Day: March 27, 2018

2018 has not been the year of Facebook so far. Nor is that situation improving by any means, as the company keeps making negative headlines. Their latest concern comes in the form of a new lawsuit regarding their ban on cryptocurrency ads. Not entirely surprising, although it remains to be seen how things play out.

The Facebook Issues This Year

When the world’s leading social network makes a fair few controversial decisions in a row, the general public is not too amused. The big story has been how Facebook has now banned cryptocurrency advertisements. While the company wants to protect consumers at all costs, that course of action received a lot of criticism. It seems this campaign mainly targets ICOs and token sales. These new business models have caused some regulatory uproar all over the world in the past 12 months.

That is not the only weird course of action by Facebook. Earlier this year, the company showcased a new VR game at a political gun-related convention. It was a massive mess-up, as the game was eerily similar to a recent mass shooting in the US. It took Facebook three days to pull the game from the conference floor despite obvious and outspoken criticism.

Additionally, Facebook is currently making headlines regarding the Cambridge Analytica scandal. With data of millions of Americans exposed and used to influence the Trump election. It is evident all of this is adding up to a lot of problems for this particular company. Unfortunately for them, it seems the problems will not end there whatsoever. A new lawsuit will be filed against the company very soon.

The Eurasian Blockchain Association Strikes Back

The newly formed Eurasian Blockchain Association is not taking kindly to Facebook right now. It is made up of different associations from China, Russia, and South Korea. All of these ventures aim to actively sue Facebook for banning cryptocurrency ads. A pretty gutsy decision, although it can trigger a wave of similar lawsuits.

According to the recent information, the lawsuit will be filed in May of 2018. The funding of this lawsuit is done through a special fund of cryptocurrencies. It remains unclear in which state the lawsuit will be filed. Some people even state how this is  “cartel collusion”, which also involves Google, Yandex, and Twitter. All companies have taken similar stances when it comes to cryptocurrencies and ICOs.

How this lawsuit will play out, has yet to be determined. Proving there is some form of collusion is very difficult. Moreover, it seems unlikely Facebook will reverse its decision in this regard. This lawsuit will definitely influence the future of cryptocurrency as a whole. Depending on the outcome, the industry will be off far better or far worse. It’s good to see people make their voice be heard, though. This form of online censorship from the web monopolies has become quite worrisome.

The post Faceboook Faces Lawsuit Over Banning Cryptocurrency Ads as Collusion Rumors Swell appeared first on NewsBTC.

Key Highlights

• Ripple price found support above $0.5500 after a major decline against the US dollar.
• There is a key connecting bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair (data source from Kraken).
• The pair may correct a few points higher in the near term, but upsides are likely to be capped by $0.6000.

Ripple price faced a lot of selling pressure this week against the US Dollar and Bitcoin. XRP/USD is now consolidating above the $0.5500 support level.

Ripple Price Resistance

Yesterday, we saw a major decline in Ripple price from well above $0.6000 against the US Dollar. The price fell sharply and settled below the mentioned $0.6000 level and the 100 hourly simple moving average. A low was formed near the $0.5572 before the price a short-term support. A minor upside correction was initiated and the price moved above the 23.6% Fib retracement level of the last drop from the $0.6361 high to $0.5572 low.

However, the upside move was capped by the $0.6000 level. Moreover, the 38.2% Fib retracement level of the last drop from the $0.6361 high to $0.5572 low also prevented further gains. Basically, there was a rejection from the $0.6000 level and the price is now consolidating in a range above $0.5500. On the upside, there is a key connecting bearish trend line forming with resistance at $0.5950 on the hourly chart of the XRP/USD pair. Above the mentioned $0.6000, the next hurdle is near the $0.6140 level.

In terms of the support, the $0.5500 level holds the key. A push below $0.5500 could ignite further losses and the price may even test the $0.5000 level.

Looking at the technical indicators:

Hourly MACD – The MACD for XRP/USD is showing signs of range trading in the bearish zone.

Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is slightly moving higher from the 40 level.

