FCA wants UK crypto firms to report on money laundering
FCA wants UK crypto firms to report on money laundering
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Ultimate glossary of crypto currency terms, acronyms and abbreviations
The FCA bans on Bitcoin and other crypto assets are too harsh and hypocritical.
I as a British citizen and Im concerned about the recent Bitcoin ban. Reasons why:
You can be scammed out on Forex trading due to high leverage, online con artists and platforms shutting down forex trading altogether.
Plus 500 stopped trading the USA/CNH trading pair after the trade war was declared by trump.
Gambling has no regulations, I can spend as much money as possible on any game or sport and no questions are asked.
A uni student committed suicide last year after being groomed by gambling companies to spend over 20k in one week. No action was taken.
Platforms such as plus 500 offer options that have high spreads, hidden leverage, doesn't track the asset price and can be shut down and can be manupliated by the platform at will.
Plus 500 regulary increase the spread of options such as gold, oil, stocks during trading days and also shut down trading on a daily basis. Plus 500 shut down Natural gas options for 12hrs due to a 6% slump.
The UK is one of the biggest money laundering and predatory finance trading countries in the world.
The requirements to be a pro trader are insane: ( you need 2/3)
you need experience working in finance.
500k trading captail
Or make 12+ large trades in the past year.
Ironically using Binance and Coinbase for trading has been safer for me compared to uk stock/forex trading apps. In summary the reasons above HAPPEN ALL THE TIME AND NOTHING IS BEING DONE TO STOP THESE THINGS FROM HAPPENING. But Bitcoin and cryptocurrencey as a whole are seen as evil even though they have been profitable for the majority of their existence.
- CipherTrace Scout App Takes Crypto Investigations Mobile: Federal agents want to move their tracing ever deeper. In a pre-solicitation document at the end of last year, the Department of Homeland Security mulled the feasibility of tracing privacy tokens, which confound easy research with complex security. Technologies such as CipherTrace and Chainalysis now pervade law enforcement agencies across the country. (Yahoo) - Jevans in potdast "Discusses Latest Research Findings" (link). One goal is to prevent sanctioned countries from from avoiding sanctions by using crypto. - US Regulator Zeroes in on Binance Chain as SEC Awards Monitoring Contract to Ciphertrace: SEC says it has chosen Ciphertrace because “its products are the only known blockchain forensics and risk intelligence tool that can support the Binance coin (BNB) and all tokens on the Binance network.” (News BTC) - The Government Wants Your Crypto Data. And Lots of It. (Context of activities like those carried out by Cipher, named as one, and other companies doing the same) (Mines) - While the tool can track stolen or illegal funds, CipherTrace plans to add more features, such as wallet identification and exchange attribution. But the private nature of Monero makes the tool unable to give a 100% guarantee on the data. When asked about whether the tool can trace the identity of the individuals, Jevans said they have not done that at CipherTrace. "We don’t identify individuals, he said. That task belonged to the law enforcement, Jevans added. (IBTimes) - Regarding the regulation recently instated in EU privacy law (GDPR, implemented to protect the privacy of individuals) Mr Jevans said: “GDPR will negatively impact the overall security of the internet and will also inadvertently aid cybercriminals. (Express Co UK)
If you are planning to place assets into cryptographic types of cash like Bitcoin or Ether, in any case, you do not understand where to start, this Gemini exchange review will help you with choosing. Gemini Bitcoin Exchange Review 2020 You need yourself to be a productive advanced cash intermediary. By what technique will you become? To help you here's an exchange review, which will give every one of you the low down information required for a powerful enthusiasm for one of the most trusted in stages the Gemini Exchange. We should find all the more right currently review Gemini Review : About Gemini Exchange Twin kin developed Gemini Winklevoss in the year 2014. The Gemini exchange is arranged in New York. The Gemini crypto exchange is open in essentially all US states, similarly as UK, Canada, Puerto Rico, Singapore, South Korea, and Hong Kong. In 2016, Gemini transformed into the world's recently approved Ether exchange. It positions 82th greatest exchange on earth as showed by 24-hour volume on Coinmarketcap. While Gemini Bitcoin and Gemini Ethereum trading volumes are high, the exchange is endeavoring with all undertakings to fight with those stages offering a predominant piece of the cryptographic types of cash, for instance, Binance. Reinforced Currencies Gemini offers crypto to fiat portions and a BTC/ETH grandstand, which makes it a quick contender to any similarity to Coinbase, Bitstamp, and Kraken. At present, it is one of the most respected and ensure about exchanges open. This is in light of the fact that it has more features to help secure customers against developers. Also, it is one exchange for the CBOE Bitcoin future settlement. Gemini Mobile application is directly available, which is amazingly basic and versatile to use. How to use Gemini? https://preview.redd.it/qnowl19fwaj41.jpg?width=720&format=pjpg&auto=webp&s=1819eeac9d4c44681c0afe616d387b60a78f7c8e 1) Go to the official site and snap the "Register" tab on the upper right corner. Enter your name, email address, and mystery word for your own record. While affirming your email address, it is critical to : Affirm your email address and enter both your region and phone number, by then you can set up 2-Factor Authentication (2FA) which will be an additional layer of security to your record. Incorporate your monetary equalization. Starting at now, Gemini recognizes simply bank moves and wires, as a methodology for putting away holds. To check your record, move your organization ID proof. This will help you with executing and trade US Dollars. Moreover, it will help Gemini with as per the Bank Secrecy Act (BSA) and Anti Money Laundering (AML) rules. The affirmation time may run from a couple to a couple of days. Subsequent to completing of all the above strategies, you can use your record for financing. gemini crypto exchange 2) Deposit Currency In the Menu, click Transfer Funds, by then find a good pace Bank Transfer and Exchange. Enter the whole you have to store here. Moreover, note $500 consistently is the most extraordinary most extreme for Bank moves. 3) Trading Bitcoin and Ethereum As you store by methods for bank move, they are quickly available for trading. you can purchase by encountering the menu and picking your supported trading pair. For example, for Bitcoin BTC/USD similarly as Ethereum ETH/USD. In the wake of embeddings the expense and sum it will process your buy demand. There is another choice to trade by methods for the business community which has exhibit orders gave by various customers. After the fulfillment of your purchase, your record will be acknowledged with your Ethereum just as Bitcoin purchases. You can sell your computerized cash on the Gemini crypto exchange. Regardless of the way that you can't make a withdrawal until your bank move has been completely arranged. gemini sponsor organization 4)Trading Limits By and by, For most trade strategies, there are no limitations on trades. In any case, Automated Clearing House (ACH) moves have the greatest store most remote purpose of $500 day and $15,000 consistently for singular record holders. Associations have a state of restriction for making ACH stores of $10,000 consistently or $300,000 consistently. Gemini Marketplace There is a Gemini business focus that runs 24*7. Here, you can have indistinguishable number of solicitations from you wish to have, with a variety of trading choices. These include: Market Orders – With the present best open worth, the solicitations here starting dealing with quickly against resting orders. Purpose of repression Orders – The sum is filled at or better than a given expense. The sum which isn't dispatched lays on the solicitation book diligently until it is filled or dropped. Brief or Cancel (IOC) Limit Orders – The sum is filled at or better than a given expense. The sum which isn't filled rapidly is dropped and doesn't lay on the perpetual solicitation book. Maker or Cancel (MOC) Limit Orders – The sum lays on the solicitation book continually at a foreordained expense. Furthermore, the entire solicitation is dropped if there is any sum that can be filled immediately. All solicitations made on this stage are totally sponsored and fill in as a full hold exchange. In any case, there is no edge trading Gemini. Despite that, reliably the customer's record equality should have more balance than the exceptional excitement on demand books. Also, all open solicitations decline your available leveling until they are fulfilled or dropped Gemini Fees In the event that there ought to be an event of moves, Gemini crypto exchange has a low cost technique and stage customers can store Bitcoin, Ether, at freed from charges for both bank and wire moves. In any case, banks will charge a cost for the customers to wire money to their Gemini account. Withdrawals on the stage are free and all customers will have 30 free withdrawals for each calendar month. Any withdrawals more than this total will pull in costs comparable to the mining charges payable on either sort out. The costs are around 0.001 BTC or 100,000 Satoshi per trade on the Bitcoin Network and 0 GWei or 0 ETH per trade on the Ethereum Network. MakeTaker charges 0.25% is the trading costs for both sellers(makers) and buyers(takers). If it shows up at certain trade volumes, charges will be reduced. The maker charge is 0% for 30-day trading volumes that outperform 5,000 Bitcoin or 100,000 Ether. For a comparable trading entirety, the taker run after will bubble to 0.10%. Gemini uses dynamic maker and taker charge or reimbursement timetable, and sellers can get reimbursement on liquidity-creation trades. The particular entireties depend upon net trading volumes and the buy and sell extent over a multi day time allotment. The data are adjusted as expected and more information on charges can be found here. https://preview.redd.it/exgucn9gwaj41.png?width=225&format=png&auto=webp&s=34fc66d46df40444abcc9ac61308106b2e3f57c0 charges Concerning purchases, the base purchase whole for Bitcoin is 0.00001 BTC, or 1000 satoshis, for Ether, the base sum is 0 .001 ETH Security-at-Gemini Bitcoin Gemini Reviews, is a strong exchange that has a better than average reputation in everyone. The exchange goes about as a way into the universe of cryptographic cash trading. This may be in light of the fact that various customers first quit concerning purchasing Bitcoin and Ethereum. In comprehension to Coinbase, Gemini has a near space. Wherein it allows its customers to make trade clearly to and from their records. Gemini is a not too bad choice, for people looking to securely trade either Bitcoin or Ethereum. The exchange is a potential decision for new competitors to the market similarly as logically settled sellers who like to make trades by methods for their monetary adjusts. Latest News Dec 17, 2019: Well realized cash related pro association State Street picked Gemini exchange for the new propelled asset pilot adventure. Nov 19, 2019: Gemini exchange wanders into NFT's and acquired Nifty Gateway Solution, a phase to buy Non-Fungible Tokens. Nov 14, 2019: The exchange added Stop-Limit to the solicitations being executed on the stage. Sep 11, 2019: Gemini dispatches Gemini Custody with 18 cryptographic types of cash Sep 5, 2019: Gemini Clearing™, a totally electronic clearing and settlement answer for off-exchange exhibited by the stage Aud 27, 2019: Gemini Joins the Silvergate Exchange Network Aug 22, 2019: Gemini loosens up and reaches to Australia April 15, 2019: Gemini wallet support Segwit Gemini Bitcoin Exchange Review Rundown: How to Buy Bitcoins by means of Gemini Register a record at Gemini and check email code sent to you. Set up two-factor validation (2FA). Give checked ID as a major aspect of the confirmation procedure. Include ledger. Store cash by clicking "Move Funds", "Store into Exchange" and afterward picking the sort of bank move. Snap "Purchase" catch and round out the buy structure to get BTC. Is Gemini Safe? Gemini is extremely worried about its clients' wellbeing, in this manner it utilize three arrangements of security... MORE Gemini Comparison with Other Exchanget To exchange bitcoins you have to initially peruse and think about various BTC trades... MORE In Which Countries Is Gemini Available? You can arrange bitcoins through Gemini nearly in any nation, yet discover where you can't... MORE Guide: Buying BTCs at Gemini It is anything but difficult to purchase bitcoins on Gemini trade, knowing the essential standards and prerequisites... MORE FAQ Discover to what extent the exchange takes, how to pull back BTCs and what strategies for... MORE Practically equivalent to Bitcoin Exchanges We have arranged a rundown of trades, notwithstanding Gemini, that can assist you with requesting bitcoins... MORE With developing worth and system, bitcoin is ready to turn into the main online resource in the realm of ventures. Gemini bitcoin trade survey This article is worried about one of the most well known trades with regards to BTC exchange, Gemini. What Is Gemini? Gemini is one of the realized digital money trades that offer an assortment of exchange apparatuses for speculators that have some involvement with the business. The organization that claims the stage is enrolled as LLC in New York State, USA, offering USD to BTC and USD to ETH exchange trade. Purchase BTC at Gemini Propelled in 2015, Gemini offers two unmistakable commercial centers, them being: customary trade administrations; bitcoin barters. Upon its appearance, the stage offered its administrations in the US just, bit by bit including different nations all the while. The organization is possessed by the Winklevoss twins, who guarantee that they are have about 1% of the complete BTC volume. Winklevoss siblings are Gemini's proprietors Gemini Security With regards to the wellbeing of your assets, Gemini applies three arrangements of safety efforts that should be referenced. To start with, the stage applies advanced money safety efforts by offering hot and cold stockpiling wallets, where cold wallets have multisig capacities to forestall hacking endeavors at your equalizations. Gemini security The subsequent measure is identified with the exchange where the entirety of the exchanges at Gemini are led through pre-financed accounts, implying that merchants and purchasers can't post orders on the off chance that they don't have adequate BTC or fiat monetary forms in their parities. Finally, the site security comprises of two-factor verification (2FA) and HTTP encryption of all data in regards to merchants and stage's exchanges from outsiders. Accessible Payment Methods As of now, Gemini acknowledges stores communicated distinctly in ACH (for US dealers) and wire moves (for every other person) communicated in USD. Credit or check cards, money stores, PayPal and numerous different alternatives are wanted to be remembered for the future however are not accessible at the present time. Buy bitcoin by means of wire move You ought to buy in to the Gemini news source since the organization will promote the new store strategy through that channel of correspondence. Shouldn't something be said about Fees? While saving or pulling back your assets communicated in fiat or computerized monetary forms, dealers would find that the administrations are done totally free. Then again, Gemini charges exchange expenses are charged dependent on a month to month net exchange volume. Taker charges can extend from 0.15% to 0.25% while creator expenses from 0% to 0.25%. Expenses at the trade Does Gemini Have Limits? Cryptographic money and wire stores and withdrawals don't have any constraints forced on dealers, implying that in the event that you utilize the said administrations, you can buy, sell and pull back bitcoins with no deterrents. Singular American financial specialists utilizing ACH move, then again, have $500 every day and $15.000 month to month while institutional