition of Swipe, the industry’s leading multi-asset digital wallet and Visa debit card platform that allows users to buy, sell, convert and spend cryptocurrencies, for an undisclosed amount. The two companies will work together to further mainstream adoption of cryptocurrencies by bridging the gap between fiat and digital assets, notably payments and purchases in cryptocurrency through traditional financial systems. 

“To achieve our mission of making crypto more accessible to the masses, off-ramps are a key component as well. By giving users the ability to convert and spend crypto directly, and have merchants still seamlessly accept fiat, this will make the crypto experience much better for everyone,” said Binance CEO Changpeng Zhao (CZ). “Swipe’s exceptional team has made great strides in furthering this mission and has been instrumental in the industry for bridging the gap between commerce and crypto. The Swipe Wallet alone is unique which acts as a digital bank account for its users, providing access to traditional banking services. We are thrilled to work with a team that shares the same core values and looking forward to our larger efforts ahead.” 

“Swipe’s goal is to further synchronize crypto with fiat currency-based transactions,” said Swipe CEO Joselito Lizarondo. “Partnering with Binance, given their world-recognized track record and user base, alongside a team that constantly executes, will place Swipe in the position to make cryptocurrencies more accessible for millions of users worldwide. We are excited to work with Binance to continue innovating in this crypto-banking space to further build towards mass adoption on our current and future product lines.” 

Swipe has listed BNB on its platform, allowing users to buy and sell BNB with their linked bank accounts, through Swift wire transfers and Single Euro Payments Area (SEPA), making BNB spendable with fiat at over 50 million locations worldwide through the Swipe Visa Debit Card. Additional plans from the partnership between Binance and Swipe will be announced at a later date. The Swipe platform currently supports a wide range of digital assets that enable them to remain in their native form until a point-of-sale/transaction occurs. The selected digital asset is then converted to fiat currencies passed through the Visa payment rails, making cryptocurrencies instantly spendable in more than 50 million locations around the world with just a tap of a few buttons and a “swipe” of a card. Cardholders can also enjoy up to 4% cashback in Bitcoin on every purchase as well as discounted fees by using SXP on the Swipe platform.

Swipe is currently available in 31 countries within the European Economic Area and issued by Contis Financial who is a Visa Principal Member. Swipe supports fiat transactions in Euros, British Pounds, US Dollars, Korean Won and Philippine Pesos; and soon launching in regions throughout Asia and North America.

HUGE ANNOUNCEMENT: Potential DeFi Passive Income In An IRA!?

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There was an interesting announcement by the Interchain Asset Association yesterday that is exciting for every digital asset investor and has potential huge implications for retirement accounts (IRAs).

The project is called Anchor Protocol, which is being spearheaded by the Interchain Asset Association. This is a collaboration between Terra, Cosmos, Polkadot and others.

The way I see it, this news can easily be summed up into four easy points.

  1. Anchor Protocol will be the first cross-chain Decentralized Finance platform (DeFi).
  1. A savings protocol powered by a money market that is collateralized by tokenized stakes. It will generate stable yields for all depositors, and allow them to take out loans on their assets if desired.
  1. It will eventually function with nearly all Stake based assets (ETH, DOT, ATOM, LUNA…etc).
  1. The team mentioned that this would be a great tool for IRA’s, as it would allow investors to generate reliable yields within their retirement accounts.

iTrustCapital will continue to be the leader when it comes to innovating within the IRA space.

ITrustCapital will likely start a due diligence process on Anchor protocol sometime in 2021, as this is an incredibly exciting feature many of our clients would be interested in.

✅ Open an IRA w/ iTrustCapital to grow your Crypto TAX-FREE 🔥

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Watch my podcast with Alex Bertolino on how to trade your 401K tax free here ⤵️

Click above to watch now!

Draper: The Dollar Will Dive And Bitcoin Will Thrive

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Tim Draper is convinced that the U.S. dollar is going to come crashing down which will, in turn, push people toward Bitcoin and other digital assets.

The U.S. Federal Reserve has already printed $9 trillion according to Draper, and this has undermined confidence in the dollar and because of this people are starting to look at Bitcoin as an asset that could return a greater yield in the coming years.

On Bitcoin, he commented:

‘There are only 21 million of them and they are going to be more and more valuable as you see governments have less and less.’

The serial investor and entrepreneur has famously made a bold prediction that Bitcoin will surpass the $250,000 mark by the end of 2020.

The Silicon Valley venture capitalist believes that this price point could become reality within six months of Bitcoin’s halving which happened in June this year.

Timothy Cook Draper (born June 11, 1958) is an American venture capital investor, and founder of Draper Fisher Jurvetson.

His most prominent investments include BaiduHotmailSkypeTeslaSpaceXAngelListSolarCityRing (company)TwitterDocuSignCoinbaseRobinhood (company)Ancestry.comTwitchCruise Automation, and Focus Media

In July 2014, Draper received wide coverage for his purchase at a US Marshals Service auction of seized bitcoins from the Silk Roadmarketplace website. Draper is a major proponent of Bitcoinand decentralization.

On Sep. 23, 2014, Draper told Fox Business that he predicted that one bitcoin would reach $10,000 “in three years” 

The price of a bitcoin crossed the $10,000 mark on November 29, 2017.

Trio Of Blockchain Companies Create New DeFi Savings Account That Offers Passive Income

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A new DeFi savings product named Anchor will offer guaranteed interest rates on deposited stablecoins on the Cosmos, Polkadot and Terra blockchains.

The offering will be launched at the end of Q3 with a view to working on other proof of steak block chains after that.

Do Kwon, CEO of Terra stated:

Maker and Compound have been revolutionary in creating decentralised money markets, the volatility of their interest rates makes them unsuitable to be used as a household savings product. DeFi mass adoption needs the creation of a fully decentralised savings account that offers dependable APR.

Do Kwon, CEO of Terra.

Using a proof of state blockchain stablecoin deposits can be staked thereby allowing users to receive passive income through a staking rewards program.

The Interchain Asset Association (IAA), will provide the initial governance for the project.

UniCrypt Token-Locking Preparations For Monday 6th July

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Hi All,

It sure has been a crazy first week for the launch of UNC — A community based crypto project.

The unique concept of the UNC reserve, to be used on community proposals for the development of DAPPS, multiple exchange listings, marketing, promoters and translators have all been met with resounding success.

Notable mentions are the community directly playing a major part in two exchange listings. We are unbelievably proud of you guys and a special thanks to our core community.

Part of what this project relies heavily on trust built through smart contracts and this is what we would like to discuss in this article.

On Monday (6th July) we are going to be separating the Developer Reserve, Community Reserve and the Team UNC tokens into 3 separate wallets. You are going to see some big moves happening on etherscan so I’d like to prepare you for this now.

We will separate tokens from the main wallet and then set up smart contracts for each new wallet address. After this, the token locking will begin. Our token-locking contracts will be published and verifiable by all on etherscan. We will be updating the website later next week to allow live dynamic viewing of each new wallet address and the amounts locked. We look forward to bringing you some better analytics on the website with regards to the reserve and locked tokens in the coming future.

Let’s talk numbers:

We are going to be locking 80% of the Community Reserve, 80% of the developer reserve and 80% of the team tokens for 1 year. From there onwards, we can re-evaluate the situation and lock again for another year. This is the initial idea for the reserve, and based on community voting we can alter this course in the future (longer token locks for example). Once tokens are locked, they cannot be unlocked until the timeframe expires.

We are still at a very early stage of growth being one week old, and the options are truly limitless to what we collectively can come up with. We look forward to this journey with you all more than ever.

Finally, a minor point, we will be setting up some community ambassadors to help filter decisions to the top and to help get them implemented. As the team are focussed on developing, we can’t always be present in Discord and Telegram. A hierarchy will be put in place to make this all frictionless which will hopefully keep everyone happy and ensure their voice is heard.

So an important takeaway from this, please prepare for large portions of UNC to be moved on Monday into new wallets to prepare for the coin-locking next week.

Have a great weekend,

Mark — UNC team

PayPal Will Offer Crypto To Its Users – (Well……Probably!!)

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PayPal is planning to allow the buying and selling of crypto directly from its website and app sources close to the company say.

The understanding is that PayPal and Venmo are looking to create the opportunity to sell cryptocurrency to over 325 million users which would be a first in terms of offering direct sales of crypto.

It is unclear how many cryptos will be available to buy.

Coinbase users have been able to withdraw to PayPal since 2018 in the US and 2019 in Europe & Canada.

PayPal has made no comment on the rumour but Crypto Twitter is understandably bullish.

Scott Melker is bullish. BAKKT X 10!
Aubrey thinks the same
Ivan thinks it bullish too

Binance Announces FCA-Regulated Trading Platform for the UK

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Binance is excited to share the upcoming launch of Binance.UK, a Financial Conduct Authority (FCA) regulated platform for buying and trading cryptocurrencies with British Pounds (GBP) and Euros (EUR), coming this summer. Designed for U.K. retail and institutional investors alike, including crypto novices, Binance.UK will also serve European customers.

The platform will provide fast and easy deposits and withdrawals for the buying and selling of digital currencies through direct bank transfers via the UK Faster Payments Service (FPS) and Single Euro Payments Area (SEPA) network. Additional features will include fiat-to-cryptocurrency on-ramps via debit cards and options for customers to open their own virtual bank accounts, each with dedicated sort codes & account numbers, combined with some of the lowest fees in the market. Verified users will be able to trade spot pairs with deep liquidity while leveraging Binance.com’s advanced trading platform. Up to 65 digital assets are being considered to be available at launch. 

“The U.K. is a significant financial epicenter with London being the second-largest financial center in the world and the leading market for foreign exchange,” said Binance CEO Changpeng Zhao (CZ). “As part of our local market growth efforts around the world to bring more tangible financial access through the power of digital assets and its technology, the U.K. is at the forefront of spurring larger interest in the region and throughout Europe. We hope Binance.UK will serve as a stepping stone for the next generation of finance.”

As an affiliate of Binance, Binance.UK connects to the broader ecosystem of Binance while catering to the U.K. and European markets. Its localized approach and service also include active participation and engagement with local communities and governments to ensure a high industry standard and user-first model. 

“The U.K.’s pivotal role as a global fintech innovation leader has paved the way for disruptive technology to challenge traditional financial services. We’re excited to become part of this vibrant ecosystem,” said Binance U.K. Director, Teana Baker-Taylor. “Aligned to our Binance mission of increasing the freedom of money globally, Binance.UK will enable U.K. and European customers to participate in the ever-growing crypto and digital assets market with greater confidence through a regulated platform, with access to secure and convenient payment rails at a competitive price.”     

The Binance.UK platform features both a ‘Basic’ trading interface, with simple buy, sell, and convert functionalities, and an ‘Advanced’ market view on the Binance.com order book with its complete trading tools and capabilities. Initially launching for desktop/web, Binance.UK will provide a mobile version later this year. 

Binance.UK contributes to Binance’s expanding efforts to increase convenience and access to users looking to buy and trade cryptocurrencies around the world. Binance has established joint ventures with leading global partners to create fiat-to-cryptocurrency trading platforms in Singapore, Korea, Uganda, Jersey, and the United States, with more platforms to follow across the globe. These trading platforms allow users to easily and securely buy and sell cryptocurrencies with select local currencies.

To learn more about Binance.UK and receive updates on its upcoming launch, visit: Binance.UK  

The Autobahn Network — Enjoy your BTC in the Fastlane

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In Status Update #4 released in January, we outlined our idea for expanding the use of Tixl by using it to provide a second-layer solution for other digital assets. We have decided to call it the “Autobahn Network”. When making this call, we were careful to ensure that the Tixl Token (MTXLT) would not become obsolete, but rather this decision should support the increase in its long-term growth in value and sustainability.

One of the most important requirements for us was that the decentralization of Bitcoin – and other digital assets – should be preserved when using our Second-Layer Solution, as long as the supported asset itself has this feature. 
In real terms, this means that neither the Tixl company nor any person or group will be able to access the Bitcoin in the Autobahn Network and – in the worst-case – steal it. Trust in the custody of the Bitcoin must therefore not lie in trust in the organization, but must be guaranteed purely by cryptography and a truly decentralized consensus algorithm. Since our aim is to stay decentralized, no single validator should be able to spend Bitcoins from the shared pool where the Bitcoins are deposited. The Autobahn Network can achieve this by using a threshold signature scheme (TSS). Check out The Technology behind Autobahn Network to get a deeper insight.

Autobahn is the German name for a highway. The German Autobahn is characterized by many features that can also be found in our Second-Layer Solution:

  • Speed: World-famous, the German Autobahn is known for not limiting the speed limit (at least over certain sections). You are able to drive as fast as your car will let you.
  • Gateway: As on any highway, there are defined entrances and exits to get you to the sections where the speed is unlimited.
  • Privacy: No toll booths, no motorway use sticker, no controls. You travel without being monitored.
  • Toll-free: Unlike some neighboring European countries, there are no toll stations on the German Autobahn and no license needed to use them for a certain period of time. This makes it very cheap to move around.

The Autobahn is something that is very special to Germans – the expression of freedom and self-determination. Freedom and self-determination are the same qualities that also play a central role for us as early adopters of cryptocurrencies and decentralized finance.

You need fuel to get from A to B. When and how the fuel is bought can vary from project to project using the Autobahn Network. The standard way would be pay-per-use as we know it from the Bitcoin model. Opportunities also exist where a company wants to operate its own asset on the network. In this situation, it would not make sense for them to pay per-transaction and, instead, we could look to charge a monthly fee or listing/integration fees. This could be done by specifying an account for a listed asset and this account must burn the corresponding amount of TXL (which represents the fees).

To ensure the greatest usability, we decided against using TXL directly as “fuel” because it would provide an obstacle to use if you had to buy TXL before you are able to transfer BTC or other digital assets. This is something that has been criticized a lot in other networks that support different assets. As a solution, we settled on the idea of allowing transaction fees for certain assets (for example, BTC) to be paid in their native currency. One could send BTC through the Autobahn Network without having to purchase TXL and pay much lower fees than you would on the Bitcoin blockchain itself. The native fees generated are then used by the most trusted validators to purchase TXL on the public market, and these TXL are immediately burned. Buying TXL using the transaction fees increases the demand for them on the open market, and by removing these tokens from circulation (by burning them), the value of the remaining TXL increases.

The Autobahn Network delivers a novel way to move different assets on the network that is used by Tixl – which offers speed and privacy. In contrast to existing solutions, the Autobahn Network doesn’t rely on peer to peer payment channels, nor on centralized solutions to swap tokens.

To achieve this, several steps had to be solved:

  1. Decentralized Key & BTC address generation
  2. Decentralized key resharing (not implemented yet)
  3. Allowing users to deposit BTC into the Autobahn Network
  4. Send BTC through Autobahn Network
  5. Decentralized BTC withdrawal

If you would like a detailed insight into the technical implementation, have a look at the following article: The Technology behind Autobahn Network

Final Thoughts

Our goal for Q1 was to implement the core features for the next Testnet version “Blankenese”, and to test the feasibility of the second-layer solution at the same time. On top of this, we are still developing other features – such as shorter addresses and use of stealthchains etc. – and are working to implement these as soon as possible. We are very satisfied with the overall implementation of the new Blankenese features and are right on schedule. We have been able to implement the second-layer solution even sooner than expected, for the requirements of a Testnet, and are on track to have BTC transactions included in the next Testnet release – “Blankenese”.

  • This was an article first published in medium by Cristian Eichinger, founder of TIXL.

Uncle Bob’s Coin Report #2 – TIXL – Crypto With Privacy And Speed

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TIXL ($MTXLT)

  • Rank 162

Current Trading Price

  • $30.44 USD (8.89%)
  • 0.00321870 BTC (9.13%)
  • 1.80989808 BNB (7.73%)

Market Cap 

  • $1,457,585 USD
  • 153.71897330 BTC

Volume (24h) 

  • $10,509.42 USD

Circulating Supply:

  •  47,844 MTXLT

Total Supply

  • 900,000 MTXLT

TIXL ROI

  •  (-25.40%)

About $TIXL:

  • Tixl is a non-profit FinTech company based in Hamburg, Germany. Tixl
  • It is the company behind the “Autobahn Network” project, a next-generation payment network.
  • MTXLT (later TXL) is a token issued by Tixl, and the flagship asset of the Autobahn Network, which can be transferred with zero fees.
  • The Autobahn Network allows Bitcoin, and other digital assets, to be transferred quickly and privately with low transaction fees.

What is Tixl’s USP?

  • In a world increasingly embracing digital currencies, TIXL aims to secure and preserve the essential properties of traditional money.
  • Most digital assets in general, and especially Bitcoin, lack the ability to be transferred efficiently.
  • Transactions are either slow, expensive and/or transparent to the public.
  • TIXL is fast & private
  • Tixl employs the most sophisticated technologies developed in the blockchain world over recent years to build a decentralized payment network.
  • Bitcoin – and other digital assets – can be deposited into the underlying network.
  • Once they are received they can be transferred quickly, privately and with low transaction fees.

The Tixl Token [MTXLT]

  • MTXLT (later TXL) is the native token of the Autobahn Network.
  • It can be transferred through the network with zero-fees, reflecting the best features of today’s cash.
  • MTXLT already runs on Binance Chain.

Famous Supporter

  • Ivan on Tech is one of the early Angel Investors.
Ivan on tech invested early in this project

Tixl Tokenomics

  • The total supply of Tixl Tokens [MTXLT] is 900,000 MTXLT
  • The current circulating supply is 47,844 MTXLT.

The Autobahn Network

  • Bitcoin transactions are slow, expensive and traceable. People value Bitcoin as an investment, but not as a means of payment.
  • A number of different concepts for improving Bitcoin have been developed, with the ultimate goal of achieving fast and cheap transactions, or to provide privacy.
  • The Autobahn Network provides a perfect combination of them all. The Autobahn Network is a decentralized, next-generation, second-layer solution for digital assets.
  • It provides the ability to use any cryptocurrency, including Bitcoin, as an efficient and effective means of real-world payment.

What is the current status of the project?

  • Tixl is under development and has launched a public testnet, which includes all the basic features and provides the ability to send TXL between web wallets.
  • The release of the “Blankenese” version of the testnet allows the transfer of BTC through the Autobahn Network.
  • The current focus is on transforming the testnet into a Mainnet-ready codebase.
  • They are working on both projects above, in parallel, over the next few months to develop a real-use case for adoption.

Social Media Comparison:

Telegram members:

  • 2,429 Telegram Users

Twitter followers: 

  • 2,187 Twitter Followers

Exchanges:

  • Binance DEX

Chart:

  • TIXL looks fairly bullish, in accumulation and with a nice injection of volume or new exchange listing we could see some nice growth. A bottom has formed and I wouldn’t be surprised with a move up.

Buy Zones

  • Between $15 – $30

Sell Zones

  • Between $75 – $150

Why It’s Bob’s Pick:

  • Backed by Ivan On Tech
  • Unique use case. A niche that could be theirs.
  • Already on Binance chain. Surely only a matter of time before CZ comes knocking?
  • Instant transactions, zero fees with privacy.
  • Mainnet happening soon.
  • Low coin amount. Scarcity of coin supply.

