12345...102030...


The Most Common Crypto Questions And Why You Should Care – Forbes

Theres a new language developing around the world of cryptocurrency, and many people are already confused. If youre not well-versed in this brave new world, you are not alone. Hopefully, this article will answer your questions and help you build your cryptocurrency vocabulary.

What is cryptocurrency?

Cryptocurrency consists of web-based digital assets that use cryptographic functions to conduct financial transactions. Digital assets typically utilize blockchain technology to gain transparency and decentralization to varying degrees. Digital assets include Bitcoin, other cryptocurrencies, stablecoins, which are backed by fiat for lower fluctuation, and tokens, which can sometimes be representative of units used within an organization to move currency around the globe or for gaming purposes.

What are the different types of cryptocurrency?

Bitcoin is the most widely used cryptocurrency. Other cryptocurrencies, also known as altcoins (which refers to any currency that is not Bitcoin or Ethereum), include Stellar, Tron, Salt and OmiseGo.

Facebook, in conjunction with a set of partners, is introducing the Libra coin, which is different from other cryptocurrencies because it is governed by said partners and is tied to the fiat currency of government bonds and fiat currencies (including the U.S. dollar, euro and yen).

What is an ICO?

An initial coin offering (ICO) is similar to an initial public offering (IPO) of stocks, but tokens are being offered rather than stocks in the ICO. The public exchanges money for tokens, which are an acknowledgment that the contract between buyer and issuer has been fulfilled. The buyer then owns coins, or tokens, representative of a value tied to the entity with price fluctuations to varying degrees, usually depending on the state of the organization.

Are cryptocurrencies securities?

That depends. Digital assets may or may not be securities. Securities are negotiable financial instruments issued by a company or government that give ownership rights, debt rights or rights to buy, sell or trade an option. Bitcoin, for example, is typically not defended as a security since it has no centralized governance and the price fluctuations are mostly from supply and demand, not tied to the success of a company or centralized organization. However, some digital assets can be seen as securities under various frameworks and therefore are subject to various SEC regulations.

What is the difference between bitcoin and blockchain?

Bitcoin is a decentralized digital asset arguably, the most popular and typically takes up half of all digital asset trading volume on most given days. Bitcoin utilizes blockchain technology. Blockchain is not a cryptocurrency. It is the ledger that records all the cryptocurrency transactions that are verified by cryptography and is open, secure and accessible by all.

Anyone can make a transaction and sign it with a private key. It will be broadcasted to the unconfirmed transactions pool and be verified by miners who will get the fee from it as a reward. Each new block with transactions is approved by a consensus mechanism and cannot be reverted after a certain amount of time (six blocks for Bitcoin). The main difference is that Bitcoin has proof of work (POW) consensus and also uses a specific model of transactions. Blockchain technology does not have any strict restrictions on consensus, transaction model and data that will be transferred in it. For example, enterprise blockchain systems are used to build the supply chain without any financial data in it.

Once Libra is created, will Bitcoin disappear?

Not at all. While Facebook is touting Libra as cryptocurrency, it is more of a stablecoin. Its expected to have low volatility since its value is tied to currency such as the U.S. dollar or to gold. As the saying goes, A rising tide elevates all boats, and Libra will be the rising tide that brings crypto into the mainstream so even your grandmother will be talking about it.

Facebook, along with its partners, has greater visibility than Bitcoin and this brings attention. Will your grandma become a Bitcoin miner? No; shell just buy Libra because its from institutions she understands. Unlike the 1849 Gold Rush, Bitcoin mining is done by high-powered computers solving complex mathematical equations that result in the creation of new coins. Bitcoin will remain the asset of choice for those who want cryptocurrency thats first-to-market, decentralized and determined by the people. The lack of governance, though scary to some, is exactly what appeals to others. Bitcoin and Libra will continue to have different purposes.

Space is not the final frontier, as cryptocurrency has created a new frontier. It is a combination of banking, currency trading and international commerce. In the increasingly global world of business, the ability to transfer funds securely and quickly around the world makes the need to explore this frontier all the more important.

Read the original:

The Most Common Crypto Questions And Why You Should Care - Forbes

This bizarre anime cryptocurrency is now ranked 12 in the world – Decrypt

An obscure cryptocurrency designed to help promote and develop the Japanese 'Otaku' subculture, called MINDOL (MIN), has just pumped a further 9.5% to reach the hefty price of $4.73. MINDOL now sits at its all-time highest market capat just shy of $900 millionand, according to CoinMarketCap, this now means the cryptocurrency is now ranked twelfth by market cap.

Not bad for a coin that was worth just $0.17, just two months ago.

The anime-focused cryptocurrency has actually been recording back-to-back gains for more almost two months. In this time, the MIN token appears to have multiplied in value by more than 20x, while trading volume has remained roughly consistent throughout this time periodat around $3-5 million per day. But does this sound too good to be true?

Be the first to get Decrypt Members. A new type of account built on blockchain.