individuals have $10.000 day by day and $300.000 month to month store limits. No restrictions for purchasing bitcoin Gemini Comparison When thinking about exchanging at any trade, you should hope to analyze the administrations, expenses and impediments with other comparative stages. In this manner, we have assembled an examination investigation where we benchmarked Gemini against two other well known decisions with regards to BTC buy: Kraken and Coinbase. Gemini versus Kraken Kraken, much the same as Gemini, acknowledges bank moves just, with the significant contrast being that Kraken permits 5 fiat cash stores. Notwithstanding bitcoin, there are 14 more altcoins that you can exchange with at Kraken while the two trades force check on their customers as they are both controlled organizations. Gemini versus Kraken Kraken is fundamentally the same as Gemini as far as expenses, as creatotaker charges go somewhere in the range of 0% and 0.26%. Bank moves do accompany little expenses at Kraken while Gemini acknowledges stores for nothing. In conclusion, while Gemini exchanges two or three nations in particular, Kraken is all around accessible. Coinbase versus Gemini Coinbase is viewed as one of the biggest bitcoin suppliers on the planet, offering its administrations in 32 nations, USA notwithstanding. The installment strategies at Coinbase are PayPal, bank moves and credit/check cards, two more than Gemini. Request bitcoins by means of Coinbase trade Confirmation is an absolute necessity have at Coinbase, much like in Gemini while expenses are a ton lower at Gemini, as you pay between 1.49% to 3.49% from exchange's an incentive at Coinbase. The two trades offer BTC vaults and wallet administrations while Coinbase additionally exchanges with Litecoin which are inaccessible at Gemini. Gemini BTC Exchange in Different Countries Gemini's administrations are accessible in a bunch of nations around the globe, them being the US (5 states not upheld), Canada, Japan, South Korea, Hong Kong, Singapore and the United Kingdom. The five US expresses that are not bolstered are Alaska, Arizona, Hawaii, Oregon and Wisconsin. Gemini trade in various nations Is It Legal? Gemini is an American LLC that adheres to New York Banking Law guidelines, actualizing BSA (Bank Secrecy Act) and AML (Anti-Money Laundry Compliance Program) arrangements, implying that customary reviews of the BSA/AML programs are being executed. Moreover, the firm requires all merchants to have reserves pre-saved before the exchange. Bitcoin Gemini Price, is legitimate Another significant factor of the stage's lawfulness is the way that since its beginning, Gemini has promptly accessible money related report dating 7 years back. Does Gemini Support Its Customers? Concerning the client service, Gemini has a thorough FAQ page where a large portion of the exchanging questions have been replied. Notwithstanding the FAQ, you can likewise top off a shape and present a solicitation to the Gemini group with respect to any issue that you may look on the stage. Gemini client service Because of the regular upkeep of the site's administrations, Gemini has a "Status" page where financial specialists can see which administrations and API instruments are working right now and which are definitely not. Manual for Buy Bitcoins from Gemini When you have gotten the cash at your Gemini account, click "Purchase" button on the dashboard page. Buy page for bitcoins at Gemini Presently, round out the structure on the right, giving request type, volume or estimation of BTC you wish to get and click "Purchase" to get bitcoins in your record immediately. Try to check the BTC cost at the upper left piece of the "Purchase" page to ensure it has not changed at the time you have begun the buy procedure. Enrollment It is totally allowed to enroll a record at Gemini bitcoin trade and the procedure begins once you click "Register" button at the upper right corner of the site. Give your complete name, email address and secret key in subsequent stage and snap "Make My Account". Make account at Gemini You will get an email code which you should duplicate glue into the Gemini's check page. Contribution of enactment code on Bitcoin Gemini Registration The accompanying advances will open up for you to finish, in this way you have to arrangement your 2FA security apparatus, include a financial balance and give checked ID to finish the enrollment methodology. To what extent Should I Wait for Verification? Check stage can take between an hour and a day, contingent upon various enlistment applications Gemini has right now you have begun the procedure. You ought to set up every single essential report before you start and arm yourself with persistence as a stage would set aside effort to process your data. Confirmation process at Gemini Would you be able to Get Bitcoins Without Verification? At the enlistment page, you are required to check your personality and frog your financial balance. When you have presented the records, you can't enter the stage's exchange page until the help affirms your subtleties. In this way, it is unimaginable to expect to buy supply of bitcoins without confirmation. Obligatory confirmation before purchasing BTCs at Gemini How to Add Money to Account? When you have finished the enrollment and confirmation of your record, click button "Move Funds", situated in the top segment of your dashboard page. In following stage, click "Store Into Exchange" and pick either USD or Wire alternative, contingent upon what financial balance you have included at enrollment stage. Add assets to Gemini account You can likewise store bitcoins in your Gemini wallet too. Store BTCs in the Gemini wallet At the last phase of wire move subsidizing process, you have to give bank's wiring data, for example, your record number and other significant data that can be found by clicking "Bank Settings". Give bank's wiring data When data has been given, basically click "Store" button which will show up at the base of the page. Secure Your Account Keep the entirety of your record and wallet passwords out of the programmer's compass by continually evolving them. Monitor the new secret key by keeping in touch with them down on a bit of paper as to not overlook them meanwhile. Record with 2FA on trade You as of now have 2FA from the enlistment stage and don't give your private data to some other dealer on the stage. FAQ To what extent Does It Take to Make Transaction? It takes 4 to 5 days to store assets in your Gemini account while exchanges themselves are done following you the exchange started. Diverse request types have distinctive length, contingent upon what dealer wishes to accomplish. Sitting tight for exchanges on the trade Would i be able to Buy Bitcoin with PayPal at Gemini? Now, brokers can't utilize PayPal as store technique at Gemini. You ought to buy in to the trade's news channel as to get warnings if the strategy opens up to store alternative later on. Does Gemini Have a BTC Wallet? The stage offers two kinds of wallet administrations, one being "hot" wallet and another being vault stockpiling. Both are based just, with the principle contrast being that vault stockpiling gives extra security keys that are utilized while moving bitcoins all through the wallet. Along these lines, vault administrations are esteemed as more secure than the standard BTC wallet. Gemini wallet Pulling back Your Bitcoins from Gemini At the dashboard page, click "Move Funds" and afterward "Pull back From Exchange" to begin the procedure. Pick bitcoins to continue towards the withdrawal structure. Determine the measure of BTC you with to escape the trade and give your wallet address. Snap "Survey Withdrawal" and check the data. When you are fulfilled, click "Affirm" to end the procedure. Your coins will show up inside 24 hours to your ideal area. Pull back BTC from Gemini Instructions to Order BTC with Credit/Debit Card at Gemini As with PayPal, it is preposterous to expect to buy bitcoins with the assistance of credit or charge cards at Gemini, since the choice isn't accessible right now. Stay aware of trade's news and declarations as the CC/DC choice may open up later on. Gemini Mobile App Portable stages are yet to be created by Gemini, implying that exchange is accessible on perusing stage as it were. Watch out for the declaration, as the organization may make the push towards telephone exchange not so distant future. Purchase BTC just on Gemini perusing stage Gemini Analogs Aside from Gemini, we at BitcoinBestBuy have checked on numerous different stages that can assist you with getting bitcoins effectively and securely. They all change regarding local accessibility, expenses, buy strategies and confirmation necessities, so make a point to check different articles also. Get BTC at digital money stages Coinbase Exchange Review Being one of the biggest BTC exchanging stages the world, we made a survey of their charges, store choices and other important data with respect to the trade. We have likewise given bit by bit controls on the best way to buy and pull back assets and coins from Coinbase. Coinbase survey Full Review Coinbase Bitcoin Gemini Exchange Find out About Kraken Kraken is another trade that offers bitcoins through bank moves and its administrations are all inclusive accessible. We made a survey of Kraken's advantages and disadvantages, giving our customers a diagram of the trade as far as expenses the organization charges, check prerequisites and buy procedures of the stage. https://www.cryptoerapro.com/bitcoin-gemini/ http://www.cryptoerapro.com/ https://twitter.com/cryptoerapro https://www.instagram.com/cryptoerapro/ https://www.pinterest.co.uk/cryptoerapro/ https://www.facebook.com/cryptoerapro https://www.facebook.com/pg/bitcoingeminibot https://www.facebook.com/events/282310836080639/
A new Nano trade exchange was launched a couple of days ago - Here's why anyone who remembers Bitgrail should be be very afraid
This is mostly a duplicate of my summarised responses to that exchange's original announcement threads here and in/nanotrade**.** The owners of that new exchange are welcome to downvote this new posting of mine, but everyone else can make their own decision about whether to upvote this for posterity's benefit, so that my post gets found in months to come (given that Reddit's search engine is really bad at searching comments.) Here's what's dodgy about this exchange, and why anyone who remembers BitGrail should be very afraid: I emphasise that I'm not saying this is a scam. But I am saying it looks like what a scam website would look like andappearsto be operating illegally under UK law: * The domain NanoTrade.co.uk was registered only two days (one working day) before the site went live - meaning it only could have been tested very briefly, (Edit: and could not have been secured against accidentally being taken by another person, which implies incredible lack of planning) * The domain was registered by NameCheap, with an obscured registrant * The site was not pre-announced on /Nano Currency nor /NanoTrade * The site was announced first on /nanotrade (6k subscribers), but only announced here on /nanocurrency (44k subscribers) three days later, demonstrating a lack of knowledge of Nano relative subscribers * The announcer Paradise2GE claimed Google and Facebook Ads existed prelaunch - but no one of you here saw them because you would have excitedly told us if you had * No such advertising for the site was noted by me, yet I would have been a key target for it * Since the domain was not registered, such advertising could not have included, say, a [[email protected]](mailto:[email protected]) mail form, which is incompetent in itself * Nano Associates Limited was registered with Companies House on 2018-02-28 (as company number 11229688) - to a London mail-forwarding company's central London address (a postcode with 11,000 companies registered at the same address) * Its sole Director 'Orlando Carugo' has no Google history of being associated with Nano, Cryptocurrency, or finance at all * Orlando Carugo's profession is listed as 'Sales Director' * The Google and LinkedIn history of an UK-based 'Orlando Carugo' (a sales professional) can be found, with no reference to cryptocurrency but with references to being willing to work for stock options or commission * The announcement on /NanoTrade was made by Paradise2GE - an account with a few questions on Bitcoin two years ago, a single comment one year ago, then absolutely nothing until this weekend. * We know nothing of the overall reputation of the company owners * The company uses a payment processor https://en.bitcoin.it/wiki/VirWoX which has a daily limit on PayPal withdrawals of 2500EUR. The NanoTrade website however states that up to 90,000 Nano can be sold per PayPal transaction. It seems impossible to reconcile this for me. If 90,000 Nano is sold to PayPal, when would the seller get their money? * If the answer is that such payments cannot be made, when were the company planning to tell the sellers? * On being asked on /Nanotrade, Paradise2GE has avoided answering this question in their dissembling answers * The company is not registered by the FCA * The company is not registered by HMRC as a money service * It is a legal requirement for UK based companies to register as money services. * It is not a get-out to just deal in USD and not GDP, yet Patadise2GE has attempted to use that get-out in their answers * Paradise2GE has dissembled when answering questions as to why Nano Associates is not registered with FCA or HMRC * Paradise2GE claimed 1000 trades on their first day... for an unannounced site...purely from a posting that had around 40 up votes at the time. It's a lie. Not even Nanex gets that many trades on a good day. * Given a supposed 1000 trades in a day, 1440 minutes in a day, and 25% of Nano staked on Binance, we should expect to see >5Nano transactions coming out of the Binance hot wallet at least every 10 minutes or so. I don't see those * The site works poorly on Android, showing a lack of technical skill in its developers * The announcement of the exchange on /nanocurrency was by SMcArthurs - a one year old account, with very few postings, and no history in the /nanocurrency or /nanotrade subs * Someone downvoted my reasonable questions on /nanotrade. I can think of only one person who would want to do that, if malicious * Someone downvoted someone thanking me for my questions on /nanotrade. I can think of only one person who would want to do that, if malicious * User astricali has posted at 2018-12-03 05:00GMT that they made a successful sale of 999.99 Nano. I performed a text extraction of the posted image address, which they were apparently instructed to send to, but I notice that although that address indeed Received a 999.99 amount from the Binance Representative at 2018-12-04 02:17:01 (Timezone unknown), the address has never actuallyPocketed 999.99 Nano - the payment is still Pending.This is odd, since once might expect an efficient provider to pocket the Nano they receive asap, to sell it on the markets * The address has however received a range of 8 payments ranging from 1.99 Nano to 1,847.99 Nano. That surprises me, because I would expect a payment provider to use a unique address for each received payment. * The address has only ever sent a payment once, to KuCoin, on an unknown date before 2018-07-25 * Paradise2GE and SMcArthurs have been extremely quiet in response to these complaints levelled against their site * Edit: Why would they be selling Nano at 1.00 USD at the moment when Nano is on Binance at 0.94? * Edit: Seeing 403 Forbidden error 2018-12-05 23:38GMT * Edit: Don't even get me started on the Money Laundering, Terrorist Financing and Transfer of Funds (Information on the Payer) Regulations Regulations 2017 * Edit: It's 12 days later - 18-Dec-2018. The 999 Nano still hasn't been pocketed at address. In 12 days neither promoter has denied that's it's their account. They are therefore probably incompetent even if non-malicious. * Also noticed something I should have picked up before: That address is Represented by Nanowallet.io - which means it's probably an account created on Nanowallet.io. Any 'real' exchange would need, at the very minimum, to run it's own node so that it can be online 24/7 - and if so would most likely Represent itself. Specifically choosing Nanowallet.io as their Representative after installing a full node would be an odd decision, given that they could help decentralize. 'm at way over 22 red flags here. I hope I save someone.