Major Support Level – $0.5500

Major Resistance Level – $0.6000

Charts courtesy – Trading View

The post Ripple Price Technical Analysis – XRP/USD Consolidating Above $0.5500 appeared first on NewsBTC.

The Kakao-backed cryptocurrency exchange Upbit has launched a system to reward users for identifying fraudulent multi-level schemes related to cryptocurrencies. The exchange has already identified and reported 20 such schemes to the police.

Also read: Japan’s DMM Bitcoin Exchange Opens for Business With 7 Cryptocurrencies

Reporting Illegal Schemes

South Korea’s largest cryptocurrency exchange Upbit has invited all of its users to use its new system aimed at identifying multi-level, illegal scams posing as cryptocurrencies or initial coin offering (ICO) tokens.

Upbit wrote in its announcement recently that the number of illegal multi-level and ponzi fraud cases has been increasing and its new system attempts to “prevent damage [due] to illegal fraud and to create a sound cryptocurrency ecosystem.” The Kakao-backed exchange asks all of its users to participate in order to prevent cryptocurrency fraud. According to Hankook Media, the system will be in effect for one year and will end in March 2019; Upbit will decide later if this period will be extended.

“If illegal multi-level eyewitnesses or victims report to Upbit and investigating agencies at the same time, a cash award will be given to the first reporter of the illegal recruitment case,” the news outlet elaborated. Upbit confirmed:

To the original complainant, Upbit pays a reward of 1 million won (~USD$930).

Reporting a suspected illegal scheme can be done through the Upbit app by choosing the Kakao Talk consultation option, Upbit detailed.

At the time of writing, Upbit is South Korea’s largest crypto exchange and the third largest globally with a 24-hour trading volume of $1.1 billion. Bithumb is the second largest exchange in the country with $686 million trading volume in the same time period.

Tracking Fraudulent Activities

According to Hankook Media, “Upbit has been tracking illegal multi-level coin recruitment [schemes] with its own monitoring.” By March 23, the exchange has reported more than 20 fraudulent cases to the police. Last November, it received a letter of appreciation from Suwon Chungbu Police Station after reporting a culprit pretending to be the Seoul Metropolitan Police Agency, the publication described.

The exchange also noted that “recently fraudulent acts impersonating the Kakao Coin ICO are also found.” Following reports and rumors of the pre-sale of its coins, Kakao Corp issued a notice stating, “we are concerned about the damage caused by the fraudulent activity of the distributor,” clarifying that the company is “preparing to establish a blockchain subsidiary.” Kakao emphasized that all of the pre-sales and recruitment of participants and investors for Kakao coins “are not true.”

On Tuesday, Upbit’s rival Bithumb also distributed brochures aimed at preventing damage caused by cryptocurrency fraud. The exchange also provides resources at its walk-in customer centers to combat voice phishing and hacking. Bithumb explained that its booklets present concepts such as voice phishing, pharming, SMS phishing, hacking, preventative measures, and damage remedies in an easy-to-understand text and comic format.

What do you think of Upbit’s offering and system? Let us know in the comments section below.

Images courtesy of Shutterstock, Bithumb, Kakao, and Upbit.

Need to calculate your bitcoin holdings? Check our tools section.

The post South Korean Exchange Paying Users to Report Illegal Crypto Schemes appeared first on Bitcoin News.

Fintech advocates see Vietnam as a potential future hub of blockchain based technology despite messy government regulatory framework.

Blockchain Provides Potential for Growth

The Vietnamese economy has grown by leaps and bounds in the last three decades becoming what the world bank describes as resilient and looking at 6.7% growth in the coming year.

Fintech advocates say there is room for improvement though and point to the fact that as a nation it is still under-serviced when it comes to banking needs. While only 31% of adults in the country have bank accounts, 40% will have smartphones by 2021 and that could lead to a revolution in the nation’s financial services.

Nicole Nguyen, head of corporate marketing at Vietnam’s Infinity Blockchain Labs sees great opportunity for people to bypass the traditional system of investing and saving in order to establish credit with fiat banks, saying that;

“This presents excellent opportunities for Vietnamese startups to bootstrap their ideas and grow their user base, specifically by tapping in (to) our massive underbanked population,”

Infinity Blockchain Labs hosted a Blockchain Week Conference earlier this month that brought 2,000 attendants to Ho Chi Minh city to discuss “Vietnam’s future in the global blockchain ecosystem.”

