Day: June 1, 2018

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The government of Venezuela has banned the importation of cryptocurrency mining equipment, including graphics processing units (GPUs) and application-specific integrated circuits (ASICs). The law changes were made in April and since then customs has been seizing cryptocurrency mining equipment at seaports and airports.

Carlos Vegas, the Superintendent of Cryptoactives and Other Related Venezuelan Activities, has implied that this ban is only temporary, saying companies are being evaluated and will eventually be authorized to import, market, and guarantee the quality of cryptocurrency mining equipment in Venezuela. He warned Venezuelans to be prudent when acquiring cryptocurrency mining equipment since no company has been endorsed or certified by the Venezuelan government to distribute such equipment.

The reality is that this ban is coming at a time when Venezuelans have been embracing cryptocurrency and could be a measure to slow down the replacement of the local fiat currency, the Bolivar Fuerte (VEF), with cryptocurrency.

The VEF has been experiencing extreme hyperinflation at the rate of thousands of percentages per year, leading to currency being used as confetti at baseball games and needing literal suitcases full of cash to go grocery shopping. The VEF has lost over 99.99% of its value, so anyone that had their life savings in it is now in living poverty, and the inflation rate is so high that anyone paid with VEF will be earning progressively less.

As a measure to try and fix the crisis the government is cutting off three zeros from the VEF, so VEF 1,000 will become VEF 1, but this isn’t much of a fix since the high inflation rate will continue due to sustained money printing by the government.

The government of Venezuela fixed the cost of utilities including electricity, water, and phone bills at about VEF 300,000 VEF, which is roughly USD 3 per month. This means that electricity in Venezuela is essentially free, and this has led to a cryptocurrency mining boom. Once a cryptocurrency mining rig is purchased, there is little electricity cost, so anything it produces can be used to purchase goods, services, or for savings. Best of all, the earnings can be kept in Bitcoin, a more stable currency which becomes more valuable versus the VEF every day.

The end result is that anyone who successfully purchases a cryptocurrency mining rig can make their living off of it, and use the cryptocurrency it produces instead of the VEF. This has accelerated the abandonment of the VEF, and is perhaps the real reason the government is trying to ban cryptocurrency mining equipment.

There is some irony in that the Venezuelan government has banned cryptocurrency mining equipment, considering it released its own state-backed cryptocurrency called the Petromoneda.

 

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In response to ongoing regulation improvement in the blockchain industry, Blockpass is offering a universal KYC platform for both users and services. It has already released an app for iOS and Android and has attracted several major partners. Blockpass will also issue its own PASS token, claiming that it will be the first “KYC token”. The company announced its collaboration with the BlockEx cryptoexchange, which will organize the first distribution event of the PASS token starting on May 31.

Disclosure: This is a Sponsored Article

An ever-growing number of ICOs and the evolution of blockchain-based financial services has increased interest in identity solutions. Most users of blockchain services are familiar with the “Know Your Customer” (KYC) procedure to authenticate identity. Since KYC is usually made up of individual user services, it often lacks convenience and security. However, the blockchain industry is becoming increasingly regulated, which is leading to the rise of regulation technologies, or regtech.

Blockpass is a universal KYC solution positioned at the intersection of regtech and blockchain markets, aiming to meet the demand for a better KYC experience. The application is designed to meet KYC, Anti-Money Laundering, and General Data Protection Regulation compliance.

KYC platform for enterprises and users

Blockpass has been released as a fully functional app for iOS and Android. It allows users to verify, store, and manage their identities. The platform may be used by different services as a standard for KYC so that users do not have to pass KYC every time they sign up for a new service. Blockpass also utilizes decentralized data storage and does not keep any user data. Instead, data is stored offline and accessible only by the user. Each user may also backup their profile manually.

Services also have the opportunity to set up Blockpass as their identity verification platform rather than spend money to develop their own KYC software and personal data storage. All third-party services that use the Blockpass identity solution are listed in the app’s special section, separated into two groups: those for which the user has provided sufficient information to onboard, and those for which the user needs to provide more information before proceeding.