Daily analysis of cryptocurrencies 20191129(Market index 31— Fear state)
https://preview.redd.it/c494hahvyl141.png?width=1920&format=png&auto=webp&s=f0251270befb79739c668ae66be79440601e4c2d BoJ’s CBDC Research Report: Specific Design Of CBDC To Vary According To PurposeOn Nov 29, the Bank of Japan released the Central Bank Digital Currency (CBDC) research report, which analyzed and discussed the main legal arguments of the CBDC. The report concludes that the legal discussion of CBDC will involve a wide range of laws, such as the Bank of Japan Act, the Civil and Commercial Law, the Administrative Law and Competition Law, etc. Certainly, the specific design of the CBDC will vary greatly depending on the purpose of issuing. If the issue of the CBDC is discussed, more in-depth legal discussions are needed. Russia May Ban Cryptocurrency PaymentsAs reported, the Russian Central Bank and the Federal Financial Monitoring Service are preparing to ban the use of cryptocurrencies to pay for goods and services. The initiative aims to combat crime in the cryptocurrency field. The Russian Central Bank has not confirmed that it is preparing relevant draft laws, but said it is ready to support. Russia’s Ministry of Finance holds a similar position. New EU Bill On The Fourth Money Laundering Directive Allows Banks To Hold And Sell BitcoinA new proposed bill on the European Union fourth Money Laundering Directive will allow banks to buy, hold and sell Bitcoin. The amendment on the directive comes to ease stringent rules that prohibited banks from either offering virtual asses or providing custody services. The move is an excellent relief for financial institutions in the region. NatWest Forms Blockchain Consortium To Streamline Home Buying In UKNational Westminster Bank, commonly known as NatWest, is a significant retail and commercial bank in the United Kingdom looking to streamline the process of home buying in the UK. Currently, it takes an estimated three months to finalize a purchase. Still, the hopes are through a new distributed ledger technology consortium with Coadjute and leading property software providers, this process might cut down to three weeks. https://preview.redd.it/vod6weyiyl141.png?width=504&format=png&auto=webp&s=9dc1222d34cd33584919666f9001da8a0890149f Yesterday, bitcoin climbed above the key $7,300 and $7,400 resistance levels against the US Dollar. Moreover, there was a close above the $7,400 level and the 100 hourly simple moving average. It opened the doors for more gains above the $7,500 level. Finally, the price tested the next key resistance near $7,700 (as pointed out in the weekly forecast). A high was formed near $7,676 and the price is currently correcting lower. It traded below the $7,600 and $7,550 levels. Besides, there was a break below the 23.6% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high. However, the $7,400 support area seems to be acting as a strong buy zone. If there is a break below the $7,400 support, the price could test the $7,300 and $7,295 support levels. Review previous articles:https://firstname.lastname@example.org
Encrypted project calendar（November 29, 2019）
Zenon (ZNN):29 November 2019 Awareness Fund Payout “Distribution of the fund takes place every Friday until Pillars Lock-in Phase is completed.”Tael (WABI);29 November 2019 Founders AMA “Three days to go until our Founders #AMA, this Friday, hosted by@binance.”
Encrypted project calendar（November 30, 2019）
Ethos (ETHOS):30 November 2019 (or earlier) Rebranding “In November, we unveil the broker token, a dynamic utility token to power our commission-free crypto trading and broker platform, Voyager.”Digitex Futures (DGTX):30 November 2019 Public Testnet Launch “…We can expect to see the world’s first zero-commission futures trading platform live on the Ethereum public testnet from 30th November.”Monero (XMR):30 November 2019 Protocol Upgrade “Preliminary information thread regarding the scheduled protocol upgrade of November 30.”Chiliz (CHZ):30 November 2019 (or earlier) Fiat to CHZ Exchanges “We will add another two fiat to $CHZ exchanges in November…”Skrumble Network (SKM):30 November 2019 (or earlier) P2P & Group Calling “P2P & Group Video Calling,” during November 2019.Aergo (AERGO):30 November 2019 (or earlier) Mainnet 2.0 Upgrade Mainnet 2.0 Protocol update by end of November.Akropolis (AKRO):30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Nash Exchange (NEX):30 November 2019 (or earlier) Mobile Strategy Phase 2 “Phase 2 of our mobile strategy will be live soon with our wallet and portfolio app hitting stores in November!”Akropolis (AKRO):30 November 2019 (or earlier) Beta Release “All functionality has been deployed to mainnet.”Pakcoin (PAK):30 November 2019 Staking Mobile App Android app for staklet is going to be launched on November 30th.
Encrypted project calendar（December 1, 2019）
Auxilium (AUX):01 December 2019 AUX Interest Distribution Monthly interest distribution by Auxilium Interest Distribution Platform for coinholders. Also supports charity.I/O Coin (IOC):01 December 2019 Pos Reward Halving IOC block reward halving is happening on December 1st 2019.ABBC Coin (ABBC)01 December 2019 Migration Requests Start “Migration requests from the #AladdinPro Wallet will be accepted starting on December 1, 2019.”
Encrypted project calendar（December 2, 2019）
Bitcoin (BTC):02 December 2019 CME Futures BTCX19 Bitcoin Futures Contract (BTCX19) settles on December 02, 2019.Waves (WAVES):02 December 2019 Waves Exchange Launch “As of November 18, users will be able to import their accounts and seed phrases, and, on December 2, the new exchange will be launched.”BZLCOIN (BZL):02 December 2019 New Website New website and pre-launch “Patron”.Decentraland (MANA):02 December 2019 Creator Contest “Announcing the Creator Contest, from Dec 2–15. Submit your most creative interactive scenes for a share of $50k USD worth of prizes up.”Bitcoin (BTC);02 December 2019 CME Futures BTCX19 Bitcoin Futures Contract (BTCX19) settles on December 02, 2019.
Encrypted project calendar（December 3, 2019）
Aeternity (AE):03 December 2019 Sofia, Bulgaria Meetup “Come hear@noyyyand@emintroducing the project, followed by talks by Karol Skočik, Juraj Hlista, and Stephan Verbücheln.”Quant (QNT)03 December 2019 QuantX London Conference “QuantX is a half-day event being curated by Quant Network with an audience of 100 industry professionals from across the fintech…”
Encrypted project calendar（December 4, 2019）
Aeternity (AE)04 December 2019 Sofia Hackathon “The next aeternity blockchain hackathon will be held in Sofia, Bulgaria, on December 4th, 2019!”
Encrypted project calendar（December 5, 2019）
***OKB (OKB)：***05 December 2019 OKEx Cryptour Kyiv Ukr “Join us in Kyiv as we journey through Ukraine for our OKEx Cryptour!”Horizen (ZEN)05 December 2019 Weekly Insider Team updates at 4:30 PM UTC/ 11:30 AM EDT: Engineering, Node network, Product/UX, Helpdesk, Legal, BD, Marketing, CEO Closing thoughts, AMA.
Encrypted project calendar（December 6, 2019）
TenX (PAY):06 December 2019 COMIT Hackathon “The #hackathon will be held over the weekend of 6–8 Dec at the TenX HQ in Singapore.”Noah Coin (NOAH)06 December 2019 Japan Roadshow — Sendai “As you know, we are organizing the trip to the cities of Japan in December.”
Encrypted project calendar（December 7, 2019）
Storm (STORM):07 December 2019 Loyalty Program Registration for our fourth and last loyalty program will end on December 7th!MediBloc [ERC20] (MEDX):07 December 2019 Token Swap Deadline “Please submit your swap before 7th of December 23:59(UTC+9).”OKB (OKB);07 December 2019 OKEx Talks 2019 Calabar “Join us on 7 Dec for our first OKExTalks in Calabar, where we will be discussing ‘Digital Assets and Tokenization’.”Dash (DASH);07 December 2019 Open House “.. Dash Core Group will be hosting the Dash Evolution Open House on Dec 7th… in Scottsdale, AZ, from 1pm to 5pm MST.”Noah Coin (NOAH);07 December 2019 Japan Roadshow — Tokyo “As you know, we are organizing the trip to the cities of Japan in December.”
Encrypted project calendar（December 8, 2019）
Noah Coin (NOAH)08 December 2019 Japan Roadshow — Nagoya “As you know, we are organizing the trip to the cities of Japan in December.”
Encrypted project calendar（December 10, 2019）
OKB (OKB)10 December 2019 OKEx Talks — Rotterdam “Join us on 10 Dec to explore “Decentralized Finance” & the benefits & opportunities it presents.”.Newscrypto.io (NWC)10 December 2019 (or earlier) Platform Redesign Updates: Brand new Landing page, New Trading Tools and Updated School Program.IOTA (MIOTA)10 December 2019 Karlsruhe Meetup “Come learn about the IOTA technology! Dec 10 at 6PM CEST.”OKB (OKB)10 December 2019 OKEx Talks — Rotterdam “Join us on 10 Dec to explore “Decentralized Finance” & the benefits & opportunities it presents.”.Newscrypto.io (NWC)10 December 2019 (or earlier) Platform Redesign Updates: Brand new Landing page, New Trading Tools and Updated School Program.
