Day: July 18, 2018

The alleged bitcoin Ponzi kingpin, Amit Bhardwaj, has reportedly offered to pay back the initial investments in Indian rupees to those who lost money through his scheme. However, victims want the current value of their cryptocurrencies, not the initial investments. Zebpay, one of India’s largest crypto exchanges, has also been called in to help with the investigation.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Bitcoin Ponzi Kingpin Offers to Compensate Victims

Amit Bhardwaj, the founder of GBminers and Gainbitcoin, has offered “to pay back investors their initial investments in Indian rupees,” the Factor Daily reported Wednesday.

He has been accused of duping thousands of investors with promises of unrealistic returns on bitcoin investments. According to the news outlet, “dozens have filed police complaints in Pune, Mumbai, Nanded (Maharashtra), Kolkata, Delhi and others cities.” One of the victims was quoted as saying:

We want the returns in (today’s) cryptocurrency value and not the value of the cryptocurrency when we invested. Today, the bitcoin price is much higher than what it was when we invested. It is like Bhardwaj will keep the profits and just return the principal amount which is wrong.

Since the middle of 2015, more than Rs 1,000 crore (~US$146 million) is estimated to have been invested in the Bhardwaj-led Gainbitcoin empire, the publication detailed.

Citing that Zebpay, one of India’s largest crypto exchanges, was called in to help with the investigation, Inspector Jayram Paygude of the Pune Cyber Crime Cell explained to the publication:

Zebpay is the platform through which investment and sale of bitcoins were done in this case, which is why they were called for an enquiry.

Challenge Recovering Crypto

During an assembly session held last week, Nationalist Congress Party member Hemant Takle raised questions about the delay in recovering bitcoins “and the inability of the police to nab the remaining absconders in the case,” according to the news outlet. He also raised the question regarding the compensation that Bhardwaj’s victims will receive, pointing out the difference in the price of BTC now and at the time of their initial investments.

In response to Takle’s statement, Deepak Kesarkar, a member of the 13th Maharashtra Legislative Assembly, explained the difficulty in recovering some of the victims’ money which has been invested in bitcoin, stating:

Some of this amount is recovered by the police department through the e-wallets of these companies. The value of these digital currencies in the wallet will be recovered but it is difficult to recover the investment made in foreign companies.

Last week, the Indian state of Maharashtra announced that it is establishing a special unit to investigate all cases related to cryptocurrency, a move which follows the crypto banking ban by the Reserve Bank of India taking effect.

What do you think of Amit Bhardwaj offering to repay investors their initial investments? Let us know what you think in the comments section below.

Images courtesy of Shutterstock and Zebpay.

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The post Indian Bitcoin Ponzi Schemer Offers to Repay Initial Investments to Victims appeared first on Bitcoin News.

Billionaire investor and fund manager Marc Lasry said the price of bitcoin has the potential to reach $40,000.

Following a $100 million ICO, messaging app Kik has revealed its beta product Kinit related to the company’s Kin token

Hopes are high that a new Euro-backed stablecoin, the EURS, launched by Malta-based STASIS, will provide a bridge between the worlds of traditional finance and cryptocurrency – and attract institutional investors

ZRX continues to be one of the hottest projects in 2018 in terms of dev activity, community growth, and as a potential fiat gateway. The core ZRX team continues to be transparent with future updates, and releases those updates on time. The number of relayers also continues to grow, ensuring a competitive DEX environment and plenty of options for users. Decentralized governance with the protocol remains an area for research, exploration, and improvement, as no strong set guidelines have been implemented as of yet.

We all know that cryptocurrency is a growing industry. And we’re aware that blockchain tech has the potential to save the world. That makes for an exciting space to work in and a bunch of highly creative cryptocurrency jobs up for grabs.

In fact, any cursory Google search will pull up pages and pages of listings of cryptocurrency jobs (some legitimate, others not so much). But if you want to do more than just invest or read about cryptocurrency from the sidelines, why not think about changing your career direction?

Here are the top five cryptocurrency jobs available right now:

5. Cryptocurrency Data Scientist

If you’re looking to make big bucks and be in demand industry-wide, think about becoming a cryptocurrency data scientist. With an average salary of $120,931 per year, you’ll need to marry a deep knowledge of cryptocurrencies with deep learning.

