The Bitcoin price fell sharply last night, down 10% in just a few hours. Having spent most of the weekend around $7600, by the early hours of this morning the price was as low as $6709, leaving Bitcoin down around 50% this year. Trading volumes in the cryptocurrency markets are much lower than they were in late-2017, which means that big price movements can happen quickly, without the need for a large number of transactions to drive the move. This low liquidity is the main reason behind Bitcoin’s notorious price volatility. In the absence of big institutional players, most market participants are retail investors who can get “trigger happy” with buys and, especially, sells. Though many commentators pointed to the hack of Korean exchange Coinrail as the cause of yesterday’s sharp decline, in reality that exchange is relatively minor. However, it may have acted as a trigger. Once people start selling, for any reason, the price can move rapidly. Nevertheless some are claiming that the market fall was a coordinated move by a few big traders to force down the price. Prices fall when there is more selling pressure than buying pressure: a Sunday night when liquidity is thin would be a good time to put in some sell big sell orders and startle the market. In fact, regulators are investigating the possibility that price movements in Bitcoin markets may be more controlled than most market participants believe. News broke on Friday that US regulators will be investigating market manipulation on Coinbase, Kraken, Bitstamp and itBit. Data from these four exchanges are used to price the CME Bitcoin futures contracts. For colorful crypto character John McAfee the price drop is simply an overreaction to the news of the above investigation and will not delay the long-promised bull run more than a month. “Don’t buy into the fear,” he said, “buy the coins.”
Certainly a sudden adjustment in the price of Bitcoin is something that everyone should be quite used to be now. As pointed out by Binance CEO Changpeng Zhao, as the BTC price is so much higher than it used to be, the volatility of previous years is much less visible. However, as Zhao says, “it’s the same pattern every year.” Bitcoin has always moved a lot, in percentage terms, and it has always moved very quickly.
Image From Shutterstock Read More Bitcoin price holds firm and major crypto figures put the drop in perspective. : https://ift.tt/2l0WA0KPartner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service.
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On Monday evening (JST), leading cryptocurrency exchange Binance announced that one of their listed virtual tokens, Substratum (SUB), would be temporarily frozen whilst the team behind Substratum work on fixing a “potential owner-permission issue.” In a press statement issued yesterday, Substratum revealed that they’d “be making some changes” to their existing smart contract design in the upcoming week. The reason why Substratum are doing this is because, in their original whitepaper, they shared the fact that should liquidity in their network sink to intolerable lows, they’d have the authority to mint an additional ten percent of the then-total token supply (i.e., using the method mintToken() within the smart contract). According to Monday’s announcement, Substratum believes this above-mentioned function is no longer required. And so, adding credence to this change in belief – which they have apparently held “for a while” – the Substratum team is removing the function from their smart contract this week.
Indeed, Substratum made a point of emphasizing that this function has “NEVER been called” into action. The reason for its removal, then, is to benefit extant holders of SUB. This is because SUB investors will soon be able to seek comfort in the fact that the Substratum token supply cannot possibly be increased. Of course, this smart contract alteration implies that SUB’s price will soon be unable to be artificially devalued; eliminating an unnecessary ‘what if’ scenario that may have otherwise been deterring would-be Substratum investors. Another function called setPrices() is also being eliminated from Substratum’s smart contract this week, which, like mintToken(), has never been made use of since Substratum has been in production. Notably, the Binance cryptocurrency exchange worked with Substratum in both confirming that neither of said functions have ever been called upon and that it’d still “be in the best interest of the community to remove both of them.” Binance has frozen SUB trading activity whilst the smart contract upgrade occurs this week.
