Day: October 22, 2017

LSKUSD TECHNICAL ANALYSIS Lisk bears are driving prices lower. After 21.10.2017 break below support trend line, a stochastic sell signal was printed. On 22.10.2017, USD bears retested support turned resistance trend line and the 20 period MA at around $5 before closing lower. Minor support is found at $4.3.  Should LSKUSD breaks below psychological $4 … Continue reading LSKUSD BREAKS BELOW SUPPORT TREND LINE AS MONERO FINDS SUPPORT AT $82

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Online trading platform Plus500 is reported to have become the subject of legal action, owing to accusations that the company has been “rigging” its contracts for difference (CFD) markets. Plus500 offer contracts for CFDs for shares, commodities, forex, and over half a dozen cryptocurrencies.

Also Read: With Bitcoin’s Price Above $6000 USD, Satoshi Nakamoto Should Be on Forbes’ Rich List

Plus500 Is Accused of Intentionally Delaying the Execution of Trade Requests

Luca Salerno, a representative of Giambrone, the European law firm that is currently preparing the class action lawsuit, discussed the class action against Plus500 with the Australian Broadcasting Corporation. “We have more than 600 people who got in touch with us, and we’ve managed to turn 30 percent into actual claims,” Mr. Salerno said. Plus500 is listed on the London Stock Exchange and offers trading products internationally through subsidiaries located in Australia, New Zealand, South Africa, Cyprus, and Israel.

Mr. Salerno states Plus500 engaging in “rigging the platform”, accusing the company of failing to execute its customers’ requesting trade actions in a timely manner. Mr. Salerno states that “each client lost $10,000 [USD], typically, within a timeframe of a couple of months.”

“I Think the Way [Plus500] Set up Their System Is Very Unfair” – Yousif Sadik, former Plus500 customer

Mr. Slareno alleges that the Plus500 is able to do this through letting its customers trade CFDs, rather than the underlying assets represented by the CFDs. “Let’s say I make a bet today on bitcoin going up,” Mr. Salerno explained, “[Plus500] would say ‘by the time we managed to execute the transaction, bitcoin went down again.” Mr. Salerno states that Plus500’s practices “fl[y] in the face” of UK market regulations, and accuses the company of “build[ing]… delay[s in transaction execution] on purpose.”

Yousif Sadik, a former customer of Plus500, asserts that he has witnessed the platform delay the execution of action requests on multiple instances. “To be honest, I feel that was deliberate because it didn’t happen just once. If it was a one-off … you could understand it. But if it’s something that persisted every week, you really need to look into your service.” Mr. Sadik alleges that disruptions consistently experienced whilst attempting to access Plus500 via a mobile app resulted in him losing thousands of pounds.

“I think the way [Plus500] set up their system is very unfair. They basically disable the instrument whenever they want”, Mr. Sadik told media. “You should be able to open close positions as you please, but this is not how it works. It’s more like gambling than trading.”

A Representative of Plus500 Has Refuted the Purported Lawsuit

A Plus500 representative is reported to have told the Australian Broadcasting Corporation that there is “no outstanding litigation against the company”, and that it has “received no correspondence from lawyers [associated] with Giambrone.”

The spokesperson asserted that signing up to sue Plus500 necessitates that an individual pass the company’s screening process which “requires each customer to pass a knowledge test, state [their] level of experience with derivative products … and other questions regarding their economic profile and appropriateness.” Plus500 also claims to take “reasonable steps’” to achieve “the best possible result” for trading customers.

In order to evaluate Plus500’s screening process, Mr. Salerno intentionally failed the knowledge test provided by Plus500. Mr. Salerno states that he was then taken to a page providing a waiver that prospective customers can sign and upload in order to gain access to the platform, despite having failed the knowledge test. “By clicking that waiver, I was effectively saying I’m not really qualified to do this trading … and that is something they cannot do,” said Mr. Salerno.

What do you make of the allegations made against Plus500? Share your thoughts in the comments section below!

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Images courtesy of Shutterstock, Plus500, Giambrone

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The U.K.’s Financial Conduct Authority found that DLT businesses do not receive loans from banks as much as other companies.