Marks out of 10?

  • 8.5 out of 10.

Uncle Bob’s Final Thoughts & Long Term Outlook:

  • TIXL has potential but needs to start making some noise in the already crowded crypto space.
  • It has strong backing and a clear niche to exploit it just needs exposure to the right exchanges and market conditions and we could have a lift off.

Uncle Bob Crypto has his own podcast and twitter account where he aims to stay ahead of the curve on all matters concerning crypto.

Disclaimer: This report is not financial advice and I am not invested in this project. Any findings are purely a personal opinion so do your own research!

Chinese Digital Yuan Could Overtake The Dollar

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The Chinese government has begun a pilot program for an official digital version of its currency, with a limited rollout in the cities of Shenzhen, Suzhou, Chengdu, and Xiong’an—a new “smart” city, southwest of Beijing.

China’s moves have triggered concern about a new threat to U.S. financial dominance as it could eventually allow Iran and others to evade sanctions or move money without it being spotted by the U.S. government.

When the new denomination is up and running, individuals will be able to exchange it using digital wallets. They won’t need to have bank accounts. That could make it accessible to the 225 million people in China who have no access to the banking system. In rural areas, electronic distribution and exchange of money could help bolster development and reduce fraud by making cash easier to track.

At the same time, China will likely be wary of any circumvention of its capital controls, which aim to keep people from moving significant amounts of wealth out of the country. These controls were significantly tightened after a messy exchange-rate devaluation in 2015. Da Hongfei, founder of blockchain platform Neo, says the central bank could split part of the digital currency for use outside of China, much as it did with the offshore version of the yuan in currency trading.

This is a redacted Bloomberg article that can be read it full here.

We Have Entered A Fourth Crypto Cycle Say Andreesen Horowitz

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Silicon Valley venture capital firm Andreessen Horowitz believes we have entered a “fourth crypto cycle” with new all-time highs for Bitcoin on the horizon.

The firm has analyzed 10 years of data, including Github commits, Reddit comments in crypto subreddits and Pitchbook funding data.

With this information the venture capital firm have discovered an “underlying order” to the first three 2011, 2013 and 2017 bitcoin and crypto cycles.

At the beginning of the cycles, the price of bitcoin and other cryptocurrencies rises, leading to social media activity renewed interest.

Projects start up, code gets written and products are launched. These product launches inspire more people which triggers the next cycle.

Bitcoin is on track to be one of the year’s best performing assets and the crypto friendly hedge fund are betting big on crypto for the long term.

Only last month the venture capital firm, based in Silicon Valley, raised a staggering $515 million that focuses on blockchain technology, the database innovation behind cryptocurrencies adding to the $300 million fund it launched in mid-2018.

Chris Dixon, coleader of the fund, clearly believes that cryptocurrency assets like Bitcoin and Ethereum will be part of a pending technological paradigm shift and Horowitz want to be involved.

“IT’S VERY RARE THAT MAJOR, NEW COMPUTING PARADIGMS COME ALONG, AND WE THINK THIS IS ON THE SCALE OF CLOUD AND MOBILE FOR THE INTERNET,”

Chris Dixon – Andreesen Horowitz

Katie Haun, a who coleads the crypto fund and sits on the board of the Facebook-corralled Libra Association, has told press that the firm plans to hold on to its bets for the long term, as long as 10 years.

Bitcoin’s much anticipated halving finally took place at 3:23 pm EST on Monday, May 11th.

A halving happens every four years and is a planned reduction in rewards miners receive.

In 2009, miners received 50 Bitcoin per block, reduced to 25 in the first halving, in 2012, to 12.5 in 2016, and has now fallen to 6.25.

Miners earn fewer Bitcoins with each halving.

The halving prevents inflation by slowing the pace at which Bitcoin are created, so as to not outstrip demand. 

Some experts believe it will make mining unprofitable and cause the price to drop considerably while others believe the value could appreciate hugely due to the supply being more scarce.

Either way Andreesen Horowitz betting big for the long term and are bullish on crypto.

Hackers Threaten To Release “Dirty Laundry” If $42 Million In Monero Isn’t Paid

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Grubman Shire Meiselas & Sacks (GSMLaw), a New York-based law and entertainment firm that handles the careers of megastars such as Madonna, Lady Gaga and Elton John have been threatened by a group who claim to have hundreds of gigabytes of “dirty laundry”  on their stars.

The ransomware group have said unless they are paid the ransom of $42 million dollars in Monero, they will release the hacked documents to the general public.

The alleged hackers, Sodinokibi, also referred to as Sodin or REvil, say they have hacked data such as phone numbers, contracts, email addresses, non-disclosure agreements and personal correspondence.

The hackers have published a screenshot of the folders they say were hacked from the law firm and the cache is understood to be at least 756GB worth of private data.

 

the cache is understood to be at least 756GB worth of private data

The Sodinokibi group have made a career out of  ‘ransomware-as-a-business’  and are organised, profitable and well run.

In March, they were understood to have stopped using Bitcoin and now only use the privacy resistant Monero cryptocurrency, which has made it almost impossible for police to track them down.

GSMLaw describes itself as “one of the premier entertainment and media law firms in the country,” and handles the careers of Madonna, Lady Gaga, Elton John, Robert de Niro, Nicki Minaj, Chris Brown, Usher, U2, Timbaland, Rick Ross, to name but a few.

 

 

Bitcoin Surges To $10K But Is It Bull Season Yet?

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Bitcoin hit $10,000 today after an astonishing surge from the $8100 low last weekend and has cancelled out losses from its pre-having crash.

After hitting the $10K level Bitcoin has dropped back to the $9600 mark where the price has stabilised.

After hitting $10K Bitcoin’s price has stabilised around the $9600 mark

Meanwhile twitter is ablaze with positive sentiment with many predicting the beginning of a bull run.

@crypto_korg is pretty bullish
@scottmelker saw the move coming
Devchart nailed it by taking profit at range high
@spicyofc having a laugh at bears’ expense

Experts are contrasting how Bitcoin’s bullish recovery isn’t correlated with the S&P500 (SPX) and has outperformed the index as seen below:

Bitcoin is over performing in this market.

The bitcoin price crashed over 10% on Sunday ahead of bitcoin’s third halving, spooking many bitcoin traders and investors.

Many expect bitcoin to see a new all-time high within 18 months.

The Biggest Problem Cryptocurrency Solves That Nobody Talks About

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The writer of this article, Mark Helfman is editor of Crypto is Easy and a top writer on Medium for cryptocurrency, finance, and bitcoin topics. His book, Consensusland, explores the social, cultural, legal, and business challenges of a country that runs on cryptocurrency. In a past life, he worked for U.S. House Speaker Nancy Pelosi.

It’s 2020. Bitcoin’s been around for eleven years. Ethereum’s almost six years old. Cardano’s still in the womb.

Over that time, cryptocurrency has given true believers enough evidence to claim it’s legit technology while giving mainstream thinkers ample opportunities to say it’s a scam. 

Meanwhile, the vast majority of people care about only one thing: whether they should buy bitcoin.

Is it any wonder you feel like nobody “gets” crypto?

Listen and you will hear all you need to know

From late 2019 through early 2020, I published a series of articles reflecting on conversations we have with each other and people outside the cryptosphere. 

As part of my research, I talked to people from all ends of the crypto spectrum—developers and project leaders, financial professionals and fund managers, writers and bloggers, researchers and academics.

From talking to these people about conversations they have with no-coiners, it struck me that two approaches work really good at engaging people:

  • Talk about how crypto gets them what they want.
  • Talk about how cryptocurrency solves their problems.

I guess people don’t really care about bitcoin, they care about themselves. So much for The Bitcoin Standard.

No blog post can tell you how bitcoin will get another person what they want. That’s going to change from person to person—you just need to listen and accept what people tell you. 

For example, a technophobe may buy a little bitcoin as a gift to her grandchildren because she thinks it might be worth something one day. At the same time, a crypto-anarchist may want a stash of private money, with no intention of ever showing any kindness to his grandkids (or anybody else). 

Different wants, different reasons. It’s hard to find common ground without really getting to know the other person.

The problems, though. That’s where we can find common ground. While we might not share the same wants, we do share many of the same problems. 

What’s the biggest, most important problem cryptocurrency solves? 

It’s a problem that affects every facet of our lives, but few people—even crypto peeps—realize it. They sense it. They feel it. But it’s not a conscious thought.

It’s a problem with money, but probably not the one you’re thinking about.

The problem with money

Whenever you use money, you need somebody to vouch for it.

You need some way for others to know your money is real, authentic, and worth what you say it is. You can’t just give somebody a piece of paper and expect them to accept it. They need some authority to guarantee its value.

Ideally, this authority would be competent, honest, fair, trustworthy, and free.

Usually, this authority charges fees, makes mistakes, defrauds you, lies to you, steals from you, colludes against you, takes your sensitive personal information, dilutes the value of your money, or arbitrarily changes the terms of your transaction.

Humans have found many solutions to this problem. For example, governments, settlement companies, clearinghouses, laws, courts, favors, accountants, signatures, and oaths.

All those solutions come with risks, costs, complexity, and the chance of human error. All can be corrupted. None can be scaled. It’s hard and expensive to create any uniformity or standardization of output.

Enter crypto

With cryptocurrency, you can establish authority without many of those risks and costs.

Tokens ensure everybody follows the same rules while the blockchain guarantees transactions will go through exactly as you intend.

As a result, you no longer need to rely on government decrees, local regulations, or the good faith of strangers. You can safely transact with millions of people who you have never met, with whom you have no relationship, who live in a country with different laws and regulations.

If you trust bitcoin, you don’t need to trust people.

Specific applications are endless. My book, Consensusland, presents a few and I’ll talk about some other examples in my next post, which will look at how we talk to no-coiners about cryptocurrency. 

All solutions create new problems

Are there problems with cryptocurrency? 

Yes, of course. 

Most of the best-known cryptos suffer from problems with speed, scale, cost, user interface, practical applications, you name it. Other cryptos replace these downsides with some sort of central authority, which kinda defeats the purpose of a decentralized network. 

Fortunately, “problems” do not usually keep people from using things. All technologies have problems, right? 

Internal combustion is 150 years old and still sucks. Man-made electrical power is even older and causes all sorts of problems. Some say wireless technology causes cancer and destroys our society.

Even the wheel has its limitations.

People naturally understand this. Some will focus on the negatives, and that’s valid. 

It’s also irrelevant. Technology succeeds because people find it useful, not because it’s flawless. As long as it offers some benefit over the status quo, people will give it a shot. 

Only a revolution in hindsight 

Every single bit of value on earth can be recorded on a blockchain and bought or sold at any time using cryptocurrencies like bitcoin. 

Rat colonies in research labs. Patents and copyrights. Real estate. Hammers. Carbon emissions credits. Wireless data. 

Assets we haven’t even created yet. 

Thanks to cryptocurrency, you can now create marketplaces for everything—all $200 trillion to $1 quadrillion worth of “things” that exist. And you can do it from your laptop, at a global scale.

This has tremendous economic value and opens up a whole new world of solutions to financial and economic problems. It’s also really hard to conceptualize, even if you understand the technology. And it will take a very long time to happen.

Until then, we’ll just have to see how it goes. 


Mark Helfman is editor of Crypto is Easy and a top writer on Medium for cryptocurrency, finance, and bitcoin topics. His book, Consensusland, explores the social, cultural, legal, and business challenges of a country that runs on cryptocurrency. In a past life, he worked for U.S. House Speaker Nancy Pelosi.

I Worked Full Time in Crypto for Two Years and Didn’t Really Like What I Saw

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This blog was originally posted on Medium on March 1. The author, who goes by the alias Vanalli, is a comms and marketing professional with a background in journalism and the nonprofit sector. The blog is a reflection on the two years the author spent working in the crypto space. Since leaving crypto he’s returned to the nonprofit sector, where he plans to stay for the foreseeable future.

When I started working full time in crypto I thought it was the coolest thing ever. It felt like I was part of the ultimate disruption of the financial world. Long Bitcoin! Short the bankers!Buy the t-shirt!

But after being in the space for a couple of years, I just wanted to get out (and get out I did).

The crypto sector is a mess and in need of a reality check. What gives me the right to call out an entire space? Not much, truth be told. I worked for a crypto company, Liquid, and formed my own opinions, though this blog is less about the company I was employed by and more about crypto as a whole. Either way, I invite you to read what I have to say and then let’s have a conversation about the points raised.

Almost All Crypto Projects Are Complete Bullshit and Will Fail

I didn’t believe it when I first heard people saying that most crypto projects will fail.

Boy was I wrong.

I’ve lost count of the number of projects I’ve seen fail. Some went out with a whimper, simply dying quietly while the team hoped nobody would notice. Blockex, a project I followed closely for a while, was a digital asset exchange focussed on ICOs. A token, $DAXT, gave early access to these ICOs, while the platform also had regular trading pairs.

At one point in 2018, Blockex was a hot commodity. Crypto influencers heavily shilled the project. Blockex raised 24 million USD in their own ICO, although in the end they only received about 5.5 million GBP (around 7 million USD) after an investor failed to come through. The project barely got off the ground and last we heard they’d quietly gone into liquidation. The token, meanwhile, which sold at ICO for 1 euro a piece, ended up going to zero.

Another that caught my attention early was Authorship, a seemingly innocent project aimed at supporting authors that ended up raising 4 million USD to create a decentralised, digital publishing platform. At some point the founders, Nolan Warfield and Petre Coman, realised they’d made a horrible mistake and abandoned the project (they basically created an ugly ebook store), selling it to a Chinese investor who similarly ended up giving up on it. The token, of course, went to zero.

Authorship’s value eventually went to zero

One final example: I did some marketing work for a project called IP Chain, later rebranded to Vaultitude, operated by an Austrian businessman named Dominik Thor, who is also the CEO of a cosmetics company, tomorrowlabs. I met Dominik online as he was trying to build a team for his project before an ICO. At that time in 2017, you could have put potatoes on the blockchain and done an ICO and it would have made millions. I was to be paid a healthy sum, in Vaultitude tokens, of course.

The project was to build a platform that harnessed blockchain to allow people to protect their intellectual property. It was a decent use case (or so I thought at the time) and Dominik had a lot of connections with IP heavyweights like Dennemeyer and even the World Intellectual Property Organization.

We did a presale and raised a modest sum, but Dominiik subsequently burned through that by flying around the world to attend and speak at various conferences and events. Eventually it became clear that Dominik had run out of money and that there was little interest in an ICO we couldn’t afford to do anyway. I never got paid for the hours of work put in (more fool me) and last I saw, Dominik had pulled a swift exit, deleting the project website and any of the social channels he had access to, along with his own Twitter account and Linkedin profile. Hindsight is a wonderful thing.

Crypto is full of curiosities like these.

Expectation vs Reality

Many projects that seem “good” (or at least, not terrible) in a whitepaper and maybe even complete a successful ICO, soon find that their ideas aren’t that great after all. While the teams may work hard and try to soldier on through the bear market, they are more often than not flogging a dead horse.

More often than not teams are flogging a dead horse

Leadcoin, for example, raised 50 million USD to build a platform where marketers can buy leads. Few people at the time questioned why they needed so much money. Two years down the line, almost all the project’s team members have left (compare the original team with their Linkedin accounts; see how many Leadcoin staffers there are now on Linkedin). The one remaining staffer, Chief Marketing Officer Eyal Rosel, runs the Telegram group, providing inconsequential updates every three months to perpetuate the illusion that the project is alive.

The token lost 99% of its value after being delisted from every exchange except Bancor, which has a number of dead projects listed (including Authorship).

A lot of projects end up failing more spectacularly than Leadcoin, either through being outright scams or just suffering at the hands of gross incompetence or general misfortune, or a combination of the above. The truly impressive blowups are always the most fun to watch, in a car crash sort of way — and boy have their been a lot of car crashes. When Bitconnect turned out to be a massive ponzi scheme, there was a monumental fallout that saw people lose millions of dollars while a new generation of memes was born.

Shopin was another one. After raising more than 40 million USD, the founder, Eran Eyal, was last year arrested on charges of fraud before being hit with new fraud charges by the SEC in December, putting the final nail in the coffin of a calamitous project that ended up screwing everyone over.

So most projects fail. This isn’t unique to crypto. It’s true of startups in general. But I’d be willing to bet that crypto has a higher proportion of failures than the average for startups. Most crypto projects are just straight-up garbage.

Welcome to Startup Hell

Projects end up failing for a variety of reasons. But the one that really stands out is that most crypto projects shouldn’t exist in the first place. They’re pointless. If they’re not outright scams, they’re normally cash grabs. We’ve seen pretty much every niche and possible use case, from tokens for cosplayers and “stans”, to collectible cats, endless dice games under various guises, dogshit blockchain games and much more.

Genius.

Every sector has had a crack at going on the blockchain — HR, marketing, food production, content sharing, gambling, blogging, ratings, journalism, publishing, lending, social media, pet care, shopping, commerce…

Almost always it’s a last-ditched attempt to fleece retail punters out of millions of dollars, selling a utility token that will never be used for the utility outlined in the abundance of whitepapers that have been written. These utility tokens are also extremely volatile assets. Most will lose the majority of their value. There are now thousands of projects with thousands of different tokens, with surprisingly few focussed on building products people will actually use.

We don’t need all these projects. Use cases we’ve seen are tenuous at best. Once the funds have been raised, teams either cash out, profit or end up mismanaging the money until they bleed themselves dry. I would challenge you to find more than maybe half a dozen actual useful use cases for blockchain in the top 1,000 cryptocurrencies. It’s a con almost every time. ICOs were and still are a scam—and yet they still happen to this day.

We have so many different blockchain platforms now, so many ecosystems, so many tokens providing the “fuel” for those ecosystems, when in reality, the platforms could have worked just fine without a new token.

It’s All About the Money

ICOs are cash grabs and the user experience ultimately suffers. How many video and content platforms do we need with a token that grants people “access to special content”? How many crypto platforms do we need at all really?

Look at BlockTV, a reasonably successful crypto online TV channel. They seemed to be doing just fine before they announced they were raising 2 million USD in an ICO (that wasn’t an ICO), despite the founder’s previous ICO efforts (Stox and Sirin Labs) losing 99% of their value.

It’s often overlooked that such tokens and applications of blockchain usually degrade the user experience. Projects expect users to jump through numerous hoops just to get access to and use their platform.

Here’s roughly what a new user is expected to do:

  • Research how to buy Bitcoin.
  • Find an app to acquire Bitcoin.
  • Move the newly bought Bitcoin to a crypto exchange.
  • Exchange Bitcoin for a utility token.
  • Sign up on the utility token platform.
  • Move utility token to platform or learn how to use Metamask or some other service.
  • Learn how to use the platform itself.

For a newcomer, this is a lot of legwork. Sometimes when they realise this, project teams will go so far as to allow users to actually bypass even needing the token to pay for features and services in the first place. It’s nonsensical.

Do these projects earnestly expect their users to go through some roundabout process to acquire tokens (the process is never straightforward) and then learn how to use them on the platform? No, they don’t. They know it’s futile. They just want to raise money and continue to work under the illusion that they’re doing something worthwhile.