Definitely. While this performance may make MINDOL look like a project on the up and up, the truth is far less spectacular. As it stands, the vast majority of MINDOL trade volume occurs on a relatively unknown exchange known as Coinalla platform that has been accused of faking its trade volume. Beyond this, since the price action appears to be completely unrelated to any recent developments or improving project fundamentalsand the trading volume has barely increasedit suggests that the price is being artificially boosted.

This is not the first time (and won't be the last) that a coin has pumped unexpectently into the top 100 coins by market cap. Back in March, Maximine rose into the top 40 coins by market cap. It's now ranked 352. But this is one of the highest positions that an obscure coin has reached without getting there through genuine growthor at least some significant real trading volume. Whatever will be next? Decrypt coin?

See original here:

This bizarre anime cryptocurrency is now ranked 12 in the world - Decrypt

Teen crook hacked into 75 phones and stole $1M in cryptocurrency: authorities – New York Post

An alleged teen crook stole the identities of 75 people and swiped $1 million in cryptocurrency all from the comfort of his Brooklyn apartment, authorities said.

Yousef Selassie, 19, used a sophisticated SIM-swapping scheme to take over the phones of people in 20 different states between Jan. 20 and May 19, 2019, according to the Manhattan District Attorneys Office.

He allegedly transferred his victims phone numbers to his own iPhones, enabling him to reset their passwords and gain access to their Gmail, cryptocurrency and other accounts. Meanwhile, his victims phones would suddenly go offline.

The stolen $1 million came from just two victims, authorities said. Selassie was arrested Dec. 5 in Corona, California, and extradited to New York.

He was arraigned Wednesday in Manhattan Supreme Court, where he pleaded not guilty to 87 counts of grand larceny, identity theft and other charges. Justice Mark Dwyer ordered him to surrender his passport and check in weekly with a supervised release program. The judge did not set bail.

Authorities executed search warrants on Selassies Brooklyn and California residences, where they seized half a dozen iPhones, two Rolex watches, a monogrammed Gucci wallet and numerous pieces of high-end jewelry, according to court papers.

Excerpt from:

Teen crook hacked into 75 phones and stole $1M in cryptocurrency: authorities - New York Post

This 21-year-old bitcoin millionaire beamed cryptocurrency from space to a school in Ghana – Business Insider

Erik Finman, a 21-year-old high-school dropout who has made millions on bitcoin, beamed cryptocurrency down from outer space to a school in the Greater Accra Region of Ghana on November 4.

Finman bought $1,000 worth of bitcoin at the age of 12 in 2011, when each bitcoin was worth $10 to $12. Today he holds 446 bitcoin, which at Friday's price were worth $7,243 each, for a total value of $3.2 million.

Finman is calling his latest endeavor a "crypto space drop," by which cryptocurrency can be sent through a constellation of satellites to an antenna on Earth. Finman told Business Insider the crypto space drop had applications for communities with little to no infrastructure.

"We wanted to show that even in the most remote places that don't have the most functional of infrastructure, money infrastructure, financial infrastructure," a crypto space drop could have a real use case, Finman told Business Insider.

Finman sent $1,000 worth of MTL in the crypto space drop to St. Mary's School in Korle Gonno in the Greater Accra Region of Ghana, which used the funds to repair the school's roof and construct benches and tables.

MTL is the cryptocurrency used by the cryptocurrency platform Metal Pay, which launched in August with Finman as an investor. Finman called Metal Pay the "the Facebook Libra killer," saying, "If it needs it, I'm willing to put all my bitcoin money into this" and "I'm willing to bet it all" in his Metal Pay announcement video.

One of the satellites used in the constellation was a satellite Finman helped launch one year ago.

In December 2018, Finman led Project Da Vinci, for which a group of teenagers launched a satellite that included a crypto wallet. Project Da Vinci was part of NASA's Educational Launch of Nanosatellites program, which attracts and retains STEM students and allows students to launch small satellites.

Check out Finman's crypto space drop:

View post:

This 21-year-old bitcoin millionaire beamed cryptocurrency from space to a school in Ghana - Business Insider

Why This Developer of the Controversial HEX Cryptocurrency Accused of Scam Left – newsBTC

The cryptocurrency market is has a wild west atmosphere, rife with hackers, cybercriminals, and scammers galore.

The developer of a new altcoin project called HEX accused of being a widespread scam has now left the project and is sharing his thoughts about why he made the decision for a departure.

A new cryptocurrency known as HEX has exploded onto the scene over the last few weeks and was immediately subject to the extreme controversy surrounding accusations that the altcoin project was nothing more than a scam perpetrated by the projects founder, Richard Heart.

HEX has been dubbed a Ponzi scheme, a scam, and even worse, and has been compared to the likes of notorious crypto projects gone defunct like BitConnect.

Related Reading | Tron Crypto Founder Justin Sun Contributes $1 Mil to Environmentalist Greta Thunberg

The cryptocurrencys official website even claims that the asset is designed for 10,000x returns, something that even the SEC would say fails their Howey test, which helps investors determine if an investment is too good to be true and may be a scam.

Promises of returns are an immediate red flag, especially around the cryptocurrency asset class, which is known for its infamous volatility and assets that lose as much as 99% of their value.

But HEX makes many of these bold claims to lure investors into their scheme.

