Day: September 27, 2017

Hello and welcome to News BTC’s Market Outlook September 27. DASH/USD DASH dropped a bit during the session on Tuesday, but found support near the $340 level. This is an area that should continue to offer support, and I believe that if we stay above there, the market will probably go looking towards the $355 level … Continue reading NewsBTC DASH and Litecoin Analysis September 27th 2017

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Hello and welcome to News BTC’s Market Outlook September 27. ETH/USD Ethereum initially dipped on Tuesday, but found enough support near the $288 level to turn around and show signs of support. That being the case, looks likely that we will continue to see buyers come in to the market based upon value on these pullbacks. … Continue reading ETH/USD and ETH/BTC Technical Analysis September 27th 2017

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Hello and welcome to News BTC’s Market Outlook September 27. BTC/USD Bitcoin markets initially dipped on Tuesday, but found enough support near the $3840 level to turn around and find buying pressure again. It looks as if the $4000 level will be tested, and a break above that level will be psychologically significant. Under those circumstances, … Continue reading BTC/USD and BTC/JPY Technical Analysis September 27th 2017

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The vulnerability behind poor security at Deloitte has led Vinny Lingham to suggest decentralized models are superior.

It appears the positive NEO price trend has not reversed course just yet. Instead, the value of NEO continues to increase every single day, resulting in another 11.08% increase over the past 24 hours. This is somewhat surprising considering how the Bitcoin price is going up at the same time. All of this goes to show there is still plenty of demand for NEO right now, and reaching $30 is certainly possible given the current momentum.

NEO Price Surge Continues

In a way, it is good to see the NEO price recover by leaps and bounds over the past few days. Although many people aren’t too certain if this altcoin has something special to offer, there is a growing demand for this currency on a global scale. After all, with another 11.08% price increase over the past 24 hours, things are looking pretty good for this particular coin right now. Maintaining the momentum seems to be pretty easy, although there have been a few dips along the way when traders take profits.

To put this into perspective, the NEO price has gone from $16.8 on September 23rd to its current value of $28.89 in just a few days. At this pace, it is only a matter of time until the NEO price surpasses $30 again. It is unclear whether or not that will effectively be the case, though, but things are looking rather promising right now. Even though the overall trading volume is still pretty low, NEO seems to be doing just fine on its own right now.

Speaking of the trading volume, we have seen NEO generated anywhere from $65m to $100m in 24-hour volume. During the previous day, the volume hovered around $75.5m, which is pretty decent, all things considered. It is evident this currency will never see the trading volume of Bitcoin or Ethereum, but it isn’t a necessity either. Some altcoins can survive with little trading volume and still go up in value over time. NEO illustrates that point perfectly as we speak, although it remains to be seen how this situation will evolve in the future.

As one would come to expect, most of NEO’s trading volume originates from the Bittrex exchange. Binance and Bitfinex are not too far behind and relatively close to one another in terms of volume. That latter part is pretty intriguing, as it goes to show demand for NEO is still increasing in different parts of the world. Bittrex and Binance trade this currency against Bitcoin, whereas Bitfinex has a USD trading market.

It remains to be seen how things will evolve for the NEO price over the coming days. We have now seen three days with price increases in a row, but this trend cannot be sustained forever by any stretch of the imagination. With a value appreciation in both USD and BTC value, things are looking pretty promising for NEO right now. If the trading volume remains around the same level for a few more days, we may very well see a NEO price fo $30 before the week is over.

All of this goes to show cryptocurrency markets are slowly recovering some of their lost value. The overall cryptocurrency market cap is moving back toward the $137.5bn mark as we speak, which is pretty interesting.Although we aren’t even close to surpassing $150bn once again, things are looking a lot better than they did just a few days ago. We have to wait and see to see whether or not this trend can be sustained in the long run, though, as there is still a fair bit of volatility to contend with.

A well-known gold dealer headquartered in London is now accepting bitcoin payments for its precious metal products.

Japan is behind most developed nations where digital transactions have taken the place of cash. Is it about to change?

A plan to hard fork the bitcoin blockchain, and change its mining algorithm, is emerging. Still in its early stages, what does the new coin offer?

