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Crypto Exchange Huobi Unveils Plans to Put Entire Organization on the Blockchain

Aiming to be among the first ‘leaders’ of decentralized financial infrastructures, cryptocurrency exchange Huobi — the third largest in the world by trading volume — has unveiled plans to put its entire organization on the blockchain. Huobi Chain Gordon Chen, director of the exchange’s global ecosystem fund Huobi Eco, told Tech in Asia that the process will be completed

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Aiming to be among the first ‘leaders’ of decentralized financial infrastructures, cryptocurrency exchange Huobi — the third largest in the world by trading volume — has unveiled plans to put its entire organization on the blockchain.

Huobi Chain

Gordon Chen, director of the exchange’s global ecosystem fund Huobi Eco, told Tech in Asia that the process will be completed in phases over an estimated 18-month period, as reported by the South China Morning Post.

Called Huobi Chain, the project is still being built, but the company has launched a program inviting developers from all over the world to participate in creating its new public blockchain. The code behind Huobi Chain, according to Leon Li Lin, Huobi’s founder and CEO, will be open-sourced, which means that teams can start working at any stage of the operation.

The exchange will fund the program with an initial investment of 30 million Huobi tokens, equivalent to about $170 million. The program consists of eight milestones, and teams will get a prize for hitting each one, said Chen.

Chen adds that he believes blockchain ‘brings a new world,’  where decentralized autonomous organizations (DAOs) will replace existing corporations.

“We firmly believe in a decentralised future and the main goal of the Huobi Chain project is to transform a centralised corporation to a decentralised one that’s run by the community,” said Lin. “Our dream is for Huobi to run on the public blockchain and become a truly decentralised autonomous organisation [DAO].”

In DAOs decisions are made by the community, doing away with a hierarchical management structure. To operate, they rely upon things like smart contracts and pre-programmed rules, like setting aside a certain percentage of the company’s earnings for a task or a fund.

Leaving the Mainland

Huobi, established in 2013, has become the second largest mainland Chinese cryptocurrency exchange after OKEx. Last year, both exchanges came under scrutiny from the Chinese government, and in September Chinese regulators ordered both exchanges to shut down their cryptocurrency trading operations. Because of this, Huobi moved its operations from Beijing to Singapore. 

In the wake of Beijing’s crackdown, Singapore, which was described as ‘friendly to blockchain technology‘ by Ben He, CEO of Ethereum wallet imToken, has become an increasingly popular destination for Chinese companies in the cryptocurrency industry.

Bitmain, which operates the world’s largest mining collective, said earlier this year it was opening a regional headquarters in Singapore. In relation, OKEx said in April that it plans to move its headquarters from Hong Kong to the European island of Malta.

Featured image from Shutterstock.

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EOS Rich List Isn’t as Worrisome as the Statistics May Indicate

There have been plenty of concerns when it comes to the so-called “rich lists” in cryptocurrency. A very small number of wallets usually hold the highest number of coins or tokens. In the case of EOS, that situation is causing a fair few debates. Apparently, the top 10 holders all own over 20,675 EOS each, although this […]

There have been plenty of concerns when it comes to the so-called “rich lists” in cryptocurrency. A very small number of wallets usually hold the highest number of coins or tokens. In the case of EOS, that situation is causing a fair few debates. Apparently, the top 10 holders all own over 20,675 EOS each, although this number needs to be put into its proper perspective.

The EOS Rich List Isn’t What it Seems

While there is a lot of merit to looking at rich lists when it comes to specific cryptocurrencies, there are some factors to take into account. First of all, just because the top addresses hold a significant number of coins doesn’t necessarily mean they are controlled by individuals. In the case of Bitcoin, the top wallets belong to Satoshi Nakamoto, although the funds have never been moved over the course of eight years.

When it comes to all other cryptocurrencies, however, the situation is very different. In the case of Ethereum, most of the top wallets are owned by exchanges and other trading platforms. A lot of consumers prefer to store cryptocurrency on an exchange or online wallet, even though that means they never fully control their holdings. Ethereum’s block explorers have made it relatively easy to identify and label wallets containing a lot of funds.

When it comes to EOS, things get particularly interesting. With the project’s mainnet having launched last week, the team also unveiled the genesis block’s statistics. Evidently, the rich list is primarily dominated by 10 wallets holding 49.67% of the 1 billion tokens in circulation. The entire top 100 owns 74.82% of all tokens, whereas anyone outside of the top 1,000 owns just 13.86% of tokens.

