While cryptocurrencies experienced a popularity rush over the course of 2017, the real surge in crypto investments came when record prices hit at the end of the year. The value increase has made millionaires, and even billionaires out of some of its investors, which has drawn thousands, perhaps millions of new investors to the crypto world. Usually, the best way to enter the world of investing would be to seek experts’ advice. Discovering dos and don’ts is the safest way to make a smart investment, and not lose your money to a bad call. However, the rules of the crypto world can be difficult to learn, and getting to know them properly takes time and dedication. This is why most people only do a brief search and jump into the game unprepared, led only by the price of coins, their reputation, and speculation of some of the more vocal announcers. This is definitely not the best way to go about it, but it is a known fact that time is money, so it is understandable that so many people are jumping on any opportunity to make a profit. This is why we have prepared three golden rules that should always be remembered when dealing with digital currencies. 1) Success comes through diversityA lot of cryptocurrencies have proven to be extremely successful on their good days, which is often good enough for aspiring investors to invest in them. The reason behind these decisions is the belief that these coins can reach their former glory once more, and that they will make the investors rich when they do. While this is certainly a possibility, there is no guarantee that it will happen. With that in mind, it should be noted that putting all of your eggs in one basket might just as easily mean that you will lose everything. Remember the ’90s, when most investors thought that Yahoo was the future? They invested all of their money into this one company and completely neglected other firms. Soon enough, they realized their mistakes when companies like Facebook, Google, Amazon, and the like surged to heights never seen before, while Yahoo remained average at best. The point is, just because something seems good now, or it was good in the recent past, it doesn’t mean that there are no better opportunities out there. Keep an open mind, and try to look beyond the price itself if you wish to make a smart investment. 2) Be patientIt is difficult to be patient with your investments when it seems that everyone around you is making money without effort. However, their success is likely a result of playing the long game and investing in projects that showed promise a long time ago. In many cases, it will take more than a year before your crypto investment actually starts creating a profit for you. Despite the popular belief, it is still impossible to become a millionaire in a single day. Early crypto investors that took a chance back in 2009 when BTC first appeared may have become millionaires, but it still took more than half a decade for that to happen. And yes, the situation is different now, but that still doesn’t mean that the money will come running just because you finally invested into cryptocurrencies. It is important to understand that this is a process, and just like any other, it requires time, patience, and dedication. If you can live with that, you might also join the ranks of investors reaping the riches after buying digital coins. 3) Watch out for circulating supplies of your chosen coinsWhen it comes to choosing the coin, most investors make a mistake of only going after the pricey coins. This is understandable, since investing in cryptos is all about making a profit, and the price is one of the most important aspects of the coin. And while it is understandable, it is a bad idea to judge a coin by its current value. Crypto prices are subject to change which can come at literally any minute. What you ought to be looking at is the coin’s circulating supply. The coins with lower circulating supply are the first ones to consider investing in. The fewer coins there are, the higher their price can rise. The opposite is also true, and cryptos with more coins in circulation may take years to achieve decent prices, while some never even get to that point. Let’s take Bitcoin as an example. Its current circulating supply is barely over 17 million coins. Bitcoin’s current price (after 8 months of bear market) is at around $6,400. Now, let’s compare it to Ripple, which has more than 39.5 billion coins circulating. This is more than a third of its total supply of 99,991,865,246 XRP. As expected, Ripple’s price is way lower than that of Bitcoin, and the coin is currently valued at only $0.320178 per unit. If XRP kept its circulating supply as low as that of Bitcoin, its value might have surpassed BTC’s a long time ago. With that in mind, try to only invest in cryptos that have a circulating supply at or below 150,000 coins. Such assets, supported by the right team and under proper conditions, might become the next big thing in the crypto world. Read More Three Golden Rules For Aspiring Crypto Investors : https://ift.tt/2LyDV7GPartner 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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Nano