Encrypted project calendar（December 11, 2019）
Waves (WAVES)11 December 2019 Annual Meetup ‘See you in Berlin on December 11, 2019!”Cindicator (CND)11 December 2019 Event for CND Ecosystem “New horizons of the CND ecosystem,” with “More details to be released” at 14:00 UTC.IOTA (MIOTA)11 December 2019 Berlin Meetup “Join us for the “2019 recap & 2020 outlook” MeetUp, organized by IOTA &@iotashop.”Cosmos (ATOM)11 December 2019 Cosmos Hub 3 Chain “Cosmonauts, buckle up & get ready for the hub upgrade to the Cosmos Hub 3 chain. A new proposed date is set for Dec 11 at…”
Daily analysis of cryptocurrencies 20190830(Market index 24 — Extreme Fear state)
https://preview.redd.it/sevbsls5jkj31.jpg?width=540&format=pjpg&auto=webp&s=c6418070423aab93e76875cc81d6e47e448c7f7a https://preview.redd.it/6qz26j67jkj31.png?width=630&format=png&auto=webp&s=366fe0b5006e1a9beae34f9d26345bec8cb75cf2 [UN official: Cryptocurrency makes policing child slavery more difficult] A top United Nations official says cryptocurrencies have made it significantly more difficult to fight child slavery, cyber crime, terror financing and money laundering, according to a report by news website ABC on August 29. Neil Walsh, chief of the Cybercrime and AML section of UN’s Office on Drugs and Crime, noted that the anonymous attribute of cryptocurrencies provide a new layer of secrecy to favor these criminals. [Indian black money special investigation team: the government does not need to supervise the cryptocurrency, the single choice is the only choice] The Indian Black Money Special Investigation Group (SIT) informed the government that criminal gang networks are increasingly relying on cryptocurrencies for money laundering and drug smuggling. It also believes that it is not necessary to supervise cryptocurrencies, because it takes years and inefficiencies to deal with such cases, and a one-size-fits-all approach seems to be the only option. Although the country does not fully ban cryptocurrency transactions, the government has instructed all relevant agencies and law enforcement agencies such as the Reserve Bank of India (RBI), the Law Enforcement Agency (ED) and the income tax department to take action in accordance with existing laws. In the absence of a globally acceptable solution, the government is handling this matter with caution. SIT does not support regulation because it takes a long time to prosecute violations in the country: “We have many laws or regulations that need to be strictly enforced. But experience shows that many law or regulatory enforcement agencies cannot enforce them. Even if they try to enforce them, As a result, many litigations remain pending for many years. In order to avoid this, there is no choice but to declare it an illegal transaction. Those dealing with cryptocurrencies should be punished without any further evidence.” [Terrorist organizations are using social media platforms such as Telegram to raise money through cryptocurrencies] According to a report by the Middle East Media Research Institute (MEMRI), a non-profit research institute, terrorist organizations in areas such as Islam and Hamas are using social media platforms, including Telegram, to raise funds through cryptocurrencies. MEMRI warned that this problem will only be more serious when Telegram launches its own blockchain TON and local cryptocurrency Gram.
Encrypted project calendar（August 30, 2019）
XDCE/XinFin Network:2019 TraceFinancial webinar will be held on August 30thWAX/WAX Token:WAX TokenSwap (WAX) to August 30, ERC-20 WAX Token token converted to WAX Token CutoffUGAS/Ultrain:Ultrain community news, after the main network mapping starts on August 7, all UGAS holders must complete the registration of the Ultrain main wallet account by August 30th.
Encrypted project calendar（August 31, 2019）
ADX/AdEx:ADEX (ADX) will release the Validator Stack version 2.0 in AugustDADI/DADI:DADI will release the network CLI on August 31, with Stargates to support network services; and release Self Onboarding on the same day to allow the network to be more open.MITH/Mithril:The Mithril (MITH) team decided to implement the first MITH token destruction program on August 31.COS/Contentos:Contentos test network v0.5 “Jupiter” will be launched on August 31, this is the last version of the test before the main online line, alternate release.NOAH/Noah Coin:Noah Coin (NOAH) exchanges the held tokens at BTCNext, ending on August 31st.
Encrypted project calendar（September 01, 2019）
XLM/Stellar:Stellar (XLM) will conduct equity awards in binance on September 1stMHC/MetaHash:MetaHash (MHC) will close all ICO accounts as of September 1 and will permanently close all ICO accounts. All MHCs will need to be transferred to MetaGate Wallet by this date.DGD/DigixDAO:The DigixDAO (DGD) DGXHUB community representative program will be open for application on September 1.
Encrypted project calendar（September 02, 2019）
AE/Aeternity:The third phase of Aeternity token (AE) main network migration will end on September 2nd.PLPillar:The Pillar (PLR) Pillar community will participate in a creative strategy seminar hosted by experiencehaus in London, UK on September 2nd.LA/LAToken:The LAToken (LA) LATOKEN community will host an investor reception in London, England on September 2nd.
Encrypted project calendar（September 03, 2019）
WAN/Wanchain:Wanwei Chain Wanchain (WAN) will be launched on September 3rd based on POS mechanism mining function
Encrypted project calendar（September 04, 2019）
BCH/Bitcoin Cash:The City Conference will be held in North Queensland, Australia from September 4th to 5th, 2019.BETHEBethereum:Bethereum will conduct a user airdrop token plan on September 4th
Encrypted project calendar（September 05, 2019）
CS/Credits:Credits (cs) began to map some of the main network tokens on September 5th.ENG/Enigma:The Enigma(ENG)Enigma community will host a gathering and seminar in Boston on September 5.BTC/Bitcoin:Blockchain Africa conference organizers will host the first cryptocurrency festival in South Africa on September 5.AGI/SingularityNET:SingularityNET (AGI) SingularityNET community Ben Goertzel will attend the Asia Innovation Summit on September 5th and will deliver a speech.
Encrypted project calendar（September 06, 2019）
BTC/Bitcoin: Bakkt official Twitter said that Bakkt Warehouse will begin to provide Bitcoin secure storage services to customers on September 6.VEX/Vexanium:The Vexanium (VEX) DApps competition will end on September 6th with a total of 1.1 million VEX awards, the first of which will receive 350,000 VEX.
Encrypted project calendar（September 20, 2019）
NULS / NULS: The NULS 2.0 Beta hackathon will be held from September 20th to September 21st, 2019.
China In China, history seems to be reversed. They are "witch-hunting" again... We mean crypto platforms hunting, of course. At the same time, the matter concerns not only crypto exchanges but also peer-to-peer platforms. In order to trade in crypto assets, the local population uses VPN. Bolivia The Bolivian Financial Supervisory Authority System (ASFI) is quite cruel to those involved in cryptocurrency matters. In any case, there are already 60 people on trial for this type of activity. Moreover, since 2014, Bolivia has considered both Bitcoin and all Altcoins as pyramidal schemes. This is the first country in the world to ban the use of absolutely any currency that would not be issued or controlled by the government. Bangladesh Bangladesh law enforcement agencies are actively seeking holders and traders since any cryptocurrency operations are prohibited. For them, all the methods seem to be good - except that there is no announcement of a reward for their heads. The Central Bank of the country declared that cryptocurrencies cannot be legal means of payment.
... continue with the neutral attitude
Japan The Japan Financial Services Agency (FSA) is now considering the possibility of changing the legal framework for cryptocurrencies. It is important that Japan is the first country to adopt a bill that recognizes cryptocurrency as a means of legal payments. South Korea After considering the issue of banning trade in cryptocurrencies and ICO in 2017, because of the fear of possible money laundering and tax evasion, South Korea is developing a structure that will allow Korean companies to collect funds on crypto markets. The market also suffered from bursts of manipulation schemes. In response to many questions, South Korea issued a direct ban, and only recently decided to partially accept crypto market with certain conditions. Seychelles Now in Seychelles, several large crypto exchanges are registered. They are probably attracted by the lack of regulation of cryptocurrency trading and the advantages of the offshore zone. However, at the moment the status of Bitcoin in this region is controversial. Belarus Legal regulation of cryptocurrency in Belarus so far consists only of the Decree of the President of the Republic of Belarus of December 21, 2017 No. 8 "On the Development of the Digital Economy." The decree has not entered into force, so Belarusians have no formal permission to use cryptocurrency in any way. But at the same time, the country's leadership is loyal to the crypto industry. It is possible that a trading space "paradise" will appear in Belarus. Russian Federation Since January 2018, the implementation of cryptocurrency legislation has been actively discussed in the country, but so far there has been little success in this area. Singapore The country plans to divide cryptocurrency actions into three categories. The first is utility tokens, the second is digital security tokens, and the third group will include payment tokens, that is, cryptocurrencies. In general, many cryptocurrency startups complain about not too transparent legislation in Singapore. At the same time, the government is clearly keen on the idea of attracting crypto traders.
... and end with a positive attitude
Malta Malta is one of the most cryptocurrency-friendly countries. The group of islands exceeds the major players: Japan, Korea, China, USA and Belize. The country has advanced in the acceptance of the crypto industry, ahead of such former leaders as China and the United States. Even Binance crypto exchange moves to Malta. It means a lot! Great Britain Great Britain is another country that has long entered the race for the title of world cryptocurrency capital. "The UK competes with other financial centers around the world that are also striving to become the crypto capital, so it’s important that this regulation be implemented as soon as possible," said Zeeshan Feroz, Coinbase UK CEO, in a letter to CNBC USA Los Angeles - the first in the list of US cities that accepts Bitcoin. There are 878 companies working for cryptocurrency. New York is the second after Los Angeles. Manhattan in New York took the first place in terms of crypto trading - 6.9%, followed by Chicago - 4.9%, Jacksonville - 4.2%, San Francisco - 3.5%, San Antonio - 3.1%, and Washington - 2.4%. Switzerland Switzerland launches the process of registering crypto exchangers. To legalize their business, companies need to obtain a license from the Swiss Financial Market Supervisory Authority (FINMA). Australia Crypto exchanges are legalized in Australia, and the country is progressing in establishing legislation that meets the challenges of the crypto industry. In 2018, the Australian Transaction Reports and Analysis Centre (AUSTRAC) announced the implementation of reliable cryptocurrency exchange rules. The new rules require that exchanges operating in Australia register with AUSTRAC, identify and verify users, keep accounts, and fulfill AML / CFT reporting obligations. In the future, unregistered crypto platforms will be subject to criminal charges and financial penalties. Such conditions will surely be attractive to traders who are attentive to their assets and want to keep them safe and sound.
In case you missed it: Major Crypto and Blockchain News from the week ending 12/14/2018
Developments in Financial Services
A cryptocurrency exchange-traded product (ETP) that trades on Switzerland’s Six Exchange saw record trading volumes on Thursday and Friday last week, suggesting that institutional investors may be buying the dip in cryptocurrencies. Four major cryptocurrencies underlie the HODL ETP, including Bitcoin (BTC), Ripple (XRP), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). While HODL ETP’s one-month average daily trading is 20,000 shares, on Thursday, December 6th, and Friday, December 7th, 53,233 shares and 62.986 shares were traded, respectively.
A report published last week by global anti-money laundering policymaker, the Financial Action Task Force (FATF), indicates that cryptocurrency exchanges in the United Kingdom pose a, “low risk,” for money laundering and terrorist financing activities. The report, however, does highlight that such activities on UK cryptocurrency exchanges are an, “emerging risk,” although there is not yet enough evidence to suggest that these activities are occurring through cryptocurrency exchanges. In its report, the FATF urged UK regulators to, “Continue to develop an understanding of emerging risks (such as virtual currencies) and intelligence gaps, and take appropriate action.”
Andreas Utermann, CEO and CIO of Allianz Global Investors, called on global financial regulators to ban cryptocurrencies while speaking at a panel discussion in London. According to a report by Reuters, Utermann said, “You should outlaw it,” while participating in a panel alongside Andrew Bailey, the head of Britain’s Financial Conduct Authority. Bailey responded by saying that Utermann’s comments were, “quite strong,” before adding that cryptocurrencies have, “no intrinsic value.”