A few of these project teams may have the best intentions, I won’t deny that. They may truly believe that they’ve found a unique application of blockchain that is going to improve their sector, but the reality is that they don’t have the capacity to actually deliver something that is going to make an impact and as a result, they end up creating solutions for problems that don’t exist, making more problems than they had to begin with, especially for the users.

If we’re looking at cryptocurrency as a form of digital cash, then sure, that’s a use case we can all get behind, but do we really need hundreds of different forms of digital cash? Do we expect vendors to accept all these tokens? It’s just creating more clutter.

Crypto Communities Are Cesspits

Most crypto projects are pointless, despite the billions of dollars raised in ICOs, but we should also discuss the backbone of any crypto project: the community. The relationship between crypto project and community is entirely contrived. For a start, people tend to base their crypto beliefs on tokens they are invested in (rather than the other way around). They become zealots. Maybe on the surface this doesn’t sound so bad, but investment is driven almost entirely by outrageous expectations of profit.

People put money into tokens they believe will increase in value exponentially, hoping for a repeat of what we saw with Bitcoin, Ethereum, TRON, Verge and many others in the past. Given how manipulated and immature crypto markets are, you come to understand that price action is irrational. There was a time when something as mundane as a rebrand could cause the price of a project’s token to skyrocket. So people invest hoping to make big money, then more often than not, their investment decreases in value and they continue holding the token. It’s at that point they usually join “the community”—the bottom of the food chain.

Near the top are the shills, influencers, early investors and VCs who have vested interests in creating hype and price action. These ringleaders work hard to mislead retail investors into believing that their token of choice is a great investment. At the very top, there are the founders and team members who are happy to ride the waves and create money out of thin air.

It’s toxic. All of it.

Project teams and their mouthpieces do their best to convince others that they should “invest” in their token. I use the term invest here lightly because when you buy a token, you’re not buying equity in the company. You’re not really buying anything. All you’re getting in return for your funds is a token with a contrived use case that you’ll never even use it for.

All kinds of tactics are used to build a community around a project (usually without even a product). Some may join a community because they’re interested in the kind of project, but most others will be drawn to the lights by influencers, YouTubers, PR, press, crappy YouTube videos and other shiny objects.

Teams spend as much money as they have on getting users into their Telegram groups, enticing them with shitty bounties, meme contests and quizzes. For a while it seems like everyone is in it together. People are excited, looking forward to the token sale, and then looking forward to that first listing on a crypto exchange. They think they’re all going to make money and be rich.

But at some point the relationship between project and community falls apart. It can happen before the ICO. It can happen a month after, a year, sometimes two years, but inevitably, with any crypto project and community, it will go to shit. Why? Because there is no real link between the community and the project. It’s all built on bullshit.

Further compounding these issues is the rampant sexism, racism, misogyny and intolerance on display in crypto chat rooms and online spaces. It’s worth noting that the vast majority of people in crypto are (often anonymous) men. Women have been targeted with online abuse and harassed. There are relatively few female leaders in the space. Most crypto conferences field all-male panels, like the special example below that literally couldn’t have squeezed more men on a stage if they’d tried.

There are some amazing women in crypto. But they have had to put up with more bullshit and nonsense than any reasonable human being should have to endure.

The Community Always Comes Last

Most crypto projects have already offered their tokens to private investors at heavily discounted rates before any kind of public sale. That’s where the real money is made. Then along comes the community and they get to buy at a higher price and immediately put at a disadvantage. But beyond that, the project team only needs the community to raise funds. Once the money is handed over, that’s when the real nonsense begins and project teams have to keep up appearances by providing just enough updates and AMAs and morsels of meat to feed the hungry mouths.

The goal is to keep spirits high enough so that there isn’t a public outcry about how the team has stopped providing updates on development of the roadmap seen in the whitepaper.

It’s the same every. damn. time. Gradually, the community will start to become unsettled, unhappy with progress, and this will mutate into anger, with frequent outbursts in Telegram or on Reddit. Then comes a level of acceptance as most people either cut their losses or decide to hold onto their tokens until they go zero.

The only thing the community is really interested in is the price of the token. They couldn’t give a shit about the tech. They simply want to sell their tokens at a profit. But the team has no obligation to the community to deliver on any kind of roadmap or keep the project active, although there have been a small number of class action lawsuits and charges filed by the SEC.

Project teams will sometimes do their best to get listed on big exchanges (for hefty listing fees), to build hype, to work with market makers, to try and ensure that the token gets pumped at some point so early buyers can exit, but with the nature of how volatile crypto is, there will always be those who don’t sell, those who buy the top, those who hold when they should have sold. Community members cling onto the hope that one day they’ll be able to sell their tokens and make a huge profit, make a small profit, break even or just not suffer a massive loss. People become emotionally attached to their communities and it creates a cycle of despair that can go on for years.

Some community members will eventually realise the fallacy of this attachment and begin to understand that crypto is a place to make money as a trader, and that to do so you really need to become project agnostic. Then, it doesn’t matter what token you buy, so long as there is a short term upside. The worst thing you can do is end up holding a token for months for no other reason than you thought it would eventually go up in value.

We had so many overhyped projects in 2017 and 2018 that created these nonsense communities. I joined literally hundreds of Telegram groups over the past two years, mostly for work, sometimes as a potential investor myself. Now when I go back to take a look at how they’re doing, I see that the optimism has evaporated and there are now countless posts asking for updates from the team, who are usually trying to figure out how to break the news that they’ve completely run out of money (the curse of running a company with no revenue streams).

Electrify Asia, Apex, Auctus, Zap, Soma, OCN, CNN, Gems, Internxt, Hero… there were hundreds of projects that were hyped to the moon over the past couple of years. People poured millions into them while the tokens all went to zero or thereabouts. Almost all of these crypto projects should never have existed and certainly shouldn’t have raised funds with an ICO.

Join Our Cult

Crypto communities are irrational and cult-like, especially the larger ones. They are territorial, willing to defend their tokens against any criticism or scandal that comes their way. They look out from rose-tinted glasses, ignoring red flags and repeating the nonsense of their cult leaders.

Few people stop to wonder if it’s really worth having all these different, seemingly competing communities. Isn’t there some kind of greater good?

Not only do investors become aggressively, emotionally attached to their tokens, but they elevate founders, CEOs, CxOs and leaders within the space to near godlike status. Justin Sun (founder of TRON), CZ (founder of major crypto exchange Binance), Charlie Lee (creator of Litecoin) et al are celebrities now.

The crypto rich and famous have been able to build a brand around being the “good guys”, in it for the community, contributing to a better tomorrow, when the reality is that most of them are are selling snake oil—or worse. The wider crypto community is, however, incredibly forgiving. There’s no scandal too big to be overlooked in the name of profit.

The Art of Wasting Everybody’s Time

Crypto content creators tend to fall into three categories:

  • Those who actually know what they’re talking about and add value.
  • Those who got crypto rich and decided to make a career out of wasting everybody’s time.
  • Those who wished they got crypto rich and decided to make a career out of wasting everybody’s time.

I have no problem with people in the first group. There are some genuinely knowledgable, intelligent content creators doing good work. But they are vastly outnumbered by those who make a living wasting everybody’s time.

Crypto influencers are out to make money any way they can. Some will try and shill you a token in which they’ve invested or else encourage you to sign up to leverage-trading platforms with their referral links. Some try and persuade their followers to buy into the latest ICO. The really crafty ones make snazzy videos and rank ICOs and potential investments, all with disclaimers of not being financial advisors. But what they’re really trying to do is get you to buy something. The most influential influencers will have access to presales and private sales, so they’re always a step ahead of their audiences.

Through the bear market, crypto influencers have had to branch out and find other ways to profit, stroke their egos and amuse themselves. Some have formed startups that usually seem to be based around providing marketing services. Whatever they’re doing, they’ll be trying to sell something.

You can buy spots on any one of 10,000 crypto podcasts, or pay for tweets or coverage on Youtube. Got a spare 38,000 USD? Well then you can get on one of the major Youtube channels. Only got a couple of grand? Take the preferred choice of soon-to-fail crypto projects by paying one of the lower tier influencers for a review that ends up being 20 minutes of the influencer just reading the content from your website. The craftiest influencers organise events and try and get sponsorship from bigger companies so they can keep getting their holidays paid for. They prey on unsuspecting crypto startups, ready to flash rate cards for sponsored tweets, shoutouts and “exposure”.

They’ll remind you constantly on Twitter that they are focussing on their passions, which these days usually means looking bored on stage at conferences, launching lifestyle brands or making travel vlogs. They’re always on the verge of greatness and doing their part by launching the latest newsletter, education portal, podcast, investment firm, news site or research outlet.

Yet despite the best efforts of influencers, crypto mass adoption isn’t going to come from another tutorial teaching people how to manage their own private keys. Mass adoption comes when we have products and services that people can use and that make their lives easier without even knowing about crypto or blockchain.

We’re nowhere near that stage and the barriers to entry are way too high. But sure, let’s have another YouTube channel or podcast to teach people about the basics of crypto so an influencer can feel like they’re contributing to something.

Most crypto content creators are just filling the airwaves with noise in the hope of getting paid for it.

Immature Space, Immature People

Crypto is full of adults behaving like spoiled children. So-called leaders within this space simply don’t know how to interact with each other without being complete dicks.

From CEOs and founders to evangelists and developers, crypto is an unruly mess because people spend so much time arguing, bickering and calling each other names over the most trivial nonsense. Every little disagreement gets aired for all to see.

Funk Dooby/Flickr

From Roger Ver’s occasional meltdowns toCraig Wright butting heads with anyone and everyone in sight (or being yelled at himself), if there’s a snide remark or putdown to be made, you can be sure one of the crypto figureheads will be straight in there. But what’s worse is that there’s an unhealthy appetite for this soap opera-like drama.

Crypto conference organisers go out of their way to put on stage the most obnoxious lineup of speakers possible. If there’s a blockchain week somewhere in the world you can be sure that Craig Wright, Roger Ver, Tone Vays, Nouriel Roubini (who hates crypto), Brock Pierce, Samson Mow and other familiar faces will be rolled out to argue with each other in public.

The Sorry State of Crypto Media

Crypto is one of the most poorly covered sectors I’ve ever seen. The standard of crypto journalism is so terrible that I wouldn’t even call it journalism. General media’s reporting on Bitcoin and cryptocurrency is usually bad and focussed on extreme negatives or else wild stories about people getting rich. But you can perhaps forgive regular journalists for not having much of a clue as crypto isn’t a topic of widespread interest.

The real rot, however, lies within. At the bottom of the pile there are the multitude of crypto sites, which are little more than blogs, full of poorly written articles, which if not auto-generated may as well be.

Then there are the real crypto news sites like CoinDesk and Cointelegraph, where at least some real journalism goes on, but the quality overall is still relatively poor. Crypto outlets like The Block, Decrypt and Breakermag (RIP) add real value, but even these reputable sites have staffers who have posted inaccuracies, deleted tweets and bickered like kids with others.

Crypto journalism is shoddy. Corrections and edits are frequent. Allegations can run wild. There’s healthy debate, sure, but the standards to which we should hold journalists often don’t apply in crypto. Reporters can pretty much write or cover anything they want and nobody bats an eyelid about conflict of interest.

Ran Neuner’s CNBC show is one of the most popular and widely watched shows about crypto. Neuner is able to host it despite being an advisor to, and investor in, multiple crypto startups and projects. He has a considerable financial interest in cryptocurrency in general, even in crypto exchanges. But that doesn’t stop him giving a platform to projects in which he’s invested.

While crypto journalism may be below par, it’s not helped by pressure from rich and powerful figureheads in the space. Billionaire Binance founder CZ and TRON founder Justin Sun both supported an Internet troll who spent considerable time harassing journalists and analysts from The Block by inciting Twitter mobs after an unfavourable story about Binance was published.

The story in question needed a correction to clarify that a police raid didn’t take place, but that wasn’t enough for the army of trolls who frequently bully and attack anyone with whom they disagree.

Crypto Conferences and Events for Days

Not a week goes by without some kind of crypto forum, meetup or event. We are bombarded with endless gatherings that serve little more purpose than to perpetuate the echo chamber. The crypto rich spend their time travelling around the world to meet up with each other in different cities and take selfies.

How much crypto conference content (most of it contributed by influencers) do we need to sit through before people realise they’re wasting their time? From poorly recorded interviews with shitcoin founders to countless vlogs showing someone walking through the doors of the latest conference, we are scraping the barrel here even before we’ve got to the villa pics.

New people aren’t attending these conferences. Sure, there’s networking going on, but let’s be under no illusion: it’s a vacation. There’s nothing inherently wrong with that, but it shouldn’t masquerade as driving financial inclusion. People make careers off this nonsense, just organising and/or attending events.

The Problem with Justin Sun

Is it fair to single out one person as being the root of all that is wrong with the crypto space? Probably not. I don’t think he’s a bad person, but I do feel there’s validity in pointing to Justin Sun as representing much of the worst that this space has come to stand for. It all started in 2017 with an incomprehensible white paper that was partly plagiarised from other whitepapers. From then on, TRON became wildly popular because of it’s low token price and propensity to volatility, with a massive pump from 20 sats up to 2,000 sats that made a lot of people very rich.

Justin Sun made a name for himself by announcing new partnerships every other day, almost all of which turned out to be bullshit. Most of the time, he’d just hype up a partnership with some other startup operated by his friends, like Gifto, Game.com, OCN and various others. Sometimes Justin would partner with bizarre companies like toilet manufacturers or space companies (“China’s SpaceX”, he said).

One time he tried to convince everyone he was partnering with a massive multinational company, Baofeng, (“China’s Netflix”, he said), but it turned out to be an agreement with Baofeng BFC, a division within the company, that meant Baofeng BFC would run full nodes (spoiler: they didn’t) to support TRON’s blockchain once it launched. In short, it was nothing special. He once even made out like he had a partnership with Liverpool FC, when all he really had was a letter from Liverpool’s marketing department about sponsorship.

There is no event or circumstance that Justin Sun won’t use to try and draw attention to himself and TRON. From randomly pledging 1 million USD to Greta Thunberg (did he ever follow through with that?) to comparing TRON’s mission to the Civil Rights Movement, if there’s a cause to be hijacked, Justin will be right in there.

Justin has been able to get away with the kind of nonsense that doesn’t fly in any other sector. Worse than that, he is enabled by shills, journalists, bloggers, crypto exchange CEOs and others within the space.

Justin Sun has made everything about himself, splashing his face on every poster, billboard, advertisement and marketing material he can. The smallest unit of TRON currency is called a “Sun”; the network TRON runs on is called Sun network.

He’s made so much money and has access to such vast resources that he believes he can act without consequence. If he puts a foot wrong, he knows he will be defended by his ravenous community and uber shills, who seem unfazed by the fact that TRON isn’t even decentralised, with most of the network controlled by Justin (at least 6 of 27 Super Representatives) or his friend CZ and Binance (54.30% of the voting power).

Justin Sun represents the worst of what crypto has become.

Addendum: Never far from drama, Justin Sun recently executed a hostile takeover of Steemit,lied about “hackers”, sparked a series of high-profile departures from Steem and wrote a bizarre blog to the Steemit community.

I Had to Move on

I learned my lessons in crypto, some the hard way. I have no regrets, but I’m glad I got out. I just hope that the space matures and can one day really make the world a better place. There are some great minds in crypto and they are tackling some of the big issues of our time — privacy, access to financial services, financial inclusion and more — but they’re being weighed down by hangers-on.

My experience and thoughts are just that — mine. I’m sure many will disagree with me. But the truth is, I just had a lot I wanted to get off my chest, and that’s before even getting into my experiences at Liquid. That in itself could probably provide about a book’s worth of material. Some day, maybe.

Rage at me for my bad takes. I’m ready.

Vanalli writes for @newhumanitarian and has a popular medium blog. He has a well followed twitter account.

Bitcoin Is A Great Speculation – Paul Tudor Jones

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Only a week after notifying the public he’s betting big on Bitcoin, hedge fund impresario Paul Tudor Jones has taken to CNBC to tell us why he believes Bitcoin is “a great speculation”

Speaking on CNBC on Monday, Jones reaffirmed that because of the ever increasing digitisation of the planet, Bitcoin just makes sense.

Jones expects success for an asset that he believes will gain more users as trust in blockchain tech improves over time.

“The digitization of the world clearly benefits Bitcoin,” he said in the interview. “My children don’t even carry cash.”

“The digitization of the world clearly benefits Bitcoin,”

Paul Tudor Jones

Jones believes that the current technological age’s enthusiasm for digital solutions will be a boon to Bitcoin.

He did offer a caveat that only through time can Bitcoin become a true store of value like gold is.

He continued, “There’s very little trust in [Bitcoin]. We’re watching the birthing of a store of value, and whether that seeds or not, only time will tell.”

There’s very little trust in [Bitcoin]. We’re watching the birthing of a store of value, and whether that seeds or not, only time will tell.

Paul Tudor Jones

Still, Jones, a self-proclaimed conservative investor, stopped short of proclaiming Bitcoin a great investment but did say it might be “a great speculation.”

[Bitcoin] is a great speculation.

Paul Tudor Jones

You can watch the full interview here:

As reported here last week, hedge fund pioneer Paul Tudor Jones has become one of the very first big-name investors to embrace Bitcoin.

In a move that astonished many in the financial world, Jones, the founder and CEO of Tudor Investment Corporation, announced in a report o investors that he sees Bitcoin as a hedge against inflation caused by central banks printing money.

In the market Outlook document titled “The Great Monetary Inflation“ he explained that he sees Bitcoin as one of the best bets going forward and that it reminds him of how gold played a similar role during the recession of the 1970s.

“WE ARE WITNESSING THE GREAT MONETARY INFLATION – AN UNPRECEDENTED EXPANSION IN EVERY FORM OF MONEY UNLIKE ANYTHING THE DEVELOPED WORLD HAS SEEN.”

Paul Tudor Jones

Jones, has become one of the first big hedge fund managers to bring Bitcoin into its portfolio.

He flirted with the crypto market back in 2017 but now believes the time is ripe for wholesale investment, especially since the outbreak worldwide of the Coronavirus.

“I am not a hard-money nor a crypto nut,” he wrote. “The most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by Covid-19.”

“THE MOST COMPELLING ARGUMENT FOR OWNING BITCOIN IS THE COMING DIGITISATION OF CURRENCY EVERYWHERE, ACCELERATED BY COVID-19”

Paul Tudor Jones 

The CNBC interview aired just a day after the highly anticipated Bitcoin halving with many market watchers excitedly awaiting Bitcoin’s next move.

The price of Bitcoin at the time of print is $8,813

JP Morgan Offers Banking Services To Coinbase And Gemini

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Wall Street giant JP Morgan is offering banking services to Coinbase and Gemini and is understood to be already handling their transactions, The Wall Street Journal reported on Tuesday.

The largest bank in United States approved both accounts last month in what will be seen in the cryptocurrency world as landmark deal.

In the article it details that the bank will offer cash management services, specifically US-dollar transactions for the US-based customers of the hugely popular crypto exchanges.

