Day: August 6, 2018

The enterprise DLT startup now sees a vast range of opportunities, both within the industry where its founder spent most of her career and outside it.

For the individual, profiting off of investments can be risky, and investment opportunities limited. However, when individuals cooperate as a large group, the potential to earn increases heavily while the potential to fail similarly diminishes. One such group is the Elirtex investment platform, who offers guaranteed returns to participants as they profit through investments in various startups and industries.

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Elirtex has over ten years history in investing as a UK based group, and has recently expanded their functionalities to offer a platform for anyone to invest on. The platform seeks support from institutional, corporate, and accredited investors, but accepts Bitcoin investments from all potential users. Accepted investments range from .005 to 1 BTC.

Guaranteed Returns

What makes Elirtex enticing are the guaranteed returns associated with investment. Currently, the investment plan available, “Alpha Day”, offers 180% profit over 12 weeks. The returns accrue perpetually, with 15% earnings each week. On weekdays, investments see 2.6% daily returns, and 1% profits are seen on weekends. If a user were to invest 1 BTC, for example, they would see a profit of 1.8 BTC for a total balance of 2.8 BTC.

Elirtex provides a number of privileges to its participants. First, investments can be withdrawn at any point throughout the period, any time of day. Elirtex insures 100% of all investments, and the platform also maintains Distributed Denial of Service (DDOS) protection as a proactive measure against potential attacks. All deposits are made in Bitcoin, and are recorded once three confirmations from the network are achieved.

How it Works

Elirtex invests in business across multiple industries, providing them with capital to expand operations and be successful. The company also leverages its experience in business to provide valuable advice to businesses they invest in to further enable success. The types of Elirtex invests in include medicine, tech startups, vending machine franchises, and organic food producers, among other initiatives.

Some percentage of profits are also used to fuel development and expansion of the platform itself. These funds are used to promote the platform through initiatives in the company, platform, ecosystem, marketing, and ergonomics. Future manifestations of these progressions include a mobile application, a reward token, new offices, and a security fund against potential financial losses.

Referral Program

In Elirtex’ goals to expand and grow, they are also offering an aggressive referral program to all members of the platform. Each user maintains a unique referral link. When a new users clicks through that link to sign up to the site, they become a first level referral of the owner of that link. 10% of all investments made act as a bonus to the referral. If these individuals refer new users themselves, they act as level 2 referrals to the original member. Level 2 referrals also grant a 2% bonus on all investments.

Anyone can participate in the referral program, regardless of whether or not they have invested into Elirtex prior! With huge referral rewards, there can be significant earnings without any Bitcoin investment required.

JPMorgan’s Jamie Dimon calls Bitcoin a “scam” after months of refusing to comment on cryptocurrency

U.S. crypto exchange and wallet provider Coinbase has been given the green light from regulators to resume its services to residents of Wyoming

FOMO Moments

Markets are still falling, Ethereum Classic and Zcash defying the drop while Iota suffers.

The bears are still in control as we start another week in crypto land. The selloff which started around two weeks ago has continued unabated as market capitalization drops back down to just over $250 billion equating to a loss of almost $50 billion in just a fortnight.

Bitcoin has not managed to hold support levels and has continued to slide, falling back around one percent below $7k for the first time since mid-July. BTC is currently trading at $6,995 as volume has fallen 17% to $3.7 billion in 24 hours. Ethereum has not fared any better but has not made any further losses on the day trading at a similar level of just under $410.

The altcoins are pretty mixed but very few of them are showing any major movements over the past 24 hours. Taking the biggest dip in the top ten is Iota which has lost 4.3% to trade at $0.88, its lowest level since November 2017. Stellar has also lost another 2.3% sliding back to $0.237.

Looking at the top twenty altcoins shows a similar picture however there are a couple making gains at the moment. Ethereum Classic is still climbing, up 3.4% to $17.21, boosted by Coinbase which will be enabling ETC trading this week. Zcash is also climbing today with a 5.6% rise to $187, on the week however ZEC is down 13% since last Monday.

The two altcoins making the most in the top one hundred today are Holo up 23% and MOAC climbing 13%. At the other end of the spectrum is Dentacoin which has lost 6.7%. No cryptocurrency is standing out at the moment as markets remain generally flaccid.

Total crypto market capitalization has dropped just under one percent on the day to $254 billion. It hit a low of $251 billion on Sunday and further losses look likely. Trade volume has also declined marginally and is currently at $11 billion.

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

The post Crypto Markets Lose $50 Billion in a Fortnight appeared first on NewsBTC.

A team from one of the top universities in China has developed a decentralized exchange, not for crypto assets, but for unused electricity.

Bitcoin’s price dropped to 19-day lows below $7,000 and created a doji candle on Sunday, signaling indecision in the marketplace.

BitFi has branded itself as an unhackable cryptocurrency wallet, in the same way the Titanic branded itself as an unsinkable ship. Fate seems to have been tempted successfully as it now appears that BitFi has been hacked, at least partially.