Basis, a major US-based stablecoin project, is shutting down its operations and returning most of its funds to investors, according to a report by crypto news outlet The Block. The report by The Block cited, “multiple people with direct knowledge of the situation,” in claiming that the algorithmic stablecoin project, which generated UDS$133mm of funding through private investments in April, will return funds to investors. According to the Co-Founder and CEO of competing stablecoin project Nevin Freeman, Basis’ shutdown is due to regulatory concerns around one of its token types. Freeman explained, highlighting that algorithmic stablecoins implement a “secondary token”, known as a “bond token”, to help maintain the primary token’s peg. In many cases, regulators like the US Securities and Exchange Commission (SEC) consider these secondary tokens to be securities.
Binance, the world’s largest cryptocurrency exchange by daily trading volume, announced that it has added Circle’s US dollar-pegged stablecoin, USD Coin (USDC), to its combined Stablecoin Market. Circle, a company backed by Goldman Sachs, first released its stablecoin in September of this year. Binance’s combined Stablecoin Market features other notable stablecoins, like Tether (USDT), that trade against cryptocurrencies as interchangeable base pairs.
Coinone, a South Korea-based cryptocurrency exchange, has officially launched Cross, a cross-border payments application that leverages Ripple’s xCurrent product to increase efficiencies. The application, released by Coinone’s payments subsidiary, Coinone Transfer, targets unbanked or underbanked South Koreans by enabling the transfer of funds to Thailand or the Philippines at a low cost.
Gemini, a cryptocurrency exchange heralded by the Winklevoss twins, released an official company blog post this weekend announcing that the firm will support Bitcoin Cash (BCH) custody and trading. The exchange will support only the Bitcoin Cash ABC network at this time, adding that they, “are continuing to evaluate Bitcoin SV over the coming weeks or months, and we may or may not choose to support withdrawals and/or trading of Bitcoin SV in the future.” Additionally, the company detailed that its listing of BCH is pending regulatory approval by the New York State Department of Financial Services.
Gemini, the cryptocurrency trading platform founded by the Winklevoss twins, announced the launch of a mobile crypto trading application in an official blog post today. Accompanying the launch of the crypto trading app is a new investment vehicle, dubbed, “The Cryptoverse,” that is comprised of a basket of cryptocurrencies weighted by market capitalization. While speaking to Bloomberg today, Cameron Winklevoss said that, “A lot of our decisions have perhaps given off a perception that we’re more institutional-based. The reality of the situation is that we have a diverse customer base. And the retail story is just beginning.” The Winklevoss twins went on to detail of a goal to expand reach to Asian markets by 2019’s end.
Good Money, a US neo-banking platform, has closed its Series A investment round that generated USD$30mm led by cryptocurrency-focused merchant bank Galaxy Digital and the founder of EOS (EOS) Block.one. Good Money aims to provide a variety of banking service and certain financial instruments to US account holders while exploring innovative changes to traditional banking practices. “Modern banking is a primary driver of so many issues we as a society face – from economic inequality, institutional racism, environmental destruction to political corruption,” said Good Money founder Gunnar Lovelace. Specifically, Good Money eliminates ATM fees while offering each bank user equity in the company.
Kraken, a notable cryptocurrency exchange, is seeking to raise funding with a USD$4bn valuation for the company and a USD$100,000 investment minimum, according to CoinDesk. In an email to investors, Kraken CEO Jesse Powell wrote, “There is presently a limited time opportunity available to a very small select number of clients to purchase shares.” The email goes on to detail that the exchange will close its offer on December 16th.
OKEx, the second-largest cryptocurrency exchange by daily trading volume, will begin listing Bitcoin Cash ABC under the original Bitcoin Cash ticker (BCH), as per an official announcement Tuesday. Additionally, OKEx will change the Bitcoin Cash SV ticker from BCHSV to BSV. The announcement by OKEx comes after other notable cryptocurrency exchanges have made the same switch, including Coinbase and Gemini.
PayPal, an online payments portal, has launched its own internal private blockchain platform that will allow staff to trade and exchange tokens while generating ideas and participating in programs to foster innovation, as per a report by news outlet Cheddar. The private blockchain network, which was built by 25 PayPal employees in just 6 months, will allow employees to earn more for enrolling in learning and development programs. The PayPal tokens are not tradeable, or worth anything for that matter, outside PayPal’s blockchain.
PricewaterhouseCoopers (PwC), a big four consulting firm, is partnering with Bitfury Group, a large blockchain software and mining firm, to develop a blockchain accelerator specific to Russian businesses. As per an official press release by PwC, the partnership will leverage Exonum, Bitfury’s open source framework to build blockchain applications, for educational courses and seminars. The partnership aims to meet the, “current needs,” of PwC’s enterprise clients in Russia.
Revolut, a digital banking alternative with an in-application cryptocurrency exchange, announced that it has been awarded a European banking license. Seeking to become the, “Amazon of banking,” the license will allow Revolut to offer traditional banking services alongside its current cryptocurrency offerings to European customers. Nikolay Storonsky, Founder and CEO of Revolut, said in regards to the newly acquired license that, “With the banking license now secured, commission-free stock trading progressing well, and five new international markets at final stages of launch, we are living up to our reputation as the ‘Amazon of Banking’. Our vision is simple: one ap with tens of millions of users, where you can manage every aspect of your financial life with the best value and technology.”
Shinhan Bank, the second-largest commercial bank in South Korea, is launching a new project to implement blockchain technology in its internal processes with a goal of eliminating human error. According to a report by news outlet The Korea Times, Shinhan also recently completed a training program for its staff to increase their knowledge of blockchain technology across various applications. After Shinhan implemented blockchain technology for interest rate swap transactions on November 30th, South Korea’s second-largest bank is now aiming to apply the technology in its record-keeping process to enhance overall efficiencies.
SolarisBank, Germany’s second-largest and Europe’s ninth-largest stock exchange, is partnering with Stuttgart Exchange Group, a German fintech company, to jointly develop a cryptocurrency exchange. As per a report by Cointelegraph Germany, the joint cryptocurrency exchange venture, “is scheduled to launch in the first half of 2019.” This news comes after SolarisBank announced plans to launch a zero-fee cryptocurrency trading application this past May.
The Canadian city of Calgary is becoming the first city in Canada to launch a digital version of its local currency, according to a report by the Global News. Dubbed as the Calgary Digital Dollar, the digital currency will be exclusive to Calgary and operate alongside the country’s Canadian Dollar. Calgary-based businesses will now be required by law to accept at least 10% of a payment in digital currency, although they are allowed to accept up to 100%.
The Society for Worldwide Interbank Financial Telecommunication (SWIFT) is launching a pilot of its Global Payment Initiative (GPI) to combat growing blockchain and fintech solutions, according to an official announcement last week. Currently, the SWIFT Network is used by global financial institutions to conduct global financial payments and cross-border transfers of fiat currency. Although the project is still in its early stages, the GPI pilot hopes to, “build the foundation of a new integrated and interactive service that will significantly improve efficiencies in the payments process and which will ultimately be made available to all 10,000 banks across the SWIFT network.”
The United Arab Emirates’(UAE) central bank is partnering with the Saudi Arabian Monetary Authority (SAMA) to develop a cryptocurrency to facilitate cross border transactions between the two countries, according to a report by news outlet GulfNews. In a meeting pertaining to global banking standards and regulation in the Arab region, Mubarak Rashed Al Mansouri, the governor of the UAE’s central bank, said, “This is probably the first time ever that witnesses the cooperation of monetary authorities from different countries on this topic and we hope that this achievement will foster similar collaboration in our region.” The prospective digital currency will be used by both central banks and financial institutions in the countries.
TokenSoft, a security token offering (STO) startup, has acquired a 20% stake in regulated broker-dealer Marpine Securities LLC in order to launch its own regulated broker-dealer. After acquiring the 20% stake, TokenSoft will launch its new regulated broker-dealer entity, called TokenSoft Global Markets, that will be registered through the Financial Industry Regulatory Authority (FINRA). The new regulated broker-dealer entity will allow TokenSoft to advise token issuers through every step of the Initial Coin Offering (ICO) process. Additionally, TokenSoft will now be able to legally operate in services related to insurance and management.
Tom Lee, co-founder of Fundstrat Global Advisors and a notable cryptocurrency pundit, believes that the current fair value of Bitcoin (BTC) is between USD$13,800 and USD$14,800, according to a note published on Thursday. Lee arrived at this valuation by taking into account the number of active wallet addresses, usage per account, and other supply and demand metrics. Additionally, Lee forecasted that the fair value of BTC will reach USD$150,000/coin once BTC wallets account for 7% of Visa’s 4.5bn account holders.
UAE Exchange, an exchange based in the United Arab Emirates (UAE), is partnering with Ripple to launch a blockchain-based cross-border remittances platform by 1Q2019, as per a Reuters report on Thursday. The report details further that Finablr, a payments and foreign exchange company that owns UAE Exchange, observes a high level of remittance inflows from expatriate workers in the Middle East region. “We expect to go live with Rippel by Q1, 2019 with two other Asian banks,” said Finablr CEO Promoth Manghat, adding, “This is for remittances to start with, from across the globe into Asia.”
De Nederlandsche Bank, the Netherlands’ central bank, will soon require domestic cryptocurrency providers to obtain a license from the regulator to operate, as per a report by Dutch news outlet DeTelegraaf. The Netherlands' central bank is taking these measures in the hope that it will, “prevent such cryptocurrencies from being used to launder money obtained through crime or to fund terrorism.” In order to receive a license, cryptocurrency firms must maintain Know-Your-Customer procedures and report any suspicious activity to the Dutch central bank.
Eddie Hughes, a conservative member of the United Kingdom’s Parliament, suggested that Bitcoin (BTC) should be accepted as legal tender for tax and utility payments, according to news outlet Express.co.uk. The article discusses that Hughes, who is a self-described, “crypto enthusiast with amateur knowledge,” recently met with the Royal National Lifeboat Institution, which accepts cryptocurrency donations. This news comes after the US state of Ohio announced that it would begin accepting BTC as legal tender for tax payments.
Following a case in Canadian courts that resulted in a ruling ordering mistakenly sent crypto funds to be returned to their owner, a blog post from the University of Oxford Faculty of Law is noting that there could be repercussions with the case potentially setting a precedent for lost or stolen cryptocurrency claims. The Canadian court case’s ruling will require defendant Brian Wall to return USD$370,482 worth of Ethereum (ETH) tokens to the plaintiff, Copytrack. The blog post from the University of Oxford Faculty of Law reads, ‘This precedent may have major repercussions for the enforcement of claims regarding lost or stolen cryptocurrencies,” adding that the ruling allows the plaintiff to recover tokens, “in whatsoever hands those Ether Tokens may currently be held.”
Japan’s government is considering plans to ease cryptocurrency taxes in an effort to revitalize the domestic cryptocurrency and blockchain industry. This week, Japanese Congressman Takeshi Fujimaki proposed four significant changes to taxation requirements pertaining to digital assets, which include: a reduction on the cryptocurrency gains tax from 55% to 20%; elimination of taxes on crypto-to-crypto payments; elimination of taxes on miniscule cryptocurrency payments; and an adjustment that would allow cryptocurrency investors to carry forward losses across quarters and years, effectively until cryptocurrencies are ‘cashed’ out.
Jay Clayton, Chairman for the United States Securities and Exchange Commission (US SEC), said during a speech that Initial Coin Offerings (ICOs), “can be effective,” for fundraising, but that, “securities laws must be followed.” Clayton went on in his speech to comment on the US SEC’s work regarding distributed ledger technology (DLT), digital assets, and ICOs, saying that it is an, “area where the Commission and staff have spent a significant amount of time,” and, “that this trend will continue in 2019.”
Jay Clayton, the Chairman of the US Securities and Exchange Commission (SEC), expressed his optimism for distributed ledger technology’s potential impact on traditional financial markets in a testimony before the US Senate Committee on Banking, Housing, and Urban Affairs yesterday. According to a transcript published on the SEC’s website, Clayton said, “I am optimistic that developments in distributed ledger technology can help facilitate capital formation, providing promising investment opportunities for both institutional and Main Street Investors.” Additionally, Clayton highlighted that the SEC is, “Focusing a significant amount of attention and resources on digital assets and initial coin offerings (ICOs).”
Maxim Akimov, the Deputy Prime Minister of Russia, announced that no significant changes will be made to the draft of a bill concerning cryptocurrency regulation in the country, as per news outlet Finmarket. The bill was already approved by Russia’s parliament, the State Duma, in May 2018, although the bill has generated substantial discussion since. Since approval of the bill, all cryptocurrency and token-related terminology have been removed and replaced with the term “digital rights”. At the beginning of December, Pavel Krasheninnikov, Chairman of Russia’s State Duma, said that the bill needed to be, “significantly,” changed.