Service providers may perform additional verification checks with the help of certificates. When a user meets certain requirements, he can receive a certificate and then either review and accept to add it to his profile, or reject it.

Another novel aspect of Blockpass is the ability to integrate one-click verification for users through a QR code on the website. Upon scanning a code, the Blockpass app prompts the user to submit any profile information necessary to gain access.

First “KYC token”

Blockpass will issue the PASS token, called “the first KYC token” by its developers. The purpose of the token is to expand the network of Blockpass users. When a user receives the token, he will need to download the product and conduct KYC with Blockpass before transferring the token. The utility of the token is to obtain a discount on verification services provided by Blockpass as well as “identity mining” which rewards users and enterprises providing services for identity verification.

Blockpass has also announced a partnership with the BlockEx cryptoassets exchange. Under the terms of the agreement, PASS token will be listed on the BlockEx secondary market after undergoing a due diligence imposed by the exchange. The BlockEx will be appointed as an official distributor of PASS tokens during the initial token distribution event taking place from May 31 until November 30, 2018. In return, Blockpass will integrate its KYC solution into the BlockEx platform.

“We’re very enthusiastic about this new partnership with BlockEx as distributor of the PASS token, but also as an opportunity to expand the Blockpass user base”, said Blockpass CEO Adam Vaziri. “This is one more step in growing our shared compliance and regulatory ecosystem”.
According to BlockEx CEO Adam Leonard, “Becoming a distributor of the PASS token means we are supporting a more compliant regulated token ecosystem. It gives us the opportunity to grow and evolve with the changing landscape of the blockchain economy”.

The list of Blockpass’ major partners also includes Infinito Wallet, BnkToTheFuture investment platform, AgeChecked verification service, and Holdex ICO platform.

The Bitcoin Cash Fund has launched a new web portal that’s focused on educating the masses about the many benefits of Bitcoin Cash. The new website Bitcoincashers.org plans to bring “everything Bitcoin Cash under one roof” showcasing the cryptocurrency as a fast and reliable payment method.

Also read: Brisbane International is Now the World’s First Crypto-Friendly Airport

Bitcoincashers.org Aims to Help Consumers and Businesses Learn to Use Bitcoin Cash Anytime

The Bitcoin Cash Fund (BCF) wants to accelerate the adoption of Bitcoin Cash (BCH), and its new website Bitcoincashers.org plans to solidify this philosophy. The BCF organization explains that the new web portal aims to educate businesses and individuals worldwide, not only on how the cryptocurrency works, but the site will explain how people can use the decentralized asset every day.

Moreover, BCF details that the website will also be a general resource for things like exchanges, meetups, and bounties. Bitcoincashers.org will feature a ‘For Merchants’ page that will focus on a resource for businesses, and the site will detail the very basics of using bitcoin like buying, earning, trading, and spending.        

“We’re excited that Bitcoincashers.org will assist consumers and businesses to use Bitcoin Cash anytime, anywhere,” says Paul Wasensteiner, board member of Bitcoin Cash Fund.

Bitcoin Cash is digital money that offers better features than traditional fiat cash. Vendors in places like Venezuela and other high-inflation environments are starting to use BCH to make payments without having to go through a third party such as a bank, government or payment service.

A Closer Interaction With the Bitcoin Cash Ecosystem

Bitcoincashers.org will feature a vast resource section of Bitcoin Cash wallets alongside available Point-of-Sale (PoS) systems. BCF says the organization recognizes the need for an all-in-one swiss army knife website dedicated to Bitcoin Cash, and they believe BitcoinCashers.org will be an excellent vehicle towards on-ramping mass Bitcoin Cash adoption.

“Bitcoincashers.org is going to be very important for those learning to navigate through the Bitcoin Cash ecosystem,” notes BCF during the website launch. “There are a ton of different projects, exchanges, and different ways to interact with BCH which can get confusing for even the seasoned Bitcoinercashers.