Coin (NANO) Still Dominating Despite the Bear Market: Up by 127% in an another Weekly Bull Run8/26/2018 Nano Coin seems to be transferring the success it had in the market during the last week to the current week as well, as NANO Coin is seen spiking up by 127% concluded with August 26th, making up for one of the top gaining cryptos in the market for the past several weeks and up. Even though Nano coin dropped by -89% since reaching its all-time high, we can see this currency dominating on both monthly and weekly charts while trading in the green and going up against the fiat. Only within the last 24 hours, Nano Coin managed to collect up to 20% of gains at one point, while at the end of August 26th it marked 16% of gains against the fiat. Since NANO team is focused on breaking into the auto industry while promoting the Internet of Things, which has already been “visited” and taken into consideration by other blockchain projects such as IOTA. Nano Coin has also recently announced a charger powered by NANO coins, clearly making a huge progress in adding new use cases for Nano technology. Some of the most significant highlights of the week for Nano is the confirmed launching of LocalNano.com, enabling users to trade Nano coins on a peer-to-peer exchange. NANO Announces LocalNano.com After Nano Coin got a significant dose of attention in the market once it was announced that Binance will be representing this cryptocurrency, which at the same time showed that one of the largest exchanges believes in Nano project, the team behind the 23rd biggest coin didn’t stop there. Nano Coin also got support from Ledger S, making it more accessible to crypto users, while it continued with the treasure hunt that took place in London in order to celebrate the interest that London Stock exchanges showed for NANO. It seems that many external and internal positive factors are driving the price pump behind Nano Coin for already two weeks, given the fact that the crypto was up by 90% during the last week while we can now see it spiking up by 127% during the last week with the latest changes in the market. One of the latest announcements by Nano team brought attention to the recently launched LocalNano.com, as “Redditors” started a thread on this matter on August 25th. The contributor of the thread stressed out that LocalNano.com resembles LocalBitcoins, working in a way to allow individuals to trade their NANO coins on peer-to-peer exchanges. The redditor also added that the papers announced by Nano team claim that no fees will be conducted for trading as the team is planning on taking profits from promoted listings rather than charging fees. In accordance with the information provided, the team is also planning further expansion to Malta. Nano as a blockchain project is already promoting zero fees with instantly processed payments, which is why it probably makes a lot of sense to keep Nano zero-fee even on LocalNano.com. After several noted security issues and reports from users as there seems to be another similar platform called LocalNanos.com, the team stated that the Sign-Up option is disabled for now as the team is still working on integrations and functionality improvements, adding that the platform is not yet officially live and fully functional. The team also added that SSL certificates, bug fixes, and security matters are already being taken care of, advising the users to wait until the platform is officially announced. Nano in the Market Nano Coin seems to be working full steam both in the market and in the field of technological improvements and developments, working on new wallets, integrations, projects and embracing new opportunities regarding IoT, as well as releasing version 15.2 with numerous bug fixes and improvements, while also releasing a prototype for a Nano-based charger. This crypto at the same time makes up for one of the top gainers in the market, rising up by 127% in the last seven days, and 2249% of gains during the period of a single year. Nano Coin persists with collecting gains despite the bear trends without any sign of pump and dump, which can describe this crypto as an investor’s gem especially during the frequent and continuous crisis in the market. During the last 14 days, Nano Coin went up by the amazing 210% as it was seen spiking up on August 26th by over 22% in the period of 24 hours. 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, August 26: after a short recovery yesterday, crypto markets have again declined somewhat, with only three out of the top 10 cryptocurrencies by market cap seeing green today. Market visualization from Coin360 Bitcoin (BTC) is one of the fortunate ones, up less than one percent on the day, trading at $6,740 as of press time. The cryptocurrency also has managed to hold on to its weekly gains, which comprise 2 percent. Having peaked at $6,778 yesterday, Bitcoin dropped to as low as $6,587 earlier today. Bitcoin 24-hour price chart. Source: Cointelegraph Bitcoin Price Index After surging to around $282 yesterday, Ethereum (ETH) is now 2 percent down to trade at $272 as of press time. Ethereum price chart. Source: Cointelegraph Ethereum Price Index The total market