A Huge Step

This is a huge step forward for both the cryptocurrency and banking sector especially in light of JP Morgan’s chequered history in regards to Bitcoin.

Jamie Dimon, CEO of the bank, labelled bitcoin “a fraud” in 2017 and went further, comparing it to the notorious Dutch tulip bulb mania of 17th century. He famously predicted that things wouldn’t end well for those speculating on the coin.

Jamie Dimon, CEO of JP Morgan once labelled Bitcoin “a fraud.”

For the time being crypto exchanges across the world are struggling to receive legitimate banking services.

In the UK, Coinbase were dropped by Barclays Bank from its Faster Payments Scheme (FPS) last year but were quickly snapped up by a rival called ClearBank.

Bitcoin Has Halved But Were Will Its Price Go?

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Bitcoin’s much anticipated halving finally took place at 3:23 pm EST yesterday (Monday, May 11th) and the question everyone is asking is where the will price go. Will it go up or will it go down?

Here’s what folks on twitter are saying:

Bitcoin says we’re in the fourth epoch and that it is the people’s money.
@muneeb thinks a new crypto bubble is on the cards
Bitcoin Jack wants to see some action!
Holdanaut lauds an ATH hashrate on the day of the halving!
Crypto hedge fund manager Matt D’Souza predicts a cleansing of the network.

The previous two halvings resulted in an increase in Bitcoin’s price but this time many think biggest impact will be felt by minors.

Experts believe that the halving will cause small to medium-sized mining operations to shutdown due to devices becoming outdated. In fact it’s been reported that unprofitable miners have closed down.

How could it affect the miners in the short term?

A halving happens every four years and is a planned reduction in rewards miners receive.

Occurring every four years and each 210,000 blocks mined since 2009, the bitcoin halving cuts miners rewards in half. This means that in the near term mining will be half as profitable as it was before the halving.

In 2009, miners received 50 Bitcoin per block, reduced to 25 in the first halving, in 2012, to 12.5 in 2016, and will fall to 6.25 tokens in the next.

Miners earn less Bitcoin reward with each halving.

Miners earn fewer Bitcoins with each halving.

The halving prevents inflation by slowing the pace at which Bitcoin are created, so as to not outstrip demand.

Some experts believe it will make mining unprofitable and cause the price to drop considerably while others believe the value could appreciate due to the supply being more scarce.

Either way we are pro-Bitcoin here at Bob’s Blockchain Café. Happy halving!

Happy Halving!!!

Bitcoin Demand Skyrockets As Hyperinflation Cripples Iranian Economy

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Iran is planning to replace their fiat – the rial – with a new currency called the toman because of surging hyperinflation.

The idea is that the Iranian Central Bank will slash four zeros from the national currency – 10,000 rials will, therefore, become 1 toman.

The struggling Republic has already been experiencing economic difficulty due to sanctions imposed by the United States and her allies, but their situation has been exacerbated by the COVID-19 pandemic which has led the government to take the immediate action.

Interestingly, the devaluation of its currency has caused bitcoin demand to skyrocket as investors and savers seek alternative stores of value.

This mirrors similar steps being taken in countries like Venezuela where hyperinflation has ravaged the economy.

As reported here on May 8th, cryptocurrencies such as Bitcoin, Ethereum, DASH and Litecoin could be accepted in Venezuela as legal tender, perhaps as soon as June 1st.

The South American country, which has long had economic issues due to monetary hyperinflation, is looking to adopt crypto in a fierce drive that appears to have government backing.

Astonishingly, hyperinflation hit 10,000,000% last year and even though the rate has slowed in recent months, crypto is still viewed as more stable in value and easier to use.

As in Venezuela, cryptocurrency could be seen as a much more stable form of money than the Iranian sovereign currency, the toman, and far more convenient to use.

Cryptocurrency transactions are already popular with the Iranian public, according to various reports. In some interviews, people have described bitcoin as the only way to get money out of Iran.

Has Loom Network Ceased Trading?

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Blockchain platform Loom Network has allegedly ceased trading according to a Cointelegraph report published earlier today.

The report, which investigated a number of the company’s communication channels, found that there was no proof of a live project anymore.

It was found that the project also had not posted on its medium blog since February 21, when they announced the then CEO, Matthew Campbell, had departed the project.

Loom have not posted it’s medium blog since February

The Reddit forum has similarly been abandoned with no updates being posted for some time.

Loom no longer has an active Telegram either, leaving many to believe the team may have exit scammmed.

The news has come as a fall from grace for the block chain network which raised $45 million from an ICO in early 2018.

Partners of Loom Network are beginning to migrate over to the ambitious Indian blockchain project Matic including Stake Capital a former Loom Network validator and Blocklords, an award winning blockchain strategy game.





Paul Tudor Jones Bets Big On Bitcoin

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Hedge fund pioneer Paul Tudor Jones has become one of the very first big-name investors to embrace Bitcoin.

In a move that has astonished many in the financial world, Jones, the founder and CEO of Tudor Investment Corporation, announced that he sees Bitcoin as a hedge against inflation caused by central banks printing money.

In the market Outlook document titled “The Great Monetary Inflation“ he explained that he sees Bitcoin as one of the best bets going forward and that it reminds him of how gold played a similar role during the recession of the 1970s.

“We are witnessing The Great Monetary Inflation – an unprecedented expansion in every form of money unlike anything the developed world has seen.”

Paul Tudor Jones

Jones, has become one of the first big hedge fund managers to bring Bitcoin into its portfolio.

He flirted with the crypto market back in 2017 but now believes the time is ripe for wholesale investment, especially since the outbreak worldwide of the Coronavirus.

“I am not a hard-money nor a crypto nut,” he wrote. “The most compelling argument for owning Bitcoin is the coming digitization of currency everywhere, accelerated by Covid-19.”

“The most compelling argument for owning bitcoin is the coming digitisation of currency everywhere, accelerated by COVID-19”

Paul Tudor Jones

The note comes out just days out from the highly anticipated Bitcoin halving with many market watchers expecting the price to break well above the $10K mark.

Jones’ words were heard loud and clear by Tyler Winklevoss, the American cryptocurrency and Bitcoin investor.

The entrepreneur, and founder of Winklevoss Capital Management hailed the news as proof that smart money from Wall Street is now getting involved in the crypto market.

American cryptocurrency and Bitcoin investor, Tyler Winklevoss, hailed the news.

By the looks of things he could well be right.

Crypto Could Be Adopted In Venezuela By Beginning Of June

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Cryptocurrencies such as Bitcoin, Ethereum, DASH and Litecoin could be accepted in Venezuela as legal tender, perhaps as soon as June 1st.

According to reports, Venezuelan company MegaSoft are looking to team up with Crypto Buyer, a Panamanian cryptocurrency merchant gateway start up and together they aim to process payments for thousands of local businesses through platform called “Merchant Server.”

The South American country, which has long had economic issues due to monetary hyperinflation, is looking to adopt crypto in fierce drive that appears to have government backing.

Astonishingly, hyperinflation hit 10,000,000% last year and even though the rate has slowed in recent months, crypto is still viewed as more stable in value and easier to use.

Cryptocurrency is seen as a much more stable form of money than the Venezuelan sovereign currency, the VES, and far more convenient to use.

Insane! Hong Kong Crypto Firm Financed To The Tune Of $66 Million Dollars! – (6600 BTC!)

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A Hong Kong based cryptocurrency company, Bixin Global, has unveiled a fund with nearly $66 million worth of bitcoin, (6600 BTC).

The main aim of the venture is to increase its bitcoin amount by investing in global quantitative trading funds whose strategies are based on arbitrage, bitcoin futures contracts and trend analysis.

Bixin is a financial services company that provides lending escrow and exchanging for cryptocurrency firms.

It started life as one of the earliest companies that specialised in Bitcoin mining.

The firm invested in mining hardware firm, MicroBT back in 2018 who are a direct competitor to the current market leader, Bitmain.

a serious contenders against mining giant Bitmain’s dominance in bitcoin miner hardware business.

It hopes to work together with other companies in the space specifically in the areas of mining operations in general.

Crypto Exchanges In Hiring Frenzy As Job Losses Soar

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Job losses are unfortunately soaring in many parts of the world and as the world struggles to come to terms with the economic fallout there is a glimmer of light to be found – an unlikely career boom going on in crypto.

Cryptocurrency exchanges have begun a sudden hiring spree as Bitcoin positions itself for a possible pending bull run.

Binance has expanded its workforce by 25% in the first quarter, Coinbase Inc. has listed dozens of openings on their website and Kraken LLC said on Monday that it needs to recruit 350 staff, 100 more than usual due to increased demand on its exchange.

Many exchanges and crypto lending companies are anticipating greater interest from investors because of to the Bitcoin halving in May, an event that occurs every four years that prevents inflation by slowing the pace at which Bitcoin are created, so as to not outstrip demand.

Exchanges are benefitting because investors are looking to alternative assets like cryptocurrencies due because of instability in traditional financial markets, the result of the COVID-19 epidemic.

In a recent article published here, on Bob’s Blockchain Café, mainstream media giant Bloomberg published an eight page report in which they evidence the rapid maturation of Bitcoin and how it is now ready to take its place as the digital equivalent of gold.

Bitcoin is being viewed as a digital alternative to gold

The report, which is given out to all of its Bloomberg constituents details how Bitcoin is due to make a transition into gold-like asset very soon and that a massive bull run is on the cards later this year, which may explain an increased job demand from cryptocurrency exchanges.

Andreesen Horowitz Are Backing Blockchain To The Tune Of $500 Million

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Two years after raising $300 million for a blockchain investment fund, Andreessen Horowitz is back on the cryptocurrency scene once more.

The venture capital firm, based in Silicon Valley, has raised a staggering $515 million that focuses on blockchain technology, the database innovation behind cryptocurrencies.

Chris Dixon, coleader of the fund, clearly believes that cryptocurrency assets like Bitcoin and Ethereum will be part of a pending technological paradigm shift and Horowitz want to be involved.

“It’s very rare that major, new computing paradigms come along, and we think this is on the scale of cloud and mobile for the Internet,”

Chris Dixon – Andreesen Horowitz

Katie Haun, a who coleads the crypto fund and sits on the board of the Facebook-corralled Libra Association, has told press that the firm plans to hold on to its bets for the long term, as long as 10 years.

Bloomberg Believe 2020 Is The Year Bitcoin Transforms Into Gold

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Bloomberg have recently published an eight page report in which they evidence the rapid maturation of Bitcoin and how it is now ready to take its place as the digital equivalent of gold.

The report, which is given out to all of its Bloomberg constituents details how Bitcoin is due to make a transition into gold-like asset very soon and that a massive bull run is on the cards later this year.

“This year marks a key test for Bitcoin’s transition toward a quasi-currency like gold, and we expect it to pass.”

Excerpt from ‘Bitcoin Maturation Leap’ – Bloomberg.

It goes on to postulate that gold and crypto stand to be the primary beneficiaries of the unprecedented global monetary stimulus that will accompany a mean-reverting stock market.

The fascinating paper highlights how Bitcoin’s correlation to gold has increased to all-time highs in light of unparalleled quantitative easing and that this cash stimulus will support quasi-currencies.

Bitcoin’s correlation to Gold is at an all-time high.

Bloomberg believes that this year will confirm Bitcoin’s transition from a risk-on speculative asset to the crypto markets version of gold.

Could 2020 be the year that Bitcoin finally grows up?

Bitcoin Surges By More Than 15% In A Day (And More Than 100% In A Month!!)

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Bitcoin has surged nearly 15% to $8,900 with Eth and Litecoin up more than 10% each.

Excitement over Bitcoin’s upcoming halving an overall risk-on environment are pushing up cryptocurrencies, with the largest token reaching its highest level since before the coronavirus-induced crash.

Many crypto fans believe Bitcoin’s renaissance is due to the upcoming halving, which reduces the number of rewards miners receive.

BTC surged ahead of the token’s last two halvings, and many think the same could happen this time around too.

Bitcoin surged by more than 15% today

This means Bitcoin has risen by $5300 since its low back in March of $3600. A truly staggering rise.

Experts are divided which way it goes from here but many are bullish on Bitcoin and blockchain as a whole and consider a further run up to $10,000 a real possibility.

‘A Rare Trigger Event Is About To Unleash A New Cryptocurrency Superboom’ Say Weiss Ratings

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Founder of Weiss Ratings, Dr Martin Weiss believes Bitcoin and associated crypto assets are set to boom post halving.

Historically, he says, the Bitcoin halving has “unleashed a historic bull market in cryptocurrencies, creating massive wealth for investors.”

In a recent report, Dr Weiss states:

“A rare event will soon trigger a massive cryptocurrency superboom, sending Bitcoin and other select coins to new, all-time highs. Because this trigger event is built right into the code. No government, no organization, and no group of individuals, no matter how rich or powerful can prevent this trigger from being pulled. And every time this event has occurred in the past, it has always unleashed a historic bull market in cryptocurrencies, creating massive wealth for investors.”

Dr Weiss postulates that crypto assets will boom post halving

When asked if the term “massive wealth” was an overstatement, Weiss said the following:

“It’s actually an understatement. If you bought bitcoin during the last trigger event, you could have multiplied your money more than 30-fold … turning every $10,000 invested into more than $300,000″.

Bitcoin is currently valued at $7.712, Ethereum at $195 and XRP is $0.21 per coin.

The Bitcoin Halving Explained (How It Could Make You Money)

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As Bitcoin’s halving approaches, supporters and skeptics alike are debating what kind of impact it may have on the coin’s value.

1. What is Bitcoin?

Bitcoin was created by Satoshi Nakamoto, and is a peer to peer, trustlees. borderless (and almost feelers) electronic cash that is generated by miners whose computers perform complex calculations that validate the transactions on the blockchain, a public digital ledger.

The miners compete with each other to earn newly-issued tokens known as a block reward.

2. What is the halving?

A halving happens every four years and is a planned reduction in rewards miners receive

In 2009, miners received 50 Bitcoin per block, reduced to 25 in the first halving, in 2012, to 12.5 in 2016, and will fall to 6.25 tokens in the next.

Miners earn less Bitcoin reward with each halving.

Miners earn fewer Bitcoins with each halving.

3. What does the halving solve?

The halving prevents inflation by slowing the pace at which Bitcoin are created, so as to not outstrip demand.

4. When is happening?

11th or 12th of May 2020.

Predicting the exact date is difficult due to the time it takes to generate new blocks.

5. Do halvings always boost Bitcoin’s price?

In 2012, Bitcoin‘s went up 80X within 12 months of the halving, and 10X after miners’ rewards were halved in 2016.

Supply of world's largest cryptocurrency will be pinched off in 2020
Bitcoin’s next halving will take place on May 11th or 12th

7. If I own Bitcoin, will I have more in USD after the halving?

Most analysts are saying yes, but anything is possible with Bitcoin!

Bitcoin To $333 Million Says Silk Road Founder – (But Not Before A Huge Drop First)

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Silk Road founder Ross Ulbricht believes that Bitcoin could conceivably climb to $333million over the next few years but not before it experiences a serious correction that could see it fall to $1200.

In an article published last week, using the Elliot Wave Theory, the Silk Road founder believes we are in wave 2 of a 5 wave structure and therefore still in a bear market that could continue well into 2021.

Far from being bearish, Ulbricht expects the next bullish Wave, wave number 3, to be even bigger than Wave I, a wave took BTC from $0.06 to its a peak of nearly $20,000 in late December 2017.

“If we consider $0.06 to be the start of wave I and $20,000 the end, then wave I drove prices up by 333,333x. If wave II takes prices down to $1,000 and wave III is as big as wave I, then wave III will drive prices to $333 million.” – Ross Ulbricht

Until recently, the jailed libertarian kept much of his analysis to himself, but he now writes letters from his prison cell to help other people “navigate” the market on a long term macro perspective.

Ulbricht took to twitter to explain his extraordinary thesis.



In December 2019 he predicted that Bitcoin would hit $100K but as of this week revised his wave 2 target after the March 12 stock market collapse.

Ross William Albrecht, born on March 27, 984, was convicted for creating and operating the darknet market website the silk Road from 2011 until his arrest in 2013.

The website was designed to use Tor for anonymity and bitcoin as a currency. 

Ulbricht’s online pseudonym was “Dread Pirate Roberts” after the fictional character in the novel the Princess Bride and its film adaptation.

In February 2015 he was convicted of money laundering, conspiracy to traffic fraudulent identity documents, and conspiracy to traffic narcotics by means of the Internet. 

In May 2015 he was sentenced to a double life sentence for 40 years without the possibility of parole. 

Both of all his appeals to the US Court of Appeal and the US Supreme Court were unsuccessful and he is currently incarcerated at the United States penitentiary in Tuscan.

A clemency petition to President Donald Trump has reached 285,245 signatures at the time of writing.

Visa Offers Bitcoin Rewards On Credit Cards From July

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Credit card giant Visa Inc. has teamed up with startup Fold to offer a card that earns rewards denominated in cryptocurrency instead of airline miles or cash.

Fold Chief Executive Officer Will Reeves announced that up to 10% of cash purchases made with the co-branded debit card will be credited to users in Bitcoin,

Reeves believes it will bring a wave of consumers to the world’s most well known digital asset.

People are not interested in spending Bitcoin right now, but are interested in accumulating it,” Reeves said in an interview. “If people don’t understand Bitcoin as money yet, they certainly will understand it better as a reward.”

In February, Coinbase and Visa announced the Coinbase Card, which gives users to ability make cash purchases using Bitcoin on the Visa debit card.

The Fold partnership was announced Thursday in a joint statement from the companies, and cards are expected to be issued in July.

Issuing Bitcoin rewards instead of loyalty points or airline miles, shows a maturity in how people are viewing cryptocurrencies.

Fed Program Worth $300 Billion Targets The Markets – (Bitcoin Price Explodes Upwards!)

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The Federal Reserve has just said that it will launch a swathe of programs targeting the markets in the wake of the coronavirus crisis.

Among the initiatives is an unspecified lending program for Main Street businesses and the Term Asset-Backed Loan Facility implemented during the financial crisis.

There will be a program worth $300 billion “supporting the flow of credit” to employers consumers and businesses and two facilities set up to provide credit to large employers.

Markets have reacted positively to the move, with Bitcoin exploding upwards to $6400 from an overnight low of $5600

Bitcoin moved upwards to $6400 from an overnight low of $5600 after the Fed announcement.

“We are now in QE infinity, again,” Peter Boockvar, chief investment officer at Bleakley Advisory Group, said in a note.

Additional measures include the issuance of asset-backed securities backed by student loans, auto loans, credit card loans, loans guaranteed by the Small Business Administration and certain other assets. 

“The coronavirus pandemic is causing tremendous hardship across the United States and around the world. Our nation’s first priority is to care for those afflicted and to limit the further spread of the virus,” the Fed said in a statement. “While great uncertainty remains, it has become clear that our economy will face severe disruptions. Aggressive efforts must be taken across the public and private sectors to limit the losses to jobs and incomes and to promote a swift recovery once the disruptions abate.”

Today’s announcement represents the most powerful market intervention the Fed has made up to now.