This website will bring all of these projects together in one place and will provide a chance to speed up the process of experiencing the community.

What do you think about the Bitcoincashers.org website? Let us know your thoughts on this subject in the comment section below.

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Images via Shutterstock, and Bitcoincashers.org

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As was to be expected, things have taken a turn for the worse across all cryptocurrency markets. After a few days of positive momentum, it seems all gains will be erased in the near future. So far, the TRON price is noting the biggest loss in the past 24 hours, albeit it remains to be seen how all of this will evolve in the coming hours.

TRON Price Takes a Small Dump

After so many years of watching cryptocurrency charts, most experts won’t be too surprised to see the momentum turn against all currencies again. Although some of them are still in the green as of right now, there is a lot of bearish pressure on all markets. The TRON price is no exception in this regard, as it has lost nearly 5% in the past 24 hours.

To put this into perspective, the TRON price sits at $0,0578 as of right now. It is not a massive price dip whatsoever yet most holders and speculators will not be too pleased by this temporary retrace. At the same time, it is possible things will turn around over the weekend once again, albeit that part of the week is always unpredictable.

The declining TRON price is also a direct result of TRX losing ground compared to both Bitcoin and Ethereum The TRX/BTC ratio has declined by 3.05%, whereas the TRX/ETH ratio has dropped by 4,67%. Again, neither of these losses are incredibly steep, but it does show there is a sea of red to contend with at this time.

While TRON still has over $244m in 24-hour trading volume, it will be a while until the bulls take control again. With the bearish pressure forming so quickly out of the blue, it seems highly unlikely any positive momentum will occur later today. For the TRON price, the main objective is to find stable support, although it’s difficult to pinpoint at what level that can be found.

Unsurprisingly, Binance is the leading trading platform for TRON. Its BTC pair is slightly ahead of Upbit’s and Bithumb’s KRW pairs. CoinEgg and OKEx complete the top five with two more BTC markets. It is possible there will be some upward momentum due to the presence of these KRW markets, albeit nothing has been set in stone.

It remains unclear what the future holds for all cryptocurrencies. As such, the future of the TRON price remains in question, although no major dips are to be expected in the coming days. Then again, unpredictable markets usually evolve in ways people least expect, which is both intriguing and worrisome at the same time.

Crypto exchange Huobi has teamed up with NewMargin Capital and Kiwoom Securities to launch a blockchain fund focused on China and South Korea.

Open source programs have become a vital part of the organizational framework of many business ventures across the globe. However, with increasing interest in this technological domain, a whole new set of growing pains have come to light. For example, open source platforms present a severe lack of incentives for developers, thereby rendering many projects inactive within a short span of time.

FundRequest is an all-new venture that has been designed to fund open source issues on any project, irrespective of the programming language that has been used to develop it.  

The platform makes use of a blockchain-driven framework as well as smart contracts to provide users with all of the necessary tools to foster an open source development community. Through the deployment of smart contracts, conflicts between the participating actors can be resolved without any third-party interference. This not only increases efficiency but also reduces platforms’ upkeep costs drastically.

FundRequest can combine issues with ongoing projects under a governance structure to support large features and projects in a hassle-free manner.

Overview of the platform

• Because upkeep costs for the platform are low, FundKeep is able to minimize unforeseen expenses for all of the parties involved in a particular transaction.
• FundRequest does not levy a service fee on any of its users.
• Through the use of distributed ledgers, this platform is able to maintain a high level of transparency.
• Via the deployment of special blockchain protocols, the FundRequest platform allows third-party services to access its core system module.
• All internal transactions taking place within the ecosystem are facilitated through the use of a currency called FND.
• FundRequest aims to become the first platform within the cryptoverse to employ the SkillToken Factory smart contract.