In a new live interview posted on YouTube by crypto influencer Naomi Brockwell, the host speaks to former HEX developer Kieran Mesquita, who has since distanced himself from the project.

Mesquita says that he was once proud to contribute to the project but later became uncomfortable with the projects business practices and the projects founder Richard Heart. He says that the most interesting technical aspects of the project were removed, instead of focusing on marketing jargon and empty promises.

Heart is said to hold nearly half of the coins circulating supply after the first year of the projects existence. Unfair distribution that goes to making the projects founder wealthy, is yet another warning sign that the investment may be a scam.

Oftentimes, if something seems too good to be true, it often is. Projects like HEX were a dime a dozen during the initial coin offering boom of 2017, and has left many investors burned and holding investments that are down 99% or more from their initial buy-ins.

Any investors thinking about making an investment into HEX, or any cryptocurrency should do their due diligence, including both fundamental and technical analysis to understand how an asset may perform, before taking a position.

Related Reading | Crypto-Demanding Cybercriminals Ramp Up Ransomware Threat With Data Exposure

If it looks like a scam, smells like a scam, it probably is a scam, and its best to avoid at all costs. HEX, may just be one of those projects, but only time will tell if it ends up like BitConnect and the other projects that the crypto angry mob has gone after in recent years.

Read this article:

Why This Developer of the Controversial HEX Cryptocurrency Accused of Scam Left - newsBTC

Cryptocurrency Market Update: $10 billion wiped off as Bitcoin, Ethereum and Ripple tumble – FXStreet

The pre-Christmas carnage continues to wreak havoc in the cryptocurrency space just at time investors expected some substantial upwardaction. For several years cryptos have started to seek bottoms in November and use December as the stepping stone to new levels amid forceful barrier shuttering momentum.

Meanwhile, the entire market is bloody led by the leading cryptocurrency, Bitcoin at -4.17% in the last 24 hours. Ethereum was not spared the cut as it corrected 6.95% lower. The worst-hit crypto among the top three is Ripple, sinking more than 10% in 24 hours. The rest of the top ten digital assets posted loses between 1% and 10%.

In the same 24-hour period, the entire crypto market said bye to $10 billion, wiped off. The market cap sits at $177 billion from $187 billion as per the data by CoinMarketCap. The trading volume, on the other hand, increased significantly from $69 billion to $82 billion, reflecting the extreme selling activities.

Bitcoin, the market leader, has been on an unstoppable downward spiral in the last six months from the highs posted in June around $13,800. The extreme declines have tried seeking refuge above $10,000, $9,000, $8,000 and $7,000. However, BTC/USD is still inclined towards losses reminiscent of the sharp declines experienced yesterday towards $6,500 (November support).

Bitcoin formed a low at $6,566, defending the key support zone at $6,500. A shallow correction that ensued tried to break $6,700 support but adjusted to $6,681 (current market value). Meanwhile, the downside correction is likely to continue as long as the RSI stays within the oversold. Besides, the price holds ground under the moving averages.

The second-largest crypto divedbelow yesterdays key support at $130. The lower leg approached the next support at $120, although it has adjusted to $124. It is apparent that furtherdecline is still possible owing to the oversold-bound stochastic RSI. The MACD is also strongly bearish, especially with the extended bearish cross. Moreover, the gap between the 50 SMA and the 100 SMA continues to widen as a sign of a firm the bears grip. Ethereum must recoverabove two critical resistance zones, $130 and $140 to completely avert the risk of testing $100.

Ripple has been the emblem of the worst performing digital assets in 2019. The recent declines did little to defend the reputation of the third-largest crypto. Instead, XRP dived further below $0.20 and smashed through the next tentative support areas at $0.1950, $0.1850 as well as $0.1800. XRP formed a low at $0.1787 before pushing upwards ina reflex reversal to $1.886 (market value).

The RSI is out of the oversold and features an uptrend. If the indicator continues, XRP could regain the lost ground above $0.20 in the coming sessions.

Continue reading here:

Cryptocurrency Market Update: $10 billion wiped off as Bitcoin, Ethereum and Ripple tumble - FXStreet

How will Bitcoin halving shake the cryptocurrency market in 2020? – FXStreet

The creator of Bitcoin, Satoshi Nakamoto incorporated a rule into the code that executes Bitcoin that sees mining rewards slashed byhalf every four years. The impact of the reduced mining rewards leads to a reduction in the supply of the coin. The event is known has halving and is scheduled to take place in May 2020.

The reduction in the supply of Bitcoin will affect the players in the market differently considering Bitcoin's total market cap is only $120 billion. These players include miners, traders and investors. They are all looking forward to making the most out of the halving.

Meanwhile, some of the fundamentals likely to be affected immensely are volatility, supply and demand of Bitcoin. Rapid gains and losses due to extreme volatility will characterize Bitcoins market after halving. Therefore, losers and winners will rub shoulders but for now, anticipation is growing on how participants will take advantage of the event.

Traders, particularly are expecting higher volumes and extreme volatility. However, the reduction in supply could spike the prices to higher levels. Other parties that benefit from high volatility are quantitative hedge funds and high-frequency traders who mainly make money from price swings.