capitalization of all coins has increased somewhat over the past 24 hours. After hitting an intraday low of $212 billion, it is currently at $218 billion, up from yesterday’s high of $216 billion. Total market capitalization chart. Source: Coinmarketcap Bitcoin keeps increasing its dominance over the market, with its share of the market amounting to 53.3 percent at press time, up from 51.5 percent a week ago. Bitcoin’s share of total market cap. Source: Coinmarketcap IOTA is the only cryptocurrency out of the top ten by market cap to have grown by more than one percent in 24 hours to press time - in fact, it has gained as much as 12.5 percent, to trade at $0.60. In terms of weekly gains, one of the biggest winners is Tezos (XTZ), up a whopping 97% on the week and trading at $2.64 at press time. Yesterday, Fundstrat’s Head of Research Tom Lee said in an interview with CNBC that the cryptocurrency “could end the year explosively higher,” citing a correlation between it and emerging markets, and claiming that he still believes that Bitcoin could hit $25,000 by the end of 2018. According to Lee, the “tide is changing” for both Bitcoin and emerging markets, especially if the U.S. Federal Reserve slows down its interest rate hikes. Read More Crypto Markets See Few Gains as Most of Top Coins Are Slumping : https://ift.tt/2MBiOXCPartner 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. Venezuela's Central Bank Launches Android App to Convert Bolivars to Petro-Pegged Currency8/26/2018 AdvertisementThe Banco Central de Venezuela, Venezuela’s central bank, has recently launched an Android app to help the country’s residents convert the country’s old fiat currency, the bolivar, to the new Petro-pegged Bolivar Soberano – the Sovereign Bolivar. The app, first spotted by Bloomberg, is called “Calculadora Soberana” (Sovereign Calculator) and doesn’t do particularly complex math, as it pretty much takes five zeros away from the bolivar to convert it to the crypto-pegged currency, making a 1:100,000 conversion. At press time it has been downloaded over 10,000 times and has a 4.7 rating on the Google Play store, after being reviewed by 184 people. Its description reveals it also lets users keep up to date with the “latest news and information on currency conversion.” On Twitter, the central touted the app is a “tool for everyone and all Venezuelans,” and the “best ally people will have to understand and assimilate the monetary re-denomination process.”
As Bloomberg notes the app’s developer, Comunicacion Digital VE, has various other apps on Google’s app store. These all seem to support Venezuela’s socialist regime, as they’re about the country’s leaders, and are apparently designed to favor them. Earlier this month Venezuelan leader Nicolás Maduro devalued Venezuela’s fiat currency by 95% and pegged the new Sovereign Bolivar to its oil-backed cryptocurrency, the Petro (PTR). This, after Maduro revealed the Petro was going to become an alternate currency in the country. The move, according to the BBC, saw Venezuela become a “paralyzed country” as the economic changes left the country’s residents confused and facing restricted cash withdrawals. Making things worse, authorities already arrested several merchants, accused of charging exorbitant prices while taking advantage of the turmoil. Adding to Venezuela’s problems, shoppers also need to calculate the prices of goods at black market exchange rates. The sovereign bolivar, according to official exchange rates, is set at 60 per dollar thanks to the Petro, but on the black market the currency is reportedly going for 40% less. Venezuela’s PetroAs CCN covered, the South American nation gave the Petro various use cases before making it an official alternate currency. Earlier this year, it revealed it “may” charge for exports in the oil-backed cryptocurrency, and offered India a 30% discount on crude oil if it were paid in PTR, a discount the country rejected. In an interview with the country’s Cuatro F magazine in April, the executive secretary of Venezuela’s Blockchain Observatory, Daniel Peña touted the Petro’s impact would be felt within “three to six months.” Since the country announced the cryptocurrency late last year, it has been embroiled in controversy. The century-old think tank Brookings Institute claimed it undermines legitimate cryptocurrencies, while Venezuela’s National Assembly declared it unconstitutional. President Donald Trump banned US citizens and residents from investing in the Petro, a move Venezuela at the time claimed was “free publicity.” Featured image from Shutterstock. Follow us on Telegram or subscribe to our newsletter here.• Join CCN's crypto community for $9.99 per month, click here. • Want exclusive analysis and crypto insights from Hacked.com? Click here. • Open Positions at CCN: Full Time and Part Time Journalists Wanted. 