What does the job entail? Making predictions about cryptocurrency prices by interpreting patterns using deep learning and insights driven by data. You’ll need to have a computer science or mathematics degree, plus extra qualifications in data science.

You’ll also need to be flexible since your job will probably be made redundant by AI in the coming years. So, keep an eye on industry trends and be sure to keep your skills updated.

4. Cryptocurrency Project Manager

This is a decent position for you if you don’t have a CS background. You will, however, need to have a good grasp of technical concepts to be able to translate them to the wider public. If you can take the notion of Ethereum gas and Merkle Trees and explain them to a five-year-old, this is the job for you.

Like any project manager, you’ll need to be highly organized and qualified to degree level (preferably business related) with project management experience. Then you’ll need to brush up on your crypto knowledge through online courses, your own reading, and research.

According to Paysa, cryptocurrency project managers can expect to make an average of $105,000 a year, depending on skills and experience.

3. Smart Contract Developer

Being a smart contract developer used to mean creating smart contracts for Ethereum using its programming language, Solidity, as well as APIs to read and write data on the blockchain.

However, with new blockchains continuing to emerge, being a smart contract developer doesn’t limit you to the Ethereum blockchain. Smart contracts are being written for NEO and the DAG as well.

As smart contract technology is the main feature that makes blockchain so applicable to all industries, this is an awesome career to jump into.

You’ll first need to be a regular developer with a degree or at least a strong background in computer science. Then you’ll need to learn about Ethereum (or the specific blockchain you want to work on) and study its programming language. You can then expect to make around $120,000 a year.

2. Ethereum Developer

With by far the largest developer community out there and accelerator giants like ConsenSys involved, becoming an Ethereum developer is a solid career move right now. Depending on where you are and whom you work for, you can make around $110,000 a year.

You’ll need to have a developer background and then specialize in Ethereum and building apps on its blockchain. You’ll also need to learn Solidity and take a bootcamp course in order to familiarize yourself with coding and building DApps.

1. Blockchain Engineer/Developer

The number one skill searched for on freelancing site Upwork in Q1 of 2018 was “blockchain.” With every man, woman and dog clamoring to build a blockchain project, blockchain developers are in their element.

You’ll need to use blockchain technology to bring your founder’s vision to life, inventing secure and innovative solutions for them. This position is not for the faint-hearted. You’ll probably be dealing with non-technical people who expect Rome to be built in a day, so decent communication skills will come in handy.

You’ll also need a developer background and some specialized knowledge in blockchain technology, either in the form of proven experience or certifications.

Alternative Options

The top cryptocurrency jobs right now are for the developers, but that doesn’t mean that non-technical folks can’t get involved as well. There are a ton of related positions, from administration and accounting to marketing and PR.

Keep in mind that if you want to work in cryptocurrency, it’s likely that you’ll be working for a startup or a small team. You’ll need to get used to wearing a lot of hats and doing tasks outside your blurry job description.

Don’t expect to be just a “writer” or “marketer.” You’ll probably be filing trademarks, getting on the phones, and wearing T-shirts at conferences. And it will help to learn about the tech behind it, at least in a basic way.

Wrapping It Up

With many people struggling to find work in their chosen field, cryptocurrency jobs are abundant and pretty well paid. Like investing, you may find that working in this industry has its ups and downs. Not all startups will get off the ground, and your journey within one company may be short.

But this technology isn’t going away, and if you want to be part of a passionate community that’s excited about the future, it might be worth investigating.

The United States Securities and Exchange Commission (SEC) has recorded numerous comments from the public after opening up an ETF application for public feedback. The comments are largely in favor of the ETF approval.

VanEck and SolidX have partnered to create the VanEck SolidX Bitcoin Trust which will issue shares of the BZX exchange traded fund (ETF), if it is approved by the SEC. If approved, BZX would be listed on the Chicago Board Options Exchange (CBOE), and would be available on all major stock trading platforms, making it easier than ever before to buy Bitcoin.

Travis Williams submitted this eloquent comment: “As a long time investor in cryptocurrencies and related technologies, an ETF that is properly regulated and utilized safe physically stored assets is an important step in providing citizens a much more secure manner to invest. Most of the difficulties I’ve witnessed in the past involves issues with individuals safely storing their bitcoins/crypto. This ETF as a first (as well as other) are an important step in continuing to stabilize and protect investors of all sizes… I suggest action be taken to start approving ETFs versus inaction which appears to be more damaging to investors.”