Read more:The Cryptocurrency Market Update: Bitcoin stagnates above $7,000 after an action-filled week

More:

How will Bitcoin halving shake the cryptocurrency market in 2020? - FXStreet

Even 2019s Strongest Cryptocurrency is Unable to Escape the Bear Market – newsBTC

Binance Coin (BNB), the eighth-largest cryptocurrency by market capitalization, opened on Tuesday in a severely negative area as a string of poor fundamentals scared investors away.

BNB plunged by 5.78 percent, or $0.77, to trade at $12.65. The latest downside move came as a part of an extended bearish correction seen across the entire cryptocurrency market. Like BNB, top coins including Bitcoin (BTC), Ethereum (ETH), and Ripple (XRP), too suffered intraday losses.

On the whole, the cryptocurrency market had erased approx $16bn off its capitalization from Monday until 1523 UTC today.

The entire cryptocurrency market had plunged by 8 percent from Monday | Source: TradingView.com, CoinMarketCap.com

The rapid decline in the BNB price also came two weeks before the enforcement of the European Unions Anti-Money Laundering Directive (5AMLD).

In retrospective, 5AMLD requires Europe-based cryptocurrency exchanges to register with the local authorities. It also orders them to perform KYC checks on all their users.

Binance, which is based in Malta, do not impose strict KYC on users withdrawing less than 2 BTC. That leaves the exchange with two options: Either it can impose new regulations on its hundreds of thousands of traders, or it can decide to stop offering services to European clients altogether.

Historically, geo-blocking users have not helped BNB, a de-factor reward token at Binance. Back in June, when Binance had announced that it would stop offering trading services to the United States citizens, the price of BNB had taken a toll.

The token though established a year-to-date high of $43.15 but has since erased a large portion of its profits. As of 1523, it was changing hands at a 70 percent lesser price.

The 5AMLD directive has prompted smaller cryptocurrency businesses, including Bottle Pay, which had raised $2mn earlier this year, to shut down. Irrespective of what Binance does, it would lose a huge chunk of traders that want to circumvent KYC checks.

The latest shakedown has brought Binance Coin closer to testing its 78.6 percent Fibonacci level of $12.455 as support. So it appears, it is one of the last levels standing before BNB and a vast breakdown.

BNB price is undergoing a vast bearish correction | Source: TradingView.com, Binance

The prevailing bearish sentiment could see traders eyeing targets below the $12.45 support. Ideally, a break below the said level could have them open short positions towards $8.96, an interim downside target. A further breakdown, meanwhile, could have traders extend their shorts towards $4.086.

Conversely, a pullback from $12.45 could open an attractive interim long opportunity towards the 50-daily MA in orange.

See more here:

Even 2019s Strongest Cryptocurrency is Unable to Escape the Bear Market - newsBTC

Cannabis, corruption and cryptocurrency: All the weird stuff in the budget deal – POLITICO

No D.C. marijuana sales: Congress will continue to ban the District of Columbia from taxing and regulating marijuana. Seventy percent of D.C. voters backed a referendum in 2014 legalizing pot, but provisions in spending bills since then have prevented the city from taxing and regulating the drug. The result is a gray market where residents are legally allowed to grow and carry marijuana, but not sell it outright.

Corruption jab at Elaine Chao: While it should be common sense that officials cant use their public office for private gain, lawmakers spelled out just such a prohibition this year. The funding deal explicitly forbids the Department of Transportation from spending money in violation of a U.S. law that bars federal employees from using their position to endorse products or services, or to boost their relatives or friends. The no-brainer ban is seen as a jab at Elaine Chao, who has been accused of conflicts of interest in her role as Transportation secretary, both by doing interviews alongside her shipping magnate father and by taking far more official meetings with the Kentuckians her husband represents in Congress.

Cracking down on cryptocurrency: Lawmakers want to know how Venezuelan leaders might be using digital currency to bypass U.S. sanctions. So they are calling on the Trump administrations currency leaders to come up with a way to figure out how Nicols Maduros regime could be leveraging digital assets to sidestep the U.S. rules.

Special Olympics spared from cuts: The Trump administration tried to kill the popular program in its budget. Education Secretary Betsy DeVos defended the cut before Congress. But after the administration faced backlash on social media and from lawmakers, President Donald Trump said he had overridden his people to restore funding for the games. Now, Special Olympics funding will rise to $20.1 million, a more than 14 percent boost.

No love for the Tesla crowd: Power companies wanted Congress to expand a $7,500 tax credit for buying an electric vehicle. But no such tweak was included, meaning people looking to buy electric rigs made by GM or Tesla cant get the tax credit because both companies have manufactured more than the cap of 200,000 electric vehicles.

Wary about that westward move: Lawmakers want more details on the Trump administrations plan to move the Bureau of Land Managements headquarters beyond the Beltway. So the spending package demands the Interior Department brief appropriators every month on the controversial plan to relocate the agency to Colorado.