Previously, it had announced it would buy $500 billion worth of Treasurys and $200 billion in MBS. The new move represents an open-ended commitment to the QE program.

The programs are backed by the Treasury Department to ensure the Fed does not lose money.

“We are committed to providing relief for American workers and businesses, particularly small and medium size businesses and critical industries that are most impacted by the coronavirus. We will take all necessary steps to support them and protect the U.S. economy,” Treasury Secretary Steven Mnuchin said in a statement.

Keiser Makes Alex Jones A Bitcoin Believer – (Schiff Loses it)

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In an unbelievable turn of events, Alex Jones, the radio shock jock and conspiracy theorist has given the green light to millions of his Infowars listeners to invest in Bitcoin.

Jones, who up till now has been a critic of the nascent cryptocurrency, announced his support on the self-titled ‘Alex Jones Show’ during an hour long interview with Max Keiser.

Jones’ appeared to urge viewers of the show to buy BTC which in turn angered long standing Bitcoin critic and gold bull Peter Schiff.

In a tweet put out earlier today, Schiff said that he thinks Jones has finally capitulated by advising his viewers to buy BTC at $10,000.

Schiff said that he thinks Jones has finally capitulated

Schiff insists that Jones is already too late to the party as he believes that Bitcoin doesn’t fulfill any of the functions of real money.

Keiser Predicts $400K per Bitcoin On-Air

Keiser, the renegade economist who co-hosts The Keiser Report on RT, also announced live on air that he expects bitcoin to hit $400,000 in the near future and that he believes that it will become the world’s reserve currency, replacing the dollar.

Keiser expects bitcoin to hit $400,000 in the near future

BlockFi Raise $30M With A Little Help From Peter Thiel

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Crypto lending startup BlockFi announced today that it has secured a $30 million Series B funding round.

BlockFi raised a $18.3 million Series A funding round in August last year.

With the new round of funding they will aim to widen their international reach and product line.

The Series B was headed up by Peter Thiel’s Valar Ventures with alongside Morgan Creek Digital, PJC, Akuna Capital, CMT Digital, Winklevoss Capital and Avon Ventures. New investors included Castle Island Ventures, Purple Arch Ventures, Kenetic Capital, Arrington XRP Capital and HashKey Capital.

In the first quarter of 2020, the lending startup hopes to develop a mobile app with the opportunity to send fiat wire transfers.

There are plans to offer ‘Automated Clearing House’ (ACH) payments in Q2 of this year and expect to double the size of its 75-person team by the end of 2020.

BlockFi provide fiat loans with bitcoin (BTC) and ether (ETH) and offer clients interest on their crypto.

Ripple Do Deal With National Bank Of Egypt

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Ripple’s expansion continues with a new partnership withEgypt’s national bank in order to implement remittance payments.

The National Bank of Egypt will team up with Ripple with a view to using the XRP blockchain-based payment network RippleNet to make quicker and less expensive cross-border payments easier.

The bank will be the first in Egypt to offer such a product.

The NBE see the main benefits of using RippleNet for faster transaction time and lower rates.

The value of XRP has increased in since the news with the price hitting a high of $0.33 earlier today.

XRP hit a high of $0.33 earlier today.

Price is currently $0.31 cents

Circle Investment App Sold To Voyager

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Circle Financial Ltd. has just agreed to sell its digital-asset-investment app, Circle Invest, to Voyager Digital Ltd. in return for an equity stake in the company.

In the deal Voyager will issue shares to Circle representing about 4% ownership in the New York-based firm, and will reimburse certain costs to Circle.

Circle has been putting much of their effort into their stablecoin called USDC.

Voyager are expected to increase its customer base to over 200,000 users, the companies said in a statement.

The agreement is expected to close by the end of March.

Circle and Voyager aim to deliver rapid, international low-cost payments to its customers worldwide through the deal.

Hedera Hashgraph Do Deal With Google – (Price Goes Up By Over 80%)

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Hedera Hashgraph have done a deal with Google to become a member of the governing body for the distributed ledger startup, prompting the HBAR Token to hit a yearly high.

According to a Tuesday announcement, Google Cloud will operate a Hedera network node, making the ledger data available for analytics.

“We’re inspired by what Hedera has accomplished to date, and look forward to providing the infrastructure and technologies to support what’s possible with distributed ledger technology,” Allen Day, developer advocate for Google Cloud, wrote in a post earlier today.

The move represents the strengthening of an already good relationship, according to Hedera team.

Other members of the Governing Council include IBM, Deutsche Telekom, Boeing, Nomura and Tata Communications to name but a few.

The price of the Hedera’s Crypto token, HBAR, rocketed up by over 80% on the news.

The price of the Hedera’s Crypto token, HBAR, rocketed up by over 80% on the news.

Trading Volume Doubles As Tether Stablecoin Launches On Algorand Blockchain

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The US-dollar-pegged stablecoin Tether launched today on the Algorand blockchain. Algorand, the proof-of-stake blockchain network today launched a US-dollar-pegged tether stablecoin on their high-speed blockchain.

Rumors of Tether’s launch on Algorand have been doing the rounds for the last fortnight and during that time, the daily trading volume for Algorand’s ALGO token has risen from around $40 million to over $110 million.

The value of the ALGO token has also increased; in the past week, it’s gone up from around $0.25 to $0.35 per coin.

The value of the ALGO token has gone up from around $0.25 to $0.35 per coin in the past week.

Crypto Bank To Launch In UK (It Will Be Their First!)

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London-based startup DAG Global is applying for a UK banking license in order to become the “first digital assets merchant bank” in the UK.

The startup is speaking to regulators and if approved, would bridge the gap between digital asset services and traditional banks, according to a report by the Financial Times.

DAG Global confirms on its website that a full UK banking license would allow it to offer blockchain and crypto entrepreneurs a full suite of services, including digital assets lending and over-the-counter trading, removing the gap between fiat currencies and digital assets.

“Our robust, industry-leading digital banking platform is being built using advanced and robust technologies, which enables us to facilitate cost-effective transactions within and across traditional fiat currency and digital assets – all to the highest globally-established standards of compliance and security.”

The firm joins a number of companies that are exploring how to offer services for both crypto and fiat currencies under one roof.

(This is a reduced version of an article on the Daily Hodl)

Binance To Integrate WazirX Trading Platform

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Binance have announced that they will integrate WazirX’s P2P trading platform into its system on Thursday 13th of February.

Through this integration Binance users will be able to instantly transfer funds between their Binance and WazirX accounts.

Binance users will be able to sign into WazirX directly using their existing Binance accounts. Binance users will also be able to both buy and sell USDT via WazirX’s P2P trading platform directly on Binance.

WazirX’s WRX Token was launched on Binance last week and 8Xed in value over three days of trading but has retraced to around the $0.10 cent mark since.

WazirX 8Xed in value after listing but has retraced to around the $0.10 cent mark since.

For further information on the integration, please refer to the official blog post here from WazirX.

What is WazirX?

WazirX is a cryptocurrency exchange with an advanced trading interface and features to buy, sell & trade cryptocurrencies.

It is an exchange with a Live Open Order Book system that allows users to trade 80+ digital assets like Bitcoin, BNB, Bitcoin Cash, Litecoin, Dash & many more.

Users can deposit/withdraw cryptocurrencies and also cash in/cash out USDT via Peer-to-Peer (“P2P”) to Indian Rupees (“INR”) with ease and speed, as well as securely store one’s digital assets in the WazirX wallet.

WazirX’s aim is to bridge the global fiat-cryptocurrency gap with the world’s first auto-matching P2P engine – WazirX Peer-to-Peer.

As of today, WazirX P2P is the go-to method to deposit and withdraw INR in India, and is growing steadily.

What Is WazirX And Why Is It Pumping On Binance?

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WazirX is India’s largest and most trusted cryptocurrency exchange.

It was launched in March 2018 and has witnessed substantial growth in volume and adoption despite regulatory hiccups.

In November 2019, WazirX was acquired by Binance, the world’s largest cryptocurrency exchange and blockchain ecosystem.

WazirX is India’s first-ever cryptocurrency exchange to be acquired by an international company.

The native token of India’s premier cryptocurrency exchange WazirX is now live on the world’s largest crypto trading platform Binance.

The token was up for a lucky draw on Binance Launchpad via the #WazirXLottery Promo, which ended on Wednesday, February 05, at 08.00 am UTC. The announcement was made by Nischal Shetty, CEO and founder of WazirX on Twitter.

India is one of the fastest growing mobile fintech markets globally but regulators in India are hitherto undecided undecided on how to govern the crypto space.

For WazirX to have the backing of a parent company like Binance will no doubt play a large part in any future success.

The price is currently $0.063 cents at the time of writing.

The price currently sits at $0.063 cents

Since being listed last night the WRX token has pumped to an all-time high of nearly seven cents.

The token could benefit from market makers on Binance that might help to push the value of WRX up.

If it does happen, just dont say it was an inside job!

Silicon Valley Coin by Andra Capital Uses Tezos Blockchain and TokenSoft for Its Security Token Offering

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Andra Capital, a San Francisco based venture capital firm have been given the go-ahead to issue their Silicon Valley Coin (SVC) via a Security Token Offering (STO).

SVC will utilize TokenSoft’s issuance platform and be built on the Tezos blockchain.

Andra Capital is an open-ended technology fund that allows investors to invest in a blockchain-based token, in this case, Silicon Valley Coin.

The Fund plans to invest in blockchain technology the investment has coincided with a spike in price for the $XTZ Tezos Token.

Tezos has risen sharply in value this week

Learn more about Silicon Valley Coin and read its White Paper at:www.svc.fund or contact investor relations at ir@svc.fund.

About Tezos

Developed by ex-Morgan Stanley analyst Arthur Breitman. Tezos (XTZ) is a multi-purpose platform that supports dApps and smart contracts.

It aims to combine a self-correcting protocol and on-chain governance to manage network modifications.

Tezos is powered by XTZ, which is created through ‘baking’.

Bakers put up deposits and are rewarded for signing and publishing blocks. Witnesses then validate the blocks.

Dishonest bakers lose their XTZ deposits. Tezos uses delegated proof-of-stake (DPoS) and supports Turing complete smart contracts.

Tezos is implemented in the OCaml programming language, which is said to offer ‘functional, imperative, and object-oriented styles’.

Bank Of England May Consider Adopting Cryptocurrency

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The Bank of England is looking into how Britain could adopt digital currency amid the emergence of private-sector digital currencies, such as bitcoin and Facebook’s libra, which is due to be launched this year.

Bank officials will meet with the Bank of Japan, the European Central Bank (ECB), the Sveriges Riksbank, the Bank of Canada, the Swiss National Bank and the Bank for International Settlements (BIS) to pool research and experiences of the potential for a central bank digital currency (CBDC).

The idea of a central bank digital currency is not a new one with many countries like China looking digitise the yuan to help improve payment systems and cross-border transactions.

Just last month, Sweden’s central bank said it had created a pilot platform for a digital currency, known as the e-krona.

The European Central Bank has also been investigating the possible benefits of CBDC since last year with a ‘Eurocoin’ white paper tabled in November last year.

Fran Boait, executive director of Positive Money, said policymakers had been slow to realise how much enthusiasm there was for digital money.

Fran Boait, executive director of Positive Money,

“They have been asleep at the wheel over the future of our money system being determined by a small number of banks, payment companies and now tech giants.

“Central banks need to accelerate plans for a central bank digital currency, which would both ensure that people have the choice of a safe public banking option and prevent our monetary system being completely surrendered to unaccountable private interests.”

Square Are Building A Lightning Development Kit To Accelerate Bitcoin Adoption

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For bitcoin to become a widely used global currency — one that can’t be stopped, tampered with, or rigged in anyone’s favor — improvements to bitcoin’s UX, security, privacy, and scaling are required.

In open-source development, developers usually choose their own projects.

Yet, because Square are a consolidated team of open-source developers, they are in a strong position to coordinate on major projects that individuals may not have the time or resources to tackle.

With that in mind, Square used the following criteria to ask what they need build to accelerate bitcoin adoption:

  • Will the project have an outsized impact on bitcoin, particularly non-custodial bitcoin?
  • Is the project meeting an underfunded need of the ecosystem that doesn’t have a clear business model?
  • Can this become a self-sustaining open-source project that will attract developers worldwide?

Square have spoken with dozens of wallet developers. What they discovered was a desire for flexibility when integrating Lightning.

Wallets and applications require different key store and backup mechanisms, security approaches, UX tradeoffs, and more.

That means the solution is building for more wallets, not fewer.

So rather than create a standalone Lightning node, they are building a Lightning Development Kit (LDK) that gives wallet and application developers a convenient way to create custom experiences.

LDK will include an API, language bindings, demo apps, and anything else that makes integrating Lightning easy, safe, and configurable.

The API is based on the Rust-Lightning project, which offers clean interfaces and minimal system dependencies.

Rust is also among the safest systems languages, one that will attract developers who can sustain LDK independently of the square project.

Here’s just some of what LDK will simplify:

  • Adding Lightning capabilities to existing bitcoin wallets — no need to create a separate wallet just for Lightning.
  • Supporting multi-device, multi-application access to a single wallet.
  • Allowing wallets to make UX/security/privacy tradeoffs such as external transaction signing and customizing their state backup to a cloud service.

Today’s Lightning infrastructure is incomplete without features like these.

Even though that makes LDK a big project, that’s also what makes it right for Square Crypto.

And with the support of developers like Acinq, Blockstream, Lightning Labs, and open-source developers everywhere, it’s only a matter of time until instant, low-fee bitcoin payments are as common as cash used to be.

Jack Dorsey, applauded the news after it was announced on twitter.

Jack Dorsey is both the CEO of Square and Twitter and has long been an advocate for Bitcoin.

Jack Dorsey took to Twitter to comment on the Square Crypto announcement.
  • This article was written by square crypto and modified by unclebob.

Simple Risk Management Techniques for Crypto Traders

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Risk Management Techniques for Crypto Traders

Proper risk management stops ill-disciplined, degenerate and naive traders from exploding their cash stash. (Their trading account)

If a trader can manage their risk/exposure to loss he/she stands a better chance of surviving the inevitable pitfalls which in turn can open the door to making money in the market.

Remember this, a trader who has profited substantially can lose the lot in just one or two bad trades executed without a risk management strategy.

In order to survive in this jungle where be in no doubt, you are the prey, you will need to learn the art of protecting your trading profits.

The Prerequisites of Proper Risk Management

  • Staying focused
  • Trading to a plan
  • Keeping emotions on lockdown
  • Reminding yourself constantly that even the best traders use risk management to prevent losses from spiralling out of control.
  • Knowing when to take profit
  • Knowing where your stop losses are and why you have them there.
  • Knowing how to ‘live to fight another day’ through strategic placement of stop-loss orders.
  • Have pre-planned stop loss(SL) and take profit (TP) points.
  • Never hold and hope
Stay focused!

Think Like A Sniper

Imagine you are a sniper without backup going deep into enemy territory. Would you just stroll on into an enemy camp with doing your due diligence. of course not! You would need a plan and that plan would need to be executed with the utmost caution and professionalism. The more conservative you are the longer you will stay alive Proper risk management prevents us from making silly and stupid mistakes.

Think like a sniper!

The 1% Rule

Follow the one-per cent rule, meaning only 1% of your capital can be used in a single trade. So if your trading account holds $1000, you can only trade $10 per trade. If your trading account holds $10000, you can only trade $100 per trade.

Stop Loss Points

When a stock breaks below a key support level, you need to have already set a stop loss point. When this is hit you have made a loss The stop loss prevented you from losing even more Stop losses are there to prevent us from ‘chasing the loss.’ Just like a sniper your decisions must be programmed before. Just like a sniper, it pays to be cold, detached and clinical. A well-placed stop-loss point will save you a lot of money!

The Take Profit Point

The take profit point is where a trader will sell a stock and where a trader takes profit on his trade Just like a sniper, the trader must also pre-plan his exit strategy.

Where Should I Set My Stop-Loss Points?

  • On/just under or above key moving averages such as the 5, 10, 20, 50, 100 & 200-day MA.
  • On/just under/above support & resistance lines.
  • Ascending/Descending wedges and triangles as support and resistance points
  • Fibonacci levels
  • Gann levels
One way to set SL & TP points is on or near support and resistance levels

Uncle Bob is a veteran of the crypto game. None of what is written should be taken as financial advice and before investing everyone should do their own due diligence.

Uncle Bob has a well-followed crypto-related Twitter account and can be viewed here

With ETH 2.0 Still Not Complete Could MATIC Provide A ‘Box Ready’ Solution?

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  • Ethereum is the blockchain of choice for many developers.
  • It runs 8X more Dapps than its nearest competition
  • It is well known there are scalability problems with ETH
  • It is rumoured we may have to wait another couple of years before Ethereum 2.0 is available.
Eth 2.0 is still in development

MATIC, The New Kid On The Block

  • Matic Network is already capable of making thousands of transactions per second
  • We may already have an ‘out of the box solution’ to solve the scalability issue

Backed By Coinbase

  • Matic was selected by Coinbase Ventures for seed investment immediately following its IEO on mega exchange Binance.
  • It is rumoured that Coinbase may well list it on its own exchange
  • It was selected to be part of the Binance Lending Product range.
  • It’s just been listed on Coinbase Custody
Matic has just been listed on Coinbase Custody

Live-Action DApps

  • 25 dApps are building on the Matic platform
  • Many have already started to make public demonstrations of their solutions operating on the beta version of Matic.

Can Matic Be The Indian Ethereum?

  • Matic’ are from India
  • They are highly visable in the blockchain communtiy
  • They are attracting developers to their platform
  • They have a good number of dApps working with them
  • If they can entice more programmers, developer, entrepreneurs and investors to work with them instead of ethereum we could see MATIC grow in size and value.

Uncle Bob is veteran of the crypto game. None of what is written should be taken as financial advice and before investing everyone should do their own due diligence.

Uncle Bob has a well followed crypto related twitter account and can be viewed here

Schiff Just Lost All Of His ‘Gifted’ Bitcoin Because Of ”Computer Glitch”

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Peter Schiff the CEO of Euro Pacific Capital and well world renowned financial analyst, has may have just lost all of his Bitcoin.

The gold permabull and bitcoin naysayer posted in a tweet today that he had lost all of the bitcoin that had been given to him last year.

He put the loss down to his password being no longer valid due to a “computer glitch.”

Schiff cannot access his Bitcoin due to a computer glitch

Shortly after Schiff stated that he thought that owning bitcoin had been a bad idea all along.

The bitcoin was originally gifted to him and although he accepted it last year she has been a long term the tractor of the crypto currency market in general.

Nevertheless he didn’t seem to be that bothered as the esteemed financial analyst claimed that he had been fully prepared for it to go to zero anyway.

Crypto twitter had a field day making fun of Peter, who has been anti-Bitcoin for many years now

Many well known crypto accounts took the opportunity to make fun of schiff after today’s incident.

The CEO of Euro Pacific capital is better known for his bullishness around the gold market and for many years has warned investors not to put their money into Bitcoin, which he views as a ponzi scheme and that it will one day become worthless anyway.

