Month: March 2018

Lesser known DigixDao was February’s top-performing large-cap cryptocurrency, data from CoinDesk reveals.

“Investor protection” the focus of Singapore central bank, now looking at additional crypto regulations #NEWS

With all cryptocurrency markets attempting to transition from a bear market to full-throttle bullish momentum, interesting things will happen in the coming days and weeks. The way things look right now, the Bitcoin Cash price is bound to gain a  fair bit of value throughout the day. Thanks to the current 5.4% gain, the Bitcoin Cash price has already surpassed $1,250 once again.

Another leg up for the Bitcoin Cash Price?

Given all of the volatility plaguing the cryptocurrency industry right now, any short-term gain needs to be put into its proper perspective. While things may look either decent or terrible for a specific currency, there’s a good chance the momentum will turn around before the week is over. As such, the current 5% Bitcoin Cash price gain looks pretty good, but maintaining this momentum may prove to be difficult for this – or any other – market.

Even so, no one will deny the Bitcoin cash price is noting some interesting gains as of right now. Thanks to this small nudge, we are now looking at a value of $1,280 again. Compared to the $1,150 we hit not that long ago, this is a pretty decent gain altogether. Whether or not the Bitcoin Cash price can return to $1,500 or higher, remains to be seen, though.

It is also worth noting Bitcoin Cash is effectively gaining on Bitcoin itself. Given the “correlation” between these two currencies, it is worth keeping an eye on their ratio. Right now, the BCH/BTC ratio has changed by 3.43% in favor of the altcoin. As such, we may see some more Bitcoin Cash price gains later today, as the Bitcoin price is also moving up a bit right now. How all of this will play out, is anybody’s guess, though.

With $445.823m in 24-hour trading volume, things are looking pretty good for Bitcoin Cash. Although this volume is lower than some people might want it to be, all markets suffer from a decrease in trading volume as of right now. Under half a billion is not stellar for Bitcoin Cash, but it is still a good amount better than most other currencies in the top 10 right now. If this volume can pick up the slack a bit, we may see more Bitcoin Cash price fireworks later today.

As of right now, OKEx is once again the largest trading platform for BCH trading volume. That in itself is pretty interesting to keep an eye on, although HitBTC is not that far behind, all things considered.  With no fiat currency pairs in the entire top five right now, things are not looking all that great, but one never knows what the next few hours or days may bring to the table either.  The first fiat currency market on the list is Bitfinex’s USD pair with just $17m in volume.

Whether or not the Bitcoin Cash price will reach a new all-time high at some point in the near future, remains to be determined. For now, it seems anything is possible, although one never knows what the future holds in this regard. It is certainly possible the Bitcoin Cash price will each $1,300 later today, but whether or not this means we will see a push to a higher value by the time the weekend is over, remains to be determined. Anything is possible in the world of cryptocurrency, especially where the altcoins are concerned

Workforce payment services provider Fleetcor has announced a pilot using xRapid, a product powered by Ripple’s XRP cryptocurrency.

Two Indian crypto exchanges will soon stop trading, citing “stress” on their business from “discouraging” government stance #NEWS

Overstock.com blockchain subsidiary tZero has made a sudden change to the way it is conducting a significant step in its ongoing ICO.

This week local Japanese news outlets report that the exchange Coincheck, who suffered from a $530Mn USD loss of the cryptocurrency NEM, is facing a class action lawsuit. Reports detail that 132 Coincheck customers have banded together asking for a refund of 228 million yen ($2Mn).

Also read: Digital Currency Group Welcomes Bitcoin-Friendly Bank to the ‘DCG Family’

Coincheck Faces Another Class Action Lawsuit

132 investors have filed a lawsuit against Coincheck with the Tokyo District Court on February 27 according to the regional publication Sankei. Coincheck was hacked on January 26 for roughly $530Mn worth of digital assets. The exchange detailed it was making arrangements to pay the 260,000 customers back at 81 U.S. cents per token. Additionally, news.Bitcoin.com reported on the trading platform submitting its refund plan to the Japanese Financial Services Agency (FSA).

On February 15 a group of seven investors filed a class action suit asking “Coincheck pay annualized interest of 5 percent on the value of the digital coins from notification of the claim,” according to Reuters.

Class Action Plaintiff: ‘At the Very Least We Would Like to Sell and Withdraw’

Now 132 customers filed a new lawsuit yesterday seeking a quick restitution due to the fact they cannot withdraw their funds at this time, explains the Sankei report. The class action suit is asking for a mix of 13 types of cryptocurrencies and a portion of Japanese yen.

“At the very least we would like to sell the virtual currency and withdraw it in Japanese yen, but even that will not make it even, we complain because of our distrust of Coincheck,” a plaintiff in her twenties explained the lawsuit to a group of reporters that day.

A Coincheck spokesperson responded to questions about the lawsuit by stating:

We have not responded to the presence or absence of a trial or content.     