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. Throwing away revenue? It might not make sense in conventional business, but don't tell that to crypto entrepreneurs. Indeed, for some projects, economist Joseph Schumpeter's notion of "creative destruction" is taking on a literal meaning in that they're actively destroying their own money supply – and generating value for investors in the process. It's turning out to be an unexpected benefit of the initial coin offering (ICO) model, whereby startups and projects fuel and fund their projects with a scarce digital asset they create. In short, these projects can use the token to price their services, and then strategically alter the economics of the money supply to which they have a direct relationship. To that end, burning tokens, or destroying the cryptographic keys to these assets so they can't ever be recovered, has proven to be a selling point for investors, with ICO white papers finding projects promising they will destroy new tokens as they return to the issuer as earnings. Essentially the ask is, if you buy our token now, these companies promise potential backers they'll trash them as they earn them back. However unorthodox, one thing is clear: speculators appear to love the model. Take Switzerland-based Eidoo, which just announced that it was burning 1 percent of the total supply of the EDO tokens it created when it did its ICO in November. Its latest blog post reads: "The excellent news is that we will destroy 920,000.00 EDO tokens starting from August 31st. This means that we are going to permanently remove one percent of the total supply of EDO tokens." Sure enough, EDO's price spiked nearly 40 percent shortly after the post above came out. For Eidoo, this means it earned the tokens it created back as revenue from helping startups to run ICOs on its app. But since it isn't going about this process alone (the company says it has 200,000 users eager to get in on more sales), it's jettisoning a full half of the money it brought in by burning the tokens. The twist is, Eidoo is a major holder of EDO tokens, meaning it's a win-win for the company and investors. As Eidoo's Amelia Tomasicchio told CoinDesk:
A new directionSure, there may not be guarantees that Eidoo's model will work in the long run, but industry insiders argue counter-intuitive practices like this come with the territory in eras of financial experimentation. "This is a 1.0 attempt to manage how an economy would work," author, investor and crypto startup advisor William Mougayar told CoinDesk, adding: "They all want to play Fed Reserve Chairman or Chairwoman." Mougayar said he expects more companies to handle their crypto finances in creative ways, which doesn't mean that all the ideas are good. Destroying part of a company's revenue may seem disconcerting, or even signal to consumers that it is over-priced. As Mougayar said, it's a pattern that can never work for a company that isn't delivering a service in demand. Tomasicchio wrote:
Founded in 2016 to make crypto easier and more mobile friendly, Eidoo started burning early on. After its $27.9 million ICO in November left a little over 9 percent of the tokens designated for the sale unsold, it burned them, as it had promised to do. The burning continues later this month, and so far, it's winning the project attention. "Projects burn their own tokens to remove them from the market to demonstrate consumption – as a result this creates further scarcity, thereby affecting the market cap, and arguably is a form of price manipulation," Lisa Cheng of the Vanbex Group, a blockchain services company. Follow the exchangesBut Eidoo's upcoming burn won't be the most significant instance in recent memory, as crypto exchanges that have launched their own tokens have most readily embraced the model. In July, Binance burned 2.5 million of its BNB tokens (which it uses for discounts on its exchange) worth approximately $30 million, according to a blog post (that's more than the whole market cap of all the EDO tokens). When it created the token, the company committed to burning 20 percent of its token profits each year. Even more aggressively, they say they will do it up until they've gone through half the BNB token supply. Still, there's utility beyond the depreciating supply. The Binance token has been used to lower the cost of transactions for users, helping to bring more people onto the platform, as Mohamed Fouda explained in a recent Medium post about why exchanges are launching tokens. Effectively, they leverage their large volume to drive up the value of their stored supply of tokens, offloading revenue to token appreciation. But it only works if people want to come. Mougayar gave the example of a tavern. "If I bribe you with a free beer, you may come once," he said, but visitors that don't like the place won't come back. Similarly, a company that uses a token to provide early discounts to bring people in still need to deliver a strong product. The idea is spreading across exchanges. KuCoin is using 10 percent of its profits each quarter to buy back and burn its own tokens. Even Eidoo will launch its own decentralized exchange or "hybrid exchange" in a few weeks, with plans to use EDO there as well. Munchee flashbackBut while buybacks and burning can boost price, it could present other problems for projects. Eidoo calls its token a utility token. "The way a given token works defines its very nature. Regulators themselves are already doing a good job trying to define the