Matic Price Rockets Due To Coinbase Custody Listing

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Coinbase Custody, a cryptocurrency storage solution and exchange for institutional investors has just announced that Matic will be listed alongside an elite group of assets from today.

The news comes hot on the heels of the Cosmos (ATOM) cryptocurrency listing on the regular Coinbase app causing the top 20 crypto to skyrocket by over 25% earlier today.

Matic Network announced the news earlier today.

The listing will be seen as yet another epic milestone for the ambitious Indian blockchain company.

Matic has been listed on Coinbase Custody

The news caused a breakout today and the price is $0.017 at the time of writing.

The price of Matic is up by 10% today

Coinbase Custody is an independent, NYDFS-regulated entity built on Coinbase’s crypto-first DNA, offering the most sophisticated and reliable custody solution in the world.

Launched in 2018, Coinbase Custody offers clients access to the secure, institutional-grade offline storage solution that has been used by Coinbase’s exchange business since 2012.

Binance Strike Crypto Deal With Yahoo Japan. Price Up By 10%

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Z Corporation, a subsidiary of Yahoo Japan, and TaoTao have begun negotiations with Binance for strategic partnerships in the Japanese market.

Z Corporation Inc. (Z Corp) is a wholly-owned subsidiary of Z Holdings Corporation (the Softbank subsidiary formerly known as Yahoo Japan Inc.

TaoTao Inc. is Japanese licensed cryptocurrency exchange and a portfolio company of Z Corp.

Both have entered into a strategic partnership discussion with Binance Holdings Limited (Binance), the leading global cryptocurrency exchange.

Binance want to launch trading services for users in Japan and this could be just the ticket to get there.

The price of Binance shot up by over 10% off the back of the news.

The price is $18 at the time of writing, its highest value since November 2019.

Binance coin is up today by 10%

What Is Technical Analysis The Study Of?

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Technical analysis is the study of market action primarily through the use of charts, for the purpose of forecasting future price trends.

The term “market action” gives us three key pieces of information which are price, volume, and open interest.

Price

Price tells us about the momentum & direction of a stock and where it is bought or sold.

It also gives us an idea of the volatility and where the support and resistance areas are.

Open Interest & Volume:

Volume and open interest are simply measurements that indicate the liquidity and activity of contracts in the options and futures markets.

Volume refers to the number of contracts traded in a given period and shows the amount of trading activity in a market on any given day.

Open interest denotes the number of active unsettled contracts at the end of any given day.

An increase in Open Interest often means that traders want to enter a position, usually before a new trend or during strong trends.

An increase in Open Interest at that time regularly indicates that a breakout is likely or that the trend will strengthen since more investors are looking to enter a trade.

If more investors become “interested” and are waiting for their orders to get filled, it can foreshadow the flow of money into a market and thus, provide information about investors sentiment.

This graph represents price, volume and open interest in the futures market.

The 3 Premises Of Technical Analysis

Sound technical analysis is based on 3 premises:

1) Market action discounts everything

2) Prices move in trends

3) History repeats itself

1) Market Action Discounts Everything

Many experts criticize technical analysis because it only considers price movements and ignores fundamental factors.

Technical analysts believe that everything from a company’s fundamentals to broad market factors to market psychology is already priced into the stock.

This removes the need to consider the factors separately before making an investment decision.

The only thing remaining is the analysis of price movements, which technical analysts view as the product of supply and demand for a particular stock in the market.

Market action tells us that all factors known and unknown are priced into a stock already.

2: Prices move in trends

Technical analysts believe that prices move in short-, medium-, and long-term trend.

In other words, a stock price is more likely to continue a past trend than move erratically.

Most technical trading strategies are based on this assumption.

Prices move in 3 types of trends

3: History tends to repeat itself

Technical analysts believe that history tends to repeat itself.

The repetitive nature of price movements is often attributed to market psychology, which tends to be very predictable based on emotions like fear or excitement.

Technical analysis uses chart patterns to analyze these emotions and subsequent market movements to understand trends.

Can you see where history repeats itself in this Doge chart?

Technical vs Fundamental Analysis

Most traders will classify themselves as either a technical or a fundamental analyst.

A fundamental analyst will study all the relevant factors affecting the price of a market in order to come to an intrinsic value of the said market.

A technical analyst concentrates on the study of market action only.

Many analysts have a working knowledge of both ways to analyse the market, and although most traders call themselves technicians or fundamentalists, there tends to be a great deal of overlap.

Bitcoin Price Surges After Iranian Missile Strike

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Bitcoin’s price surged on Wednesday after an Iranian missile attack on US and coalition military bases in Iraq.

There is now a real fear of all-out war between Iran and America.

Oil was up too with European and US benchmark prices up as much as 4% shortly after the attack, with the price of Brent crude smashing through the US$70 mark.

Investors have also run toward traditional safe havens gold and silver, with the price of the precious metals going up by 3% on Wednesday, this after an increase last week.

Gold and silver are up

Iran targeted more than a dozen ballistic missile attacks on air bases in Al Assad and Erbil on Wednesday “in the name of martyr General Qassem Suleimani”, the Islamic Revolutionary Guard Corps said.

On Friday, US forces used a drone to assassinate Suleimani near the Baghdad airport.

Iran‘s response has left markets reeling and world War three is now trending on social media.

Bitcoin has now gone up in value by over 20% since the news of Sulemani’s assassination last Friday.

It’s price bounced from a low of $6900 last week to a high of $8455.

The price of Bitcoin is currently $8338 at the time of writing.

Bitcoin’s price has surged by over 20% over the past week.

The Coinbase pro app is now available for all android users worldwide

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The San Francisco-based Crypto company Coinbase, has just unveiled a new app called Coinbase Pro that will be available internationally with 50 different trading pairs.

The company said that the app will give its users are clean and streamlined trading experience.

The app should give the same experience as the desktop platform, although it won’t be as fluid or seamless due to the smaller screen size.

The news comes hot on the heels of Binance releasing their Binance US app for android devices and put them in direct competition with the Singapore-based mega exchange.

Designed to provide advanced crypto traders with the necessary tools to make trades on the go, the Coinbase Pro mobile app enables traders to capitalize on market conditions at any time, wherever they are.

Bitcoin To $1 million Prediction Was A Ruse Says McAfee

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In 2017 John McAfee bet that bitcoin would reach $1 million by the end of 2020 or he would eat his own manhood.

The controversial former CEO of McAfee anti-virus software has now changed tact by claiming his comments were “a ruse to onboard new users,“ and even going on to insist that “it worked.”

He went on to say that bitcoin was “an ancient technology” and also said that newer blockchains had “privacy, smart contracts, distributed apps and more,”

Ripple investors were targeted by the self-styled crypto clairvoyant claiming that the XRP Token wasn’t up to much either.

McAfee caused a stir with yesterday’s tweet

Bitcoin is now 95% below his $1 million target and many are asking McAfee why on earth he made the prediction in the first place.

The crypto evangelicalist went further in his twitter outburst by asking the questions “bitcoin is our future? What is the model T the future of the automobile?”

In any case, his comments have enraged crypto social media but have done little to dent his huge popularity.

The British-American businessman has over 1.1 million followers on twitter, the largest in crypto twitter by far.

Ethereum Is Looking Juicy On The Macro Charts

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Ethereum looks great on the macro chart and I’m feeling that we could be in line for a decent reversal but probably only after we’ve have one more leg down.

I published a chart over in TradingView via my Twitter account earlier today and I couldn’t be more bullish long-term on Ether, especially at these prices, although I wouldn’t rule out one more step down before we go back up.

My tweet earlier today

If you look at the macro chart so either on the weekly or three-day Ethereum is in a descending wedge pattern and we are coming to the point where it will look to break out.

A descending wedge pattern often leads to an upside breakout

With many Cryptocurrency at all time lows ETH looks a snip at today’s prices.

It is currently trading at $131.65 which is over 90% from an all time high of $1448.18 in early 2017.

Ethereum today launched their latest hard fork called Muir Glacier and it will take place block number 9,200,000. 

The upgrade comes just not long after the Istanbul hard fork which was released last month.


Uncle Bob is veteran of the crypto game. None of what is written should be taken as financial advice and before investing everyone should do their own due diligence.

Uncle Bob has a well followed crypto related twitter account and can be viewed here

Litecoin Looks Ready To Make A Sharp Reversal To The Upside Very Soon

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Litecoin looks like it may well reverse in price at some point during January probably after it tests early $0.30 cents again before a sharp reversal to the upside.

Johnny5ive75 is a trader over on TradingView and he thinks, looking at the macro scale that litecoin is due a move to the upside at some point during January.

He commented:

“Litecoin, just like Ethereum is in a descending wedge and is looking for a breakout at some point in January. I predict a revisit to early $0.30 cents will be followed by a sharp reversal to the upside.”

At the moment litecoin is trapped in a descending wedge and according to the analysis of Johnny5ive75 LTC will test last year’s lows again before a break out leading to an upswing with prices due to hit between $0.60 – $0.70 cents probably in early spring.

Litecoin looks ready to reverse in price very soon

The price for litecoin is $41 at the time of writing.

The entire cryptocurrency market at the moment is in an undecided phase which leads many to think that we have one further leg down before the market reverses in time for a new bull run triggered by interest in the bitcoin halving.

Muir Glacier Hard Fork Solves Ethereum “Difficulty Bomb”

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So happy New Year everybody!

We begin with the year with the Ethereum hard fork.

It’s called Muir Glacier and it will take place block number 9,200,000 on January 1, 2020.

The upgrade comes just not long after the Istanbul hard fork which was released last month.

Istanbul brought various upgrades and features but has it has become apart that there are issues that still need to be sorted out.

It will be the new fork’s goal to solve a problem called the “difficulty bomb“ or the “ice age“.

After 100,000 blocks are mined, the network becomes more difficult to operate, thus leading to slower block times.

Sometimes the entire network ends up coming to a halt.

Ethereum developers have named this problem as the “difficulty bomb.”

Muir Glacier aims to push the difficulty bomb further back by the creation of an additional 4 million blocks, thereby giving developers more time (1.7 years) to fix the problem properly.

Ether has been on a downtrend for the last month or two but picked up this week and the time of writing it is valued at $130.

The week ahead is critical to know whether Eth springs back up and makes a higher low or if it plunged downwards towards the $100 dollar mark or beyond.

Ethereum is currently worth $130 at the time of writing.

Ripple CEO Says 99% Of Cryptos Will Go Away

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The Ripple team have released their very own Christmas message to investors and the message is that 2020 will be better for investors than in 2019.

Although the year has been awful for price action, XRP as a company is keen to show that it is actually going from strength to strength.

The Ripple SVP for customer success Marcus Treacher stated:

“The Internet of value that we are creating is very much coming to life. I can see blockchain technology merging into other core enabling technologies and together creating the fourth industrial revolution. We are really at the front and centre of that change.”

Brad Garlinghouse, Ripple CEO gave his perspective, stating that while most cryptos will die off, he believes Ripple can stay the course.

”You are going to see consolidation, the world does not need 3000+ cryptocurrency is out there and I think the utility will bear out. There will be a migration to quality if you will. Technologies and digital currencies that can scale the market demand with real use cases. I think we’ll see less than 3000 Cryptocurrencies for sure. I have said that about 99% will go away.”

You can watch the full video here:

You Can Now Buy Crypto On Binance With Your VISA Card

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Binance has announced that users can purchase crypto with their Visa cards directly on Binance.com.

To access the service, users should;

~ Visit the “Buy Crypto” page on the Binance website,

~ Select an amount of EUR or GBP,

~ Click next,

~ Then click “Add Card” to bind their Visa card.

Users of Binance can now buy their crypto direct from the exchange using a VISA card

Once a Visa card has been added, users will be able to directly purchase tokens such as BTC, BNB, ETH, and XRP.

For the time being only Visa credit and debit cards issued within the European Economic Area will be supported for now.

The countries that are supported are:

United Kingdom, Germany, France, Netherlands, Poland, Sweden, Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Portugal, Romania, Slovakia, Slovenia, Spain, Iceland, Liechtenstein and Norway. 

For now only Visa cards are supported in the EU but Mastercard and additional currencies will be added in the near future.

Earlier this month Binance US enabled debit and credit card payments for cryptocurrencies through a partnership with Simplex.

You can find out more with their “How to buy bitcoin” article for more information and instructions.

The Singapore based exchange giant has had an extraordinarily successful year.

A report released in at the beginning of December put Binance at the top of the list of the most powerful leading cryptocurrency exchanges by market share by web “mentions”.

In Q3 2019, Binance brought in whopping $186 million in profits, up 56% from $119 million in Q2.

The profit in Q3 was the second-highest in Binance’s history

Uncle Bob is veteran of the crypto game. None of what is written should be taken as financial advice and before investing everyone should do their own due diligence.

Uncle Bob has a well followed crypto related twitter account and can be viewed here

Wright: I Do Not Intend To Dump My Btc As It Will Hurt Many People

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The controversial CEO of Bitcoin SV Craig Wright has told a court that he cannot access his BTC fortune, thereby potentially forfeiting a payout of approximately $4 billion worth of the cryptocurrency to a former business partner’s brother.

The Bitcoin SV founder has become embroiled in a legal battle with ex-partner Dave Kleiman’s* brother, Ira Kleiman, who alleges that the duo mined over a million bitcoin together and that Mr Kleiman was cheated out of his share.

The Kleiman estate successfully sued Wright in August of this year and now wants his half of 1.1 million bitcoin, ($8 billion at the time of writing).

However, in an unexpected turn of events Mr Wright has now claimed that he cannot retrieve the keys to unlock the bitcoin, and that he doesn’t know when he they’ll arrive.

Moreover he said that he never told the court that the “private keys” to the fortune would be made available in January as expected.

He commented:

“I do not intend to dump my family’s BTC as some people suspect or want, as this would hurt many people in the industry.”

Craig Wright, Bitcoin SV CEO

The crypto world have been on tenterhooks worried what the movement of such a huge number of bitcoin would do if they were accessed and dumped.

Wright is the CEO of Bitcoin SV, and he claims to be Satoshi Nakamoto, the creator of Bitcoin, although many believe this claim to be untrue.

The controversial cryptocurrency he created, which is a hard fork of Bitcoin cash, was blamed for a horrific market crash that happened in November 2018.

It caused Bitcoin’s price to drop below $6000 to the low $3000s and it remained there for 3 months.

The lawsuit has not been resolved as of yet and the case continues.

* Dave Kleiman unfortunately died in 2013. The case was brought forward by his brother Ira and the Kleiman estate.

YouTube Admits It Made An Error By Deleting Crypto Content

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YouTube has admitted it made a mistake in deleting and banning hundreds of cryptocurrency-related channels and flagging associated content saying that they had removed them “in error“.

The story started early last week where a huge number of YouTubers received notifications that the channels and video content had broken YouTube‘s terms of conduct and policies.

The move seem to target both well followed crypto related accounts and many smaller ones too.

The video sharing platform went to Twitter to apologise for what they are calling “an error.”

@TeamYouTube contacted Carl The Moon (@themooncarl) yesterday via Twitter stating:

“Hey there, this was an error on our side during the review process – your video should be reinstated and strikes resolved. Let us know if you’re seeing otherwise!”

@TeamYouTube
Source: Twitter

Nuggets News founder Alex Saunders also went to twitter to vent his frustration claiming that YouTube had failed to communicate with its users.

“Hi @TeamYouTube, with over 100 videos removed and two strike in 24 hours I have still not even received an email from you. This is really scary. We’ve hired new staff. I have a wife and baby to support. I can’t fix the problem if I don’t know what I’ve done or who to communicate with!?”

Source: Twitter

Although YouTube have now apologised many crypto bloggers are now talking about the possibility of migrating to a more censorship resistant video platform.

Changpeng Zhao, CEO of Binance stated yesterday:

“These platforms are destroying a lot of value for people. Time to look at alternatives.”

Source: Twitter

Decentralized video sharing sites such as Bitchute and LBRY stand to benefit from any future YouTube censorship.

Since the apology the Google owned giant has reiterated that there would be “no penalty” for any channels affected by the incident.

PlusToken ’Cashouts’ Are Causing Bitcoin’s Price To Crash Say Respected Analytics Company

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As reported yesterday, the crypto Ponzi scheme PlusToken may well be contributing to the price crash being experienced in the cryptocurrency market right now.

Blockchain analytics company Chainanalysis have been tracking funds from the $4 billion scam and they believe that the Ponzi-scheme have money cleaners selling their bitcoin and ether at an underground, over-the-counter, (OTC) desk, at Huobi exchange.

Chainanalysis have been tracking the movement of PlusToken bitcoin for a few months now and they have come to the conclusion that bitcoin’s recent price fall is likely due to these scammers selling off their huge bitcoin stash on the Huobi exchange where KYC (Know your customer) requirements are less stringent than on other exchanges.

The analytics company have also found out that PlusToken has cashed out roughly 25,000 bitcoin (about $165 million) since August and have approximately 20,000 bitcoin (about $130 million) left in the company purse.

It’s almost impossible to know 100% if this is the real reason why bitcoin is crashing right now.

But we can say that these enormous over-the-counter cashouts have increased the volatility in the crypto market and Chainanalysis think they can prove that there is a correlation between these cashouts and Bitcoin’s price crashes since summer 2019.

Bitcoins price is currently around the $6600 area with experts divided on whether we rally from here or head further down.

Bitcoin’s price is currently around the $6600 area

Mainstream Financial Giant Adopts Crypto

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The financial and investment giant Fidelity announced yesterday that they will be issuing cryptocurrency payments for their employees as a part of an incentivised rewards program.

The company will pilot the program through the Fidelity Center for Applied Technology (FCAT) and the ERC Token will be used to encourage employees to attend internal events and related activities.

The company is has already launched a cryptocurrency custody business (Fidelity Digital Assets) which aims to compete with market leaders like Coinbase, Gemini and Circle and promises “enterprise quality custody and trade execution” for hedge funds, family offices and financial advisors looking to get involved in the chaotic world of crypto.

The Boston based financial group, which has $2.8 trillion in assets under management, is in the process of rolling out its crypto custody and trading arm and the news that it is also rewarding employees with its own digital token will be seen as more good news for the digital economy.

“The Chinese Yuan Could Be Used To Control The Populous” Says John McAfee

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John Mcafee has spoken of his concern that China’s digital yuan could be used to control its the populous and thereby becoming the

He expressed his concerns recently on the MoneroTalk podcast.

The host, Douglas Tuman, spoke to John Mcafee about his opinions on anonymity in cryptocurrencies, China’s proposed CBDC, and Bitcoin being labeled digital gold.

During the interview, McAfee said that individuals who control the currency that you use, control you.

He also spoke about how blockchain enables us to create, or use what someone else has created, a currency that is controlled by no one, calling it the first technology in the last 100 years that did not come from “the bowels of a secret government program or a major corporation.” Hailing the universality of the technology, McAfee said,

“This is not a government program, this is a people program.”

The British-American businessman also stressed on how Satoshi Nakamoto did not invent Bitcoin, going on to claim that he was just one of the dozen people over a period of seven years who evolved Bitcoin through their collective efforts. This statement was in stark contrast to those made by McAfee earlier this year, when he announced that he would unveil the hidden identity of the elusive Bitcoin creator.