On the surface, this doesn’t paint the best of pictures for the future of EOS. With 10 people controlling virtually half of the token supply, a worrisome situation is present. However, one thing most people tend to overlook is that there are – most likely – a lot of exchanges making up the top 10 and the top 100. Additionally, Block.one still owns 10% of the token supply in a wallet address, which further skews these statistics.

This doesn’t mean there are no individual holders among the top 100. It is evident that the EOS tokens could have been distributed a lot fairer, although that is to be expected when utilizing an ICO to raise funds. Those with more money will simply own a larger share of the supply, even though it doesn’t mean they will dump their tokens on the open market in the near future.

Until the community finds out how this rich list shapes up exactly, there is no reason to worry just yet. Taking the exchanges into account, as well as the holdings of Block.one, it seems this rich list doesn’t look much different from those of other cryptocurrencies on the market today. The 0.3% of tokens which are unregistered are still somewhat of a concern, although that situation should be resolved fairly soon.

Japan’s Module Intends to Conquer the International Crypto World with Its Pioneering Mining and Cloud Sharing Platform

Japan is well known for its enthusiasm about cryptocurrency, and is a leader in early adoption and technology development. When something new and exciting takes off in Japan, there’s a very good chance it will become popular around the world. This is why it makes sense to keep an eye on a company like Module,

The post Japan’s Module Intends to Conquer the International Crypto World with Its Pioneering Mining and Cloud Sharing Platform appeared first on NewsBTC.

Japan is well known for its enthusiasm about cryptocurrency, and is a leader in early adoption and technology development. When something new and exciting takes off in Japan, there’s a very good chance it will become popular around the world. This is why it makes sense to keep an eye on a company like Module, which is working to make crypto mining and cloud sharing easy and accessible for everyone by using unused storage available on the millions of mobile devices to mine crypto and as P2P cloud data storage.

Their system does away with the energy-intensive PoW (Proof-of-Work) algorithms that require specific hardware and upkeep and replaces them with their proprietary Proof of Space, Time, and Transaction (PoSTT) algorithm. Users are rewarded for the amount of space they share, the length of time the space is used, and the number of transactions checked. Virtually anyone with a smartphone will have the potential to be a crypto miner.

The company’s CEO and Director, Toshiki Tashiro, says, “Module seeks to break up the monopoly of mining in the cryptocurrency world through decentralization, by going mobile. This will also make mining more environmentally friendly. The more people who participate in the ecosystem, the more powerful and efficient it will become. That’s why we have engaged ICOBox, the premier provider of SaaS solutions for conducting ICOs, to help us get the word out about the project. They have helped companies around the world with their ICOs and know how to introduce this exciting technology outside of Japan.”

The UX-friendly mobile app will also offer DAPP solutions and even give users the ability to create their own apps for the App and Android stores. The platform will offer an innovative new type of cloud-based data storage featuring client-side encryption and will have “secret sharing” capability, which is possible since sensitive information is encrypted and divided into fragmentary pieces of information that are then stored in a multitude of separate places on mobile devices.

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Bitcoin Buying on the Rise Again in Venezuela – Cointelegraph


Cointelegraph

Bitcoin Buying on the Rise Again in Venezuela
Cointelegraph
Venezuelans’ interest in buying Bitcoin has increased significantly over the last three months, Criptonoticias news outlet reports Wednesday, June 6, citing data from the LocalBitcoins exchange. Venezuela experienced its first cryptocurrency boom in


Cointelegraph

Bitcoin Buying on the Rise Again in Venezuela
Cointelegraph
Venezuelans' interest in buying Bitcoin has increased significantly over the last three months, Criptonoticias news outlet reports Wednesday, June 6, citing data from the LocalBitcoins exchange. Venezuela experienced its first cryptocurrency boom in ...

Vietnam Calls for Crypto Mining Equipment Import Ban

Vietnam’s ministry of finance has made an official proposal to ban the import of cryptocurrency mining equipment. This is another step towards a total ban of cryptocurrency activity in Vietnam, which is what the government is pushing for. Any non-cash payments are illegal in Vietnam according to Decree 101 and, therefore, all cryptocurrency payments are illegal. …

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Vietnam’s ministry of finance has made an official proposal to ban the import of cryptocurrency mining equipment. This is another step towards a total ban of cryptocurrency activity in Vietnam, which is what the government is pushing for. Any non-cash payments are illegal in Vietnam according to Decree 101 and, therefore, all cryptocurrency payments are illegal.