different categories of tokens which are being used today," Tomasicchio wrote. U.S. regulators, though, have indicated which category tokens with burn functions fall into. "I would caution those exploring this concept to check with their jurisdiction as the recent SEC announcements have been quite clear that burning tokens would constitute the actions of a security," Cheng wrote. In particular, she looked to the Munchee decision from last year, in which the U.S. Securities and Exchange Commission (SEC) specifically pointed to the company's promise to destroy tokens as an example of increased value "derived from the significant entrepreneurial and managerial efforts of others." It is well established in equity markets that buy backs are a way to support the price of a stock. If a company has cash reserves and flat growth, as Apple has had from time to time, it can be a way to keep the mass of its investors loyal by stabilizing the stock price. We have seen this pattern come to crypto as well. U Network recently did a buyback to power its growth effort. Going further and burning is adds complexity, but the SEC appears confident it can draw a parallel to what token issuers are doing with examples from equities markets. "I'm not sure this will stand the test of time," Mougayar said. He concluded:
Bitcoin in fire image via Shutterstock. 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. 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. Venezuela has just taken drastic and unprecedented steps to stabilize its currency as it grapples with hyperinflation and other economic issues. The country’s currency has not only been massively devalued and renamed, but is now tied to a state-issued cryptocurrency called the Petro, which itself fluctuates based on oil prices. Hardly anyone knows what to expect out of this. The Petro is not new; it arrived earlier this year in the form of a stepped offering to private and then public buyers, raising more than $3 billion from foreign governments and presumably some private buyers. President Trump forbade the U.S. from taking part. It is supposed to be a liquid asset reflective of the price of oil, and there is of course a whitepaper that describes the system in broad strokes, though it lacks almost any real technical detail. But the country’s own national assembly called the state-issued cryptocurrency unconstitutional, blockchain industry experts have called it a scam and there are Russian machinations to consider as well. Bloomberg has a good roundup of official communications about the token. The scheme originated in the administration of Venezuelan President Nicolas Maduro and seems to be an attempt to lend some credibility and stability to the country’s currency. The strong bolivar, which has lost more than 90 percent of its value over the last decade, has been renamed the sovereign bolivar and artificially returned to pre-inflation values. In practical terms that means a loaf of bread that cost 100 bolivars in 2012 and 100,000 last week will now, theoretically, cost around 100 again. Whether that will actually happen — the black market rates are probably more influential — is anyone’s guess. In case it isn’t clear, I’m not an economist and don’t plan to become one. But this is an historic moment in the blockchain world in that it is the first time an official fiat currency has been pegged to a state-run cryptocurrency. That makes it of interest to the international community for many reasons, although obviously this is far from the ideal method by which one might want to demonstrate such a system. Although this whole situation is nominally of interest, it seems unlikely to benefit the people on the ground in Venezuela who have no use for oil-based cryptocurrencies and just want to buy some bottled water, a package of diapers and a train ticket out of the country. How this all plays out will no doubt be instructive, but let’s not lose sight of the humanitarian crisis playing out on the streets. Here as elsewhere, donations can help. Read More Venezuela ties its currency to a state-run cryptocoin : https://ift.tt/2MmoxjTPartner 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. The U.S. Commodities Futures Trading Commission (CFTC) has won a court order to permanently bar the operator of the New York-based firm CabbageTech Corp. for cryptocurrency-related “bold and vicious fraud,” Bloomberg reported August 24. Earlier this year, Patrick McDonnell, cryptocurrency promoter and operator of CabbageTech Corp., was charged with “fraud and misappropriation in connection with purchases and trading of Bitcoin (BTC) and Litecoin (LTC).” McDonnell subsequently argued that the CFTC did not have the authority to regulate his commercial operations; however, New York district judge Jack B. Weinstein rejected his claim. In July, Weinstein reportedly held a nonjury trial where he claimed that McDonnell ran a “boiler room,” deceptively luring investors in different states and counties using “trickery, false statements and misappropriation of funds,” Bloomberg notes. Weinstein delivered a judgement that McDonnell must pay $290,429 in restitution and $871,287 in penalties. According to