Tribute time: The bill would put House Appropriations Chairwoman Nita Loweys (D-N.Y.) name on the federal program that supports learning centers geared toward helping kids during summer vacation, before school and after hours. Besides receiving a 4 percent funding boost, to $28 million, the program will now be called the "Nita M. Lowey 21st Century Community Learning Centers.

Hands off the Amtrak cops: Extra language was included that blocks Amtrak from shrinking its police force, after the federally subsidized rail operator said it planned to cut up to 20 percent of its cops who patrol aboard trains and at stations.

Jennifer Scholtes, Eric Wolff, Nicole Gaudiano, Natalie Fertig, Stephanie Beasley, Tanya Snyder, Ben Lefebvre, Victoria Guida and Kellie Mejdrich contributed to this report.

See the rest here:

Cannabis, corruption and cryptocurrency: All the weird stuff in the budget deal - POLITICO

The Cryptocurrency Market Update: Bitcoin stagnates above $7,000 after an action-filled week – FXStreet

It is just hours before the last weekend to Christmas starts and the cryptocurrency market is relatively stable. The stability is more of a consolidation period after an action-filled week. The high volatility on the market has seen major cryptoassets test new 2019 lows while some have contained gains above crucial support areas.

According to the data CoinMarketCap, the entire market capitalization is also stable, although a $3 billion loss recorded was posted between the close of the session on Thursday and the time of writing. In other words, the crypto market is valued at $190 billion, down from $193 billion. As stability kicks in, the volume exchanged has also gone down from $103 billion to $80 billion in the same period.

Bitcoin shot up marvelously on Wednesday, testing the critical resistance area at $7,500. The upside was a reflex action after the price touched the recent November lows around $6,500. While a correction ensued immediately after, Bitcoin has been intentional on sustain gains above $7,000.

In the meantime, Bitcoin is trading at $7,126 but the immediate upside is capped under $7,200. The RSI suggests that price action in the coming sessions will stay confined in a narrow range between the 61.87% Fibo and $7,200. On the brighter side, the 50 SMA has crossed above the 100 SMA on the 1-hour chart, signaling the presence of the bulls.

Ethereum plunged below $120 earlier this week. The recovery that followed the drop shot above $130 but could not sustain gains towards $140, forming a high around $133. At the time of writing, Ethereum is exchanging hands at $127 after a subtle 0.95% loss. Although the trend is bearish, the shrinking volatility hints that downside action will staylimited in the coming sessions.

Ripple, on the other hand, is holding ground at $0.1867 after losing 0.6% of its value on the day. Movement north are limited under $0.20 since yesterday and $0.1750 has established a a vital support area.

More here:

The Cryptocurrency Market Update: Bitcoin stagnates above $7,000 after an action-filled week - FXStreet

Cryptocurrency Market Update: November lows blast Bitcoin towards $7,500, Ripple and Ethereum sluggish – FXStreet

Bitcoin could not afford to leave investors ungifted before Christmas. Santa had indeed lost his way to the crypto space, allowing Bitcoin to retestthe lows traded in November. However, the recovery experienced remained unique toBitcoin because other cryptoassets including Ethereum and Ripple were largely unchanged.

Meanwhile, the total market capitalization rose significantly from $177 billion posted at the close of the session on Tuesday to $193 billion at the time of writing. The trading volume shot up as well from $77 billion to $106 billion in the same period. Bitcoin market dominance seems to be picking up the pace once again, besides it stands at 68.2%. In other words, altcoins are losing ground against Bitcoin and this could mean that the much-anticipated altcoin season is just but a mirage.

Although Bitcoin is trading 1.48% lowertowards the end of the Asian session on Wednesday, the reaction from lows slightly above $6,500 was remarkable. Bitcoin broke several barriers in a very unexpected move that left most people surprised. The uptrend aimed for $7,500 but formed a high at $7,475 before adjusting to the current $7,169.

Moreover, the price is trading above the moving averages where the 50 SMA and the 100 SMA on the 4-hour chart are in line to provide support. Bitcoin upward correction also made it above the wedge pattern resistance, which further contributed to the momentum. In the meantime, the focus should stay at $8,000 while the bulls work hard to sustain the price above $7,000.

Ethereum and Ripple gave a blind eye to Bitcoins impressive bullish reaction. Instead, the two cryptos are stuck close to their key support areas. For instance, Ethereum is trading 3% lower on the day at $129 while Ripple has shed 2.66% of its value to trade at $0.19098. The bearish trend coupled with the high volatility suggested that the downward momentum has the potential to continue.

View post:

Cryptocurrency Market Update: November lows blast Bitcoin towards $7,500, Ripple and Ethereum sluggish - FXStreet

Cryptocurrency Market Update: Bitcoin and major altcoins `jump off the lows, give bulls a glimpse of hope – FXStreet

Bitcoin and major altcoins have recovered from the recent lows amid technical correction from deeply oversold levels. The total capitalization of all digital assets in circulation settled at $179 billion, while an average daily trading volume spiked to $93 billion.

BTC/USD is changing hands at $6,659, off the intraday low of $6,435. The first digital coin is still down nearly 3% on a day-to-day basis. From the technical point of view, Bitcoin has returned inside the Bollinger Band on 1-hour chart with further recovery limited by $6,700.