“Satoshi was merely the [one] that wrote the white paper. They probably drew straws.”

Tuman also asked McAfee’s opinion on why anonymity wasn’t built into the Bitcoin protocol. He responded by stating that anonymity wasn’t a part of its goal, which was to have the means to create a transfer currency electronically. He also said a few words on China’s proposed CBDC and how it would affect its users.

“If you use the Chinese crypto-yuan, I promise you every second of your life is going to be monitored and analyzed.”

McAfee also said that his favorite cryptocurrency, in general, is DAI because it “never varies more than one penny from the U.S. dollar.” He also mentioned how Monero is his second favorite, as among privacy-centric coins, “it is certainly no less.”

“That will be shifting, I’m pretty sure. Monero has some serious competition coming up.”

When asked about how many in the space refer to Bitcoin as digital gold, McAfee said that linking things to gold only gives power to people who own all the gold. He also declared his love for smart contracts, calling them the “future of this f***ing world.”

“You need digital utility not digital gold.”

Cryptocurrency Will Replace Fiat By 2030 Says Deutsche Bank Strategist

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Digital currencies will eventually replace fiat currency by 2030 Deutsche bank has revealed.

In a report titled “imagine 2030”, Jim Reid, a Deutsche bank strategist, highlighted the problems the global monetary system has and how crypto’s emergence has increased the demand for a decentralised, anonymous monetary system.

Reid believes there are still major challenges that face crypto if it is to be fully adopted.

The report also states that the market would need to be regulated and protected properly in order to protect its users and institutions from fraud, cyber attacks and other cyber crime.

The report comes amidst renewed interest in digital currencies globally.

China are planning to launch a digital yuan early next year with many others joining the race too.

Central Banks are beginning to see the benefits as well and given Deutsche Bank’s position in world finance the news must be seen as a boon to the ever evolving blockchain eco-system.





Venezuelan Government Will Airdrop Petro Cryptocurrency To Its Citizens

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Venezuela will AirDrop a government-backed Cryptocurrency called the Petro to all citizens eligible to receive it in the country.

According to media reports, President Nicolás Maduro announced that its government is preparing to give away 0.5 Petro to millions of its citizens living in the country.

Maduro is keen to help the country reduce its dependence on the US dollar and hopes the announcement will curry favour with voters in the all but bankrupt South American nation.

Nicolás Maduro, the president of Venezuela wants to give all its citizens $30 worth of ‘Petro.’

The government will be giving away the Petro which equates to roughly $30 to pensioners, everyday workers and even the military.

In order to receive the Petro, citizens will need to download an application called the Petro app and create an account on it.

The announcement comes a month after maduro told state run media that retirees and pensioners would receive a “Christmas bonus” in Petro.

The Venezuelan government announced a ‘Christmas bonus’ for retirees and pensioners last month.

Venezuela is currently experiencing economic difficulties due to sanctions being imposed by the west.

Government officials hope that the bold move will kick start the failing economy but many believe that with such rampant poverty and crime in the South American nation, an economic turnaround is very far off.

Venezuela or not alone in launching a government-backed Cryptocurrency.

Countries such as China, Sweden, Turkey, and even the EU are looking into the creation of a centrally backed Cryptocurrency.

Could Bitcoin Have Dipped Because Of A PlusToken Selloff?

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Bitcoin finally plunged below the $7K mark today and has taken a swathe of alt-coins with it, such as Ethereum, down 7% to $132 at the time of writing.

The sell off happened at 18:32 UTC with Bitcoin falling from $7.K down to $6830 over a matter of seconds.

Bitcoin fell under the $7K mark today hitting $6834 shortly after.

Many are pointing the finger of blame towards report published today about shedding new light on the PlusToken Ponzi scheme.

The price could have nosedived due to the latest: Chainalysis’ report, published earlier today.

The report details how 20,000 BTC (approximately $140 million) and nearly 800,000 ETH (about $100 million) are still in the hands of the PlusToken scammers and that $185 million in stolen bitcoin has already been liquidated.

Today’s price dip may have happened because the word was out that more PlusToken’s stolen BTC and ETH were going to be sold.

Bitcoin Is Going To $250K In 2020 Claims Tim Draper

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Serial investor and entrepreneur Tim Draper has repeated his bold prediction that Bitcoin will surpass the $250,000 mark by the end of 2020.

The Silicon Valley venture capitalist believes that this price point could become reality within six months of Bitcoin’s halving which is happening in June next year.

In an interview with BlockTV he reaffirmed his belief that Bitcoin will enter a new phase of growth after the Bitcoin halving in June.

“It looks like it’ll be something like six months after the halving that we will cross $250,000 per bitcoin.“

He added that bitcoin is “where it should be“ according to technical analysis.

The prominent venture investor also predicts that Ripples XRP is due to move up in value considerably and that it is considerably undervalued right now.

The price of Bitcoin is currently $7199 at the time of writing with many analysts predicting a further move down.

Bitcoin’s price is $7199 currently.

Timothy Cook Draper (born June 11, 1958) is an American venture capital investor, and founder of Draper Fisher Jurvetson.

His most prominent investments include Baidu, Hotmail, Skype, Tesla, SpaceX, AngelList, SolarCity, Ring (company), Twitter, DocuSign, Coinbase, Robinhood (company), Ancestry.com, Twitch, Cruise Automation, and Focus Media.

In July 2014, Draper received wide coverage for his purchase at a US Marshals Service auction of seized bitcoins from the Silk Roadmarketplace website. Draper is a major proponent of Bitcoin and decentralization.

On Sep. 23, 2014, Draper told Fox Business that he predicted that one bitcoin would reach $10,000 “in three years”

The price of a bitcoin crossed the $10,000 mark on November 29, 2017.

Cryptojackers May Be Using Deepfake Websites To Mine Crypto

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Hackers are harnessing the power of cutting-edge technology to commandeer the computing power of unsuspecting users to mine cryptocurrency.

The practice is known as “cryptojacking“ and criminals are targeting smartphones, smart TVs and computers in order to secretly install malicious software to mine cryptocurrencies such as Monero for hackers.

Monero can be mined from any smart device by cryptojackers

Bob’s Blockchain Café can also reveal that hackers are able to use public Wi-Fi networks to mine Cryptocurrency as well.

So how does it work?

Mining cryptocurrency puts a premium on computing power and by cryptojacking into unsuspecting smart devices, hackers are able to use computational power to mine crypto right under the noses of the device owners without them ever knowing.

Using super-botnets similar to Mirai, (a malware that turns networked devices into remotely controlled bots that can be used to hack into phones, smart tv’s and computers), it is now possible to remotely control a device in order to mine a host of cryptocurrencies without the user’s knowledge.

This can only happen while a webpage is open and although your computer will keep working in many cases the device will begin slow down, heat up and in some cases break down.

So when your brand-new state-of-the-art computer begins to work a bit too hard, and when you hear those fans starting up when you’ve only got a small number of webpages open, you might just be mining crypto for a hacker on the other side of the world.

Not everyone should be worried as criminals only tend to target powerful devices with high levels of computational power.

The main victims of cryptojacking tend to be torrent sites, porn websites and most interestingly deepfake websites as it requires a lot of computer power to make the fake videos.

Deepfake sites have become targets because there is a high chance that they have powerful computers because it takes a certain level of power in order to create high quality deepfake videos.





What Is Orchid And Why Is It Mooning Over On Coinbase?

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At the time of writing Orchid, Coinbase’s newest addition to its ranks is up more than 150% on its value since the time of launch yesterday.

Orchid is up by over 150% over on Coinbase since yesterday.

So what is Orchid and why has it been chosen ahead of other better-known crypto’s?

Well, Orchid is an incentivised, peer-to-peer privacy network and it basically allows people to create their own virtual private network configurations.

Put simply it’s a decentralised VPN service.

It’s protocol provides high levels of anonymity and privacy.

VPNs are secure private connections between an individual computer and the network so that third-party is can’t check up on what you’re doing.

Orchid’s CEO Stephen Waterhouse told decrypt magazine in November,

“I don’t think we are like any other crypto project. We wrap all the network in traffic inside WebRTC which is an open protocol and is just coming onto the Internet today,

“Orchid is basically a fusion of networking technology and crypto currency technology that makes it harder to detect that somebody is using it.”

Orchid CEO Steven Waterhouse believes that people should be protected from online 3rd party snooping.

Waterhouse feels it’s necessary for people to have protection over their information especially in parts of the world where freedom of speech is lees tolerated than in the west.

“The way we are initially curating the network, we are intending it to be a tool for freedom of speech, and for free access to information,“ Waterhouse said.

Orchid has been audited by Consensys Diligence, an independent auditor.

Russian Dark Web Marketplace Wants $150 Million From ICO That Many Are Calling A Scam

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A Russian dark web marketplace similar to the legendary Silk Road called Hydra is looking for $150 million in bitcoin in order to expand and continue its business online.

An initial coin offering (ICO) begins Monday, December 16 and its aim is to become a global organisation.

It claims that 1.47 million tokens will be sold and that approximately half the company will be given to the public.

A photo of the Hydra ICO offering page

The aim is to release an anonymous tor-like browser called ‘Eternos’ and build a cryptocurrency exchange.

But how trustworthy is the this ICO and can it really be trusted?

The danger is that Hydra could well be a scam, and that the team behind it may just pack up the company as soon as they raise the money they need.

Hydra has been a marketplace on the dark web since 2015 and trades in anyhthing illicit imaginable.

Everything from cocaine to marijuana to guns and contract killings can be bought by bitcoin from their website that is only accessible via a tor browser.

A snapshot of Hydra’s dark web website.

Many ICOs are considered to be dodgy because of an abundance of scams that have happened in the space since their inception in 2017.

Internationally, regulators have woken up to the risks posed by ICOs and tough regulations have been put into force across the world with some countries such as China banning them outright.

Russian media are warning investors to beware of the potential risks although it’s unclear if this is falling on deaf ears.

$6.7 Million Stolen From Buyback Wallet Was A “Security Breach” Say VeChain

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A security breach due to the misconduct one of the team members within the VeChain finance team has contributed to approximately $6.7 million worth of VET tokens being stolen.

A hacker redirected the tokens from the foundation to an anonymous wallet address in what the company believe to be a result of “human oversight.”

The security breach led to 11 million VET that were put aside for a buyback program being transferred to this address:

0xd802a148f38aba4759879c33e8d04deb00cfb92b/

The VeChain foundation put out a statement yesterday saying:

“The security breach was most likely due to the misconduct of one of the team members within our finance team, who have created the buyback account without thoroughly obeying the standard procedure approved by the foundation, and our auditing team did not pick up on this misconduct due to human error.”

Since the hack took place the Singapore-based nonprofit has provided a detailed list of addresses associated with the hacker’s address and has asked any exchanges that identify these addresses to freeze or flag any funds coming from them.

The hack has caused the price to fall by over 10% over the past 24 hours, which is currently $0.005543 at the time of writing.

VeChain’s price fell yesterday after the hack was announced

Vechain is an enterprise-focused blockchain ecosystem that aims to enhance supply chain management by connecting blockchain to technology with the real world through a comprehensive governance structure, robust economic model, and advanced IoT integration.

Started in June 2015, the organisation describes itself as a pioneer of real-world applications using public blockchain technology, with international operations in Singapore, Luxembourg, Tokyo, Shanghai, Paris, Hong Kong and San Francisco.

Bitcoin Is Going To $100,000 in 2020 Says Silk Road Founder

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He is serving a life sentence for being the creator of the notorious Silk Road Market but Ross Ulbricht, the key figure who operated the dark web marketplace has made a bold prediction to where he thinks bitcoins price will be over the next year.

Writing from prison, Ulbricht’s latest letter predicts that bitcoin is set to reach $100,000 in the year 2020.

How so? Well, the Silkroad founder is a keen technical analyst and his favourite charting pattern is the Ellie Elliott wave theory.

He believes that the fifth wave is about to hit and that it will take the currency up to the 100,000 level.

“If the $20,000 peak is the end of wave three than the correction pattern that we are in for is wave four and we can expect wave five to take us to all two new all-time highs.”

Ross Ulbricht

Ross William Albrecht, born on March 27, 984, was convicted for creating and operating the darknet market website the silk Road from 2011 until his arrest in 2013.

The website was designed to use Tor for anonymity and bitcoin as a currency.

Ulbricht’s online pseudonym was “Dread Pirate Roberts” after the fictional character in the novel the Princess Bride and its film adaptation.

In February 2015 he was convicted of money laundering, conspiracy to traffic fraudulent identity documents, and conspiracy to traffic narcotics by means of the Internet.

In May 2015 he was sentenced to a double life sentence for 40 years without the possibility of parole.

Both of all his appeals to the US Court of Appeal and the US Supreme Court were unsuccessful and he is currently incarcerated at the United States penitentiary in Tuscan.

A clemency petition to President Donald Trump has reached 253,518 signatures at the time of writing.

Staking Means Tezos Is Now A Top 10 Crypto

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Tezos has now entered the top 10 by market cap, surpassing Cardano this afternoon after posting yet another double-digit gain for the day.

The open-source blockchain platform is now only a 50% move away from position number 9, currently held by BSV.

It is currently the best performing coin over 24 hours while the rest of the market has been moving down in value.

Tezos announced staking on the Kraken exchange on December 11th causing the price to move from a low of $1.40 to $1.74 at the time of writing.

Kraken has become the second platform to announce the launch of staking service where you can leverage your Tezos holdings thereby safeguarding the network in order to obtain a financial reward.

Holders of Tezos on Kraken and can enjoy one of the highest returns in the industry at a fixed rate of 6% payout that will be every Monday and Thursday.

Users of the exchange can start earning rewards immediately and if they so choose they can also exit the staking scheme quite easily as well. 

Kraken is the second leading exchange offer Tezos staking to its customers.

Coinbase launched their own Tezos staking service last month and Coinbase Custody who handle institutional investments for the San Francisco based exchange followed suit shortly afterwards.

Staking for Tezos on Kraken will be available from Friday, December 13.

You can stake your Tezos on Kraken from Friday 

To begin you need to put Tezos into your Kraken staking wallet and you will start to get your awards instantly.

Customers that stake Tezos will receive a 6% return annually with the only proviso being that the tokens staked cannot be used to trade on the exchange

The positive news has seen Tezos move in the opposite direction of the market today posting a double-digit increase for the 24 hour period and is currently valued at $1.74 at the time of writing.

You Can Earn 6% Annually If You Stake Tezos On Kraken From Friday 13th

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Kraken has become the second platform to announce the launch of staking service where you can leverage your Tezos holdings thereby safeguarding the network in order to obtain a financial reward.

Holders of Tezos on Kraken and can enjoy one of the highest returns in the industry at a fixed rate of 6% payout that will be every Monday and Thursday.

Users of the exchange can start earning rewards immediately and if they so choose they can also exit the staking scheme quite easily as well.

Kraken is the second leading exchange offer Tezos staking to its customers.

Coinbase launched their own Tezos staking service last month and Coinbase Custody who handle institutional investments for the San Francisco based exchange followed suit shortly afterwards.

Staking for Tezos will be available from Friday, December 13.

You can stake your Tezos on Kraken from Friday

To begin you need to put Tezos into your Kraken staking wallet and you will start to get your awards instantly.

Customers that stake Tezos will receive a 6% return annually with the only proviso being that the tokens staked cannot be used to trade on the exchange

The positive news has seen Tezos move in the opposite direction of the market today posting a double-digit increase for the 24 hour period and is currently valued at $1.56 at the time of writing.

Tezos moved against a bearish market on wednesday

What are the other benefits of staking?

Networks like Bitcoin and Ethereum work because they have miners who willingly leverage their computational power in order to process a crypto transaction and safeguard the blockchain. This process is known as proof-of-work (POW).

Unfortunately, this has often led to slow confirmation times, limited throughput and a drain on electrical and computational power.

Many new blockchains are utilising a new form of achieving consensus known as proof-of-stake (POS), to process transactions.

It’s far more energy-efficient and it actually leads to much quicker confirmation times.

So instead of highly-priced, powerful nodes processing transactions in return for a financial reward, a user will stake a percentage of their crypto holdings as collateral to achieve the same end.

The user who stakes his or her holdings to a network can earn monetary rewards from a supportive exchange. So you’re actually being environmentally friendly by stating your cryptocurrency and you’re also getting monetary rewards for it.

China Will Pilot The Digital Yuan In Shenzhen Before The End Of 2019

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China will become the first country to real-world test its centrally banked digital currency (CBDC).

A local news media organisation is claiming that the digital yuan will be piloted in Shenzhen before the end of this year and could possibly be rolled out in Suzhou as well.

The digital yuan project has been in development for a while now and with Beijing now officially backing blockchain technology, China may well become the first country to use a cryptocurrency, albeit a centralised one.

The scheme will be carried out under the watchful eye of the People’s Bank of China and China Central Bank along with four other prominent banks and a host of corporate interest.

All of them will test payments with the new currency.

The news shows that China is surging ahead in the race to develop the worlds first digital currency.

Report Says Binance Is The Most Mentioned Exchange On The Planet

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A report has just been released detailing the list of the most powerful leading cryptocurrency exchanges by market share by web “mentions”.

Researchers at B.D Center have worked it out by looking at which exchange was most searched for in web searches and through news and media outlets.

The report, which is an analysis of the headlines of 2500 media outlets to see which exchanges are forming the cryptocurrency news agenda, also studies which countries are most actively monitoring the use of the crypto market.

Findings show that users in the United States (24%) and Russia (17%) are the ones most actively monitoring the news for the crypto market.

Cryptocurrency related searches are most active in the U.S and in Russia.

In total around 250 platforms have mentioned exchanges from the period of January 2019 to May 2019.

According to the study, Binance, Coinbase, Bitfinex, Huobi and Bittrex account for over 70% of all mentions.

Binance was mentioned over 2282 times between the two dates while Coinbase was mentioned 1328 times, Bitfinex 844 times, Huobi 580 times and Bittrex 357 times.

Binance was mentioned over 2282 times, making it a clear winner with 30.3% of web mentions further cementing its position as the number one Cryptocurrency exchange on the planet. 

See the pi-chart below:

The news will come as a further boon to the exchange giant which recently posted a $186 million profit margin in Q3 this year.

Ethereum Have Just Launched The “Istanbul” Network Upgrade And It Could Be A Gamechanger

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Ethereum is the world’s go-to platform for decentralised applications and smart contracts but it has long been known that the current protocol is not fit for purpose and would suffer in speed and efficacy if it were to scale.

The latest network upgrade is a hard fork going by the name of “Istanbul“ and it contains six upgrades.

It will enable Ethereum and ZCash to operate together, improve the overall performance and adjust the costs of operational coding.

The upgrades have been added to the network at block number 9,069,000.

This particular hard fork should improve the speed of the entire network and looks to eliminate the spamming of blocks.

This is the eighth upgrade of the smart contract platform.