The ministry argues that at this point cryptocurrency mining machines are not on the list of specialized management or unsafe goods, so individuals and companies can easily import them. This makes the use of cryptocurrency mining equipment difficult for the ministry to manage.

Once mining machines are successfully imported into Vietnam, it is easy for people to accumulate cryptocurrency and begin using it as a currency, breaking the law. Therefore, in order to uphold the law the government needs cryptocurrency mining imports to be banned.

Since 2017, 15,600 cryptocurrency mining machines were imported into Vietnam, and this is only machines that the government was able to track and not all the other machines that came in under the radar. Most of the mining rigs went to Hanoi, Ho Chi Minh City, and Da Nang.

Vietnam’s tightening stranglehold on cryptocurrency has been strengthened by two initial coin offering (ICO) scams, Pincoin and Ifan, that defrauded investors out of USD 660 million. The police chief of Ho Chi Minh City stated that all cryptocurrency activity is illegal following the incident, and the Prime Minister of Vietnam Nguyen Xuan Phuc, signed a directive ordering the Central Bank of Vietnam to not facilitate any cryptocurrency related transactions.

The Vietnamese ministry of finance references these ICO scams as a direct reason why cryptocurrency mining equipment must be banned so that further cryptocurrency scams don’t take place.

Banning cryptocurrency mining equipment is easier said than done. A lot of cryptocurrency miners use high-performance graphics processing units (GPUs), which are needed by people who play video games and probably won’t be banned since so many people need them. When it comes down to it any computer can mine cryptocurrency, albeit usually slowly.

It is possible to ban imports of application-specific integrated circuits (ASICs) which are the most specialized and powerful mining machines that don’t have any other practical uses besides cryptocurrency mining. However, when it comes down to it the chips could be imported with no machine surrounding it, and these chips would be indistinguishable from any other computer chip. Therefore, someone in Vietnam who is dead set on mining could import the ASIC chips and build their own machines around it.

The only true way to ban cryptocurrency mining and cryptocurrency transactions is to outlaw all computer use. Even in a country like Vietnam where cryptocurrency is completely illegal, it may still thrive due to its decentralized nature.

 

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What Is Super Chain?

Even though there are hundreds of competing blockchain projects in existence today, there is always room for more competition. Baidu, the Chinese counterpart of Google, recently introduced Super Chain. This new protocol will attract a lot of attention, mainly because it will reduce the energy consumption associated with crypto mining. The Super Chain Initiative in a […]

Even though there are hundreds of competing blockchain projects in existence today, there is always room for more competition. Baidu, the Chinese counterpart of Google, recently introduced Super Chain. This new protocol will attract a lot of attention, mainly because it will reduce the energy consumption associated with crypto mining.

The Super Chain Initiative in a Nutshell

One has to agree that the electricity consumption associated with cryptocurrency mining is getting out of hand. Although most of the headlines published on this topic are somewhat taken out of context, it remains to be seen how this situation will evolve. Renewable energy plays a big role in this industry, although that doesn’t necessarily mean most mining firms have access to that type of electricity as of right now.

Baidu, the Google of China, has devised a plan to solve this problem once and for all. Known as Super Chain, it is a new blockchain protocol which is designed to make mining cryptocurrency a lot more efficient. It is allegedly capable of removing and inserting consensus mechanisms into Bitcoin and Ethereum, but it also scales on-chain transactions to a whole new level.

With an expected transaction throughput of 100,000 concurrent transfers, Super Chain takes scalability to a whole new level. Whether or not Super Chain will ever benefit Bitcoin or Ethereum, however, is unclear. A lot of key information regarding this project has yet to be unveiled, and speculation is running wild already.

While one has to commend major companies such as Baidu for focusing on the cryptocurrency ecosystem and blockchain technology, it remains a bit unclear how the technology can best be implemented. Judging from the information available at this time, it seems Super Chain will not be a competitor to Bitcoin or Ethereum, but rather a new protocol that can be used in conjunction with existing infrastructures.

This news comes at a rather interesting time for both Bitcoin and Ethereum. Both top cryptocurrencies are in the process of implementing their own scaling solutions. For Bitcoin, that comes in the form of the Lightning Network, whereas Ethereum will employ Casper, sharding, and Plasma. All of these concepts will help transform the cryptocurrency ecosystem as we know it today, which can only be considered a good thing.