Key Features

For starters, the FundRequest platform allows a user to submit a request to work on or improve his/her favorite target platform. With a plethora of functional features delivered via the platform’s native API and browser extensions, the user is able to raise funds accordingly.

 Overview of what the platform has to offer

A user request can be funded using any ERC20 compliant token. As a result, projects will be able to reimburse solvers using their own native currencies.

Other key aspects of this service include:

(i) Seamless community support: when using this platform, anyone can fund requests for their favorite open source projects. This not only encourages the development of the project in question, but also allows qualified independent developers to earn a steady revenue stream.

(ii) Discovery of popular, untapped projects: through FundRequest, developers have the ability to find out which technical issues plague the crypto community at large. Participating devs can then work on these problems and support the widespread adoption of blockchain technology across the globe.

(iii) Development of customized projects: by proposing or funding new features, users will be able to directly participate in the evolution of existing projects.

Diagrammatic representation of the FundRequest ecosystem

How it Works

FundRequest contains four primary components:

• Blockchain smart contracts: as mentioned earlier, these contracts are a predetermined set of tools that help facilitate smoother internal processes.
• Core transactional framework: this is the part of the platform that contains the driving logic for all internal transactions.
• Native API framework: it consists of a set of APIs that will be offered to the internal applications making use of the FundRequest platform. Additionally, it serves as a gateway for all front-end services.
• Communications module: it acts as a means of linking the front end with back-end applications such as native web modules and chrome plugins.

A simplified overview of how the platform works

In terms of transaction flow, the platform works as follows:

• The requesting organization (funder) first allocates a certain amount of money to an
  open source issue.
• These funds are stored in a smart contract and are distributed only when a set of predetermined conditions are satisfied.
• Once the open source issue has been funded, the developer (solver) has the ability to select the project in question.
• To avoid malicious activities, the developer is only allowed to request funds that are proportional to the value of the funded issue.
• After the developer has completed the claimed work, he or she is automatically allocated his or her share of money via a smart contract.
• If any disputes arise, they can be solved directly by fostering interactions between the involved actors.

About the team

Karel Striegel is the CEO of this venture. According to his LinkedIn profile, he has previously been involved with various other projects such as:

• Striegel BVBA (Founder and CEO)
• International Post Corporation (DevOps Engineer)
• Steria (Linux System Engineer)

Davy Van Roy is the CTO and co-founder of FundRequest. Davy is a blockchain and web development professional who specializes in technical domains such as:

• Java
• Spring
• JPA
• TDD
• Maven

Token Performance Details

Introduced to the market just under ten days back, the value of FND tokens has remained fairly stable.

FND token performance data (courtesy of CoinMarketCap)

As of May 29, FND is valued at $0.177 per token and has a total market cap of US$5,479,138. A total of 98,611,464 FND have been minted, of which only 30,851,003 are currently in circulation.

Final thoughts

FundRequest introduces an easy and secure way to reward bug fixes and feature builds on any project. With FundRequest aiming to deliver a decentralized marketplace for open source collaboration, it would not be surprising to see this service fare well in the coming few months.

If you would like to start investing in this venture, FND trading pairs are currently available on IDEX and Coinbene.

Blockchain.info has hit a milestone this past week with users of the online Bitcoin wallet service having created more than 25 million wallets. This is by far the most out of any online Bitcoin wallet service; Coinbase, a major Bitcoin exchange based in the United States, has 13 million in comparison.

The Blockchain.info wallet service can easily be used on any computer or phone, and can be secured with a pin code and 2-FA to ensure Bitcoins won’t be stolen. It is seen as a good lightweight option since a wallet can be created, secured, and used in minutes, as opposed to Bitcoin Core which can be time-consuming as it requires downloading the entire Bitcoin blockchain.

Serious Bitcoin users, however, will still prefer offline wallets that let users control their own private keys and that are not at risk of an online wallet’s server being hacked or shut down without warning. Full clients like Bitcoin Core also allows users to act as nodes that help secure the Bitcoin network.