The official restitution plans sent to the FSA are still uncertain, but recently it was reported the platform was considering a ‘capital tie-up.’ The local news outlet Jiji Press said a person familiar with the matter told them that “several possible partners, including an investment fund” has emerged.

What do you think about Coincheck being sued by 132 investors? Let us know your thoughts on this story in the comments below.

Images via Pixabay, Associated Press, and the Nikkei Asian Review

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Banks have emerged as institutions that are ‘too big to fail’. The 2008 banking crisis taught us the lesson that many governments will bail out banks using public money to avoid unrest on the streets, as well as in their economy. However, we have to seriously ask if the financial crisis ever went away. The Gross Non-Performing Assets (NPAs) of Indian banks now comprise 22.39 percent of their total lending and has risen to INR 350.98 bln. While in China, spiraling lending is causing concern. New bank loans have reached CNY 2.8 tln; 43 percent higher compared with a year earlier.  The International Monetary Fund’s Working Paper, Credit Booms – Is China Different? By Sally Chen and Joong Shik Kang, puts the risk in plain and simple words, “Strong Chinese output growth after the Global Financial Crisis was supported by booming credit. This credit boom carries risks. International experience suggests that China’s credit growth is on a dangerous trajectory, with increasing risks of a disruptive adjustment and/or a marked growth slowdown.” China and India are both among the seven biggest world economies; any crisis caused by errant banks in either country could be disastrous for the entire world.

It is increasingly difficult to continue business as usual without seriously considering alternatives to the traditional banking system, whether talking about banking, governance or providing quality investment opportunities to the public. With the advent of the blockchain, new possibilities have emerged that offer real choice to the people. Bitcoin, which was one of the first on the scene, provided people with the opportunity to hold, spend and transmit digital funds. Ethereum added the capability to execute smart contracts, and now there is a currency that will provide bank-like benefits. Bitstrades Coin allows users to benefit by just holding the currency.

More than just a bank

Bitstrades is a platform that provides some services that traditional banks also provide. Investors can get benefits by holding the platform’s Bitstrades Coin, while the users of the platform can also benefit by taking loans from the lending platform that it will operate. A dashboard also gives access to the lending platform for potential investors, who can then use it to invest money in the lending platform and gain income based on the amount that they invest.

However, the platform is way more than just a bank; it also includes the BSS exchange where investors can change their Bitstrades Coins into other cryptocurrencies or Euro and can also buy Bitstrades Coins to either hold or invest in the lending platform. The platform also provides a news section which gives the latest information on price analysis of cryptocurrency as well as charts, guides, and listings, so that investors can benefit from movements in currencies and execute well informed financial decisions.

Why Bitstrades Coin?

Bitstrades Coin’s main attraction seems to be the fact that it provides investors with a chance to get daily profit from the coin by just holding it, in addition to normal revenue generation avenues, such as mining and trading on major exchanges. Bitstrades platform is a solution that provides a large number of opportunities to the average user, such as staking, investing, trading and mining. The platform is built on the peer-to-peer principle and has a very quick transaction time. As more users discover the Bitstrades platform for uses ranging from transactions to borrowing, there will be more use of the Bitstrades Coin which will in turn fuel demand, meaning the possibility of appreciation in the price of the coin itself.

Can Bitstrades create a new era in banking?

It is time that banking gets an independent mechanism which is above reproach. Bitstrades, with its investment capital managed by transactional bots and volatility software, is banking untouched by human hands. This is the chief characteristic of the platform that distinguishes it from traditional banking as it exists today. In fact, if the platform itself finds massive success, it has the potential to revolutionize banking itself and save the industry from imploding. The approach that Bitstrades has taken can help cut down the  Non-Performing Assets of the banking industry, give automatic returns to system users and help generate employment by getting loans to the people that truly deserve them. This approach can also bridge the gap between geographies and help poorer areas of the world get access to banking finance. The evolution of Bitstrades will be fascinating for anyone who wants to see a change in the banking system.

The post Banks Have the Potential to Evolve as a New Token Takes Centrestage appeared first on NewsBTC.

Hard forks in the crypto sphere are now commonplace, Bitcoin had countless blockchain splits over the past year. Just last month Litecoin forked amid a lot of controversy, much of which came from the founder of the original. Forks tend to draw in those looking for a quick buck on the price jump or some free coins from the airdrop that usually occurs after the split. The latest hark fork generating a buzz is the anonymous cryptocurrency Monero.

Monero’s XMR coin is widely regarded the hacker’s choice due to its anonymity. Virtually all stories about crypto mining malware have involved Monero and it remains the top crypto to acquire on the sly. This is largely a testament to its success as a private and untraceable digital asset. Monero has been one of the better performing altcoins in February climbing 20% during the month.