Image From Shutterstock Read More Crypto Exchange Binance Freezes Substratum (SUB) Ahead of Smart Contract Alteration : https://ift.tt/2JFfWUdPartner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service. Tech giant Apple has updated its developer guidelines to explicitly ban "mining" cryptocurrencies like bitcoin. The new rules restrict apps that drain battery, generate excessive heat, or put unnecessary strain on device resources — all of which take place in bitcoin mining. "Apps, including any third party advertisements displayed within them, may not run unrelated background processes, such as cryptocurrency mining," Apple said on its website. It's unlikely someone could successfully "mine" bitcoin on an iPhone or iPad alone because of the amount of energy and computing power it takes. But Apple's move could pre-emptively stop future, less energy-intensive digital currencies from being mined on these devices or halt the pooling of multiple devices to accomplish it. Here's what Apple's website says:
The guidelines include cryptocurrency but that language remained the same as an archived version of the site recorded in late May by the Internet Archive's Wayback Machine. Apple's crypto-related guidelines were originally set in 2014 after the app store unlisted Coinbase and other cryptocurrency apps, citing an "unresolved issue," according to Apple Insider, which first reported the guideline updates Monday. The report didn't say when Apple updated its policy, and the company did not return a CNBC request for comment.
Cryptocurrency "mining" is essentially math often done by high-powered computers. In order to trade bitcoin, transactions need to be verified through complex math equations, then and added to what's known as a "distributed ledger." In return for solving equations "miners" receive bitcoin. On a computer, that process generates 1,400 watts — the same as one hair dryer, according to bitcoin mining company Coinmint. Many apps on the iOS store claim to let users mine with power from their personal devices, including "Crypto Coin Miner" and "Cryptocurrency Cloud Mining." The latter says it lets users "make money and earn cryptocurrencies "without major investment or hassle from direct involvement with hardware or software." Bitcoin hit its lowest in two months over the weekend after a relatively small South Korean exchange said it was hacked. The digital currency was trading near $6,726 Monday, according to CoinDesk. Partner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service. In several countries throughout Africa, citizens are spending an average of 27 cents to top up their mobile airtime, and they're using a crypto token to do it. That might sound strange to many in the crypto industry, since the vision of today's blockchains allowing the movement of millions of microtransactions across the globe has proven a challenging one to reach. Yet, a South Africa startup, Wala, is proving that a little ingenuity and an effective embrace of a nascent technology can make cryptocurrency a better payment mechanism than any of the traditional options many citizens of African nations currently have. "We really believe cryptocurrency is what is going to drive a financial revolution in Africa," said Tricia Martinez, the CEO of Wala, which raised $1.2 million selling ethereum-based "dala" tokens in an initial coin offering (ICO) in April. And it seems like that is starting to play out. Revealed exclusively to CoinDesk, Wala is now facilitating roughly 6,300 daily dala transactions for more than 57,000 wallet accounts across Uganda, Zimbabwe and South Africa. The vast majority of those transactions are micropayments under $1. As such, the startup is displaying that, not only are blockchain micro-transactions possible, but also that the narrative that cryptocurrency is better suited for people in developing countries is right on the money. Because before the token sale, Wala was facilitating customer transactions via its mobile app with the existing infrastructure in these African countries. To support their business models, though, local banks charge high fees – not just on transactions but for nearly every function, including customer inquiries on fraudulent account activity, Martinez said. This was hurting Wala's customer base and the company's business model. "Zero-fee is the solution, but banks could not support this," Martinez continued. Cryptocurrency offered an out by allowing them to facilitate payments across a peer-to-peer network with lower fees. And with 100,000 merchants offering goods and services through Wala's platform, the startup has created a small-scale circular economy – something crypto enthusiasts have long vied for. "They can buy airtime, data, pay their electricity bills or their kids' school fees," Martinez said, adding:
Microraiden for micropaymentsSo how is Wala facilitating these microtransactions on the ethereum blockchain, which has been dealing with growing scaling concerns as of late? Sure enough, according to bitinfocharts.com, this year ethereum transaction fees have ranged from between $0.17 to $4.15, which would make sending microtransactions like Wala users are facilitating too expensive. But by using a technology called microraiden, Wala is able to get around those transaction fees. Microraiden is a slimmed down version of raiden, a technology similar to bitcoin's lightning network, which pushes transactions off-chain in an effort to increase scale. Unlike raiden which facilitates multiple channels and payments hopping bidirectionally, though, microradian allows decentralized app developers to set up a channel that only receives payments. As such, Wala takes in all user payments through that channel and then batches those transactions at some point to settle them onto the ethereum blockchain. While that settlement process does incur a transaction fee, Wala is currently able to absorb that cost because of the money it raised through the token sale and its venture capital investment ($2.2 million total). Still, even though the system functions for Wala now, the company is looking at other options should scaling become a problem. "We're also actually exploring the opportunity to work with a few different blockchains simultaneously," Samer Saab, Wala co-founder and COO, told CoinDesk, adding:
This is a strategy other token issuers that have launched on ethereum, have taken recently based on concerns over scale. As Saab envisions it, multiple blockchains and scaling solutions could provide a "buffer between consumers, people who are actually engaging with the blockchain via dala, and the effects that might be happening at the base layer." Centralized for nowUntil then, though, another way Wala is getting around the costs and delays of transacting on blockchains is by centralizing their operations somewhat. As mentioned, Wala acts as the intermediary party between dala users and the ethereum blockchain. And for now, being that custodian – one that understands user habits because the team has lived and worked throughout Africa for years – for customers is useful. "At the rate at which our users lose phones, delete the app, share phones, do these things, it would be very difficult," Martinez said. "You can't solve these problems unless you are living amongst your customers." Still, Martinez said the company has plans to slowly decentralize themselves out of the equation. "Our plan for decentralization is dependent on how ethereum scales in the future," she said, adding:
Alongside this effort, Martinez is also looking for ways to make dala more attractive than cash. "Our biggest competition isn't the banks, it's cash," she said. One way Wala is enticing new users is adding rewards they wouldn't get from using cash. For instance, users can earn dala by recommending the app to friends, plus later this year, the company will launch a 'microjobs platform,' which will offer dala for simple tasks like filling out research surveys or taking pictures. "We're trying to make a continent-wide currency," Martinez said. Partnering with the incumbentsThis year, Wala plans to expand to 11 countries, including the United Kingdom, through various partnerships. Cross-border payments from expats in countries like the U.K. are an integral part of many African economies. But such remittance services are expensive and are often bogged down by delays. According to the World Bank, Africa is the most expensive continent in the world to send money to. And Quartz reported remittance payments to sub-Saharan Africa can cost more than 9.7 percent of the sum received. That's where the global dala network comes in. "Consumers can receive remittances and then go purchase products in the app, or in person. So it's a fully functioning financial product a consumer can use instead of cash," Martinez said. Even though Wala can afford to take on the costs of operation, for now, long-term plans require monetization at some level. For now, the startup brings in revenue by buying commodities – like airtime – in bulk at a discount, then selling smaller chunks of these commodities to users at the market price. But above and beyond that, Martinez said the company will have several new partnerships to announce this year. For instance, Wala is partnering with the British trading firm Block Commodities to provide the equivalent of $10 million in dala loans for subsistence farmers in sub-Saharan Africa. The startup will reap a small percentage of those loan payments. Wala plans to partner with a bank in Zimbabwe and the global microfinance bank FINCA to offer similar loan products, and possibly also savings services. Whereas the U.S. dollar in the U.S. is a strong currency to invest, Martinez said currencies like the Ugandan shilling or the South African rand are not as stable and so could lead to problems when invested. As such, Martinez concluded:
Images of dala users via Wala The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Read More Crypto Startup Wala Is Reaching Real Africans with Ethereum Micropayments : https://ift.tt/2HDtT2WPartner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service. Despite a falling Bitcoin (BTC) price having triggered a widespread devaluation for basically all cryptocurrencies, trading volumes on peer-to-peer (P2P) Bitcoin trading platforms – namely LocalBitcoins and Paxful – are seeing record highs, particularly in countries located in the Americas. LocalBitcoins With More All-Time HighsPer newly published data retrieved from Coin.dance, LocalBitcoins – the world’s most popular platform to execute peer-to-peer Bitcoin exchanges on – has experienced recent record-breaking weekly trading volumes in each of Peru, Chile, Venezuela, and Canada. Of the three South American nations, Venezuela is the one that continues to set new weekly trading volume records, having done so for each of the past five weeks. For the week ending June 9th, 7.6 million Venezuelan bolívar (Bs) was exchanged for Bitcoin; nearly double that of four weeks prior. Worth noting, however, is that Bs has been suffering from unprecedented rates of hyperinflation. More genuine growth on LocalBitcoins seems to have been experienced in Peru, with weekly Bitcoin trading volumes having produced all-time highs – when measured against both BTC (106) and Peruvian sol (over 2.7 million, or, ~$US830,000) – for the week ending May 26th. Chile has been the other South American country that LocalBitcoins has thrived in recently. Earlier last month, the most Chilean pesos (over 234 million, or, ~$US370,000) were exchanged for BTC in one week than ever before. Up north in Canada, the week ending May 19th saw record LocalBitcoins trading volumes when paired against both BTC (1,265) and the Canadian dollar (over 12 million). Paxful Proving PopularAs for the second most used P2P Bitcoin trading platform, Paxful has seen its customers in Sweden and the U.S. transact with one another at (or near) record totals. For Sweden, the week ending June 9th marked the second most Swedish kronor traded (22,700); with the third most having occurred on the week ending May 19th. As for the U.S. Paxful market, a new record was set for the week ending June 2nd, with almost $US17.8 million having changed hands. Interestingly, the past six weeks now account for Paxful’s six highest volumes recorded by their U.S. customers. Privacy a Priority for P2P TradersWhilst LocalBitcoins.com is by far the most established P2P Bitcoin exchange, Paxful has achieved significant growth over the course of 2018; tracking at near-record weekly volumes (USD). All this has transpired whilst LocalBitcoins’ weekly volume has continued to decline. The reason behind these opposing trends is likely (at least in part) due to LocalBitcoins’ recent decision to start requiring Know Your Customer (KYC) details from customers deemed to be using their services on a frequent basis. Previously, the anonymity that came with using LocalBitcoins represented a key drawcard versus centralized exchanges like Huobi Pro or Binance. Having not yet enforced such KYC requirements, Paxful (and to a lesser extent, Bisq) seem to have benefitted from their competitor’s unpopular policy change. Image From Shutterstock Read More Records Aplenty for Bitcoin (BTC) Trading Volumes on LocalBitcoins and Paxful : https://ift.tt/2sVX2RNPartner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. 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Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service.
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Ripple and Ethereum have been at it for quite some time to the extent of exchanging positions occasionally during volatile market movements. Since they are both altcoins, the question of whether they will ever amass enough momentum to beat Bitcoin has not been a major topic in the crypto space. Everyone simply assumes that Bitcoin (being the pioneer cryptocurrency) will maintain its position at the top. After all, Ethereum and Ripple’s market capitalization are only a fraction of Bitcoin’s market cap. But could these two altcoins manage to compete against each other for the top spot in future? Well, let’s find out. How Ripple and Ethereum compareIn comparison to Bitcoin, Ethereum comes much closer than Ripple, and with good reason. While Ripple is believed to be the technology that enables fast cross-border transactions, Ethereum is believed to be the future operating system for all things Blockchain. In fact, Ripple’s centralized approach and close ties with traditional financial institutions have rendered it the black sheep of the crypto family. Essentially, there has been lots of criticism from cryptocurrency and Blockchain purist saying that XRP is nothing more than a centralized platform that goes against the ethos of the crypto revolution. Even though this has stagnated Ripple’s growth among cryptocurrency enthusiasts, it has propelled growth for Ripple in terms of partnerships with banks and other traditional financial institutions. While in the search for innovation and efficiency the banking industry has embraced Ripple as a more cost-effective application of Blockchain technology that maintains a centralized approach. If Ethereum and Ripple were to battle it out for the top spot, the fact that Ripple has a better chance with traditional financial authorities could be a critical factor that would determine the outcome. Considering the over-regulation of cryptocurrencies that is currently going on, Ripple stands a better chance of being the favorite cryptocurrencies for leading financial institutions. How Ethereum would go against RippleHowever, Ethereum would not go without a fight. Ethereum boasts of smart contracts that present a technical advantage over Ripple. Various experts on both sides of the spectrum already acknowledged the revolutionary capacity of smart contracts as a reconciliation technology with numerous