He brings up the very important point that approving a Bitcoin ETF would make it more secure for institutional investors to participate in the crypto market, which is theoretically what the SEC is striving for. Additionally, approving BZX would make it easy for the SEC to oversee Bitcoin investment, as opposed to now with investment occurring through many different non-standard channels.

Chase Carter makes a similar comment regarding how regulation is a better route than ignoring Bitcoin or making it illegal. Carter commented, “I am of the mind that government can do more to protect investors by accepting and regulating this emerging asset class, versus ignoring it altogether–similar in principle to abortion and vice items like alcohol and marijuana.”

Another commenter, Rahsaan, said, “You gentlemen must do it, this is literally our future right now. You’ll be regarded as financial visionaries, and think about the job creation. There’s simply too much on the table to do nothing.”

There are almost 100 other comments in favor of the SEC approving BZX. BZX is tailored to fix the mistakes that have caused Bitcoin ETFs to be rejected in the past, especially since it uses actual Bitcoins instead of holding fiat, so there is no danger that market volatility will cause the ETF to become insolvent.

A decision from the SEC regarding BZX is expected in mid-August. It is speculated that the ongoing Bitcoin rally is the result of speculation that the ETF will be approved.

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A U.S. Congressional hearing witness said the idea of a central bank digital currency is one of the “worst financial ideas of recent times”

There is a wave sweeping through the market, a rejuvenation tide and Bitcoin Cash (BCH) is rising with it. On a weekly basis, it’s up 22 percent and trading above $850, our buy trigger with Bitcoin Cash bulls aiming for $1300 in the short term if not $1800. On the development front, Bitmain’s smart contract proposal will make BCH blockchain superior and boost prices in the long term.

From the News

As a successful Bitcoin core fork, the development of Bitcoin Cash often draws a lot of attention. It even gets better when a company behind one of Bitcoin Cash largest mining pools, Bitmain lays out their proposals. The reasons behind their idea is pretty straight forward and besides offering a means of cash payment and cross border fund transfer, users want some sorts of smart contract capability on top of Bitcoin Cash.

There is Colored Coins, a concept that allows representation of real world assets on the blockchain. While it seems perfect and initially meant for the Bitcoin core network, the implementation of the anti-dust patch prevented it from running. The concept of colored coin depends on micro-transactions well below the specification of the BTC community. Anti-dust prevents the network from being Sybil attacked.

Here's Jonald's token proposal which I was able to provide a bit of input to
https://t.co/ApJBXR3dkS

In a nutshell, it is a new colored coins protocol for Bitcoin Cash designed to be as SPV-friendly as possible without protocol changes.

— Ryan X. Charles (@ryanxcharles) July 18, 2018

Since is a failure at Bitcoin, Bitcoin Cash community and Bitmain are proposing the use of Omni Layer Protocol, a technology that Tether use. The cool thing about this protocol is that there won’t be changes on the underlying consensus because it simply acts as another layer that runs on top of the Bitcoin Cash blockchain.

Permissionless innovation on #BitcoinCash moves forward with Omni Layer protocol ported to BCH by Bitmain developers.

The forked protocol is called 'Wormhole' and it will feature operate on a base currency (original token) dubbed 'Wormhole Cash' (WHC).https://t.co/LnBNSa5VPI

— btcfork (@btcfork) July 18, 2018

Furthermore, through use of Wormhole, smart contracts capabilities will be possible on Bitcoin Cash network. All this is possible because of thanks to the recent Bitcoin Cash hard fork. With this, the Omni Layer protocol will make use of OP_Return transactions and the bigger data-carrier-size which was increased to 220 bytes.

Bitcoin Cash (BCH) Technical Analysis

Weekly Chart

Bitcoin Cash Weekly Chart By Trading View

After Stellar Lumens and Cardano—coins which benefited from CoinBase announcements, we have Bitcoin Cash ranking third in terms of performance in the last week. BCH is up 22 percent and what’s even more interesting is where prices are reacting at.

From previous analysis, we note that despite BCH sliding from their ATHs, they were also trending at key support lines.