The application of blockchain technology to bring banking services to the masses was only one issue discussed at the conference. Another was its potential use in registering land titles to add a layer of legal protection to rural farmers as well using it to track production, logistics and transaction costs in the future.

Regulatory confusion presents a hurdle

Despite the fact that Vietnam has a strong startup ecosystem, even supported by the government in part the overall new technology regulatory framework is in chaos. A decree issued October 30 by the State Bank of Vietnam (SBV) has effectively determined that virtual currencies are not a legal form of payment.

This effectively has outlawed the overall existence of cryptocurrencies in Vietnam. Those found guilty of violating the decree can be fined up to 200 million Dong (about $9,000 US). This was followed by a January 30 request issued by the State Securities Commission that securities firms not provide any cryptocurrency related services to their clients.

Still judging by the response the Blockchain week conference had enthusiasm for the technology in Vietnam is overwhelming. Nguyen sees blockchain being implemented in fintech, agritech, medical fields and overall in the internet of things (IoT).

Nguyen knows that it won’t be all smooth sailing and cites the lack of solid regulatory framework and low awareness of the benefits the technology can bring as hurdles but still claims, “I believe this is just the start for Vietnam to identify and realize blockchain potentials.”

The post Could Vietnam be the Future Hub of Blockchain Innovation appeared first on NewsBTC.

The new Eurasian Association of Blockchain will create a crypto fund to sue social media and tech giants over crypto ban. #NEWS

A U.S. futures self-regulator is reminding its members the obligation of reporting any involvement in bitcoin or bitcoin derivatives transactions.

Bitcoin Price Key Highlights

• Bitcoin price continues to trend lower and is inside a descending channel on the 1-hour time frame.
• Price is currently testing the channel support and might be due for a pullback to the resistance.
• Applying the Fibonacci retracement tool shows the next potential resistance levels.

Bitcoin price could be in for a much-needed pullback as it tests the bottom of the short-term descending channel.

Technical Indicators Signals

The 100 SMA crossed below the longer-term time frame on this chart to signal that the path of least resistance is to the downside. The gap is also widening to reflect strengthening bearish pressure.

However, stochastic is pulling up from oversold levels while price is testing the channel support. This signals that a bounce could take place, possibly taking bitcoin price up to the Fibonacci retracement levels.

In particular, the 100 SMA lines up with the 50% Fibonacci retracement level at $8400, adding to its strength as potential resistance. The 200 SMA coincides with the top of the channel at the 61.8% Fibonacci retracement level, which might be the line in the sand for a correction.

If any of the Fib levels hold as resistance, bitcoin price could resume the drop to the swing low at $7800 or even break lower.

Market Factors

Bitcoin price has taken a hit recently after Twitter announced that it also plans on banning cryptocurrency ads on its platform, following in the footsteps of Facebook and Google. This has led to speculations of weaker volumes and activity moving forward.

On the longer-term time frames, though, it can be seen that bitcoin price is still trading safely above the uptrend line, so another test could lead to a stronger bounce. Besides, analysts have pointed out that the slide occurred before the actual Twitter announcement so profit-taking or other factors may simply be in play then.

On a less downbeat note, the CBOE encouraged the SEC to allow bitcoin ETFs, citing “The Commission should not stand in the way of such ETPs coming to market.”

The post Bitcoin Price Technical Analysis for 03/28/2018 – Time for a Pullback? appeared first on NewsBTC.

Experty is holding a competition that offers an opportunity for the participants to win $5000 in prize money.

The Experty video competition is a window for its users to show the world how much they love the platform and how they intend to use it. Participants in the contest are required to upload the video to YouTube and Tweet the link to Experty’s official Twitter handle — @Experty_io, along with the tag #iloveexperty.