potentials. Smart contracts have triggered a buzz as they are capable of enabling businesses to create their own smart contracts with minimal legal and technical operations so as to transact with other entities at the highest level of efficiency. In fact, one of the early pioneers of smart contracts was a former CTO at Ripple called Stefan Thomas. He was part of the team that worked on developing the first smart contract on Ripple’s Blockchain after a round of discussions with Vitalik Buterin (Ethereum’s founder). While the ripple team underestimated the capacity of smart contracts at the time, Ethereum’s founder took up Ripple’s key value data and built it into Ethereum. Perhaps if the Ripple team took up the daunting task of building Smart contracts on XRP’s Blockchain, Ethereum would be the third largest cryptocurrency while XRP would be a runner-up to Bitcoin. For the latest cryptocurrency news, join our Telegram! Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer. Image courtesy of Pexels
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Partner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service. Sunday, June 10: crypto markets have seen a sharp drop today, in the wake of the news that the US Commodity Futures Trading Commission (CFTC) has launched a probe into four major crypto exchanges. All of the top-100 cryptocurrencies by market capitalization are in the red over the 24 hours to press time, while total market capitalization is down by about $20 bln over the same period, according to Coinmarketcap. Market visualization from Coin360 Bitcoin (BTC) has lost just shy of 5 percent of its value in the past 24 hours, currently trading at $7,244. The majority of the decline took place over a period of just 2 hours, earlier today. Bitcoin price chart. Source: Cointelegraph Bitcoin Price Index Ethereum (ETH) is revisiting its early June lows, having dipped below the $600 mark today. After losing around 6 percent in 24 hours to press time, the coin is trading at around $568. Ethereum price chart. Source: Cointelegraph Ethereum Price Index Total market capitalization is at $320 bln at press time. The market cap has declined by $120 bln over the past 30 days, constituting a value loss of about 26 percent. Total market capitalization chart. Source: Coinmarketcap Among the top ten cryptocurrencies by market capitalization, IOTA (MIOTA) and EOS have suffered the largest losses over the past 24 hours, according to Coinmarketcap. MIOTA is down 10 percent, trading at $1.50. EOS, which saw significant growth earlier this month, coinciding with the release of its EOSIO 1.0 software stack, has not been spared today either, losing 8 percent over the 24 hour period. It is now trading at $13.12. The sharp decline in cryptocurrencies’ prices takes place in the wake of the news that the US Commodity Futures Trading Commission (CFTC) has requested trading data from crypto exchanges Bitstamp, Coinbase, itBit and Kraken. These are respectively the 21st, 14th, 45th and 13th largest exchanges in the world by trade volume, according to Coinmarketcap. Following the launch of Bitcoin futures trading by CME Group in December 2017, the four exchanges subpoenaed by the CFTC, have been providing price data for CME Group. The CFTC’s request is a part of an investigation into whether there is any activity taking place on these platforms that might constitute crypto price manipulation. Bloomberg reported today that a South Korean crypto exchange Coinrail is reviewing its systems after a suspected hacking attempt. Coinrail has reportedly claimed that it managed to freeze the affected NPXS, NPER and ATX coins. However, this event is unlikely to have significantly impacted the price action on the markets, with Coinmarketcap data showing that Coinrail is the 99th largest crypto exchange, with a trading volume of “just” about $2,5 mln. Entrepreneur and Bitcoin evangelist Alistair Milne tweeted a poll today, asking his followers what is the reason for the crypto markets’ sharp drop. Milne’s seeming implication that the fall is not related to either the CFTC’s data request or the Coinrail hack was met with approval by the crypto community, with “Aliens” being by far the most popular version, followed by “Crypto iz ded.” Read More All of Top 100 Cryptocurrencies See Red Amidst CFTC Price Manipulation Probe : https://ift.tt/2xZN8ErPartner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service. AdvertisementJohn Hyland, the global head of exchange-traded products for Bitwise Asset Management, told ETF.com he believes the Securities and Exchange Commission could soon approve a cryptocurrency ETF. Hyland, who played a key role in developing the first commodity and oil ETFs in his role as CIO at United States Commodity Funds, hopes to introduce some of the first crypto ETFs. Last year, Bitwise opened a private cryptocurrency fund. SEC Concerns AddressedHyland thinks the SEC’s concerns about a crypto ETF have largely been addressed. Bitwise has kept its private fund’s crypto assets in a regulated custodian, a service the five large ETF custodial companies are considering offering. An ETF does not hold the coins, he said, but swaps or futures on the coins. An ETF holding swaps or futures could be custodized by an ETF custodian that manages futures based