$600 was one of them but what is standing out as far as price action is concerned is that rejection of lower lows right at the 11 month support trend line. What we have now is a nice bullish engulfing candlestick confirming this three bar bull reversal pattern, the Morning Star.

So, because of this obvious bullish candlestick printing at key support line, it’s obvious that there is a shift of trend and my suggestion is to keep buying on dips.

Daily Chart

Bitcoin Cash Daily Chart By Trading View

Like BTC and the rest of the markets, bull momentum is taking shape and after July 17 and 18 events, our buy trades are live.

Now, not only was there a buy trigger but we also above average volumes meaning buyers are back in trade cementing our long positions.

Ideal buy zones is anywhere between $790 and $850 but you can buy at current spot prices and aim for $1300 and later $1800. Safe stops would be at $750.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post Bitcoin Cash (BCH) Technical Analysis: BCH Smart Contracts Proposal Pumping Bulls appeared first on NewsBTC.

Charlie Lee statement about buying BTC and not LTC is dominating headline fueling what has come to be known as Cryptocurrency Tribalism. It’s even worse for Litecoin because Stellar Lumens is now the sixth most valuable coin standing a chance to make a cut at CoinBase. As a matter of fact it is up 60 percent in the last week alone and earlier buyers who got in at 22 cents are cashing out after prices hit their targets at 30 cents.

Let’s have a look at these charts:

EOS Technical Analysis

EOS Daily Chart By Trading View

Taxation is a complex subject and since it is mandatory for all citizens to file their annual tax returns, CoinSmart are coming up with solutions to eliminate stress related to returns filling. CoinSmart is a Canadian cryptocurrency that is focusing on the crypto curious. Their aim is to make sure that filling tax returns especially by crypto traders is but a breeze.

Our #FearlessLeader talks about the challenges of #crypto, and why he's launching CoinSmart #StartUp #CryptoExcange #FromTheDeskOfTheCEO https://t.co/krJYYep7TQ pic.twitter.com/WIfiJ4sbAS

— CoinSmart (@CoinSmartCA) July 11, 2018

Their trade platform is easy and while they only have EOS and other liquid coins as BTC available for trade, their tax-time reporting tool coupled with their intuitive trade platform is a stand out. Focusing mainly on Canadian investors, CoinSmart looks to remove the complexities related to crypto trading and wants to make the experience as smooth as possible.

On to price action and EOS bulls stand out. On a weekly basis, EOS is up 22 percent and still perched at position five in the liquidity list. Despite this, bulls are yet to clear $9, our main trigger line warranting buys on dips. So, because of that, we shall take a neutral approach in line with our previous trade preview and wait till our trade conditions are met.

Litecoin (LTC) Technical Analysis

Litecoin Daily Chart By Trading View

It may seem counter-intuitive and a subtly shed for Litecoin but we all know Charlie and how he acts when the market is trending. His latest tweet ignited talks of the so called “Crypto Tribalism”, an observation that was first floated by Snowden.

There will be at most 21 million bitcoins in existence. There isn't even enough BTC to go around for EVERY millionaire to own one. So before you buy any other coin (LTC included), try to own at least 1 BTC first.

Once you have 1 BTC, buy all the shitcoins you want! pic.twitter.com/bc3xKKGB0m

— Charlie Lee [LTC] (@SatoshiLite) July 17, 2018

Charlie advocates for Bitcoin saying investors should first own at least one Bitcoin before buying any other “Sh*t coin” including Litecoin. His sentiment seems to be in line with that of Peter Thiel, PayPal co-Founder and investor at Block One. Peter thinks Bitcoin would be an equivalent to digital gold thanks to its limited availability.

The daily chart is a Picasso and after days of shifting from neutral to bearish/bullish, LTC bulls broke above the 25 consolidation printing and closing above $90. As mentioned before, $90 is our bull target and that means buyers can begin ramping up on dips with stops at $80 and first targets at $110. $110 is our immediate resistance previous support and marks the retest level from which current price action is trading at.

Stellar Lumens (XLM) Technical Analysis

Stellar Lumens Daily Chart By Trading View

At the back of some solid announcements from Stellar and Charlie Lee endorsement of BTC—and not his beloved LTC—Stellar Lumens (XLM) is now the sixth most valuable coin.