At the present time, the future of Super Chain remains in question. There is no official timeline regarding new announcements, deployment, or applications. Even so, there’s plenty of reason to be excited about what this new protocol brings to the table. Any development in the blockchain and cryptocurrency world will be well-received by the community.

New Physically-Backed Bitcoin ETF Proposal Filed with SEC

Van Eck Associates Corp. and SolidX Partners Inc. are hoping to have learned from past efforts at getting SEC approval for a Bitcoin exchange traded fund. The proposed fund which they filed earlier today will apparently be physically-backed by actual Bitcoin. It will also be insured against the kinds of security comprises that have affected

The post New Physically-Backed Bitcoin ETF Proposal Filed with SEC appeared first on NewsBTC.

Van Eck Associates Corp. and SolidX Partners Inc. are hoping to have learned from past efforts at getting SEC approval for a Bitcoin exchange traded fund.

The proposed fund which they filed earlier today will apparently be physically-backed by actual Bitcoin. It will also be insured against the kinds of security comprises that have affected some crypto exchanges in the past.

Could the Latest Filing Finally Create the First Bitcoin ETF?

The latest request for a Bitcoin ETF was filed earlier today with the U.S. Securities and Exchange Commission (SEC). It was filed by VanEck and SolidX – two firms that are well-suited to create such a financial product. They’re hoping to apply what they have taken from a previous failed filing and become the first Bitcoin ETF sanctioned by the SEC.

Last year, there was a lot of hype surrounding a potential Bitcoin ETF that the Winklevoss twins had put forward for SEC approval. However, this was knocked back by the financial regulators.

Excitement once again grew at the end of the year following the successful launch of both the CME Group and CBOE Bitcoin futures contracts. However, earlier this year, the SEC denied around a dozen similar applications for ETFs. The financial regulators cited high volatility, lack of liquidity, and lack of regulation as reasons behind the rejections this January.

VanEck and SolidX were amongst those to have a proposal rejected in January. However, according to today’s filing, the two firms have returned to the drawing board in an effort to directly address the concerns of the financial regulators. The CEO of SolidX, Daniel Gallancy, told Bloomberg via a telephone interview:

“Based on various comments, it seems that regulators are concerned right now about having an ETF that is available to retail investors… We think that will change over time, but right now a good place to start is with a product geared purely toward institutional investors.”

The CEO went on to tell the publication that the proposed ETF would base their prices off regulated trading firms. It will also be physically-backed by Bitcoin and will be insured by a group of insurers that are still to be named. SolidX will reportedly handle the keeping of the Bitcoin itself. This would involve a cold storage solution so that private keys are at considerably less risk of compromise.

For those that don’t know, VanEck are a New York-based money management firm. They are in charge of over $45 billion in assets and have dealt with many exchange-traded products since their formation in 1955. Meanwhile, SolidX are also working out of New York city. They specialise in fintech and have developed cryptographic software as well as capital markets products. Clearly, this combination of firms makes them well suited to creating the first Bitcoin ETF. Also, both firms reportedly own Bitcoin themselves.

Featured image from Shutterstock.

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Secret ASICs for the People: Obelisk Reveals Plan to Fight Big Miners

Chip manufacturers are making ASICs in secret, argues David Vorick. He wants new coin projects do the same – and to give those chips to the community.

Chip manufacturers are making ASICs in secret, argues David Vorick. He wants new coin projects do the same – and to give those chips to the community.

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Price Analysis, June 06 – Cointelegraph

CointelegraphBitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Price Analysis, June 06CointelegraphGoogle Trends shows that web searches for the word “Bitcoin” have plunged about 75 percent in 2018 so far. This shows that …


Cointelegraph

Bitcoin, Ethereum, Ripple, Bitcoin Cash, EOS, Litecoin, Cardano, Stellar, IOTA: Price Analysis, June 06
Cointelegraph
Google Trends shows that web searches for the word “Bitcoin” have plunged about 75 percent in 2018 so far. This shows that most people looking to make a quick buck have lost interest in the cryptocurrency. While this is bad news for momentum traders ...
Market Move? Bitcoin Price Rebound to $7800 Could Confirm Short-Term RallyCCN
Bitcoin (BTC) Ethereum (ETH) Litecoin (LTC) Bitcoin Cash (BCH) Technical Analysis – Relief At LastGlobalCoinReport
Markets Update: Leading Cryptocurrencies Break Above Bear ChannelsBitcoin News (press release)

all 48 news articles »