currency or commodity ETFs. Another SEC concern is enhanced regulated trades. Some of the big ETF shops are establishing cryptocurrency trading desks, he noted, meaning a cryptocurrency ETF could transact on platforms with a regulatory status similar to what they already do with equities. The SEC’s concern about how crypto ETFs will perform in real life can be addressed by what is happening in Europe, he said, where four crypto ETFs, with $600 million in AUM, have existed on regulated exchanges since 2015. SEC Will Act SoonHyland thinks the SEC will approve a crypto ETF in 2019 if doesn’t do so in the next couple of months. He doesn’t see action near the midterm election. He pegs the chance for action in 2018 at 20%, in 2019 at 60% and after 2019 at 20%. Asked about physical versus futures bitcoin ETFs, Hyland said that because between $6 billion and $7 billion in bitcoin is traded daily while only $40 million to $50 million is traded in bitcoin futures daily, physical makes more sense. With physical bitcoin, it is not necessary to buy futures or deal with all the fees. Regulators, he acknowledges, will find it easier to approve of a product connected to futures since bitcoin futures, currently traded on Chicago-based exchanges CME and CBOE, are regulated in the US. While he envisions regulators allowing futures-based products, he nevertheless sees owning the underlying assets as a better long-term prospect. Also read: Bitwise exec predicts trillion dollar crypto market cap this year More Crypto ETFs To FollowOnce the SEC approves the first crypto ETF, Hyland said more such products will come to market since there will be no grounds for not approving similar products. Those with similar products will be approved in a similar time frame. Leveraged products could be different, he said, as the depth of the market becomes an issue and price volatility times leverage becomes even more of an issue. Asked what types of crypto ETPs he will bring to the market, Hyland said he will offer diverse coin groupings by means of a passive index, similar to the company’s existing private fund. The company is currently examining products filed with the SEC and has found products that offer long and short positions, as opposed to his company’s point of distinction, a basket offering. Hyland’s firm currently produces a market cap weighted index consisting of the top 10 cryptocurrencies. The company will provide additional indices based on attributes besides liquidity and size. The company will also file for offerings outside the US, he said, noting that bitcoin ETPs exist in Europe. The first filing likely will be an index basket, but should the incremental cost be low for a single coin ETP, he might consider it. Images from Shutterstock Follow us on Telegram.Advertisement Read More Bitcoin ETF Coming Soon: Crypto Fund Manager : https://ift.tt/2sN81O3 Partner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service. MelissaSweet1, a camgirl in Arizona, started accepting cryptocurrency as payment for her erotic webcam performances three years ago. But usually, she would promptly convert it into fiat. Until last year that is, when she started squirreling away the digital coins in a hardware wallet. Rather than simply an expedient way to get paid, crypto became a part of her retirement plan. Like MelissaSweet1, several other sex workers recently interviewed by CoinDesk described similar shifts in their crypto usage. While others in the blockchain industry debate whether bitcoin is primarily a transactional currency or a global store of value, sex workers are already using the technology for both. The trend speaks to both the surge in cryptocurrency prices, which has made it more rewarding to hold on to coins rather than cash out, and an intensification of the very problem that led the sex industry to turn to blockchain technology in the first place. Namely, it's even harder than it was just six months ago for people in this line of work to get any kind of mainstream financial services in the U.S. – not just the payment processing that's long been elusive for them. "More banks are viewing any sex work as high risk, and an increasing number of banks are refusing to accept direct deposits from adult industry companies," said MelissaSweet1, who like other sex workers did not want to give her real name. In such an environment, sex workers – a broad category that includes not only escorts but lawful workers such as erotic dancers, porn stars and even film production professionals – see saving money the old-fashioned way as increasingly risky because their accounts can be closed and funds frozen without warning. Some are afraid that centralized crypto services will start to do the same. So, in addition to hodling the crypto they receive from clients, they're also moving their digital money offline from third-party services to cold storage methods under their control. Adult performer and token enthusiast Brenna Sparks alluded to the new state of affairs in a tweet last month. Recounting a conversation with a makeup artist on set, Sparks wrote:
Self-sovereign savingsBut since retiring on crypto means securing it for years or even decades to come, these freelancers often evangelize in closed groups about the importance of cold storage. This is the practice of keeping the private key to a wallet – which is like a long, indecipherable and hard-to-remember password – offline, either on a piece of paper or a hardware device. "I've seen an increase," camgirl and adult film actress Ginger Banks, who has been in the industry for eight years, told CoinDesk about her peers discussing how to manage private keys. "Just recently myself, people have been encouraging me to get my stuff off of Coinbase." As long as users control their private keys, their crypto cannot be confiscated, a risk that even legal sex workers face when they keep money in the bank. "The reason that security is taken so seriously by the adult industry is because they are so used having their accounts discontinued or frozen without warning by traditional centralized institutions," Nathan Smale, chief operating officer at the crypto startup Intimate, told CoinDesk. "You are dealing with women and men who have always had to take responsibility for their own safety and protection, rarely being able to rely on others to actually help them," Smale said. "Is it any wonder that they would take control of their own funds and manage them?" Even those who continue to use regulated, third-party services are hedging their bets. For instance, Leah, a 20-year-old sex worker who specializes in a form of BDSM, told CoinDesk she worries the government will create stricter regulations for cryptocurrency transactions, which would result in the kind of discrimination and account closures sex workers have long encountered from legacy financial providers. So Leah uses a hardware wallet in addition to exchange accounts on sites like Coinbase. The flipside of cold storage, as seasoned crypto users know, is that key management can be stressful and involved. If lose your key, or forget the PIN or the recovery passphrase for a hardware wallet, you'll never be able to access your money. "Cryptocurrency is something still pretty new, it's decentralized so you have to hold yourself more responsible," MelissaSweet1 said. More to comeDespite the headaches involved, the trend among sex workers of using crypto to save for retirement looks likely to grow, as an unintended consequence of recently enacted and pending legislation. First, there was the SESTA/FOSTA legislation package that passed in the U.S. in March, which conflated consensual sex work with sex trafficking, and weakened legal protections for internet service providers (including online financial platforms) used by sex workers. While traditional banks and payment networks like Visa have been inhospitable to sex workers for at least a decade, these new laws gave them one more reason to fear for their reputations if they come anywhere near the industry. Now there is another bill working its way through Congress, which could criminalize providing banking services for "traffickers." "These laws do pose a real threat to me," MelissaSweet1 said. But that's not to say these crypto users want to break the law. Indeed, while naysayers may be quick to point out that saving for retirement without a licensed service provider could lend itself to tax evasion, blogs and social networks for sex workers are full of freelancers sharing tips on how to file taxes – including taxes on bitcoin payments. "There is a way to report income even when you're doing something that might be, in some states or locations, outside the law," Mike Stabile, communications director at the Free Speech Coalition, a nonprofit adult industry trade organization, told CoinDesk. "Those people who are working in sex work do pay taxes. They do have deductions." To that point, MelissaSweet1 said she has been checking all her legal compliance boxes while working in the adult entertainment industry for the past five years and plans to continue doing so because she is proud of her work. Besides, she said:
Looking ahead, some sex workers are thinking about other potential wealth-building applications for blockchain technology. For example, Ginger Banks said she hopes to someday establish her own studio using smart contracts to send royalties (which are rare in the adult entertainment industry) directly to individual cryptocurrency wallets for long-term income throughout retirement. "It feels like I am a part of history if I hold these coins for the future," Banks said. Image via MelissaSweet1 The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. Read More Sex Workers Are Using Crypto to Save for Retirement : https://ift.tt/2Jxl7FuPartner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service. South Korean cryptocurrency exchange Coinrail has reported a successfully deployed hacking incident on Sunday afternoon (KST) which appears to have involved the theft of over 2.6 billion NPXS (=~US$20 million) and a host of other Ethereum-based virtual tokens. NPXS is the cryptoasset enabling Pundi X; the Indonesian startup disseminating retail-friendly devices designed to make cryptocurrencies more usable and accessible. In response, the eight-month-old Coinrail has frozen Pundi X (NPXS), as well as NPER (NPER) and Artex Coin (ATX). Whilst inspection procedures continue to be carried out, Coinrail has made their website inaccessible. They currently estimate a wait of 26 hours before this inspection is complete (i.e., 02:00 KST Sunday – 04:00 KST Monday).