Of Bitcoin wallets created, there are currently only 22,057,779 Bitcoin addresses with a positive balance and 20,812,887 unique Bitcoin wallets with a positive balance, accounting for multiple addresses in a Bitcoin wallet. This means that many millions of wallets on the Blockchain.info service are empty, considering that there are lots of other Bitcoin wallet providers and programs included in this count of positive balances. Such a large amount of wallets with zero balance is due to people abandoning wallets. Often, people just use a wallet once and forget about it – this is also the recommended usage of addresses to protect privacy.

Blockchain.info was founded in the United Kingdom and was launched in August 2011, and has been one of the biggest Bitcoin websites ever since with an Alexa rank of 860 out of all the websites in the world. It provides wallet services, a block explorer, Bitcoin network statistics such as transaction volume and hash power, and an integrated Bitcoin exchange service. Apparently, Blockchain.info provided a mechanism for buying and selling Bitcoin in the United Kingdom since near its inception but has only recently begun exchange services for United States customers. This puts Blockchain.info in direct competition with Coinbase.

There have been positive developments for Blockchain.info, such as over USD 70 million of funding raised in recent years. It also hired Peter Wilson from Facebook and Google as VP of engineering, Breanne Madigan from Goldman Sachs as head of institutional sales, and Garrick Hileman from Bank of America and Allianz as head of research.

With its popularity, reputation, experience, and funding, it is likely that Blockchain.info will continue to grow in the long term and continue to be a leading online Bitcoin wallet service provider.

 

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Cryptocurrency trading is a sure-fire way of joining the digital currency industry, yet at this time, many people do not have the time and expertise required for the market. This represents the main reason why AI-powered trading platforms are becoming more popular.

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AI Trader represents a newly-launched platform, developed by one of the top five GPU mining companies in the world. The ecosystem has been designed to disrupt the fundamentals of autonomous crypto trading, while also offering users simplicity and stunning results.

To put things better into perspective, the AI Trader Application is backed by the knowledge and experience of numerous traders from established financial firms such as Morgan Stanley and Deutsche Bank, alongside next-level machine learning and artificial intelligence systems. With this in mind, the platform enables users to overcome personal emotions and bias, while also saving time, thanks to the autonomous trading capabilities of the system.

Getting started with the platform is bound to be easy. After registering an account, users simply have to deposit, (replace with) Users need to just have a supported exchange account and funds in the same to trade, they create an API key and Secret key and register on the AI Trader platform with these keys. Once registered they simply choose one of the curated trading strategies and the afferent trading pairs. Once the process is started, the Deep Learning AI systems will analyse the market, and make informed trading decisions.

Additional features allow users to customize their experience even more by choosing an attitude for the AI to behave in, while also hitting pause, resuming trading, or setting specific time intervals for transactions. Some of the main cryptocurrency trading features, include, but are not limited to: real-time display of trading funds, latest trading results, dynamic equity management, multiple every single pair to choose from, automated leverage trading and more.

At this time, the ecosystems supports the Binance and BitMEX exchanges, yet support will soon be added for Bittrex, Kraken and CobinHood. Currently the system is generating 82% yield average/month.

When it comes down to pricing, the platform is fairly cheap for operate. AI Trader charges $150 for the basic, one-month membership, and $600 for the platinum one-year membership.

Based on everything that has been outlined so far, AI Trader is a result-driven trading platform, with a simple and transparent approach, designed for all crypto enthusiasts lacking enough time or trading expertise.

We have also availed a 10% discount for all our audience, you can claim the same by clicking the following link:

https://app.aitrader.ai/

For more information on AI Trader and its features, feel free to check out their website and the explainer video. Here are some useful links:

Platform Overview: https://www.youtube.com/watch?v=dqz65lSjM2w
More details about the platform: https://aitrader.ai/
Follow AI Trader on Twitter: https://twitter.com/Aitrader_Ai
About AI Trader: https://aitrader.ai/about
Contact AI Trader: [email protected]

As US president Donald Trump shocks the world with his surprise steel and aluminum tariffs targeted at Canadian, Mexican and EU markets, Bitcoin markets could be the beneficiary, according to Forbes..