Bloomberg, CabbageTech was not represented by a lawyer, as McDonnell claimed he could not afford to pay for counsel. McDonnell also stopped appearing in court during the trial. McDonnell was also involved in a different lawsuit by the CFTC against his another company, Coin Drop Markets. The CFTC claimed in the the lawsuit that customers who paid McDonnell and Coin Drop for crypto trading advice did not receive the advice they paid for, and that McDonnell shut down Coin Drop’s website and failed to respond to customers. The lawsuit also notes that Coin Drop was not registered with the CFTC. Last month, speaking from Capitol Hill, Congressman Bill Huizenga argued that Congress should empower financial regulators such as the U.S. Securities and Exchange Commission (SEC) and the CFTC to regulate the cryptocurrency market in compliance with the same rules governing other currencies and stocks. In May, the CFTC chairman Chris Giancarlo said he doesn’t see comprehensive crypto legislation coming from the federal level in the near future, pointing out that the statutes by which the CFTC is operating were written in 1935. He added that embracing a modern innovation like Bitcoin within terms invented decades ago will take time. Read More New York District Judge Rules That CFTC Can Permanently Ban Crypto Firm : https://ift.tt/2P4KQr3Partner 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. Facebook is one of the leading social platforms around the globe. With a whopping 2.23 Billion active users per month this platform has a vast user base. At the end of 2017, Facebook closed the year with a net income of $15.9 Billion. It’s for this global supremacy that the firm has decided to get into blockchain technology and is considering crypto as a good start. Even though it sounds exciting but scary because of the ability of the giant software to rule the industry as it does with social media. The firm has shown signs of coming back to the crypto world after it eased up on the crypto ad ban. So what could Facebook build to overpower what already is in the market?At the beginning of 2018, Facebook banned all cryptocurrency ads including Bitcoin. It took this step in an attempt to prevent people from advertising what the firm referred to as financial products and services promoting misleading or deceptive practices. This meant advertisers, however, if they are legit, couldn’t promote Bitcoin and other cryptocurrencies. However, in a turn of events, David Marcus, who leads Facebook’s crypto team has stepped down from the board at coinbase. One of the unique projects Facebook is likely to initiate is coming up with a digital asset. The asset will be used on the Facebook platform and Messenger. This initiative will be essential and ideal for micro-payments such as sending remittances across the border and also tipping. Tipping will be an addition to liking comments on Facebook. Still, one username will serve as opposed to the multiple crypto addresses. At the time when the firm banned crypto ads, it stated that many of the companies weren’t operating in good faith. In the revised policy, the company has said it will improve the security and integrity of the ads. As a result, scammers will not have an opportunity to thrive. These policies will be revised over time to strengthen the ability to protect deceptive ads improved. What about their crypto exchange?Cryptocurrency business is tormenting Facebook. This is after Binance expecting to make $1 Billion in profits after a year of operation in crypto business. One way for this firm to achieve this is to start from scratch as Binance did with ICOs. Another way is through acquiring Coinbase. Keep in mind, Marcus can break the deal using his influence because he was one of the board members. The acquisition is probable because, with an ICO, it has security issues in the United States. Chances are, they won’t take the ICO path. With all these developments and changes, Twitter and Snap haven’t been left behind, having also enacted policies around crypto ads. Twitter will only display ads for exchanges and wallets provided by public traded companies. Snap on the other hand, will allow crypto ads but ban ICO ads. The crypto environment is rocked with scandals. It’s imperative that significant platforms lay down rules of what they allow. In the first two months of 2018 according to the FTC, consumers lost $532 million to cryptocurrency-related scams. Besides, an official from the agency has warned that subscribers will lose more than $3 billion by the end of the year. But all this is speculationAt the moment, we have to wait and see what the team is working on. Rumors have it that Facebook has been having talks with the Stellar Foundation. Whether these rumors are true or not, it’s a matter of time before we can substantiate them. But with the popularity and power that Facebook has, it will lift the ban on approved advertisers. Read More Social Media Giant, Facebook, Weighs Up Crypto Options : https://ift.tt/2LseRzbPartner 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. Friday, August 24: crypto markets have seen notable growth today, with all but one of the top 40 cryptocurrencies by market