Whilst the investigation is ongoing and yet to yield any conclusive answers, an individual researcher has shared evidence of transactions involved in Sunday’s cyber-heist. The trail involves the sending of over 2.6 billion NPXS to a hot wallet on IDEX, an Ethereum-based decentralized exchange. Other tokens that appear involved are NPER, ATX, DENT, TRX, B2B, JNT, KNC, STORM. Pundi X Help With FreezeAssisting Coinrail with their investigative process, Pundi X announced that they’d halt their NPXS transactions until 18:00:00 SGT (GMT+8) on Sunday night; a time window of roughly six and a half hours.
Fragile Market ReactsAs the undesirable news spread across the globe, the entire cryptocurrency market saw a strong bout of selling, with ~$20 billion being wiped off the collective market cap. Over the past 24 hours, EOS (EOS) and IOTA (IOTA) have been the hardest hit, down 10.9 percent and 13.4 percent, respectively. Bitcoin (BTC) experienced a drop of 5.6 percent. Given that Coinrail is a relatively low-volume crypto exchange (even in a domestic sense), the impulsive Sunday sell-off is highly indicative of the cryptocurrency market’s fragility. Indeed, investors continue to anxiously await some much-needed clarity regarding how cryptoassets will be legally treated by most developed nations. Worrying Trend ContinuesThe cryptosphere has certainly been rife with cybercrime in 2018; a worrying continuation from last year’s collective ~$1 billion loot. Last week, cybersecurity specialist Carbon Black published this paper that reported that they’d “identified more than $1,148,763,000 in losses over the [previous] six-month period.” Image From Shutterstock Read More Korean Crypto Exchange Coinrail Hack Triggers Sunday Sell-Off : https://ift.tt/2sYVuGKPartner By desimpul.blogspot.com The materials on Desimpul's website are provided on an 'as is' basis. Desimpul makes no warranties, expressed or implied, and hereby disclaims and negates all other warranties including, without limitation, implied warranties or conditions of merchantability, fitness for a particular purpose, or non-infringement of intellectual property or other violation of rights. Further, Desimpul does not warrant or make any representations concerning the accuracy, likely results, or reliability of the use of the materials on its website or otherwise relating to such materials or on any sites linked to this site. In no event shall Desimpul or its suppliers be liable for any damages (including, without limitation, damages for loss of data or profit, or due to business interruption) arising out of the use or inability to use the materials on Desimpul's website, even if Desimpul or a Desimpul authorized representative has been notified orally or in writing of the possibility of such damage. Because some jurisdictions do not allow limitations on implied warranties, or limitations of liability for consequential or incidental damages, these limitations may not apply to you. Accuracy of materials The materials appearing on Desimpul's website could include technical, typographical, or photographic errors. Desimpul does not warrant that any of the materials on its website are accurate, complete or current. Desimpul may make changes to the materials contained on its website at any time without notice. However Desimpul does not make any commitment to update the materials. Links Desimpul has not reviewed all of the sites linked to its website and is not responsible for the contents of any such linked site. The inclusion of any link does not imply endorsement by Desimpul of the site. Use of any such linked website is at the user's own risk. Modifications Desimpul may revise these terms of service for its website at any time without notice. By using this website you are agreeing to be bound by the then current version of these terms of service. |