Pan Gongsheng, a deputy governor of the People’s Bank of China, highlighted that Security Token Offerings (STOs) in China are illegal while speaking at a summit in Beijing. As per a report by news outlet the South China Morning Post, Gongsheng told the summit that, “illegal financing activities through STOs and ICOs were still rampant in the mainland despite a nationwide clean-up of the cryptocurrency market last year.” In citing reasoning for the continued ban on STOs, Gongsheng explained that, “Virtual money has become an accomplice to all kinds of illegal and criminal activities.”
Pantera Capital, a blockchain and cryptocurrency-focused investment firm and hedge fund, is warning investors that as much as a quarter of their ICO project could potentially be violating US securities laws, according to a Bloomberg report. In a newsletter to clients, Pantera Capital warned, “While we believe the vast majority of the projects in our portfolio should not be affected, approximately 25% of our fund’s capital is invested in other projects with liquid tokens that sold to US investors without using Regulation D or Regulation S”
Russia has no intention of implementing Venezuela’s state-backed digital currency, the Petro, into commercial operations, according to a report by news outlet RIA Novosti. While speaking to reporters this week, Russian Deputy Finance Minister Sergey Storchak said, “Representatives from our tax service and central bank... got acquainted with the cryptocurrency Venezuela is introducing,” adding, “But no more than that. As for payments, they’re not happening yet.”
South Korea’s representative body, the National Assembly, held its first official meeting with seven of the country’s largest cryptocurrency exchanges on Monday. The purpose of the meeting was to debate cryptocurrency regulation between stakeholders of South Korea’s cryptocurrency industry. Cryptocurrency exchanges Bithumb, CobitCoin, Coinone, Upbit, Gopax, Coinplug, and Hanbitco were among the attendees of the debate, which reportedly focused on Anti-Money Laundering (AML) customer protections and Know Your Customer (KYC) procedures.
The United Kingdom’s Financial Action Task Force (FATF), an intergovernmental financial security body, is calling on the country’s government to increase monitoring of cryptocurrency markets. According to an official report last week, the UK must overhaul its Anti-Money Laundering (AML) and combat terrorist financing (CFT) efforts in order to prevent illicit activities with cryptocurrencies. “Virtual currency exchange providers are not yet covered by AML/CFT requirements,” the report details, adding, “this is an emerging risk and there is not yet evidence to suggest that broad scale ML/TF is occurring in the UK through this relatively small sector.”
The United States Commodity Futures Trading Commission (CFTC) is interested in learning more about the Ethereum (ETH) network, its technology, and the markets build around it. On Tuesday, the CFTC published a Request for Input (RFI) that requests the public’s feedback on different questions concerning Ethereum. The RFI explains that its goal is to inform the CFTC about Ethereum and similar emerging technology, saying, “The input from this request will advance the CFTC’s mission of ensuring the integrity of the derivatives market as well as monitoring and reducing the systematic risk by enhancing legal certainty in the markets. The RFI seeks to understand the similarities and distinctions between certain virtual currencies, including here ether and bitcoin, as well as ether-specific opportunities, challenges, and risks.”
The United States Securities and Exchange Commission (US SEC) is ordering that cryptocurrency asset manager CoinAlpha Advisors LLC pay a USD$50,000 fine, alleging that the firm conducted an unregistered securities sale. After forming in October 2017, CoinAlpha raised more than USD$600,000 from investors to invest in digital assets. In an official release, the US SEC said that CoinAlpha did not file a Notice of Exempt Offering of Securities, meaning that the firm breached securities laws by soliciting securities investors. Additionally, the firm allegedly did not adhere to proper know-your-customer procedures to verify that investors were accredited.
Venezuela is reportedly beginning to convert its citizens’ monthly pension payments into Petros, Venezuela’s controversial state and oil-backed cryptocurrency, according to a report by local economics blog the Caracas Chronicles. The conversion of Venezuelan pensioners’ payments into Petros came after the country already sent pensioners their monthly payment in the form of a check for Venezuelan Bolivars -- normally, upon receiving their check, pensioners would deposit their funds into a bank account where they could then withdraw fiat from local branches. The Venezuelan government, however, converted pensioners’ fiat payments into the Petro upon their deposit into a bank. In the first few weeks of the Petro’s existence, its value has risen from 9,000 to more than 15,000.
Warren Davidson, an Ohio Congressman and notable advocate of blockchain and digital assets, is floating blockchain technology as a solution to fund US President Donald Trump’s prospective US-Mexico border wall. While interviewing with NPR, Congressman Davidson suggested, “the American people, or whomever should choose to donate,” could pay for the border wall, adding, “you could do it with sort of like a crowdfunding site or you could do a blockchain and you could have WallCoins.”
“The long-term value of Bitcoin (BTC) is more likely to be USD$100 than USD$100,000,” says Kenneth Rogoff, a former Chief Economist for the International Monetary Fund (IMF) and the current Harvard University Professor of Economics and Public Policy. While writing an article for major UK news outlet The Guardian, Rogoff highlighted that, because BTC’s use is limited to transactions, it makes the digital asset more vulnerable to a bubble-like collapse. Rogoff also cited that BTC’s energy-intensive verification processes is, “vastly less efficient,” than systems that leverage, “a trusted central authority like a central bank.”
A new report by PeckShield, a blockchain security company that monitors various cryptocurrency ecosystems, details that decentralized applications (DApps) on the EOS (EOS) blockchain have lost as much as USD$1mm in hacks since July 2018. The report details further that DApps on the EOS network have sustained 27 breaches since July, which are responsible for the up to 400,000 EOS that have been compromised from hacks. Guo Yonggang, a blockchain security expert cited in a report on the matter by crypto media firm Blockchain Truth, believes that the hacks can be attributed to security problems with the DApps themselves, rather than with the EOS network.
A new study published by the Cambridge Centre for Alternative Finance on Wednesday finds that the number of unique ID-verified cryptocurrency users nearly doubled in in the first 3 quarters of 2018. The study details that total ID-verified users increased to 35mm in the first three quarters of 2018 from 18mm at the end of 2017, representing an increase of 94%. As per an analysis of the study by Bloomberg, the growth of crypto’s userbase despite the market decline, “could signal that an eventual recovery could be coming.”
Amid the continued cryptocurrency sell-off, only two cryptocurrency mining machines remain profitable, according to real-time data from ASICMinerValue.com. ASICMInerValue.com, which calculates the profitability of Application-Specific Integrated Circuit (ASIC) miners, indicates that only indicates that only the Ebank Ebit E11++ and ASICminer 8 Nano 44Th mining models are profitable for mining cryptocurrencies based on the SHA-256 hash function -- notable cryptocurrencies like Bitcoin (BTC) and Bitcoin Cash (BCH) use this has function.
Bitmain, a large Chinese cryptocurrency mining firm, announced that it is closing its development center in Israel, citing current cryptocurrency market conditions. In closing Bitmaintech Israel, the crypto mining giant was forced to fire all 23 employees. Among the employees let go is Gadi Glikberg, head of Bitmain’s Israeli branch and Vice President of International Sales, who said on the recent market turmoil, “The crypto market has undergone a shake-up in the past few months, which has forced Bitmain to examine its various activities around the globe and to refocus its business in accordance with the current situation.”
Busan, a major South Korean city, will be the beneficiary of the South Korean government’s plan to spend 4bn Korean won (USD$3.5mm) to establish a blockchain-enabled virtual power plant (VPP). As per a report by South Korean news outlet Yonhap News Agency, the project will be angled as a national competition in 2019, hosted by South Korea’s largest electric utility, Korea Electric Power Corporation (KEPCO). The VPP will integrate the idle capacities of multiple energy resources through a cloud-based distributed ledger in order to optimize power generation and decrease costs.
Church’s Chicken, a large international fast food franchise, is partnering with Dash Venezuela to accept cryptocurrencies in its Venezuelan locations. According to an official press release, 13 Church’s Chicken establishments will begin accepting Dash (DASH) as payment following, “extensive and rigorous days of training,” staff to understand cryptocurrencies. With the addition of Church’s Chicken, more than 2,200 establishments in Venezuela accept DASH as payment.
Crypto.com, a Hong Kong-based cryptocurrency payments platform, announced the appointment of former PayPal executive Tyson Hackwood to serve as the firm’s Vice President and Head of Global Merchant Acquisition in an official press release today. Crypto.com aims to increase cryptocurrency adoption by both merchants and consumers through their point-of-sale (PoS) transaction terminals. Crypto.com CEO Kris Marszalek believes that Hackwood will be integral in furthering this goal, saying, “As we develop the Crypto.com Chain to fulfill the current industry need to pay and be paid in crypto, Tyson will play an important role in expanding the number and quality of merchants that are part of our network.”
Hyperledger, a notable blockchain consortium, is continuing its robust expansion after announcing the addition of 16 new members at the Hyperledger Global Forum in Basel, Switzerland. Among the notables to join the consortium are, Alibaba Cloud, Citigroup’s Citi Ventures arm, and Deutsche Telekom. The latest addition of 16 members brings the total membership of Hyperledger to more than 260 different companies. In a public statement, Hyperledger Executive Director Brian Behlendorf said that, “The growing Hyperledger community reflects the increasing importance of open source efforts to build enterprise blockchain technologies across industries and markets. The latest members showcase the widening interest in and impact of DLT and Hyperledger."
Jeremy Henrickson, the former Chief Product Officer at Coinbase, has departed the US-based cryptocurrency exchange after serving since July 2016. “Jeremy’s contributions to Coinbase over the past two years were invaluable,” said a Coinbase spokesperson, adding that, “he helped to build our scrappy startup team into a high-functioning product and engineering organization -- overseeing a 5x+ growth of the team.” Henrickson’s departure comes after long-term Coinbase executives Adam White and Hunter Merghart left the US-based cryptocurrency exchange in recent months.
LinkedIn’s, “2018 U.S. Emerging Jobs,” report released on Thursday ranks the role of blockchain developer as the fastest growing job in the United States. The report by LinkedIn indicates that blockchain developer jobs have increased 33-fold in the past 12 months alone. San Francisco, New York City, and Atlanta are among the cities with the highest demand for blockchain developer jobs.
Orbs, a unique hybrid blockchain platform, raised more than USD$15mm in cryptocurrencies to fund its development of a public blockchain, according to a company blog post. South Korean application provider Kakao lead the fundraising efforts with a representative telling CoinDesk that the company, “always seeks to invest and support innovative startups, and Orbs is a good example.” In total, Orbs raised 139,000 Ether (ETH) and 892 Bitcoin (BTC), amounting to roughly USD$15.4mm. Orbs aims to build a public blockchain with this funding that is, “universal,” and, “scalable,” for decentralized applications (DApps) with the, “liquidity of a base layer.”
Samsung has reportedly filed patent applications for three different blockchain-related trademark requests that all pertain directly to smartphones, according to news outlet Galaxy Club. Specifically, the patents named “Blockchain KeyStore”, “Blockchain Key Box”, and “Blockchain Core” all pertain to cryptocurrency custody capabilities on smartphones. This news comes amid the release of HTC’s Exodus 1 and Sirin Labs’ FINNEY, both of which are being marketed as blockchain smartphones with cryptocurrency custody capabilities.