ETH/USD regained the ground above $123.00 after collapsing to $166.40 earlier on Wednesday. The second-largest coin is shadowing Bitcoin moves with the initial resistance created by $125.00 (the upper line of 1-hour Bollinger Band). An upward-looking RSI (Relative Strength Index) implies that the short-term recovery may be extended.

XRP/USD hit bottom at $0.1752 before recovering to $0.1823 by press time. The coin has lost over 7% in recent 24 hours amid strong bearish pressure. Despite the recovery, the coin is moving within a steep downside trend.

Visit link:

Cryptocurrency Market Update: Bitcoin and major altcoins `jump off the lows, give bulls a glimpse of hope - FXStreet

Investors who lost 170m demand exhumation of cryptocurrency mogul – The Irish Times

Lawyers for customers of an insolvent cryptocurrency exchange have asked police to exhume the body of the companys founder, amid efforts to recover about $190 million (170.5 million) in Bitcoin which were locked in an online black hole after his death.

Miller Thomson LLP sent a letter to the Royal Canadian Mounted Police on Friday, requesting authorities conduct an exhumation and postmortem autopsy on the body of Gerald Cotten, founder of QuadrigaCX, citing what the firm called the questionable circumstances around his death earlier this year.

Citing decomposition concerns, lawyers requested the exhumation be completed no later than spring 2020.

Gerald Cotten (30) died abruptly in December 2018 of complications relating to Crohns disease while on honeymoon in Jaipur, India, with his wife, Jennifer Robertson. His body was repatriated to Canada and a funeral was held in Halifax, Nova Scotia.

Soon after his death, however, reports surfaced that nearly 80,000 users of QuadrigaCX - at the time Canadas largest cryptocurrency exchange - were unable to access funds totalling more $190 million.

Cotten was the only one with access to necessary permissions. While Robertson has possession of the laptop containing the necessary passwords, she remains locked out.

The laptop computer from which Gerry carried out the companies business is encrypted and I do not know the password or recovery key. Despite repeated and diligent searches, I have not been able to find them written down anywhere, she said in court filings.

Uncertainty about the missing funds has fuelled speculation that Cotten may still be alive. In their letter to the RCMP the law firm underlined the need for certainty around the question of whether Mr Cotten is in fact deceased.

The accounting firm Ernst & Young, tasked with auditing the company as it undergoes bankruptcy proceedings, discovered numerous money-losing trades executed by Cotten, using customers funds.

They also found a substantial amount of money was used to fund a lavish lifestyle for the couple, including the use of private jets and luxury vehicles. Ernst & Young was able to recover $24 million in cash and $9 million in assets held by Robertson.

Both Canadas tax authorities and the FBI are also investigating the company.

Guardian News and Media 2019

See the original post here:

Investors who lost 170m demand exhumation of cryptocurrency mogul - The Irish Times

Thailand: Cryptocurrency Law Will Change in 2020 to Stay Competitive – Cointelegraph

Lawmakers in Thailand plan to reform cryptocurrency laws after voicing concerns that they have made the country uncompetitive.

As local English-language news outlet Bangkok Post reported on Nov. 25, Thailands regulator, the Securities and Exchange Commission (SEC) wants to reconsider its crypto policy in 2020.

The reason, it says, lies in poor uptake of its certification and licensing scheme by cryptocurrency businesses.

Since it came into power last year, only five companies have completed certification, and of those, just two have launched.

Now, amendments are on the table, but the SEC has not yet given precise details of how current practices would change.

The regulator must be flexible to apply the rules and regulations in line with the market environment, Bangkok Times quoted Ruenvadee Suwanmongkol, the secretary general of the SEC as saying.

Ruenvadee continued:

For example, laws should not be outdated and should serve market needs, especially for new digital asset products, and be competitive with the global market. We need to explore any possible obstacles.

Thailand imposes stiff penalties for those attempting to sell digital tokens without due approval from the SEC. These include possible fines of at least 500,000 baht ($16,540), as well as two-year jail sentences.

Nonetheless, when the countrys first initial coin offering (ICO) under the new rules launched last month, it signaled a significant step forward from state policy several years ago, which favored an outright cryptocurrency ban.

Worldwide, ICOs, in particular, have all but died out, with analysts attributing the lack of momentum to mounting regulatory pressure.

Continue reading here:

Thailand: Cryptocurrency Law Will Change in 2020 to Stay Competitive - Cointelegraph

Dwight Schrute tells Bitcoin holders to give their worthless cryptocurrency to a non-profit – The Next Web

Rainn Wilson has a message for Bitcoin BTC holders: give your worthless cryptocurrency to the Mona Foundation, a non-profitthat supports worldwide initiatives in education and equality.

The organization opened up its donation channels to accept a raft ofcryptocurrencies earlier this week. It now accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, as well as the USDC stablecoin, via a web app operated by major exchange Coinbase.

Wilson, widely recognized for his portrayal of Dwight Schrute in the US version of The Office, appears in a promotional video to encourage Bitcoin owners, cryptocurrency fanatics, and alternative financing fans to donate.