The hard fork has not moved the price of Ether which at the time of writing is trading at $148.90

Eth is currently trading under $150

Another Alt-Season Could Be Around The Corner

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I know it sounds a little bit far-fetched considering the year we’ve had but hear me out because I think alts are primed for a bull run.

I think it’s fair to say that it’s been a dreadful 2019 for all coins.

You just need to take a look the charts because it’s plain to see that 95% of them have underperformed vs bitcoin this year.

In fact, many of them have actually are actually lower in value than they were at the lowest point of the bear market back in December 2018.

Hi-caps, mid-caps, and low-caps.

All but a few are at all time lows or close to all time lows.

Alt-coin hype has begun to fall on deaf ears.

Suppoman, the once wildly popular YouTube account has all quit social media as alt-coins bled out even further in 2019.

Suppoman has become less and less visible in 2019 due to alt-coins underperforming.

But is there light at the end of the tunnel?

Are alts dead or is it possible that they could make some kind of return?

Let’s look at a three charts that might show a change in market sentiment:

1) Matic (MATIC)

At the time of writing, Matic is up 774% since it was released in late spring 2019.

In the past month it has tripled in value.

It’s been doing insane volume on Binance and has been the best performer of all the Binance IEOs this year.

Matic is up 774% in 2019 and has tripled in value in the last month

2) Tezos (XTZ)

Tezos is another alt-coin that is beginning to show signs of strength.

Since Coinbase announced that you can now stake Tezos on their own dedicated platform, price has begun to make higher lows.

Developed by ex-Morgan Stanley analyst Arthur Breitman. Tezos (XTZ) is a multi-purpose platform that supports dApps and smart contracts.

Signs are pointing to a continued uptrend.

The MACD is crossing on the daily chart and all timeframes are pointing toward a further climb.

Tezos has shot up in price since Coinbase announced staking

3) Ravencoin (RVN)

Ravencoin has been leading a charge and has recently shot up 70% in value.

It’s another alt that is looking great on the chart.

Ravencoin (RVN) is an open-source blockchain project that specializes in the creation and peer-to-peer transfer of assets.

Ravencoin has firmly broken out of its downtrend and is up 70% in the last month

To be honest, I could’ve pulled up many more charts that are pointing towards an uptrend for alt-coins.

December is traditionally a really good month for alts so it might be time to go gem hunting!

Uncle Bob is veteran of the crypto game. None of what is written should be taken as financial advice and before investing everyone should do their own due diligence.

Uncle Bob has a well followed crypto related twitter account and can be viewed here

The Bank Of Russia Are Pushing For A Crypto Ban

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The Bank of Russia has issued a statement that is pushing for a crypto ban similar to the one seen over the past weeks in China.

As bitcoin tries to recover from an October where it plummeted in value from the mid $9000’s to a low of $6500, a new wave of negative rhetoric has hit the market.

The Russian bank said the following in recent statement:

“we continue to believe that crypto currency is carry significant risks, including the field of laundering of proceeds of crime and financing of terrorism, as well as conducting exchange transactions due to shop exchange rate fluctuations,“

Translation of a statement issued by the Bank of Russia

The Bank of Russia obviously have a vested interest in keeping the ruble as the only legal tender in the country.

As yet Russian authorities have not made a move to crack down on crypto companies similar to the one seen in China recently but it comes as no surprise that the Russian bank isn’t particularly keen on allowing cryptocurrency as legal tender, especially as they may be looking to launch their own ruble-backed digital currency in the near future.

IDAX CEO Disappears In Possible Exit Scam Drama

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The CEO of a top 25 cryptocurrency exchange been reported missing and has allegedly run off with the cold wallet keys which only he had access to on a personal laptop.

The founder of IDAX, Lei Guorong, has not been in contact with any employees since November 26, 2019.

IDAX published the following statement earlier today:

“IDAX Global CEO has gone missing with unknown cause, and IDAX Global staffs were out of touch with IDAX Global CEO. For this reason, access to the Cold wallet, which is stored almost all cryptocurrency balances on IDAX, has been restricted.”

Statement from IDAX website

The platform’s token has since dropped to $0 and there are rumours that there were chaotic scenes leading up to the CEO’s disappearance.

IDAX is a relatively small exchange but still did a $500 million trading turnover in bitcoin over the last 24 hours.

Withdrawals and deposits have been frozen and are still not working after being stopped earlier in the week.

IDAX reportedly left the U.S. and Canada earlier in the year due to tougher regulations and a few days ago confirmed via an announcement that they would no longer be able to serve the Chinese market “due to policy reasons.”

China initiated a nationwide crackdown last week on crypto exchanges and companies that don’t meet stringent new criteria.

The news comes the day after up it was Upbit was hacked for $49 million worth of ether (ETH), although the Korean exchange said it would cover any assets lost with its own funds.

Is The $49 Million Bithumb Hack The Heist Of 2019?

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Upbit, South Korea’s largest and most reputable exchange has been hacked and nearly $50 million worth of ether (ETH) has been stolen in what many are dubbing the “heist of 2019.”

The news was confirmed today at 9 am when Upbit’s CEO confirmed that the digital assets had been lost due to an “abnormal transaction”.

Upbit has since let the public know that all losses will be covered by its own digital reserve.

Withdrawals and deposits have been suspended and regular service will not be resumed for at least another two weeks.

According to the Whale Alert transaction tracker site, $49 million of eth were transferred at 04:00 UTC on Wednesday.


Source: @whale_alert@whale_alert Twitter feed, Nov. 27

In total 342,000 ether (eth) were stolen and these assets were also withdrawn shortly after;

– $8.7 million worth of Stellar Lumens (XLM)

– $22 million worth of EOS (EOS)

– $3.5 million worth of BitTorrent (BTT)

– $3.4 million worth of Status (SNT)

– $1.5 million worth of Tron (TRX)

– $1.08 million worth of OmiseGo (OMG)

In total, over $100 million of crypto-assets were moved from hot to cold wallets although Upbit were keen to stress that only the ETH withdrawal constituted “an abnormal outflow”.

The rest of the assets were apparently moved as a security measure although this is yet to be fully confirmed.

Many believe that this could be the work of an insider as it mirrors a similar heist that happened in late 2018 when another Korean exchange, Bithumb, was hacked for $31 million due once again to an “abnormal transaction.”

In May Binance was targeted by hackers and 7000 bitcoins were stolen worth $41 million.

Just last month, Bitpoint, a large Japanese exchange, lost $28 million.

The news of this latest hack has left the crypto world in shock and it underscores the need for a review on security measures across all exchanges worldwide.

Charles Schwab’s Purchase Of Rival Ameritrade Could Shake Up The Crypto World…..But Not Just Yet!

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Charles Schwab has purchased rival brokerage giant TD Ameritrade and the acquisition is expected to make waves in the custody and brokerage industry.

The acquisition will have huge consequences for the registered investment advisor industry (RIA) and the deal may also affect the cryptocurrency market too.

TD Ameritrade offers trading in bitcoin futures via derivatives through a cryptocurrency exchange run by CME group. They have also invested in another cryptocurrency exchange called EresEx.

The two rival firms will become a combined conglomerate within the next 2 to 3 years but the Schwab’s spokesperson Mayura Hooper is remaining tight-lipped on whether they will integrate the crypto arm of Ameritrade just yet.

“It’s too early in the process to comment on any aspects of integration”

Source: Decrypt.com

Charles Schwab has historically taken an anti-crypto stance but that may change as Fidelity, the second-largest custody firm in the world with over $2.46 trillion worth of assets, have already rolled out a crypto custody and trading service.

With TD Ameritrade now working alongside Schwab, a move may very well be made to play catch up with Fidelity and TD’s existing crypto investments make that much more possible.



Horse Racing Bloodstock Owner Stole €100 Million From OneCoin Says Its Founder

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The founder of an international horse racing thoroughbred fund has been named as a leading figure in a cryptocurrency ponzi scheme.

Amer Abdulaziz Salaman allegedly stole over €100 million from a fake cryptocurrency project just before he launched an international racehorse ownership enterprise called Phoenix Thoroghbred Ltd, an American court heard this month.

The allegation was made under oath during the trial of Mark Scott, who was found guilty of laundering $400 million for OneCoin illegally.

OneCoin was a fake cryptocurrency that has been estimated to have stolen over $4 billion from investors.

The co-founder of OneCoin, Konstantin Ignatov, who this month pleaded guilty to fraud and money-laundering for his part in the $4 billion cryptocurrency scam, claimed under oath that Salaman had been one of the the ‘money cleaners’ working under the guidance of Gilberta Armenta, the boyfriend of OneCoin’s other co-founder Dr Ruja Ignatova.

He said, “after he (Abdulaziz) stole $100 million from OneCoin, he started buying horses for, like, €25 million. He was one of the main money launderers for Ruja.”

Abdulaziz, the 56 year old bloodstock owner based in Dubai, created Phoenix Thoroughbreds in 2017 and is one of the most recognisable figures in horse racing globally.

Abdulaziz allegedly stole €100 miilion from OneCoin

Phoenix Thoroughbreds was touted as “the world’s first regulated thoroughbred fund” and its financial arm regularly flexed its muscle through sales and private purchases.

It has had many successes on the track including victories at Royal Ascot and grade 1 wins in the US and Australia.

The FBI are not confirming or denying that Abdulaziz is a person of interest at this time.

Abdulaziz’s bloodstock agent, Dermot Farringdon, has since quit his role in light of the allegations.

China Clampdown Looks To Protect Crypto Investors

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A new clamp down on crypto trading has been launched by the Chinese Central Bank in Shanghai on Friday.

The bank will look to team up with local financial authorities in order to monitor crypto trading operations in Shanghai but will also be rolled out in Beijing and Shenzhen.

The bank has outlined that they are specifically looking to inspect companies that offer IEOs (initial exchange offerings) and ICOs (initial coin offerings) as a service.

Investors can now report any individual or organisation that uses or promotes any of these services.

The Chinese central bank said yesterday that they want to “nip the small and early-stage businesses in the bud“ in order to protect investors.

The Shanghai office of Binance was reportedly raided as well but this was vehemently denied by CEO Chaopeng Zhao.

The nationwide crackdown has shocked many as China seemed to taking a gentler line in relation to digital assets.

Ever since President Xi announced that China would “seize the opportunity“ of Blockchain only a month ago there had been Speculation about whether Beijing would adopt a softer approach in relation to regulations in the sector.

This is the first time since September 2017 that there has been had been such a strong move against crypto in China.

At that time. the news caused bitcoins price to collapse and slip into a two month bear market.

Bitcoin’s price has dropped from $8200 to $6900 since the announcement of the government campaign on Friday.

TEZOS Price Is Going Up And Heres Two Reasons Why

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Tezos has been bucking the bear market trend in November, creeping up steadily in price for the past week while the rest of the market nosedives.

The Swiss ‘Ethereum killer’ has been holding up well while the rest of the market has been posting quarterly lows for the year.

There are good reasons why Tezos is doing so well.

Back on November 6 Coinbase, one of the world’s most popular cryptocurrency exchanges, announced that it is offering staking services for U.S Coinbase customers, with Tezos being their first stakeable asset.

Coinbase announced that US customers can now stake Tezos

Any customer who holds Tezos on the exchange will be able to receive staking rewards of 5% every three days.

More bullish news came on Thursday when Coinbase Custody, who offer access to institutional-grade offline storage solutions, announced that they will also offer an internationally based staking service meaning that institutional clients can now stake Tezos too, from anywhere in the world.

Coinbase custody now offer institutional clients the option to stake Tezos as well.

This gives holders of XTZ much more of a reason to not sell and to buy more.

It also looks as if Coinbase are giving XTZ it’s full support and company backing which will be seen as very positive.

These two ‘Coinbase factors’ may be the reason why the value of Tezos is going up.

The Swiss-based foundation was founded by ex Morgan Stanley analyst Arthur Brightman and has been in development since 2014.

It relies on a proof-of-stake based consensus model unlike the Ethereum which uses a proof of work model.

In 2017, the Tezos foundation raised $232 million in an ICO and became the second largest crypto fundraiser ever after EOS had raised $4 billion in its own ICO.

Binance Shanghai Office Raid May Have Caused Market To Crash But Was It Fake News?

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So, it appears that the alleged shutdown of the Shanghai office of Binance was actually fake news.

The original story was featured in a fairly popular cryptocurrency news blog called The Block.

The story alleged that the Chinese government had raided The Shanghai offices of the largest and most popular cryptocurrency exchange, Binance, due to a government crackdown on crypto companies happening nationwide.

Many believe this piece of news triggered a market crash, causing Bitcoin’s price to nosedive from $8500 48 hours ago, all the way down to $6900 earlier today.

According to Changpeng Zhao, the CEO of Binance, denied the raid had happened and he hit back at The Block, calling the article “FUD”.

CZ, CEO of Binance hit back at the suggestion that Binance HQ had been raided.

Zhao, known as ‘CZ’ to many in the crypto world, thinks that the article may have been written by a content creator who would have been paid to create negative press about Binance and that this is a very common tactic being employed by opponents of exchange giant.

CZ believe the article was a coordinated attack from opponents of Binance.

The price of Bitcoin is back up to $7300 at the time writing.

India Delay ‘Crypto Bill’

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The Indian supreme court has revealed that a ‘crypto bill’ will not be discussed this year.

The Supreme Court‘s decision to delay the proposed legislation is generally being seen as a positive for India’s blockchain and crypto industry.

The government had previously told the Supreme Court that a crypto currency bill was being planned for introduction in this winter session of Parliament.

The bill was was due to contain recommendations to the Ministry of finance and was to be titled “Banning of crypto currency and regulation of official digital currency bill 2019“.

In April this year India cracked down on on financial institutions who were providing services to crypto businesses.

Banks closed the accounts of crypto exchanges and many went out of business.

The Indian crypto community has been avidly campaigning for a much more crypto friendly approach as the worry is that China will surge far ahead of its Asian rival due to Beijing taking a much more crypto friendly approach recently.

Is This Why VeChains Price Is Surging?

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Hot on the heels of President Xi’s blessing of blockchain technology two weeks ago, Singapore-based supply chain crypto VeChain has been given a favourable mention in a leading Chinese newspaper.

The People’s Daily, one of the most popular daily reads in China, cites the company as a “world leader” in blockchain technology.

Created in 2015, the Vechain’s mission is to provide transparency and trust in supply chain & logistics.

It’s Price has surged in the past fortnight from a low of $0.0028 to $0.0077 cents at the time of press.

This price explosion is in no doubt due to President Xi giving his blessing to blockchain technology and innovation.

The Chinese president said that China must “seize the opportunity“ of Blockchain in his yearly address to Chinese Congress two weeks ago.

The news caused Bitcoin’s value to increase by 42% in just 24 hours. It’s largest such increase since 2011 and the fourth largest in its 11 year history.

 

 

Coinbase Have Added 5 New Cryptos To Its VISA Crypto Card

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The crypto giant Coinbase have just announced that there will be five new cryptos added to its Visa debit card.

It has also been disclosed that these five new crypto options will be available to use in 10 new countries in Europe.

Holders of the visa crypto card would be pleased to know that they are now able to use XRP, BAT, Augur, 0X, and Stellar alongside Bitcoin, Ethereum & Litecoin.

It’s been seven months since Coinbase launched the visa card which instantly converts crypto currency into pounds, dollars or euros while customers are making transactions using a debit card.

According to Coinbase the cards can be used anywhere that would accept a normal visa credit card.

The news represents a welcome step forward for the San Francisco crypto giant who also announced an upcoming staking service this week to encourage long term holding of crypto in exchange for a set return independently of market spikes.

 

 

Sun Wants Poloniex Next

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Despite earlier denial of involvement, Justin Sun, the CEO and founder of the cryptocurrency Tron, has said that he is part of the investment group that wants to take over Poloniex, one of the largest cryptocurrency exchanges that has fallen into difficulty.

Created in 2014, Poloniex was bought by investors from Coinbase backed company Circle in 2018 for approximately $400 million.At one point Poloniex was considered the most popular cryptocurrency exchange in the world. Over 50% of all crypto currency exchange transactions were on the Poloniex platform.Now its market share is down to 1% of the entire cryptocurrency exchange transactions and Tron founder Justin Sun is anxious to imitate a take over the former exchange giant along with several other investors.Sun’s interest maybe due in part to the fact that Poloniex has a strategy to entice Chinese crypto investors through a new domain called pwang.com which directs to Poloniex and accepts government IDs in line with Chinese regulationJust last month, Poloniex announced that they are planning to spend more than $100 million in a move to concentrate more on the global market rather than the US.

 

Was Plus Token The Biggest Crypto Scam Ever?

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The largest ever crypto currency Ponzi scheme to be created was a scheme called PlusToken.

It has been estimated that more than 800,000 people contributed Ether tokens to the PlusToken scheme.

The total contribution amounted to over 10m Ethereum tokens (around $2 billion).

90% of these tokens were returned to 250,000 addresses, 50% of which were on Huobi, a popular Chinese exchange.

This leaves 820,000 Ethereum in three wallets that have not moved since the end of June of this year.

But it didn’t stop there, Crypto influencer @DoveyWan discovered that the PlusToken scammers had managed to steal 200K in Bitcoin as well!

@DoveyWan’s twitter feed from August detailing the staggering levels of scammery from the PlusToken scam.

 

That would make PlusToken’s collective wallet the second largest Bitcoin wallet in existence with only Satoshi’s wallet having more Btc in it!

The news of the scheme went public in August and many believe it caused the bitcoin price to crash at that time.

To date the 200k BTC wallet holder has yet to be found and the funds have not been returned to the rightful owners.

The case continues…..

Pacquiao Launches Own ‘PAC Token’ Cryptocurrency!

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Filipino boxing legend Manny “Pac man“ Pacquiao has just announced that his own cryptocurrency called the PAC Token will be available to buy on the Singapore GCOX exchange through an IEO (initial exchange offering) on November 12.

The Pac Token will ride on the advantage of blockchain technology by transforming the popularity and brand of Manny Pacquiao into crypto tokens which will be quantifiable and exchangeable.

The idea behind the concept is that fans can partake in unique and bespoke challenges by Manny Pacquiao and win prizes and rewards. They can also share in his philanthropic missionary work.

The coin will be in ERC 20 token with a 1 billion supply.

100,000,000 Tokens will be made available to the general public for the IEO which is set to take place on 12th of November.

Other celebs are jumping on the bandwagon with former footy ace Michael Owen and U.S pop idol Jason Derulo also launching their own cryptocurrency with the same exchange.

 

For more information please click here

 

Ripple CEO: “99% Of All Cryptos Will Go To Zero”

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Brad Garlinghouse,the CEO of Ripple has said in an interview recently with Bloomberg that he believes 99% of all crypto projects are going to go to zero.

In an interview with Bloomberg on November 5th, he stated that in his opinion there are far too many cryptocurrencies and that only a small percentage of cryptos actually have any real use.

He went on to say that there are more than 3000 cryptocurrencies that are available to trade but only a few of them are actually be able to solve a problem and deliver to a customer need.

Garlinghouse argues that the vast majority of crypto’s are “going to go to zero“ and that although the space will grow significantly in the years to come only a tiny fraction of the crypto projects available to trade right now will survive the test of time.

 

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