Hello! My name is Slava Mikhalkin, I am a Project Owner of Crowdsale platform at Platinum, the company that knows how to start any ICO or STO in 2019. If you want to avoid headaches with launching process, we can help you with ICO and STO advertising and promotion. See the full list of our services: Platinum.fund I am also happy to be a part of the UBAI, the first educational institution providing the most effective online education on blockchain! We can teach you how to do ICO/STO in 2019. Today I want to tell you how to sell and transfer cryptocurrencies. Major Exchanges In finance, an exchange is a forum or platform for trading commodities, derivatives, securities or other financial instruments. The principle concern of an exchange is to allow trading between parties to take place in a fair and legally compliant manner, as well as to ensure that pricing information for any instrument traded on the exchange is reliable and coherently delivered to exchange participants. In the cryptocurrency space exchanges are online platforms that allow users to trade cryptocurrencies or digital currencies for fiat money or other cryptocurrencies. They can be centralized exchanges such a Binance, or decentralized exchanges such as IDEX. Most cryptocurrency exchanges allow users to trade different crypto assets with BTC or ETH after having already exchanged fiat currency for one of those cryptocurrencies. Coinbase and Kraken are the main avenue for fiat money to enter into the cryptocurrency ecosystem. Function and History Crypto exchanges can be market-makers that take bid/ask spreads as a commission on the transaction for facilitating the trade, or more often charge a small percentage fee for operating the forum in which the trade was made. Most crypto exchanges operate outside of Western countries, enabling them to avoid stringent financial regulations and the potential for costly and lengthy legal proceedings. These entities will often maintain bank accounts in multiple jurisdictions, allowing the exchange to accept fiat currency and process transactions from customers all over the globe. The concept of a digital asset exchange has been around since the late 2000s and the following initial attempts at running digital asset exchanges foreshadows the trouble involved in attempting to disrupt the operation of the fiat currency baking system. The trading of digital or electronic assets predate Bitcoin’s creation by several years, with the first electronic trading entities running afoul of the Australian Securities and Investments Commission (ASIC) in late 2004. Companies such as Goldex, SydneyGoldSales, and Ozzigold, shut down voluntarily after ASIC found that they were operating without an Australian Financial Services License. E-Gold, which exchanged fiat USD for grams of precious metals in digital form, was possibly the first digital currency exchange as we know it, allowing users to make instant transfers to the accounts of other E-Gold members. At its peak in 2006 E-Gold processed $2 billion worth of transactions and boasted a user base of over 5 million people. Popular Exchanges Here we will give a brief overview of the features and operational history of the more popular and higher volume exchanges because these are the platforms to which newer traders will be exposed. These exchanges are recommended to use because they are the industry standard and they inspire the most confidence. Bitfinex Owned and operated by iFinex Inc, the cryptocurrency trading platform Bitfinex was the largest Bitcoin exchange on the planet until late 2017. Headquartered in Hong Kong and based in the US Virgin Island, Bitfinex was one of the first exchanges to offer leveraged trading (“Margin trading allows a trader to open a position with leverage. For example — we opened a margin position with 2X leverage. Our base assets had increased by 10%. Our position yielded 20% because of the 2X leverage. Standard trades are traded with leverage of 1:1”) and also pioneered the use of the somewhat controversial, so-called “stable coin” Tether (USDT). Binance Binance is an international multi-language cryptocurrency exchange that rose from the mid-rank of cryptocurrency exchanges to become the market dominating behemoth we see today. At the height of the late 2017/early 2018 bull run, Binance was adding around 2 million new users per week! The exchange had to temporarily disallow new registrations because its servers simply could not keep up with that volume of business. After the temporary ban on new users was lifted the exchange added 240,000 new accounts within two hours. Have you ever thought whats the role of the cypto exchanges? The answer is simple! There are several different types of exchanges that cater to different needs within the ecosystem, but their functions can be described by one or more of the following: To allow users to convert fiat currency into cryptocurrency. To trade BTC or ETH for alt coins. To facilitate the setting of prices for all crypto assets through an auction market mechanism. Simply put, you can either mine cryptocurrencies or purchase them, and seeing as the mining process requires the purchase of expensive mining equipment, Cryptocurrency exchanges can be loosely grouped into one of the 3 following exchange types, each with a slightly different role or combination of roles. Have you ever thought about what are the types of Crypto exchanges?
Traditional Cryptocurrency Exchange: These are the type that most closely mimic traditional stock exchanges where buyers and sellers trade at the current market price of whichever asset they want, with the exchange acting as the intermediary and charging a small fee for facilitating the trade. Kraken and GDAX are examples of this kind of cryptocurrency exchange. Fully peer-to-peer exchanges that operate without a middleman include EtherDelta, and IDEX, which are also examples of decentralized exchanges.
Cryptocurrency Brokers: These are website or app based exchanges that act like a Travelex or other bureau-de-change. They allow customers to buy or sell crypto assets at a price set by the broker (usually market price plus a small premium). Coinbase is an example of this kind of exchange.
Direct Trading Platform: These platforms offer direct peer-to-peer trading between buyers and sellers, but don’t use an exchange platform in doing so. These types of exchanges do not use a set market rate; rather, sellers set their own rates. This is a highly risky form of trading, from which new users should shy away.
To understand how an exchange functions we need only look as far as a traditional stock exchange. Most all the features of a cryptocurrency exchange are analogous to features of trading on a traditional stock exchange. In the simplest terms, the exchanges fulfil their role as the main marketplace for crypto assets of all kinds by catering to buyers or sellers. These are some definitions for the basic functions and features to know: Market Orders: Orders that are executed instantly at the current market price. Limit Order: This is an order that will only be executed if and when the price has risen to or dropped to that price specified by the trader and is also within the specified period of time. Transaction fees: Exchanges will charge transactions fees, usually levied on both the buyer and the seller, but sometimes only the seller is charged a fee. Fees vary on different exchanges though the norm is usually below 0.75%. Transfer charges: The exchange is in effect acting as a sort of escrow agent, to ensure there is no foul play, so it might also charge a small fee when you want to withdraw cryptocurrency to your own wallet. Regulatory Environment and Evolution Cryptocurrency has come a long way since the closing down of the Silk Road darknet market. The idea of crypto currency being primarily for criminals, has largely been seen as totally inaccurate and outdated. In this section we focus on the developing regulations surrounding the cryptocurrency asset class by region, and we also look at what the future may hold. The United States of America A coherent uniform approach at Federal or State level has yet to be implemented in the United States. The Financial Crimes Enforcement Network published guidelines as early as 2013 suggesting that BTC and other cryptos may fall under the label of “money transmitters” and thus would be required to take part in the same Anti-money Laundering (AML) and Know your Client (KYC) procedures as other money service businesses. At the state level, Texas applies its existing finance laws. And New York has instituted an entirely new licensing system. The European Union The EU’s approach to cryptocurrency has generally been far more accommodating overall than the United States, partly due to the adaptable nature of pre-existing laws governing electronic money that predated the creation of Bitcoin. As with the USA, the EU’s main fear is money laundering and criminality. The European Central Bank (ECB) categorized BTC as a “convertible decentralized currency” and advised all central banks in the EU to refrain from trading any cryptocurrencies until the proper regulatory framework was put in place. A task force was then set up by the European Parliament in order to prevent and investigate any potential money laundering that was making use of the new technology. Likely future regulations for cryptocurrency traders within the European Union and North America will probably consist of the following proposals: The initiation of full KYC procedures so that users cannot remain fully anonymous, in order to prevent tax evasion and curtail money laundering. Caps on payments that can be made in cryptocurrency, similar to caps on traditional cash transactions. A set of rules governing tax obligations regarding cryptocurrencies Regulation by the ECB of any companies that offer exchanges between cryptocurrencies and fiat currencies It is less likely for other countries to follow the Chinese approach and completely ban certain aspects of cryptocurrency trading. It is widely considered more progressive and wiser to allow the technology to grow within a balanced accommodative regulatory framework that takes all interests and factors into consideration. It is probable that the most severe form of regulation will be the formation of new governmental bodies specifically to form laws and exercise regulatory control over the cryptocurrency space. But perhaps that is easier said than done. It may, in certain cases, be incredibly difficult to implement particular regulations due to the anonymous and decentralized nature of crypto. Behavior of Cryptocurrency Investors by Demographic Due to the fact that cryptocurrency has its roots firmly planted in the cryptography community, the vast majority of early adopters are representative of that group. In this section we cover the basic structure of the cryptocurrency market cycle and the makeup of the community at large, as well as the reasons behind different trading decisions. The Cryptocurrency Market Cycle Bitcoin leads the bull rally. FOMO (Fear of missing out) occurs, the price surge is a constant topic of mainstream news, business programs cover the story, and social media is abuzz with cryptocurrency chatter. Bitcoin reaches new All Timehigh (ATH) Market euphoria is fueled with even more hype and the cycle is in full force. There is a constant stream of news articles and commentary on the meteoric, seemingly unstoppable rise of Bitcoin. Bitcoin’s price “stabilizes”, In the 2017 bull run this was at or around $14,000. A number of solid, large market cap altcoins rise along with Bitcoin; ETH & LTC leading the altcoins at this time. FOMO comes into play, as the new ATH in market cap is reached by pumping of a huge number of alt coins. Top altcoins “somewhat” stabilize, after reaching new all-time highs. The frenzy continues with crypto success stories, notable figures and famous people in the news. A majority of lesser known cryptocurrencies follow along on the upward momentum. Newcomers are drawn deeper into crypto and sign up for exchanges other than the main entry points like Coinbase and Kraken. In 2017 this saw Binance inundated with new registrations. Some of the cheapest coins are subject to massive pumping, such as Tron TRX which saw a rise in market cap from $150 million at the start of December 2017 to a peak of $16 billion! At this stage, even dead coins or known scams will get pumped. The price of the majority of cryptocurrencies stabilize, and some begin to retract. When the hype is subsiding after a huge crypto bull run, it is a massive sell signal. Traditional investors will begin to give interviews about how people need to be careful putting money into such a highly volatile asset class. Massive violent correction begins and the market starts to collapse. BTC begins to fall consistently on a daily basis, wiping out the insane gains of many medium to small cap cryptos with it. Panic selling sweeps through the market. Depression sets in, both in the markets, and in the minds of individual investors who failed to take profits, or heed the signs of imminent collapse. The price stagnation can last for months, or even years. The Influence of Age upon Trading Did you know? Cryptocurrencies have been called “stocks for millennials” According to a survey conducted by the Global Blockchain Business Council, only 5% of the American public own any bitcoin, but of those that do, an overwhelming majority of 71% are men, 58% of them are between the ages of 18 and 35, and over half of them are minorities. The same survey gauged public attitude toward the high risk/high return nature of cryptocurrency, in comparison to more secure guaranteed small percentage gains offered by government bonds or stocks, and found that 30% would rather invest $1,000 in crypto. Over 42% of millennials were aware of cryptocurrencies as opposed to only 15% of those ages 65 and over. In George M. Korniotis and Alok Kumar’s study into the effects of aging on portfolio management and the quality of decisions made by older investors, they found “that older and experienced investors are more likely to follow “rules of thumb” that reflect greater investment knowledge. However, older investors are less effective in applying their investment knowledge and exhibit worse investment skill, especially if they are less educated and earn lower income.” Geographic Influence upon Trading One of the main drivers of the apparent seasonal ebb and flow of cryptocurrency prices is the tax situation in the various territories that have the highest concentrations of cryptocurrency holders. Every year we see an overall market pull back beginning in mid to late January, with a recovery beginning usually after April. This is because “Tax Season” is roughly the same across Europe and the United States, with the deadline for Income tax returns being April 15th in the United States, and the tax year officially ending the UK on the 6th of April. All capital gains must be declared before the window closes or an American trader will face the powerful and long arm of the IRS with the consequent legal proceedings and possible jail time. Capital gains taxes around the world vary from jurisdiction to jurisdiction but there are often incentives for cryptocurrency holders to refrain from trading for over a year to qualify their profits as long term gain when they finally sell. In the US and Australia, for example, capital gains are reduced if you bought cryptocurrency for investment purposes and held it for over a year. In Germany if crypto assets are held for over a year then the gains derived from their sale are not taxed. Advantages like this apply to individual tax returns, on a case by case basis, and it is up to the investor to keep up to date with the tax codes of the territory in which they reside. 