The response from Canada, the UK, France, and Mexico has been one of surprise and total indignation, pointing to the possibility of a trade crisis between the nations involved. These apparently punitive and protectionist measures could provide the much-awaited positive swing for Bitcoin, as it could become an ideal hedge opportunity as a result, providing that President Trump‘s latest measures aren’t rescinded due to a global response against the US.

Traders are now bracing themselves against the possibility of market volatility which will work very much in Bitcoin’s favor, as investors look for fundamentals to support the price of Bitcoin and positive indicators and motivators for change.

The recent Consensus 2018 event in New York was seen by some as the kind of shot in the arm needed to reinject enthusiasm in the sluggish Bitcoin market, but it proved to lack any real energy as a contributing driver to market despite offering headlines about Lamborghinis to news sources.

The last two months have seen numerous positive comments from central banks regarding some kind of CBDC. On both sides of the English Channel, politicians have waxed lyrical about cryptocurrency with even Canadian Bank of England Governor Mark Carney manufacturing a dramatic turnaround after his earlier view that Bitcoin had “failed”.

China with a cryptocurrency ban in place has now begun to take blockchain technology seriously, led by recent comments by Chinese president Xi Jinping, who now promotes the benefits of the new technology. Chinese investors welcome this, and reports indicate that it’s a question of time before the Bank of China follows suit. If the People’s Bank of China takes that route, it may impact on the way that Bitcoin and other currencies are regarded by the government, blockchain being the underlying technology behind digital currencies.

Cryptocurrency investors will be watching the development of what is already becoming a trade war between the US and its former trading partners with great interest, hoping that it could become another important factor in reinjecting energy into the Bitcoin market.

 

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We’re used to hearing about regulation by now. But most of the news that makes the headlines comes from the United States SEC and its latest statements or subpoenas. However, it seems that the United Kingdom is following suit. The country’s financial regulator and markets watchdog, the Financial Conduct Authority (FCA), says there are now 24 pending investigations into cryptocurrencies, according to Citywire.

Regulatory Action Could be Taken

The FCA confirmed that it has looked into at least seven whistle-blower reports regarding cryptocurrency operations so far this year. The aim is to assess whether or not these companies are engaged in regulated activities without the necessary authorization to do so.

If its findings prove affirmative, action will likely be taken and will depend on the severity of each case. Just like the SEC, the FCA is designed to protect consumer interests. As such, the probe will begin by determining which activities constitute the greatest risk to consumers.

In a statement released in April, the FCA said that any company conducting “regulated activities in cryptocurrency derivatives” must comply with its rules.

“It is likely that dealing in, arranging transactions in, advising on or providing other services that amount to regulated activities in relation to derivatives that reference either cryptocurrencies or tokens issued through an initial coin offering (ICO) will require authorization by the FCA,” the statement concludes.

What Does This Mean For Non-Compliant Companies?

Depending on the level of risk determined by the FCA, punishments could range from an advisory statement on its website about certain firms or individuals, to civil action, halting operations, freezing assets, and even criminal prosecutions.

The operations of cryptocurrency companies have become a topic of increased interest for regulatory bodies around the world. So far, the UK has been fairly lenient in its approach to regulation; however, certain vehicles associated with cryptocurrency are within the purview of the FCA, including cryptocurrency futures, cryptocurrency options, and cryptocurrency contracts for differences (CFDs). However, the FCA notes that cryptocurrencies in general do not fall directly under its authority.

This is the first of what could be many clampdowns on crypto firms in the UK. However, the Bank of England’s official review of cryptocurrencies and the FCA’s approach moving forward will be announced later this year.