Bitcoin Buying on the Rise Again in Venezuela

Bitcoin buying is on the rise again in Venezuela, along with growing hyperinflation and worsening political crisis in the country

Bitcoin buying is on the rise again in Venezuela, along with growing hyperinflation and worsening political crisis in the country

Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street InstitutionsVan Eck and Solid X have teamed, after both failed previously to gain formal regulatory approval for their respective bitcoin core (BTC) exchange traded fund (ETF) proposals, reapplying to the US Securities and Exchange Commission (SEC) today. They’re proposing a physically backed bitcoin ETF, the Van Eck Solid X Bitcoin Trust, and it just might […]

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Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

Van Eck and Solid X have teamed, after both failed previously to gain formal regulatory approval for their respective bitcoin core (BTC) exchange traded fund (ETF) proposals, reapplying to the US Securities and Exchange Commission (SEC) today. They’re proposing a physically backed bitcoin ETF, the Van Eck Solid X Bitcoin Trust, and it just might be poised to break the losing streak of mainstreaming BTC on Wall Street. This time, they’re aiming at institutional investors by pricing it at $200,000 per share.

Also read: Russian Farming Village: Local Crypto, Bitcoin Reserves, No Govt Money

Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

Van Eck and Solid X Team for Bitcoin ETF Priced at $200,000

Van Eck CEO Jan van Eck cheered, “I believe that bitcoin has emerged as a legitimate investment option, as a type of ‘digital gold’ that may make sense for investors’ portfolios. The Solid X team has in-depth experience with bitcoin, cryptography, and capital markets. We’re pleased to join with them in supporting the effort to bring a physically-backed bitcoin ETF to market.” The Van Eck Solid X Bitcoin Trust will also offer itself as being insured against bitcoin lost or stolen.

The Wall Street Journal reports, “The firms also set a relatively high per-share price: $200,000. The price tag is designed to aim the product at institutional rather than retail investors.” And in “determining a marketing partner,” Solid X CEO Daniel H. Gallancy underscored, they “looked for a firm with a clear understanding of the potential of bitcoin and the role it can play in an investment portfolio. Van Eck is deeply involved in this space, understands its potential, and has a long track record of successfully opening new avenues for investors to access unique and compelling investment opportunities.”

Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

The two have in common being New York-based and the dubious honor of having been shot down by the SEC when they attempted individually to list a bitcoin ETF. The present filing, as of 6 June 2018, will be watched closely by the ecosystem. Jan van Eck expressed optimism at their latest tactic, “We believe that collectively we will build something that may be better than other constructs currently making their way through the regulatory process. A properly constructed physically-backed bitcoin ETF will be designed to provide exposure to the price of bitcoin, and an insurance component will help protect shareholders against the operational risks of sourcing and holding bitcoin.”

Chicago Board Options Exchange (Cboe) and its BZX Equities Exchange is believed to be where such a fund, pending approval, would ultimately be listed. The Cboe market maker was the first to list Bitcoin Futures back in December of last year. Results have been decidedly mixed after ecosystem enthusiasm almost promised BTC would moon in response. Now, some have taken to blaming exchanges such as Cboe and its crosstown rival CME for retarding the BTC spot price, for essentially being Crypto Winter’s catalyst as it were.

Could be the Right Combination at the Right Time

“It is important to communicate with investors about the risks as well as the opportunities, especially for new investment areas, and we have been committed to this effort,” the Van Eck CEO stressed.

Indeed, earlier this year, these pages reported how in a “Staff Letter: Engaging on Fund Innovation and Cryptocurrency-related Holdings of 18 January, signed by newly appointed Director Dalia Blass from the Division of Investment Management, the SEC wrote to the Investment Company Institute and Asset Management Group Securities Industry & Financial Markets Association (SIFMA) about the prospects of bitcoin ETFs.” It was a letter filled with admonitions and warnings and potential confusions. One thing was glaringly clear: any bitcoin ETF going forward must contend with its concerns.

Bitcoin ETF: Firms Team, Reapply, $200,000 Price Targets Wall Street Institutions

Two months ago to almost the day, however, hopeful signs appeared to emerge. Presumably in response to a Cboe open letter plea for action from President and COO Chris Concannon, the SEC seemed to be moving along further than it had previously while it considered two fund candidates from Pro Shares. Comment portion of the process has just wrapped.