2013 Bull run vs 2017 Bull run price Analysis In late 2016 cryptocurrency traders were faced with the task of distinguishing between the beginnings of a genuine bull run and what might colorfully be called a “dead cat bounce” (in traditional market terminology). Stagnation had gripped the market since the pull-back of early 2014. The meteoric rise of Bitcoin’s price in 2013 peaked with a price of $1,100 in November 2013, after a year of fantastic news on the adoption front with both Microsoft and PayPal offering BTC payment options. It is easy to look at a line going up on a chart and speak after the fact, but at the time, it is exceeding difficult to say whether the cat is actually climbing up the wall, or just bouncing off the ground. Here, we will discuss the factors that gave savvy investors clues as to why the 2017 bull run was going to outstrip the 2013 rally. Hopefully this will help give insight into how to differentiate between the signs of a small price increase and the start of a full scale bull run. Most importantly, Volume was far higher in 2017. As we can see in the graphic below, the 2017 volume far exceeds the volume of BTC trading during the 2013 price increase. The stranglehold MtGox held on trading made a huge bull run very difficult and unlikely. Fraud & Immoral Activity in the Private Market Ponzi Schemes Cryptocurrency Ponzi schemes will be covered in greater detail in Lesson 7, but we need to get a quick overview of the main features of Ponzi schemes and how to spot them at this point in our discussion. Here are some key indicators of a Ponzi scheme, both in cryptocurrencies and traditional investments: A guaranteed promise of high returns with little risk. Consistentflow of returns regardless of market conditions. Investments that have not been registered with the Securities and Exchange Commission (SEC). Investment strategies that are a secret, or described as too complex. Clients not allowed to view official paperwork for their investment. Clients have difficulties trying to get their money back. The initial members of the scheme, most likely unbeknownst to the later investors, are paid their “dividends” or “profits” with new investor cash. The most famous modern-day example of a Ponzi scheme in the traditional world, is Bernie Madoff’s $100 billion fraudulent enterprise, officially titled Bernard L. Madoff Investment Securities LLC. And in the crypto world, BitConnect is the most infamous case of an entirely fraudulent project which boasted a market cap of $2 billion at its peak. What are the Exchange Hacks? The history of cryptocurrency is littered with examples of hacked exchanges, some of them so severe that the operation had to be wound up forever. As we have already discussed, incredibly tech savvy and intelligent computer hackers led by Alexander Vinnik stole 850000 BTC from the MtGox exchange over a period from 2012–2014 resulting in the collapse of the exchange and a near-crippling hammer blow to the emerging asset class that is still being felt to this day. The BitGrail exchange suffered a similar style of attack in late 2017 and early 2018, in which Nano (XRB) was stolen that was at one point was worth almost $195 million. Even Bitfinex, one of the most famous and prestigious exchanges, has suffered a hack in 2016 where $72 million worth of BTC was stolen directly from customer accounts. Hardware Wallet Scam Case Study In late 2017, an unfortunate character on Reddit, going by the name of “moody rocket” relayed his story of an intricate scam in which his newly acquired hardware wallet was compromised, and his $34,000 life savings were stolen. He bought a second hand Nano ledger into which the scammers own recover seed had already been inserted. He began using the ledger without knowing that the default seed being used was not a randomly assigned seed. After a few weeks the scammer struck, and withdrew all the poor HODLer’s XRP, Dash and Litecoin into their own wallet (likely through a few intermediary wallets to lessen the very slim chances of being identified). Hardware Wallet Scam Case Study Social Media Fraud Many gullible and hapless twitter users have fallen victim to the recent phenomenon of scammers using a combination of convincing fake celebrity twitter profiles and numerous amounts of bots to swindle them of ETH or BTC. The scammers would set up a profile with a near identical handle to a famous figure in the tech sphere, such as Vitalik Buterin or Elon Musk. And then in the tweet, immediately following a genuine message, follow up with a variation of “Bonus give away for the next 100 lucky people, send me 0.1 ETH and I will send you 1 ETH back”, followed by the scammers ether wallet address. The next 20 or so responses will be so-called sockpuppet bots, thanking the fake account for their generosity. Thus, the pot is baited and the scammers can expect to receive potentially hundreds of donations of 0.1 Ether into their wallet. Many twitter users with a large follower base such as Vitalik Buterin have taken to adding “Not giving away ETH” to their username to save careless users from being scammed. Market Manipulation It also must be recognized that market manipulation is taking place in cryptocurrency. For those with the financial means i.e. whales, there are many ways in which to control the market in a totally immoral and underhanded way for your own profit. It is especially easy to manipulate cryptos that have a very low trading volume. The manipulator places large buy orders or sell walls to discourage price action in one way or the other. Insider trading is also a significant problem in cryptocurrency, as we saw with the example of blatant insider trading when Bitcoin Cash was listed on Coinbase. Examples of ICO Fraudulent Company Behavior In the past 2 years an astronomical amount of money has been lost in fraudulent Initial Coin Offerings. The utmost care and attention must be employed before you invest. We will cover this area in greater detail with a whole lesson devoted to the topic. However, at this point, it is useful to look at the main instances of ICO fraud. Among recent instances of fraudulent ICOs resulting in exit scams, 2 of the most infamous are the Benebit and PlexCoin ICOs which raised $4 million for the former and $15 million for the latter. Perhaps the most brazen and damaging ICO scam of all time was the Vietnamese Pincoin ICO operation, where $660million was raised from 32,000 investors before the scammer disappeared with the funds. In case of smaller ICO “exit scamming” there is usually zero chance of the scammers being found. Investors must just take the hit. We will cover these as well as others in Lesson 7 “Scam Projects”. Signposts of Fraudulent Actors The following factors are considered red flags when investigating a certain project or ICO, and all of them should be considered when deciding whether or not you want to invest. Whitepaper is a buzzword Salad: If the whitepaper is nothing more than a collection of buzzwords with little clarity of purpose and not much discussion of the tech involved, it is overwhelmingly likely you are reading a scam whitepaper. Signposts of Fraudulent Actors §2 No Code Repository: With the vast majority of cryptocurrency projects employing open source code, your due diligence investigation should start at GitHub or Sourceforge. If the project has no entries, or nothing but cloned code, you should avoid it at all costs. Anonymous Team: If the team members are hard to find, or if you see they are exaggerating or lying about their experience, you should steer clear. And do not forget, in addition to taking proper precautions when investing in ICOs, you must always make sure that you are visiting authentic web pages, especially for web wallets. If, for example, you are on a spoof MyEtherWallet web page you could divulge your private key without realizing it and have your entire portfolio of Ether and ERC-20 tokens cleaned out. Methods to Avoid falling Victim Avoiding scammers and the traps they set for you is all about asking yourself the right questions, starting with: Is there a need for a Blockchain solution for the particular problem that a particular ICO is attempting to solve? The existing solution may be less costly, less time consuming, and more effective than the proposals of a team attempting to fill up their soft cap in an ICO. The following quote from Mihai Ivascu, the CEO of Modex, should be kept in mind every time you are grading an ICO’s chances of success: “I’m pretty sure that 95% of ICOswill not last, and many will go bankrupt. ….. not everything needs to be decentralized and put on an open source ledger.” Methods to Avoid falling Victim §2 Do I Trust These People with My Money, or Not? If you continue to feel uneasy about investing in the project, more due diligence is needed. The developers must be qualified and competent enough to complete the objectives that they have set out in the whitepaper. Is this too good to be true? All victims of the well-known social media scams using fake profiles of Vitalik Buterin, or Bitconnect investors for that matter, should have asked themselves this simple question, and their investment would have been saved. In the case of Bitconnect, huge guaranteed gains proportional to the amount of people you can get to sign up was a blatant pyramid scheme, obviously too good to be true. The same goes for Fake Vitalik’s offer of 1 ether in exchange for 0.1 ETH. Selling Cryptocurrencies, Several reasons for selling with the appropriate actions to take: If you are selling to buy into an ICO, or maybe believe Ether is a safer currency to hold for a certain period of time, it is likely you will want to make use of the Ether pair and receive Ether in return. Obviously if the ICO is on the NEO or WANchain blockchain for example, you will use the appropriate pair. -Trading to buy into another promising project that is listing on the exchange on which you are selling (or you think the exchange will experience a large amount of volume and become a larger exchange), you may want to trade your cryptocurrency for that exchange token. -If you believe that BTC stands a good chance of experiencing a bull run then using the BTC trading pair is the suitable choice. -If you believe that the market is about to experience a correction but you do not want to take your gains out of the market yet, selling for Tether or “tethering up” is the best play. This allows you to keep your locked-in profits on the exchange, unaffected by the price movements in the cryptocurrency markets,so that you can buy back in at the most profitable moment. -If you wish to “cash out” i.e. sell your cryptocurrency for fiat currency and have those funds in your bank account, the best pair to use is ETH or BTC because you will likely have to transfer to an exchange like Kraken or Coinbase to convert them into fiat. If the exchange offers Litecoin or Bitcoin Cash pairs it could be a good idea to use these for their fast transaction time and low fees. Selling Cryptocurrencies Knowing when and how to sell, as well as strategies to inflate the value of your trade before sale, are important skills as a trader of any product or financial instrument. If you are satisfied that the sale itself of the particular amount of a token or coin you are trading away is the right one, then you must decide at what price you are going to sell. Exchanges exercise their own discretion as to which trading “pairs” they will offer, but the most common ones are BTC, ETH, BNB for Binance, BIX for Bibox etc., and sometimes Tether (USDT) or NEO. As a trader, you decide which particular cryptocurrency to exchange depending on your reason for making that specific trade at that time. Methods of Sale Market sell/Limit sell on exchange: A limit sell is an order placed on an exchange to sell as soon as (also specifically only if and when) the price you specified has been hit within the time limit you select. A market order executes the sale immediately at the best possible price offered by the market at that exact time. OTC (or Over the Counter) selling refers to sale of securities or cryptocurrencies in any method without using an exchange to intermediate the trade and set the price. The most common way of conducting sales in this manner is through LocalBitcoins.com. This method of cryptocurrency selling is far riskier than using an exchange, for obvious reasons. The influence and value of your Trade There are a number of strategies you can use to appreciate the value of your trade and thus increase the Bitcoin or Ether value of your portfolio. It is important to disassociate yourself from the dollar value of your portfolio early on in your cryptocurrency trading career simply because the crypto market is so volatile you will end up pulling your hair out in frustration following the real dollar money value of your holdings. Once your funds have been converted into BTC and ETH they are completely in the crypto sphere. (Some crypto investors find it more appropriate to monitor the value of their portfolio in satoshi or gwei.) Certainly not limited to, but especially good for beginners, the most reliable way to increase your trading profits, and thus the overall value and health of your portfolio, is to buy into promising projects, hold them for 6 months to a year, and then reevaluate. This is called Long term holding and is the tactic that served Bitcoin HODLers quite well, from 2013 to the present day. Obviously, if something comes to light about the project that indicates a lengthy set back is likely, it is often better to cut your losses and sell. You are better off starting over and researching other projects. Also, you should set initial Price Points at which you first take out your original investment, and then later, at which you take out all your profits and exit the project. That should be after you believe the potential for growth has been exhausted for that particular project. Another method of increasing the value of your trades is ICO flipping. This is the exact opposite of long term holding. This is a technique in which you aim for fast profits taking advantage of initial enthusiasm in the market that may double or triple the value of ICO projects when they first come to market. This method requires some experience using smaller exchanges like IDEX, on which project tokens can be bought and sold before listing on mainstream exchanges. “Tethering up” means to exchange tokens or coins for the USDT stable coin, the value of which is tethered to the US Dollar. If you learn, or know how to use, technical analysis, it is possible to predict when a market retreatment is likely by looking at the price movements of BTC. If you decide a market pull back is likely, you can tether up and maintain the dollar value of your portfolio in tether while other tokens and coins decrease in value. The you wait for an opportune moment to reenter the market. Market Behavior in Different Time Periods The main descriptors used for overall market sentiment are “Bull Market” and “Bear Market”. The former describes a market where people are buying on optimism. The latter describes a market where people are selling on pessimism. Fun (or maybe not) fact: The California grizzly bear was brought to extinction by the love of bear baiting as a sport in the mid 1800s. Bears were highly sought after for their intrinsic fighting qualities, and were forced into fighting bulls as Sunday morning entertainment for Californians. What has this got to do with trading and financial markets? The downward swipe of the bear’s paws gives a “Bear market” its name and the upward thrust of a Bull’s horns give the “Bull Market” its name. Most unfortunately for traders, the bear won over 80% of the bouts. During a Bull market, optimism can sometimes grow to be seemingly boundless, volume is rising, and prices are ascending. It can be a good idea to sell or rebalance your portfolio at such a time, especially if you have a particularly large position in one holding or another. This is especially applicable if you need to sell a large amount of a relatively low-volume holding, because you can then do so without dragging the price down by the large size of your own sell order. Learn more on common behavioral patterns observed so far in the cryptocurrency space for different coins and ICO tokens. Follow the link: UBAI.co If you want to know how do security tokens work, and become a professional in crypto world contact me via Facebook to get all the details: Facebook
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