CNBC

Big money stays away from booming bitcoin CNBC Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion. Yet for all the hype, mainstream institutional investors are steering ... and more »

Key Highlights Ripple price declined sharply this past week and moved below $0.2400 against the US Dollar. There is a short-term bearish trend line forming with resistance at $0.2050 on the hourly chart of the XRP/USD pair (data source from Kraken). The price might dip a few points, but most likely to bounce back above … Continue reading Ripple Price Technical Analysis – XRP/USD Consolidates Near $0.20

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DASH/USD DASH initially tried to rally during the day on Friday, but turned around at the $302.50 level. We tried to rally again, but unlike other crypto currencies, we cannot hang onto the gains. With Bitcoin exploding to the upside the way it did during the session, the fact that DASH couldn’t hang onto anything, … Continue reading DASH/USD and LTC/USD Technical Analysis October 23 2017

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ETH/USD Ethereum markets rallied slightly during the day on Friday, reaching towards the $311 level. However, we are still trying to build a bit of a base, and I think that more of this is probably coming. On a break above the $316 level, I think that would show significant momentum to start buying as … Continue reading ETH/USD and ETH/BTC Technical Analysis October 23 2017

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BTC/USD Bitcoin rallied significantly during the day on Friday, breaking out to a fresh, new high. Because of this, it looks as if we are going to continue to go towards the $6000 level. This is perhaps because Mario Draghi suggested that Bitcoin isn’t mature enough to be regulated, thereby allowing for the markets to … Continue reading BTC/USD and BTC/JPY Technical Analysis October 23 2017

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CoinTelegraph

When Governments Get Intrusive, Bitcoin Provides Way Out CoinTelegraph Governments across the world are using technology and banks to keep an eye on their citizens. Decentralized currencies like Bitcoin may be the only way out for people who want to maintain their privacy.

Government doesn’t like it, but they have no power over the Bitcoin protocol. They can enact barriers at on-ramps and off-ramps, but can’t control Bitcoin itself.

Big Money Stays Away From Booming Bitcoin New York Times LONDON — Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion. Yet for all the hype, mainstream institutional investors ... and more »

Big money stays away from booming bitcoin Reuters LONDON, Oct 23 (Reuters) - Bitcoin is booming, digital currency hedge funds are sprouting at the rate of two a week and the value of all cryptocurrencies has surged tenfold this year to more than $170 billion. Yet for all the hype, mainstream ... and more »

Key Highlights ETH price is struggling to move higher and is currently trading near the $290 level against the US Dollar. There is a major bearish trend line forming with resistance near $298 on the hourly chart of ETH/USD (data feed via SimpleFX). The price might continue to struggle as long as there is no … Continue reading Ethereum Price Technical Analysis – ETH/USD Bearish Positions Increase

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On a dynamic market, filled with initial coin offerings, managing all of your investments can be quite difficult. Astronaut, a Singapore-based platform wishes to place all of your ICO investments on auto-pilot through a streamlined platform which can be used to both research and invest into a multitude of ICOs.

A few days ago, the independent blockchain research company known as Astronaut has launched its Initial Coin Offering, needed to raise money for powering up their ICO investment platform. Once it is launched, the service will offer research-backed investments, transparency, but also protection in this investment landscape. Therefore, by using Astronaut, investors will save a lot of time, find better ways of investing their capital, and better avoid fraudulent investment opportunities with false promises.

How Astronaut will fulfill its promise

Most of the times, the backbone of initial coin offerings consists of their whitepaper. Many times over, the whitepaper represents the only source of information about a company and their investment opportunities that people get to see. By using its Picolo Research team, Astronaut will provide the world with clear, accurate information, rather than promotional extracts from whitepapers.

In a recent press statement, Matthew Dibb, the CEO of Astronaut mentioned that: “Our view is that organizations such as Picolo Research and Astronaut need to be established to critique the merits of upcoming ICOs to ensure that the blockchain ecosystem is not tainted by those who are taking advantage of it for personal financial gain.”

Some of the other main benefits of the platform, include, but are not limited to minimizing risks, allowing clients to read through numerous, well-researched ICOs, simplifying the investment process, reducing the level of difficulty for novice investors, and more.

By using the Astronaut platform, investors can sleep better at night, as they will know that their ICO investments have not been designed to be fraudulent, but also that they are trustworthy and transparent.

Currently, the Astronaut ICO is open for investors. Those who are interested can access it here.

Disclosure: This is a Sponsored Article

Key Points Bitcoin cash price after failing to break the $350-355 resistance against the US Dollar moved down. There is a short-term bearish trend line forming with resistance near $330 on the hourly chart of BCH/USD (data feed from Kraken). The price might decline in the short term, but there are chances of it breaking … Continue reading Bitcoin Cash Price Technical Analysis – Can BCH/USD Make it?

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