The Journal quotes Mr. Gallancy of Solid X as reminding they “never had any intention of giving up.” Neither has the broader crypto investment community, showing how it is not content to just sit back and wait for permission. “Huobi, the Singapore-headquartered cryptocurrency exchange, has decided to create its own ETF style instrument based on its recently launched index of ten digital assets,” News.Bitcoin.com explained. In further anticipation, “Okex, the Chinese-run cryptocurrency exchange based in Hong Kong, has joined the recent trend of trading platforms creating their own ETF-like investment tools for their users. It launched its first exchange traded tracker (ETT) on June 5, which was fully sold out within just three minutes,” we explained recently.

Are Wall Street bitcoin ETFs around the corner? Let us know in the comments. 


Images via the Pixabay.


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Bitcoin Price Watch: Currency Jumps to $7,500

At press time, the father of cryptocurrency is trading for just over $7,500. This is a $100 spike from yesterday’s dreary $7,400, which bitcoin had previously fallen to from $7,600. It appears the currency is experiencing solid resistance at this mark, and how long it will stay there is difficult to predict. The price drop […]

At press time, the father of cryptocurrency is trading for just over $7,500. This is a $100 spike from yesterday’s dreary $7,400, which bitcoin had previously fallen to from $7,600. It appears the currency is experiencing solid resistance at this mark, and how long it will stay there is difficult to predict.

The price drop may have been caused by recent news regarding popular cryptocurrency exchange Bitfinex. The platform suffered a DDoS attack during the early morning hours of Tuesday June 5, and was forced to temporarily halt its trading services so executives could examine the damage and perform necessary maintenance. At press time, the operation appears to be back to normal and users’ account balances appear unaffected.

However, the price of bitcoin did drop by roughly two percent following the attack. The currency was trading for as low as $7,300 during Tuesday’s evening hours, though bitcoin has managed to recover somewhat since then.

It’s not the first time Bitfinex was the subject of malicious activity. The trading platform incurred a nasty flash crash in December 2017 when cryptocurrency was at its peak and hundreds of thousands of new customers were flocking to crypto exchanges to get in on the action. Several users demanded answers and refunds as they were left in the dark.

In addition, Bitfinex was hacked roughly two years ago and was forced to suspend its operations in August of 2016 after hackers made off with approximately 120,000 bitcoins.

Long-term sentiment towards bitcoin seems to be relatively mixed. Trefis Research, for example, which originally predicted a year-end bitcoin price of roughly $15,000, is now retracting this statement and saying that bitcoin will probably finish 2018 at around $12,000 only. Data analysts say trading, buying and selling is likely to increase in the coming months, but that growth will not be as steady as expected.

“The global cryptocurrency industry has seen a flurry of new developments since December,” representatives of the firm explained. “Many of these developments had a negative impact on the growth prospects of cryptocurrencies, like restrictions by banks on the use of credit cards to buy cryptocurrencies and calls by financial regulators across the world for caution while investing in digital currencies.”

On the other hand, trader Jeff Kilburg is much more bullish in his sentiment, and he expects bitcoin to experience a significant boost in the coming months. As the CEO of KKM Financial, the analyst and entrepreneur explained:

“All these people who want access and want allocation to cryptocurrency – it takes time to get those accounts open, so that’s happening, but right now, yes… There are cryptocurrency folks still driving around in New York in their Lamborghinis waiting for the price to go back above $8,000. I think it is coming; it has been a slow-moving ship, but there has been a quiet period, and we haven’t had a boost yet. We haven’t had somebody come out and really support it – if it’s someone saying something positive – we just haven’t seen that in a while. I think the news cycle, which really drives bitcoin, is due for a pop.”

Valerie Szczepanik Appointed as First SEC ‘Crypto Czar’

The US Securities and Exchange Commission (SEC) on Tuesday appointed Valerie Szczepanik to a new position being referred to as “crypto czar”. Szczepanik’s official title is the Associate Director of the Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation for the division’s acting director Bill Hinman. What crypto czar entails The creation of this …

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The US Securities and Exchange Commission (SEC) on Tuesday appointed Valerie Szczepanik to a new position being referred to as “crypto czar”. Szczepanik’s official title is the Associate Director of the Division of Corporation Finance and Senior Advisor for Digital Assets and Innovation for the division’s acting director Bill Hinman.