The competition, held exclusively on YouTube is open for users from all over the world. The video itself does not have to be professionally made. Participants can use any normal camera, webcam, or even their smartphone to capture the video as the whole point of the contest is to show one’s love for Experty platform. In addition to the $5000 prize, the platform has also set aside few extra prices for the first videos sent.

To qualify for the contest, the video must meet few basic criteria.

• It should be at least one minute long
• The testimony should be accurate and relative to the Experty platform.
• It should not violate any of YouTube’s community or copyright guidelines in any way.

The public will also cast their votes on their preferred video submissions using Woobox on the Expert website.

Anyone can win just by submitting a qualified video early enough. The 1st place winner will win $3000 worth of EXY or ETH while the 2nd place winner takes home $1500 worth of EXY or ETH. The 3rd place winner collects $500 worth of EXY or ETH. Participants who submit early entries will receive $100 worth of EXY or ETH for the first 10 qualifying submissions. The winner will be announced by YouTube expert and influencer, Nick Nimmin, Experty’s own YouTube ambassador. Top 3 winners will also be announced on the Experty YouTube channel.

This will be the first time such a competition is held by the platform for its current and new users. If you are yet to join the Experty platform this is the time to do so, and stand a chance to enjoy these wonderful perks. The firm has developed a Blockchain based calling platform that allows two or more parties to connect via video link or audio call. Users can also send free text messages between each other. Video and voice calls are always paid at the providers predetermined rate. The platform consists of applications for mobile, web and desktop so that the platform’s use is truly unlimited.

Submissions end on the 21^st April 2018, followed by voting on the 4^th of May. Winners will be announced on May 5, 2018.

Learn more about Experty at – https://www.experty.io/en

Find out more about the applicable rules and disclaimers at – https://medium.com/@experty_io/are-you-experty-enough-to-win-61df09f41d77

The post Experty’s $5000 Video Competition Is Now Underway appeared first on NewsBTC.

Despite advertisements being banned on the most popular media platforms, regulatory scrutiny and a lot of bad press besides, money has been pouring into the ICO market since the start of the year. 

Key Highlights

• ETH price declined sharply and broke the $460 and $450 support levels against the US Dollar.
• There is a major bearish trend line forming with resistance at $455 on the hourly chart of ETH/USD (data feed via Kraken).
• The pair may correct higher in the short term, but upsides are likely to be capped by $455 and $475.

Ethereum price has moved into a bearish zone against the US Dollar and Bitcoin. ETH/USD may continue to decline as long as it is below $490.

Ethereum Price Bearish Trend

It is turning out to be a major disappointing week since ETH price is now trading well below $500 against the US Dollar. The price was not able to correct higher and remained in a bearish trend below $500. It broke many supports such as $475, $460 and $450. It is now trading well below the $500 level and the 100 hourly simple moving average.

The recent low was at $438.76 from where there could be a minor upside correction. An initial resistance is around the 23.6% Fib retracement level of the last decline from the $535 high to $438 low. Moreover, there is also a major bearish trend line forming with resistance at $455 on the hourly chart of ETH/USD. If there is a break above the $460 resistance zone, the price may head towards the $485-490 area. The 50% Fib retracement level of the last decline from the $535 high to $438 low is also positioned near $485 to act as a barrier for buyers.

On the downside, the price may soon break the recent low of $438. The next support could be around the $425 level. However, if ETH sellers remain in action for a long time, the price may even test the $400 level in the near term.

Hourly MACD – The MACD is placed nicely in the bearish zone.

Hourly RSI – The RSI is currently rising from the 35 level.

Major Support Level – $425

Major Resistance Level – $485

Charts courtesy – Trading View

The post Ethereum Price Technical Analysis – ETH/USD Turned Bearish appeared first on NewsBTC.

Coincheck is in the news again as another class action suit has been brought against the Japanese cryptocurrency exchange in the aftermath of the January NEM heist.

Another Class Action Suit

According to the Japanese media outlet Sankei an additional 132 investors have joined a class action suit to try and get full reimbursement of their stolen digital assets.

The suit which was filed in Tokyo District Court on Feb. 27 is seeking $2.1 million in cryptocurrency. This is following a suit that was filed Feb. 15 that sought $183,000 in damages plus 5% annual interest until the funds are recovered.