MoneroV Airdrop

Prices are likely to continue upwards as the hard fork approaches block 1529810 around March 14. From then on MoneroV will be born out of the blockchain and holders of XMR will get a ten times airdrop of XMV coins if they have them in a Monero wallet. Exchanges are unlikely to support the fork as was the case with Litecoin Cash. Also as with LCC there have been concerns about entering private keys into the new wallet that could potentially enable access to crypto stored in the original one.

According to the blurb on its website MoneroV ‘has limited supply of coins while Monero’s coin supply is infinite, and MoneroV will implement new protocols that will solve the scaling problems facing Monero and other cryptocurrencies.’

With a capped supply of 256 million XMV and a release of 158 million at the fork it is expected that prices will rise. However MoneroV is entering an increasingly crowded anonymous altcoin market that already includes Dash, Zcash, Zcoin, Pivx, Komodo, and Verge.

Centralized Mining Threat

The current concern with Monero is the possible centralization of mining operations using proof of work. If there is enough hashing power with a large enough network one group could theoretically control the entire network. One specific location or type of hardware for mining could also create centralization.

According to reports a hard fork will change Monero’s CryptoNight proof-of-work algorithm to prevent it from being effectively mined by application specific integrated circuit (ASIC) hardware. Too many ASIC miners could potentially centralize the network. The Monero team explained the threat of centralization in a lengthy blog post last month and warned against reuse of Monero keys for forked versions.

The post Monero to Hard Fork with MoneroV Coming in Mid-March appeared first on NewsBTC.

Credit Suisse and ING say they have successful sent securities worth €25 million ($30 million) over a system built with R3’s Corda.

Biotron.io has announced the launch of its public Initial Token Event (ITE) which will take place from the 20th of March 2018 (15:00 UTC) until the 29th of March 2018 (15:00 UTC) in order to fund Biotron.io. The distribution of the tokens will commence on the 2nd of April.

Biotron.io is a user permissioned and revenue sharing personal data warehouse. User data is collected and saved in a form of high-level analyses, which are then available for purchase by interested customers.

To realise its vision, Biotron.io is launching its own utility token – BTRN. The token facilitates the trade of data and payments between providers and customers. It is the only option for payments to access Biotron.io’s data analyses and to compensate data providers.

During the ITE, BTRN are created as ERC-20 cryptographic tokens on the Ethereum (ETH) protocol. After the ITE and once the Biotron Blockchain is launched, the ERC-20 based BTRN will be replaced by the final proprietary BTRN.

The public ITE will last 9 days, with each day representing one round. The round one value of 1 BTRN will be 0.10€ with an increase of 0.01€ per round. The final round value will be 0.18€ per 1 BTRN. The ETH-EUR exchange rate used for each round will be announced daily according to the Euro exchange rate. It will be calculated as 1-day (24h) moving average of the day before the round starts. The source of the exchange rate and its calculation will be announced in advance of the ITE.

A private ITE was launched on the 1st of February 2018 and will last until the 19th of March 2018. The minimum contribution is 200ETH. Contributions received during the private ITE will be recorded during the 1st round of the public ITE and distributed from the ITE token pool. Private ITE bonuses will be distributed individually from an allocated “Private ITE Bonus” token pool which is 10% of all the created BTRN tokens. Any tokens that were reserved for the ITE and Private ITE Bonus but remain undistributed will be allocated to the “User Acquisition” token pool.

The identification of contributors to the ITE will be based on their ETH wallet address and BTRN tokens are distributed to this address only. All BTRN wallet addresses for contributions will be made public prior to the ITE. There will be the KYC process to establish a contributor’s investment knowledge and financial position.

Summary

Role of Token: Enables trade of data between data customers and data providers
Symbol: BTRN
Maximum Supply: 1 000 000 000 tokens (no new tokens will be created)
Initial Token Event: 350 000 000 tokens (35% of all tokens)
Initial Token Value: €0.10 per 1 BTRN (Round 1)
Public ITE Period: 20.3.2018 15:00 UTC to 29.3.2018 15:00 UTC
Accepted currencies: BTC, ETH, LTC, EOS, OMG, BAT, SPHTX
Token Distribution Commencement: 2nd of April 2018 (48 hours)

Token allocation:

Graph Summary

• 35% of BTRN tokens will be allocated for ITE.
• 10% allocated for private ITE bonus scheme.
• 10% will be held for transaction validations in case Biotron.io decides to build their own blockchain/ledger. If an existing blockchain/ledger is used, these tokens will be used to cover transaction fees on that network.
• 25% of issued BTRN tokens will be allocated for user acquisition activities, business development, and market expansion.
• 15% of BTRN tokens will be allocated to cover ITE operation costs (marketing, legal, and development efforts) and to compensate ITE advisors, partners, and founders (vesting period up to 12 months).
• 5% will be held in a reserve by Biotron.io for future development with sales restrictions of 2 years.

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