Day: September 11, 2018

Dogecoin may have started out as a joke at the end of 2013, but it’s now one of the strongest coins the market has to offer. The currency has remained relatively silent for the past few months, but in August, executives released plans to build and launch the Dogethereum project, where tokens could be exchanged between both Dogecoin and Ethereum-based digital platforms.

The project went live six days ago on September 5 and has been doing remarkably well. Dogecoin continues to grow despite drops in several altcoin prices. It is now doing better than entities such as Zcash and Dash in terms of market value, and it is currently the 19th-largest currency, with a market cap of roughly $800 million and an average daily trading volume of just over $71 million.

Recently, the currency jumped from $0.0033 on August 15 to about $0.0065. On his Twitter page, Canadian cryptocurrency researcher Kevin Rooke writes:

“Dogecoin may have started as a joke, but the community is now the envy of the crypto world.”

Over the past few weeks, the currency has recovered more than half of its previous overall value. While Dogecoin did reach a new high of roughly $0.0070396 during a prior trading session, it has fallen a bit to its present $0.0065 position. That’s a loss of about 15 percent, though short-term trends do remain bullish granted support can hold at $0.00440.

However, resistance does stand at $0.007040, which means Dogecoin will have to work extra hard to break the barrier that has seemingly been up since mid-August. Once this position is surpassed, the currency could reach $0.0080, $0.00870 and $0.0100 respectively.

One source now describes Dogecoin as a completely decentralized coin. This would put it up there with entities like Ethereum, which can cut out middlemen and give more control to the coin holders in question. Author Clem Chambers describes the currency as follows:

“Dogecoin is a pure decentralized cryptocurrency. It is out there, and no one controls it. It is as valid a blockchain currency as bitcoin, Monero or Dash, and is impervious and nigh on indestructible as a digital entity… The reason Dogecoin could spike like this is it is a pure crypto, supported by a community with talented developers, and there is no spider in the middle of the web sizing up your fiat to pay for its dreams of a super yacht.”

Clearly a fan of the currency, he does warn investors to remain careful in their financial dealings:

“What happened to Dogecoin in the last few days perfectly shows the potential of pure play cryptocurrencies in the top tier. Just don’t be greedy. Invest your chump change and let nature take its course.”

Dogecoin Charts by TradingView

The post Dogecoin Price Watch: Currency Recovers 50 Percent of Its Value appeared first on NullTX.

This article originally appeared on Bitcoin Magazine.

This article originally appeared on Bitcoin Magazine.

In a press release earlier today it has emerged that Ripple has reached an agreement with R3 over a legal dispute that dates back to 2017. The two parties appear to be trying to leave the incident in the past but are keeping most of the details confidential.

Ripple and R3 Put Legal Battle Behind Them in Secret Agreement

The legal dispute between Ripple and R3 began around September 2017. The disagreement arose over a deal in which Ripple offered to pay R3 a total of five billion XRP tokens at a considerably reduced price. In exchange for the tokens, R3 would provide Ripple with various key contacts from the banking industry. According to a report in Finder, these may have included huge names such as Goldman Sachs, JP Morgan, and Morgan Stanley.

R3 claims that Ripple failed to deliver the XRP tokens, which the latter had agreed to sell for less than one cent each. Ripple countered this by stating that R3 entered into the agreement in bad faith. They went on to state that their competitors had used the deal to appropriate some of their experience to help them to create a product that would offer direct competition to the Ripple payment processing network. They also allege that R3 knew that several key banks that were important for Ripple’s development would “soon be departing from its consortium.”

According to the Finder article, anonymous R3 insiders lend some credence to the claims made by Ripple. They reportedly called R3 as “something like a company of bankers without a bank”. They went on to say that as technology moved on, many members of the R3 consortium found being involved as less attractive due to a “lack of exclusivity.”

It remains unclear when exactly the discussions between the two began last year. However, at the time of the lawsuit, the XRP token was trading above 20 cents. This would have meant that R3 could have sold their payment for over $1 billion. Evidently, those at Ripple felt the contacts that R3 could have provided them were worth such an enormous price.

The legal battle between the two seems to have been resolved now. Precise details of the deal they have reached remain unknown. However, according to a press release dated yesterday, they are now looking to put it behind them:

“R3 HoldCo LLC, R3 LLC, Ripple Labs Inc. and XRP II, LLC announce that they have reached a settlement of all outstanding litigation between the parties. The terms of the agreement will remain confidential and both sides look forward to putting these disputes behind them.”

Image from Shutterstock

The post Ripple and R3 Reach Agreement Over Earlier Legal Dispute appeared first on NewsBTC.

Many of you are looking at the market and wondering how low it will go before bouncing back, or maybe wondering if it will come back at all. Those pundits on the news are trying to say this might be the death of Bitcoin, and the fact it has lost value over the last few days is continuing to fuel the hype.

It is amazing how many people like to jump on the bandwagon and write sensational stories and make astonishing reports about cryptocurrency when it is either up or down. When the going was good, they wrote stories about how this was the next big thing, and now we are in a bear market (not unique in any way for any markets that trade assets) they are trying to sound the death knell for Bitcoin and all the altcoins on cryptocurrency market.

It is this speculation itself that is helping to drive the market down, and those in the know can see that investors are reacting negatively. The volatility of the cryptocurrency market is nothing new, and for those of you who are long-term players in this game take heart because many advancements for blockchain technology are happening right now ensure that it will continue to thrive. Many significant advancements by companies that are investing in this market have not gone away, on the contrary, they are pushing forward at a quick pace.