This week Kolin Burges of the website “Mtgoxprotest,” wrote an interesting new blog post called “Who will get our 200,000 bitcoins?” After attending a few creditors meetings, Burges is upset about the Mt Gox bankruptcy process, because when it finally comes to an end claimants will likely only receive $483 per BTC. Further Mt Gox victims are still uncertain about the bankruptcy trustee’s plan, and no one truly knows when claimants will be paid due to issues with the American firm Coinlab’s lawsuit.

Also Read: Bitcoin’s Price Rise Brings Mt Gox Closer to Solvency

Mt Gox Claimants Who Held Bitcoin on the Exchange Will Likely Only Receive $483 per BTC

The owner of the notorious website Mtgoxprotest.com is not too happy with the Mt Gox bankruptcy process taking place in Tokyo, Japan. According to the website’s founder Kolin Burges, some of the claimant’s lawyers were initially “upbeat about the prospects of the creditors receiving the full value from their sold 200k bitcoins.” However, Burges believes it’s likely Mt Gox administrators will sell the 200,000 bitcoins at full value and claimants will still only receive $483 per BTC. The remaining value would then possibly be passed on to shareholders like the exchange’s parent company Tibanne.            

“Liquidation is performed under corporate law rather than bankruptcy law, and the remaining money in the company would go to the shareholders,” explains Burges. “They don’t currently know of a way to avoid this situation — This is not good news.”

The Mt Gox Bankruptcy and Coinlab Complications

Moreover, the Mt Gox creditors situation is far more complicated because the company Coinlab had filed a lawsuit against Mt Gox for $75 million. Mark Karpeles the former CEO of Mt Gox has said the company, Coinlab, and its founder Peter Vessenes is making the bankruptcy process more difficult. Back in May, Karpeles talked about the Mt Gox bankruptcy possibly becoming solvent because of bitcoin’s meteoric price rise. At the time Karpeles said with Coinlab suing the company it really made the claims value around “59 percent.”

According to news.Bitcoin.com’s sources familiar with the matter, Coinlab doesn’t want to settle and wants the case kicked back to the U.S. With a dragged out lawsuit it means it could be several years before any of settlement from the Mt Gox case is resolved. Back in 2012, the two firms made a deal giving Coinlab rights to handle the exchange’s US and Canadian clients. Following the deal, Mt Gox did not hand over clients and databases to Coinlab because allegedly the company could not procure enough funds to get licensed in the U.S. and Canadian regions. In May of 2013, Coinlab sued Mt Gox for breaching the contract, and the lawsuit has been pending ever since.

The Goxdox II Leaks

In addition to the lawsuit a website called “Goxdox II” details some compelling information against Peter Vessenes and Coinlab’s lawsuit. The website has quite a few posts that say Vessenes is the “Mt Gox villain,” alongside disclosing revealing emails, a full list of non-depositor claimants, and more. Goxdox also confirms Coinlab’s partnership deal fell through because Vessenes couldn’t get licensed and the lawsuit is the primary reason claimants won’t be paid for a very long time.  

“Peter oversold his capabilities, couldn’t get licensed, couldn’t legally service US and Canada, and Mark decided not to cooperate,” explains the Goxdox post ‘Email-Gate.’ “Peter sued, hoping to at least get some settlement out of the $50M liquidated damages clause he negotiated for CoinLab.”

Those claims are the reason why Mt Gox creditors haven’t yet been paid, have no idea when they will be repaid, and face a major dilution on their return.

Claimants Believe the Mt Gox Bankruptcy Distribution Process is Not Fair

Sources familiar with the matter also say that a vast majority of all the claims at Mt Gox have already been settled. Currently, there are two claimants who were not customers of the exchange; CoinLab and Tibanne (Mt Gox). Coinlab has filed a hefty claim towards Tibanne’s bankruptcy, and the trustee could use the gains from the sale to settle with Coinlab. Creditors will not have any say in this process unless they protest the settlement.

Our sources explain that many claimants are upset that fiat holders will get 100 percent back, shareholders will get a repayment, but customers who held BTC with Mt Gox will only get $483 per bitcoin. According to claimants, they are the main reason the trustee held the 200k BTC the entire time, and they believe the bankruptcy process is not giving a fair and equitable payout to everyone.

What do you think about the complications with the Mt Gox bankruptcy process and Coinlab’s lawsuit? Let us know what you think about this case in the comments below.

Images via MtGoxProtest, the LA Times, the website Goxdox II, and the Coinlab logo. 

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