cap solidly in the green, according to data from Coin360. Market visualization from Coin360 Bitcoin (BTC) has seen solid growth, having surpassed the $6,600 price point, starting the day just over $6,400. The leading cryptocurrency is up around 3 percent over the past 24 hours, trading at $6,624 at press time. August 22 Bitcoin plunged from above $6,700 to under the $6,400 price point, following news of new anti-crypto policies in China, as well as another series of application denials for several Bitcoin exchange-traded funds (ETFs) by the U.S. Securities and Exchange Commission (SEC). According to CoinMarketCap, Bitcoin and VeChain (VET) are the only two cryptocurrencies among top 20 coins by market cap that have seen some gains over the past 7 days, with Bitcoin up just 1.43 percent. Bitcoin 7-day price chart. Source: Cointelegraph Bitcoin Price Index The top altcoin Ethereum (ETH) is up about 2.7 percent today, trading at $280 at press time. Following a markable downward trend over the week, the second cryptocurrency by market cap has suffered a heavy-hitting 41 percent loss over the past 30 days. Ethereum 30-day price chart. Source: Cointelegraph Ethereum Price Index Total market cap is slightly up today, mostly holding above the $210 billion mark over the past 24 hours. After dropping to as low as $203 billion August 22, the capitalization of all cryptocurrencies has grown to $214.7 billion by press time. Total market capitalization of all cryptocurrencies, 7-day chart. Source: CoinMarketCap Among the top 10 coins, EOS (EOS) and Monero (XMR) have seen the most significant growth over the past 24 hours, up 4.7 and 3.9 percent respectively. Today’s solid upswing in the crypto markets comes following an announcement from the U.S. SEC that the Commission will review its August 22 decision to reject nine applications for listing Bitcoin ETFs. Earlier today, CNBC's crypto market analyst Brian Kelly predicted that the first Bitcoin ETFs will start operating in February 2019. According to Kelly, the world is getting “incrementally closer” to the first Bitcoin ETF approval, pointing at the bullish “sentiment change,” despite the recent application rejections. Read More Crypto Markets See Solid Upswing as SEC Promises to Review Recently Rejected Bitcoin ETFs : https://ift.tt/2w8mmpMPartner 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. David Schwartz, chief technology officer at Ripple Labs, has published a paper claiming XRP cryptocurrency is actually more decentralized than Ethereum and BTC, in the latest attempt to persuade the skeptics. The publication coincides with developments in the high-profile class action lawsuit against the firm and its XRP token, with the plaintiff Ryan Coffey alleging the tokens had been pre-generated, and that the Ripple model was essentially a “never-ending ICO.” While it has emerged recently that Coffey has withdrawn the case, the doubters around Ripple are becoming increasingly more critical, both of the organization and its token. In his report, titled ‘The Inherently Decentralized Nature of XRP Ledger,’ Schwartz argued that despite the growing criticisms, the XRP Ledger was moving in a more decentralized direction—in contrast to BTC and ETH, which are becoming more centralized. “While [BTC] and Ethereum are becoming more centralized over time, the XRP Ledger is getting more decentralized,” he wrote. “The XRP Ledger is and always has been inherently decentralized because the users always retain the freedom to change their UNLs and the corresponding validators that they trust. Ripple’s validators do not wield meaningful power over the XRP Ledger.” However, according to an independent study by Bitmex Research, the fundamentals of XRP remain centralized. It noted, “Since the keys were all downloaded from the Ripple.com server, Ripple is essentially in complete control of moving the ledger forward, so one could say that the system is centralized.” Decentralization has become increasingly topical, after a ruling by the U.S. Securities and Exchange Commission (SEC) that Ethereum could no longer be considered a security because it has become “sufficiently decentralized.” XRP, on the other, the majority of which remains under Ripple’s ownership and control, appears to fail that test in the eyes of its critics, which could feasibly result in further legal problems for the firm in the future. This lack of decentralization is also thought to have been one of the main reasons the token’s application to list was rejected by leading exchange service Coinbase. Even with Schwartz’s paper, it seems there are many who remain unconvinced about Ripple’s claims to be decentralizing. Note: Tokens on the Bitcoin Core (segwit) Chain are Referred to as BTC coins. Bitcoin Cash (BCH) is today the only Bitcoin implementation that follows Satoshi Nakamoto’s original whitepaper for Peer to Peer Electronic Cash. Bitcoin BCH is the only major public blockchain that maintains the original vision for Bitcoin as fast, frictionless, electronic cash.Read More Ripple CTO claims XRP crypto coin 'more decentralized' than BTC : https://ift.tt/2BIUuhfPartner 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. |