So, if you are a long-term player who recognizes the opportunity that presents itself with these current low prices enticing those with the means to get in and wait for the eventual rise as the technology and the markets mature to where they become stable. In the meantime, you can pick up some assets while the prices are low and thank your lucky stars that this opportunity is still present.

Just like with gambling, investors should only use the money they are willing to lose and not dig into their grocery fund, or the kids’ college money to invest. Those that have done such things are the ones who are freaking out now because they had hoped to strike it rich without having to wade through the difficulties that have come with this immature and volatile marketplace.

Institutional money won’t be coming in until they deem the price to have sunk low enough for them to invest their millions, which will raise the price once again. It’s important to remember this during these bear markets.

Countless companies live in this space have no intentions of abandoning it. Companies like Coinbase came out with instant trading and a $25,000 daily limit for their users. Other major financial institutions and software companies have their sights set on the future, and so do hundreds of other companies who intend to push the technology forward.

Understand that these businesses are not in this to lose money, and the fact they are still moving forward says something about the viability of these markets.

It’s the short-term “get rich quick” investors that are losing the most money in any market. While those who play the game long-term with visions of the future, in their eyes where blockchain technology, will become the thing that advances humanity to the next level. Bitcoin, with all the other altcoins on the market, will eventually mesh into one currency that will be recognized around the planet as a legitimate means of buying anything, anywhere, with no centralized governmental controls.

It may take a good deal of time for all this to happen, but once we are there one can only imagine how much more those coins will be worth, and how much more wealth the long-term investor who waited patiently for things to mature will have versus those who just wanted to get in and out to make a quick buck.

The post “Get Rich Quick” Cryptocurrency Investors Feel the Pain While “Smart Investors” Celebrate appeared first on NullTX.

The SEC announced twin agreements with two different cryptocurrency-related companies

The Saudi British Bank (SABB) has become the first Saudi bank to partner with enterprise software firm and global banking consortium R3 on its Corda platform

According to a report from China’s Sina News, Star Xu, the founder of cryptocurrency exchanges OKEx and OKCoin, has been arrested by Shanghai authorities on the suspicion of committing fraud against investors. He has now been released from custody due to a lack of evidence connecting him to a potentially fraudulent cryptocurrency project taking place in Shanghai’s jurisdiction.

Star Xu Off The Hook … For Now

The fraud accusation against Star Xu stem from a cryptocurrency project Xu is involved in, called WFee Coin. Xu is a shareholder in the project, which describes themselves as being “the world’s first WiFi sharing eco-system based on blockchain technology designed for the globe,” with a goal of solving “security, trust, sharing willingness and privacy issues accrued from WiFi sharing.”

The controversy regarding the WFee coin is due to multiple investor complaints to Shanghai authorities regarding the issuance of the tokens and the purpose of the fundraising effort, which many investors claimed was fraudulent with the goal of enriching the founding team, rather than developing a practical product.

Star Xu was taken in by the Shanghai police for questioning due to his suspected relations to the fraudulent project. Following news of the arrest, cnLedger, a China-based blockchain and cryptocurrency news publication, reported that Xu’s Shanghai company did not have any involvement in the WFee project, and that the suspected fraud was actually conducted by Xu in Beijing.

It now appears that Xu has since been released by Shanghai authorities, and that they are handing over all the evidence to authorities in Bejing. It is unclear at this time whether or not the Beijing authorities will take any actions against Xu.

According to Heslin Kim, a cryptocurrency researcher based in South Korea, the OKEx team has denied the arrest of Xu, stating that the event had not happened.

– Just confirmed with the @OKEx_ team the arrest is fake news. @WhalePanda @cryptomanran @iamjosephyoung

— Korean Cryptocurrency & Blockchain News (@BlockchainROK) September 11, 2018

OKEx Controversy Under Xu’s Leadership

Although the story is still developing, and it is unclear whether or not Xu will be arrested or charged by Beijing authorities, this event is not the first time that he, or his companies, have faced controversy or have been accused of conducting shady business practices.

In late July, Xu’s OKEx exchange was shrouded in controversy following a forced liquidation event that ended up costing investors a significant amount of money and called into question the power exchanges have to move the markets.

On July 31st of this year, OKEx force liquidated a huge long position in Bitcoin, triggering the exchange’s risk management systems which caused a full account clawback to occur.  The clawback is part of their societal risk management mechanism that is triggered when the exchange’s insurance fund cannot cover the total margin call losses.  When this rare scenario occurs, users with a net profit across all three contracts for that week have a portion of their profit taken by OKEx to cover the difference between the liquidated and settled price.

Following this event, many traders accused Xu’s exchange of manipulating the markets, leading many to claim that the event pushed Bitcoin’s price from $8,000 to $7,300 immediately following the incident.

The event occurred as a direct result of OKex not implementing enough procedures in order to prevent these types of incidents from occurring. The exchange has since implemented new practices, including a larger insurance fund, in order to prevent these types of events from occurring, and to better protect investor’s positions from losses due to manipulative actions taken by the management team.

The story regarding Xu’s arrest is still developing, and more information will be available once Beijing authorities act on the documents provided by the Shanghai authorities.

Featured image from Shutterstock

The post Recap: Crypto Exchange OKEx CEO Allegedly Arrested by Shanghai Police appeared first on NewsBTC.

A Chinese ministry has confirmed blockchain will be used in charity donations tracking revamp

A federal judge has ruled that a criminal case against an alleged ICO fraudster will proceed to trial, saying existing securities laws apply.

Malta Stock Exchange’s fintech and digital asset subsidiary, MSX PLC, has signed an MOU with crypto exchange Binance to jointly launch a new security token digital exchange