Square’s stock, listed as SQ on the New York Stock Exchange, has rallied from USD 36 to USD 58 (+61%) since it added Bitcoin functionality to its popular Square Cash app in November 2017. This has resulted in the stock’s market cap increasing over USD 8 billion, to USD 23 billion. This is the highest Square’s stock has ever been.

Square is a company which originally processed credit and debit card transactions for merchants, before releasing Square Cash, which is an extremely popular mobile app that people use to send money to each other instantly with credit or debit cards. Money can be instantly deposited into a user’s bank from a Square Cash account, and there is also a Square Cash card that users can take to an ATM and get cash out. These features have made Square Cash an excellent way for some users to transfer money instantly, far faster and cheaper than Western Union or MoneyGram if the receiver is equipped with the right card.

In November 2017, Square Cash added Bitcoin functionality to a limited set of users in a beta test, before opening up Bitcoin service to all of its Square Cash customers in the United States. Users can buy and sell Bitcoin on Square Cash at no fees. There is a margin of 1-2% between the buy and sell prices though, which is standard for Bitcoin exchanges and is how Square Cash makes money. Most other Bitcoin exchanges like Coinbase charge additional fees and are potentially more expensive than Square Cash.

Now that Square Cash has Bitcoin, it offers some a far better and cheaper option to buy and sell Bitcoin, when compared to a Bitcoin ATM which often charges fees of 5-10%. It can also be more efficient than Bitcoin exchanges, since Square Cash deposits money instantly while exchanges can take 2 to 5 days.

 

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The US Securities and Exchange Commission has obtained a court order stopping the activities of Titanium Blockchain Infrastructure Services (TBIS), a blockchain startup whose ICO had raised $21 million from both local and international investors. Announcing the news in a press release, the SEC also revealed that the court had approved an emergency freezing of the company’s assets as well as the appointment of a receiver for the company. The SEC alleges that TBIS is involved in fraudulent activities that include deceiving investors about the company’s relationships with many big firms such as Boeing and The Walt Disney Company.

‘Like Investing In Intel Or Google’

The SEC accused the company’s CEO, Michael Alan Stollery, of lying to investors about the company’s association with major firms in order to attract more investment. Stollery, whom the press release describes as a self-proclaimed blockchain evangelist, allegedly lied about Titanium’s relationship with the Federal Reserve and many other top firms including Boeing, PayPal, Disney, and Verizon.

The SEC further alleged that Titanium had fabricated testimonials from its corporate clients. Stollery is also accused of having promoted the fraudulent ICO in YouTube videos and on social media platforms, equating investing in Titanium to investing in Intel or Google. As reported by Forbes, various corporates sent letters to Stollery demanding that he quit claiming the connections, but no action was taken. Furthermore, Titanium claimed to have lost 16 million BAR tokens. BAR was the native digital asset of the Titanium platform until May 4, 2018, when it announced BAR’s successor, TBAR. TBAR is currently trading at $0.042, having shed more than 60% of its value since the SEC announcement. Titanium had published the logos of 24 well-known companies on its website which it claimed to have been working with, but none of the partnerships were real.

The head of the SEC’s Cyber Unit, Robert Cohen, claimed the entire ICO was based on social media hype which was meant to deceive investors. He also warned investors who are quick to invest their money in ICOs to practice extreme caution when considering which projects to invest in. The SEC also called on any investors who had invested in the Titanium ICO and believe they are victims of fraud to contact them for assistance.

Happy To Cooperate

Stollery, who also goes by the nickname Stollaire, is accused of violating anti-fraud and registrations laws. The SEC also accuses EHI Network and Systems Management Inc., yet another Stollaire-owned company, of violating anti-fraud laws. In its complaint filed with a Los Angeles court, the SEC seeks to have Stollaire barred from participating in the issuance of digital assets in the future. The regulator is also seeking permanent injunctions against the two companies as well as the immediate return of all the ill-gotten gains.