What crypto czar entails

The creation of this position is being interpreted as an indication of the SEC’s commitment to further regulating the cryptocurrency industry. Szczepanik’s role as a senior advisor will entail overseeing digital asset technologies, including initial coin offerings (ICOs) and cryptocurrencies.

The official government press release notes her responsibilities as including “[coordinating] efforts across all SEC Divisions and Offices regarding the application of US securities laws to emerging digital asset technologies and innovations, including Initial Coin Offerings and cryptocurrencies”.

The new role appears to hold substantial actionable responsibilities, with which acting director Hinman believes she is more than suited for.

”[Szczepanik] is a recognized leader in responding to developments in our markets. I am excited to have her join me and the Division’s staff as the SEC continues to collaborate with retail investors, issuers and other market participants, in this important and rapidly evolving area,” Hinman said.

Addressing her appointment, Szczepanik noted, ”I am excited to take on this new role in support of the SEC’s efforts to address digital assets and innovation as it carries out its mission to facilitate capital formation, promote fair, orderly, and efficient markets, and protect investors, particularly Main Street investors.”

Valerie Szczepanik’s history

The official press release details Szczepanik’s relevant employment history, noting that she joined the SEC in 1997 with her last job role designated as the assistant director in the division of enforcement’s cyber unit.

Previously, she has also headed the SEC’s Distributed Ledger Technology Working Group as part of the SEC’s fintech division, qualifying her relevant blockchain capabilities.

Szczepanik shares the SEC’s generally negative perception of ICOs, stating earlier this year,”They’re raising a lot of money, but they’re not complying with the rules that are in place to protect investors… What we’re seeing is the issuance of these tokens before a platform is built.”

Part of her skepticism comes from a critical perception of the ICOs that are structured to raise money for a company rather than for the launch of a cryptocurrency, leading them to fall under the acting legislative definition of a security.

It is unfortunate for cryptocurrency investors that this appointment would be given to another government employee with such a negative perspective on ICOs, but her positioning may well encourage instituting better legislation for all investors.

 

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CoinMarketCap vs. LiveCoinWatch vs. Coinbuddy

There are many different websites which allow users to track the evolution of various cryptocurrency markets. Sites like CoinMarketCap and LiveCoinWatch offer such functionality already. Coinbuddy has begun doing the same, albeit in a slightly different fashion. So, how do these platforms stack up against each other? 3. Coinbuddy One of the new contenders on the block […]

There are many different websites which allow users to track the evolution of various cryptocurrency markets. Sites like CoinMarketCap and LiveCoinWatch offer such functionality already. Coinbuddy has begun doing the same, albeit in a slightly different fashion. So, how do these platforms stack up against each other?

3. Coinbuddy

One of the new contenders on the block when it comes to tracking cryptocurrency prices is Coinbuddy. Although it’s a potentially powerful platform, it remains to be seen how this venture will evolve. One can find all of the relevant data, including current prices, changes over the past 24 hours and seven days, market caps, and so forth.

Additionally, the site offers plenty of information on where to buy cryptocurrencies, and how users can best store them. From an information point of view, Coinbuddy seems to have a leg up over its competitors, although it remains to be seen if the platform can gain traction. For novice users, this is a platform worth checking out, although there is always room for further improvement.

2. LiveCoinWatch

Although this is also a relatively new platform, LiveCoinWatch is quickly making its mark on the cryptocurrency industry. It has one particular price tracking feature which one cannot find on either CoinMarketCap or CoinBuddy as of right now. LiveCoinWatch tracks the real-time price changes for all supported currencies, providing up-to-date information at all times.

Additionally, the platform offers a light and dark mode, and lets users exclude Korean exchanges for a more ‘Western’ overview of the cryptocurrency markets. Given the changes which Korean exchanges have undergone over the past few months, the price differences between South Korean and Western markets have lessened, and thus excluding them makes little sense at this point.

1. CoinMarketCap

It is evident that CoinMarketCap has remained the go-to platform for cryptocurrency price information. That is interesting, considering its recent competition. CoinMarketCap tracks a high number of coins and offers hourly, daily, weekly, and 30-day price intervals.

Like LiveCoinWatch, CoinMarketCap has a dark mode and offers the option to exclude Korean exchanges as well. Even so, it lacks the real-time price tracking offered by LiveCoinWatch, as well as information on buying and storing cryptocurrencies such as that found on CoinBuddy. The perfect platform doesn’t exist just yet, but all three of these services offer some interesting features regardless.