I hope youll consider giving your worthless cryptocurrency to the Mona Foundation, says Wilson. As you know, Mark Cuban said that cryptocurrency that hed rather have bananas than Bitcoin, so please, give your bananas to the Mona Foundation.

The Mona Foundations website explains that any cryptocurrency donations it receives will be valued at the time of donation at its fair market value, which presumably means that donations will be sold for fiat almost immediately.

In 2017, philanthropic experiment Pineapple Fund donated $1 million worth of Bitcoin to the Mona Foundation.

Hard Fork has reached out to the Mona Foundation to confirm its process for handling donations in cryptocurrency, as well as how it handled the $1 million in BTC from Pineapple Fund. Well update this piece should we receive a reply.

Published November 21, 2019 17:11 UTC

Go here to see the original:

Dwight Schrute tells Bitcoin holders to give their worthless cryptocurrency to a non-profit - The Next Web

Bitcoin Slips in KPMG Rankings, But Cryptocurrency Innovation Has Strong Showing – Cointelegraph

On Nov. 18, Big Four auditing firm KPMG released its 2019 Fintech100 ranking, which lists the top 100 fintech firms in the world. The list saw a drop in Bitcoin-related companies but reinforced innovation in the payments industry.

As was the case in 2018, AntFinancial owned by Jack Ma of Alibaba led the ranking. AntFinancial controls Alipay, one of China's leading payment systems, and is valued at $83 billion.

Among the companies that offer innovation through blockchain and cryptocurrency, JD Finance was best placed in third place, surpassed by Grab, an Uber-like rideshare app that also functions as a payment system in Singapore.

Robinhood dropped from 8th place in 2018 to 14th in 2019. However, crypto innovation remains strong according to KPMGs rankings, which featured blockchain-focused OneConnect (18th), Revolut (26th), Coinbase (34th), Liquid (38th) and Banketa (42th).

Commenting on the strength of Chinese companies on the list, Chris Wang, partner and head of fintech at KPMG China said:

"As fintech development continues to go strong in China, we are seeing some changes in China's fintech landscape. Aligned with trends we observe globally, we see an increasing number of wealth, insurance and multi-sector companies in China on the list, which indicates that technologies and innovations have spread into more financial services sectors."

The report also named Binance, MemaPay, Moin, Silot and Tokeny among emerging companies in the top 100.

KPMG further points out that Fintech100 companies raised over $18 billion in the last 12 months and more than $70 billion in their lifetimes. The report identifies these companies as changing the world with their respective innovations, serving over 2.5 billion customers globally.

Although fintech firms have emerged as a financial services option, KPMG points out that many companies on the Fintech100 list have benefited from open banking, allowing them to access customer banking to create more personalized experience and services. Early fintech innovators with single product propositions are now diversifying to fulfill customer needs, often through banking licenses and supported by favorable regulatory developments.

Read more:

Bitcoin Slips in KPMG Rankings, But Cryptocurrency Innovation Has Strong Showing - Cointelegraph

Cryptocurrency exchange that went dark with $16M in user funds only has $45k, report – The Next Web

A Canadian cryptocurrency exchange that was shut down earlier this month for allegedly misappropriating CAD$16 million ($12.1 million) in user funds only has $45,000 in hard assets, reports Global News.

As previously reported by Hard Fork, the B.C. Securities Commission (BCSC) shut down Einstein Exchange after looking into several complaints from customers unable to access their cash and cryptocurrency assets.

Grant Thornton Limited was appointed to seize the exchanges assets and return the allegedly missing funds to users. These included cryptocurrency, such as Bitcoin, the BCSC case documents said.

But, a British Columbia Supreme Court filing published yesterday reportedly says Grant Thorton has discovered that the business only has approximately $15,000 in cryptocurrency and $30,000 in cash.

The cryptocurrency exchange was incorporated by director Michael Ongun Gokturk in December 2017, during Bitcoins famous bull run.

In May this year, the BCSC launched an investigation into customer complaints.

Grant Thornton has reportedly issued notices to several banks across Canada and the US, whereGokturk and the exchange may have held investments or deposits, and seized shares in private companies.

Gokturk did not respond to Global News request for comment, nor has he replied to the allegations made in the BCSC case filings.

But, the Einstein Group has reportedly told Grant Thornton that it believes it owes clientsbetween US$8 and $10 million.

This deficit, the company says, stems from credit card and bank draft frauds. The majority of this loss is made up of cryptocurrency assets, it adds.

Einstein Exchange is believed to have served 200,000 users from all over the globe.Grant Thornton has so far heard from 200-300 people said to be affected by the exchanges collapse.

Published November 19, 2019 11:00 UTC

See the original post:

Cryptocurrency exchange that went dark with $16M in user funds only has $45k, report - The Next Web

The cryptocurrency market update: Bitcoin bears have an upper hand – FXStreet

The cryptocurrency market has settled down after a sharp sell-off on Thursday. Bitcoin and all major altcoins are nursing losses on a day-to-day basis with ta notable exception of Tezos (XTZ). The coin has gained over 5%, building on the recovery of the week. The total cryptocurrency market capitalization crashed to $208 billion, from $220 billion this time on Thursday; an average daily trading volume is increased to $81 billion. Bitcoin's market share settled at 66.1%.