These suits are part of the aftermath of a late January hack that netted thieves 523 million NEM tokens worth over $425 million at the time. Eventually, the hack was blamed in part on Coincheck’s bad security protocols because customer tokens were stored in a non-secure wallet.

The Coincheck hack which is the second largest after the legendary Mt. Gox brought with it a new level of scrutiny from Japan’s Financial Services Agency which has since banned two other exchanges from doing business and delt official warnings to Coincheck and others.

Coincheck had stated from the day of the hack that it would reimburse the 260,000 investors affected by the theft the sum of $435 million dollars from its own accounts. Then announced that payments had been completed on March, 13.

According to Coincheck’s spokeswomen, the reimbursement was completed in one day and that customers were paid based on a valuation of 88.54 Yen per NEM token. Coincheck began taking orders again that same day.

At the time many customers Tweeted out their thanks to the company for keeping their word while others cried foul at the low payment price noting that the value of the NEM at the time it was stolen was 110 Yen per token.

Coinchecks Pay Out not Enough for Some

Coincheck posted a message on their blog to explain how they calculated the reimbursement rate which read

“the prices during the period beginning with the suspension of new purchases and sales of NEM on the Coincheck platform and ending with the release of this notice.”

This explanation obviously has not satisfied all customers affected by the hack who believe the company should pay out at the earlier, higher rate or barring that in NEM tokens.

To date, the Coincheck hack remains unsolved. The hackers are still at large despite a major effort by the Tokyo police force to track the funds. There is evidence that up to $80 million of the NEM tokens have been laundered through exchanges though the how is still a mystery.

The Coincheck hack sent shivers through the Cryptocurrency world as wounds from the Mt. Gox hack have yet to heal for many of those victims. On Feb. 14, 2014, a mysterious glitch caused $500 million in Bitcoin to go missing resulting in the eventual shuttering of the exchange, rounds of regulatory assessment and lawsuits. Even now after 4 years little of the missing Bitcoin has ever been traced.

The post Another Class Action Suit in Coincheck Hack Aftermath appeared first on NewsBTC.

FOMO Moments

The good news is that markets have not crashed this morning and total market cap is hovering around $300 billion which is above the last low. The not so good news is that most cryptocurrencies are still in the red and very few have made gains. Bitcoin failed to break resistance at $8,000 and is still trading just below it. This has stalled any momentum that altcoins may have seen during the morning’s Asian trading session. A couple are trading in the green though and one performing a little better than the rest at the moment is EOS.

Coinmarketcap reports that EOS is currently trading 11% higher this morning which puts it above all other altcoins in the top 25. The token is trading at $6.12, up from $5.50 this time yesterday; the weekly picture is pretty flat with EOS trading at around the same level this time last Wednesday. Over the past month EOS has fallen quite heavily by 33% from over $9 in late February. In terms of BTC the altcoin is trading 11.5% up at 78065 satoshis, higher than the 69658 sats it was at the same time yesterday. The all-time high for EOS came in mid-January when it reached $18 or 125000 satoshis.

The developer behind the EOS platform, Block.one, reportedly signed agreements for a further $100 million in investments into the blockchain project. Additionally the testnet version of the EOS network will be launching in early April according to Reddit posts. Price action has taken an upswing as a result while most other altcoins are still floundering.

EOS is traded predominantly in South Korea on Bithumb and Upbit which share 55% of the total trade volume. That volume has increased to $924 million in the past 24 hours, putting the market cap of EOS at $4.6 billion. Cardano and Stellar Lumens have been battered in the past two months enabling EOS to overtake them and claim 6^th spot in the market cap charts.

The only other altcoins performing well this morning are Tron, Ethereum Classic, Qtum and Binance Coin. Just outside the top 25 is Ontology which has been on a roll for the past few days, ONT is up 47% this morning and is the best performer in the top 100.

More on EOS can be found here: https://eos.io/

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.

The post Asian Altcoin Trading Roundup: Top Cryptocurrency is EOS appeared first on NewsBTC.