Titanium consented to the appointment of a permanent receiver following the issuance of a temporary restraining order by the court. In a blog post, Titanium stated that it had cooperated fully with the SEC and was happy to continue cooperating under the terms of the order. The appointed receiver had already begun identifying the company’s assets, the company revealed, while assuring its token holders that all the involved parties would strive to arrive at the best possible outcome. The company also cautioned its community against paying attention to its Telegram channel, which it says “is no longer managed.” Information posted there may be disseminated by malicious individuals who are impersonating Titanium employees and may contain false statements, the company warned. Titanium remains unfazed by the setback, assuring its community that product development will continue quietly in the background.

Anyone who keeps his or her savings in cryptocurrency will sooner or later ponder what the safest method of storage is. However, due to recent events, it is becoming an increasingly complex task. The exchanges insist on personal data being sent to them, and the latest case with coinbase, which is now obligated to turn over all of its clients’ detailed personal data, has sent crypto-exchange owners into shock. Poloniex, bittrex, btc-e (wex.nz), bitfinex – all of these exchanges are subject to frequent attacks, and some – to FBI incursions.

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Over the course of the history of cryptocurrency exchanges over USD 1 billion has been stolen from them. Utilization of local wallets is no less problematic. The loading of the entire transaction ledger may take up to one day, the size is also insignificant – approximately 100 Gb. The problem with wallet migration. Besides all of this, there’s a risk of losing the wallet entirely if the media is damaged. Where can you keep your cryptocurrency savings in a way conveniently and reliably?

A number of enthusiasts have inadvertently asked themselves this question, and decided to create Rahakott, a reliable and convenient online wallet. Akke Svenson, the developer of the wallet, stated, “There’s an extensive selection of crypto-wallets on the market, but it’s not that easy to find a really convenient and practical one among them. That’s why our team decided to develop a proprietary app, which would incorporate the best of all the other software.”

Rahakott is a new multicurrency online wallet for cryptocurrency storage. The project was launched in the fall of last year. In order to attain success, the new wallet resolved to provide better product quality and user convenience. So, what are the reasons for a regular user to switch to Rahakott?

Registration: Registration takes about 15 seconds. There’s no need for your e-mail, telephone number, login or even a password. A mnemonic phrase will be generated for you. A mnemonic phrase will be the key to your funds, and the main thing is to hide it and not to lose it. Following registration, you will receive access to your funds in just 10 seconds.

Anonymity: All of the service’s wallets are dedicated. That means that each transaction will generate a new wallet, which significantly increases the user’s anonymity. Built-in tumbler, which makes tracking your transaction virtually impossible. Possibility of working with your wallet through Tor.

Security: In case of a security breach – all data is securely encrypted on the servers, even the developers would not be able to get to it. The only way to gain access to your account is your mnemonic phrase. The option of installing 2FA on your account. The wallet: There are currently 5 most popular and most frequently used cryptocurrencies available – BTC, LTC, XMR, ZEC and DASH.

More and more new currencies will be added subsequently. More about the wallet: The user who launches the main profile is called the administrator, and he may assign other types of roles to other users, including that of a manager, trader or auditor. Thus, the business owner can distribute the rights between different employees depending on their status. Thousands of transactions are conducted through Rahakott wallets.

Over the course of its existence, over USD 10 million in Bitcoin were transferred through the service, which inspires trust. Quick, instant and friendly support by the wallet developers. Should you try out the wallet? Definitely/ The service is supremely hospitable, and is always ready to welcome you. We’d like to finish up by quoting a comment by the developers: “The Rahakott wallet has been launched into operation on November 12, 2017. We are planning to continually improve the service’s functions. Our most short-term plans include the integration of exchange points with the possibility of clients selecting the best rates of conversion to other cryptocurrencies and fiat (P2P exchange). Our service aims to break the status quo of the modern financial system that’s wrought with limitations, commissions and difficulties in transaction processing.

 

Rahakott Website and Wallet: https://rahakott.io/

“We’re at the origin of a new, independent and transparent financial future. And we are building this world together!”