Stellar Lumens-Litecoin “Flap”

In fact it is more valuable than LTC. This is a Flip and interestingly, XLM might even replace EOS as occupy the fifth spot if we continue to see double digit expansion we have been witnessing in the past few days.

From previous trade plans, our first bull target at 30 cents was hit yesterday and this mean those who got in earlier can lock in some profits and even move targets to 50 cents.  In the meantime, those seeking to enter can do so at pull backs in lower time frames-preferably in the 4HR chart-with stops at 25 cents-July 18 lows and targets at 50 cents.

Tron (TRX) Technical Analysis

Tron Daily Chart By Trading View

Despite double digit gains, TRX is yet to dislodge USDT and join the top 10 club. However, if it keeps up then we might see it back to the top 10 by the end of the week. Like LTC and Stellar, TRX is up and trading above 4 cents after gaining eight percent in the last day.

By closing above 4 cents, the conditions of our long triggers in line with our previous trade plan is now true. As such, TRX buyers can now begin buying on dips with stops at 3.5 cents. Our first bull target would be anywhere between 5 cents and June 2018 highs at 5.5 cents.

IOTA (IOT) Technical Analysis

IOTA Daily Chart By Trading View

Of all the coins under our radar, IOTA is pretty slow and is yet to break above $1.3 or July highs at around $1.2.

However, because the overall market is pretty pumped up and bullish, my suggestion is to flow with the overall hawkish vibe and take advantage of this IOT undervaluation. In that case therefore, my trading will be to buy at current price with stops at $1.08 and target $2.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

The post Stellar Lumens, EOS, Litecoin, Tron, IOTA Technical Analysis: It’s a Picasso for Stellar Lumens Bulls, Gains 60 percent appeared first on NewsBTC.

The Tezos Foundation will accept proposals from developers who seek to carry out research and development of its protocol. The grantmaking process will commence in August and consider applications from developers, research institutions and community members, with the Tezos Foundation Board making the ultimate decision as to which projects are the most deserving. Tezos has been the subject of much controversy ever since it raised a then-record $232 million in its ICO last year. After unexplained delays had its community in an uproar, it launched its beta network two weeks ago, but the Tezos community is far from content with how the platform is being run.

Turning Over a New Leaf

The grants will be issued to proposals that focus on the three main areas that propel the Tezos protocol forward, the foundation said in a press release. The first is proposals that focus on research that betters the Tezos protocol and its related technologies, which include education and training. Proposals focused on the development of tools that support the Tezos protocol will also be considered, as will any efforts to nurture the Tezos community.

After consideration by the Tezos Foundation Board, applicants whose projects are deemed the most viable will be shortlisted and invited to submit full grant proposals. These proposals will be reviewed by the board on a monthly basis, with the board voting on its most preferred candidate. This process will kick off in August, but any party which requires more immediate consideration is invited to submit its application for consideration immediately.

Tezos has been no stranger to controversy. Just a few months after it raised over $230 million in July 2017, a class-action lawsuit was filed against the company accusing it of issuing unregistered securities to its investors. The lawsuit was the first of many, with subsequent ones accusing the Tezos founders, Arthur and Kathleen Breitman, of deceptive practices and of failing to deliver on their promises to investors.

Conflict at the Tezos top management level only made the situation worse. The Breitmans have been involved in constant wrangles with the Swiss-based Tezos Foundation leadership as each faction has attempted to establish its roles and responsibilities. The chaos – which has been almost comical at times – led to the resignation of the foundation’s president, Johann Gevers, after the Breitmans accused him of self-serving actions.

The biggest loser in the debacle has been the investors who put their money in the then-promising startup. The distribution of Tezos’ native XTZ tokens to these investors was delayed, which caused an uproar and several class-action lawsuits. Almost a year later in June 2018, Tezos stirred controversy again after it requested that all its investors submit to new KYC checks in a bid to comply with regulators. The move was met with criticism by the crypto community at large, with Ethereum cofounder Vitalik Buterin describing it as backward.

Tezos has a long way to go to win back the confidence of its community and fulfill its promises to its investors.

Legendary musician and former Genesis lead singer Peter Gabriel has invested in blockchain startup Provenance.

This article originally appeared on Bitcoin Magazine.

Digital Currency Group’s CEO said that he put “some money into Bitcoin last week,” believes that BTC has “hit the bottom for the year”