BitFi partnered with cryptocurrency superstar John McAfee to offer a USD 100,000 bounty to anyone that could hack the BitFi wallet. After some back and forth on the internet, since there is a widespread belief that anything is hackable, BitFi upped the ante to USD 250,000. It has fairly specific rules outlined on its website detailing how the hacker has to purchase a locked BitFi wallet and drain the funds to win the challenge.

Challenging all the hackers on the internet might not have been the best strategy, especially when offering them such a large sum of money. It appears a hacker has claimed to have partially hacked the BitFi wallet to gain root access.

Short update without going into too much detail about BitFi:

We have root access, a patched firmware and can confirm the BitFi wallet still connect happily to the dashboard.

There are NO checks in place to prevent that like claimed by BitFi.

— OverSoft (@OverSoftNL) August 1, 2018

This can be considered a serious security breach, but BitFi has refused to pay out the USD 250,000 because its rules clearly state that the hacker must drain the funds to win the challenge. If the hacker claims were true, root access should give full access to everything in the wallet system. However, it is unclear if the private key is stored on these BitFi wallets being offered to hackers for the challenge. If not, then this challenge is impossible, since cryptocurrency private keys are inherently unhackable even with the most powerful supercomputer.

McAfee, who is a BitFi advocate and funding the challenge, has downplayed the hacking of the BitFi wallet. He asserts that gaining root access is meaningless, despite the fact that when hacking, gaining root access usually means game over.

Hackers saying they have gained root access to the BitFi wallet. Well whoop-de-do! So what? Root acces to a device with no write or modify capability. That's as useless as a dentist license un a nuclear power plant. Can you get the money on the wallet? No. That's what matters.

— John McAfee (@officialmcafee) August 2, 2018

The hacker asserts that gaining root access means BitFi is not secure, and that this hacker challenge is a sham.

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The post Hacker Claims Access to Supposedly Unhackable BitFi Wallet appeared first on BitcoinNews.com.

The BTC network has never been subject to the levels of institutional interest currently being observed. Globally, stock exchanges, derivative markets, commerce solutions are increasingly understanding that crypto is a serious asset class. Collectively, this effect will substantially increase financialization and liquidity of BTC.

South Korea’s two largest crypto exchanges UPbit and Gopax are backed by the country’s biggest bank and internet company Shinhan Bank and Kakao.

Importance of Shinhan Bank’s Involvement

The vast majority of investors in South Korea are already well aware that the country’s major crypto exchanges are financed and operated by some of the largest conglomerates in South Korea. Korbit was acquired by NXC, the parent company of $10 billion gaming giant Nexon, making the three biggest digital asset trading platforms in South Korea subsidiaries of corporations worth of tens of billions of dollars.

The cryptocurrency exchange landscape of South Korea is unique in that as with every other industry, the country’s most influential conglomerates have control over the trading platforms. Shinhan Bank, the biggest commercial bank in South Korea, is the lead investor in Gopax, and Kakao, the country’s largest internet conglomerate, has operated UPbit since 2017.

Bithumb and its recent controversy surrounding the exchange’s $40 million security breach and the company’s controversial decision to freeze deposits and withdrawals for over a month have led investors to migrate to UPbit, Gopax, and Korbit, have allowed the trio to dominate the local market.

To users and investors outside of South Korea, Gopax is relatively unknown due to the company’s lack of partnerships with foreign exchanges and presence in foreign markets.

Screenshot of Gopax.co.kr homepage, the official website of Gopax

However, with the assistance of Shinhan Bank, Gopax has evolved into a major cryptocurrency exchange in South Korea in a relatively short period, garnering the trust of local investors by focusing on technology, security, and efficiency.

UPbit, the more well known major cryptocurrency exchange in South Korea to overseas markets, has been operated by Dunamoo, a subsidiary of Kakao, since early 2017. As the country’s leading internet conglomerate, Kakao has nearly 90 percent market dominance in fintech, ride-sharding, online stock trading, and social media, with KakaoPay, KakaoTaxi, KakaoStock, KakaoStory, and KakaoTalk.

With Bithumb out of contention to remain as one of the leading digital asset exchanges in South Korea, UPbit, Gopax, and Korbit have gained control over the market.

Local investors have expressed their optimism towards the dominance of the three exchanges, backed by the country’s multi-billion dollar conglomerates, with decades of track record and well established connections with the authorities.

Currently, the cryptocurrency exchange market of South Korea are more or less being operated by the country’s largest commercial bank, internet conglomerate, telecommunications conglomerate, and gaming giant, with other regulated financial institutions and technology corporations such as LG, Samsung, and Hyundai publicly disclosing their interest in the cryptocurrency market.

Involvement of Conglomerates Will Legitimize the Market

The involvement of these multi-billion dollar conglomerates mean that major exchanges will focus on remaining compliant with local financial regulations and employing robust security measures to ensure that the digital asset exchanges do not have a negative impact on the core businesses of these conglomerates.

More importantly, the direct involvement of Shinhan Bank as a lead investor of a major cryptocurrency exchange could play a vital role in maintaining favorable relationships between cryptocurrency businesses and financial institutions in the long-term.

Featured Image From Shutterstock, Image Courtesy of Gopax

The post Korea’s Crypto Exchanges are Backed by the Country’s Biggest Bank and Internet Firm appeared first on NewsBTC.