BTC/USD recovered from Thursday low of $7,393 and settled down in a new range limited by $7,700 on the upside and $7,500 on the downside. At the time of writing, BTC/USD is changing hands at $7,580, down nearly 5% on a day-to-day basis and unchanged since the beginning of the day.

Ethereum, the second-largest digital asset with the current market capitalization of $17.4 billion, has settled above $160.00 after a sharp sell-off towards $156.22 on Thursday evening. The recovery is capped by the middle line of 1-hour Bollinger Band 1-hour currently at $162.50. Once it is out of the way, the upside is likely to gain traction with the next focus onpsychological $170.00 reinforced by SMA50 (Simple Moving Average) and the upper line of 1-hour Bollinger Band. At the time of writing, ETH/USD down 8.5% on a day-to-day basis and unchanged since the beginning of the day.

Ripples XRP returned to $0.2400 on Friday after a short-lived dip to $0.2357. The third-largest digital asset with the current market value of $10.4 billion has lost 3.6% of its value in recent 24 hours, unable to develop a sustainable recovery. The initial barrier is created by $0.2460 (the upper line of 1-hour Bollinger Band) followed by SMA50 1-hour at $0.2470.

Continued here:

The cryptocurrency market update: Bitcoin bears have an upper hand - FXStreet

Former BigLaw partner is convicted of money laundering in cryptocurrency scheme – ABA Journal

Criminal Justice

By Debra Cassens Weiss

November 22, 2019, 2:02 pm CST

Image from Shutterstock.com.

A former Locke Lord partner accused of leaving BigLaw to launder money in a cryptocurrency scam was convicted Thursday.

Lawyer Mark S. Scott, 51, of Coral Gables, Florida, was convicted of conspiracy to commit money laundering and conspiracy to commit bank fraud, according to a press release from the Manhattan U.S. attorney.

Law360, the New York Law Journal, BBC News and the Cape Cod Times have coverage; Bloomberg Law covered opening statements.

Scott showed little emotion as the verdict was read but comforted a weeping family member, according to Law360.

Scott was accused of setting up fake investment funds to launder $400 million in an international pyramid scheme based on the worthless cryptocurrency OneCoin. Prosecutors said Scott earned more than $50 million in the scheme, which he used to buy luxury watches, a Ferrari, several Porsches, a yacht, and three multimillion-dollar seaside homes in Cape Cod, Massachusetts.

According to federal prosecutors, OneCoin operates as a marketing network in which members receive commissions for recruiting others to buy cryptocurrency packages. The value of OneCoin is determined internally and is not based on market supply and demand, prosecutors say. They are not mined using computer resources, according to prosecutors.

OneCoin continues to operate and denies wrongdoing.

Scotts lawyer, Arlo Devlin-Brown, had argued that he didnt know that OneCoin was based on a worthless electronic currency, and his client was duped by OneCoin co-founder Ruja Ignatova, who disappeared in 2017. Ignatovas brother was a prosecution witness.

Devlin-Brown said Scott would appeal to clear his name.

Locke Lord has said it was unaware of Scotts misconduct, which happened after he left the firm.

Read more:

Former BigLaw partner is convicted of money laundering in cryptocurrency scheme - ABA Journal

Cons of Cryptocurrency: the Other Side of Digital Coins – CryptoNewsZ

Cryptocurrencies are slowly setting a foot in the finance market and have started gaining traction around the world, to the extent that, a few Asian countries which used to hold a negative stance regarding cryptocurrencies, have started to consider the same with a bit optimistic approach. In this case, the credit goes to the benefits which these digital currencies bring on the table. However, what we are discussing today is the less talked about aspect of cryptos: the cons of cryptos.

While every coin has two sides, a large part of the crypto-community has focussed on the positive side of this newly arrived technology most of the time. It is crucial to know what disadvantages cryptocurrencies hold, how they can be tackled and what benefits they can bring in. Major drawbacks of the digital currencies include:

The constantly fluctuating prices of cryptos have infused the instability in the market and therefore, making it a risky affair. Such volatile nature of the market keeps the investors in angst and worried regarding his returns. This level of volatility, which is largely due to a lack of inherent value, paints the existence of cryptocurrencies as a bubble.

Despite the rapid spread of digital currencies in daily use, there is a significant amount of hesitation regarding its use as a payment mode. The risk that the method of crypto payment poses has played its role along with the lack of awareness here. Also, the escalating numbers of fraud and theft incidents have caused people to look at cryptos with a bit of skepticism.

Cryptocurrencies being decentralized, appear difficult to regulate. Due to that, several criminal activities find their way easily to disrupt the ethos within crypto space. The anonymity factor in crypto-space seems to be a major reason behind it. However, anonymity, at times comes across as a protection layer against hacking.

Moreover, the way the crypto market depends upon Bitcoin whales also emerges as a threat to the rest of the investors, as this whales can turn the tide at any point in time for the market.

See the article here:

Cons of Cryptocurrency: the Other Side of Digital Coins - CryptoNewsZ


12345...102030...