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Ripple attorneys will have their hands full explaining the statements of Ripple executives,” claims Larry Cermak

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  • “Ripple attorneys will have their hands full explaining the statements of Ripple executives,” claims Larry Cermak

Larry Cermak, economy/law analyst and author at theblockcrypto.com, launched an interesting Twitter thread today regarding Ripple, XRP, and the currency’s status as a security.

He first went and determined what actually constitutes a security. The question “Has the promoter raised an amount of funds in excess of what may be needed to establish a functional network?” is one that needs to be answered to determine if the token is a security, according to SEC member Hinman.

Citing this as the burning question hanging above XRP’s head, Cermak dove deep into the statements of Ripple’s top dogs and discovered some worrying trends.

Besides acknowledging that Ripple management said multiple times how XRP Ledger is already functional and decentralized, he noted that Ripple Labs still remains in possession of 55 billion XRP which they intend to sell to generate further revenue. Chris Larsen and David Schwartz gave the “best” quotes describing Ripple’s intention to use their stash of XRP to profit in the future, citing Schwartz and his “After all, the reason we’re doing this is to increase demand for XRP to increase the value we can extract from our stash of XRP” as the most damning piece of evidence that XRP is in fact a security. Cermak concluded his Twitter thread with the following:

“As demonstrated by their own comments, Ripple is clearly incentivized to increase the value of XRP and therefore XRP holders’ investments. The long controversy will likely be decided in federal court down the line. In any case, Ripple’s attorneys will have their hands full in explaining the historical and recent statements of Ripple executives with respect to XRP and Ripple’s relationship to the cryptocurrency.”

You can read the full thread, along with an article that goes deeper into the quotes and issues mentioned, here.

  • HTC Exodus phone starts shipping

HTC recently announced they’ll be moving into the cryptocurrency waters with their new mobile phone, HTC Exodus (marked as HTC Exodus 1). This blockchain-powered phone lets its owners trade cryptocurrencies, pay for various services with crypto and run dApps on it.

The phone was envisioned and designed by Phil Chen, HTC’s “Decentralized Chief Officer,” a developer who previously worked on the HTC Vive VR headset. This first generation of Exodus immediately impresses with its features:

  • Display: 6-inch IPS LCD display, 1440×3120 resolution
  • Durability: IP68 dustproof and waterproof
  • Chipset: Qualcomm Snapdragon 845
  • OS: Android 8.1
  • Storage and Memory: 6GB RAM, 128GB internal storage (non-expandable)
  • Battery: 3500 mAh battery, USB type-C charging, support for fast charging
  • Camera: 16-MP and 12-MP main camera, dual 8-MP selfie camera
  • Connectivity: 4G LTE, Bluetooth 5.0, Wi-Fi 802.11 a/b/g/n/ac, dual-band, WiFi Direct, hotspot

One of the flagship applications that’ll be pre-installed on the phone is called the Zion wallet. This wallet has a security system detached from the Android software (also called the “TrustZone Secure Enclave”) and lets its owners utilize the so-called Social Key Recovery function in case something happens to their phone. Every Exodus device will serve as a node, and every user will own their identity and their data pushing for a more decentralized system.

Zion will support Bitcoin and Ethereum, as well as Litecoin and several popular ERC-20 tokens on its launch day. Interestingly enough, Exodus can only be purchased using cryptocurrency.

Exodus 1 can currently be purchased for the price of 0.15 BTC/4.78 ETH/19.84 LTC (amounts to just above 500 USD). This device will target developed markets as Chen and HTC plan to release a more affordable phone for underbanked people from poorer countries of the world.

  • Binance lists Republic Protocol (REN)

Popular Chinese/Maltese exchange Binance has added Republic Protocol to its trading platform.

 

2 more days to buy TradingView with 60% off

Trading for REN/BTC and REN/BNB pairs has been enabled on 6/12/2018, 10:00 AM (UTC). As a part of the listing process, Republic Protocol donated 28,000 BNB to Binance’s Blockchain Charity Foundation.

Republic Protocol operates as an open-source decentralized dark pool exchange. This means that individuals can trade in any size of volume without having details of their transactions revealed. The project looks to focus on larger orders, thus being more suitable to institutional investors.

It facilitates cross-chain atomic trades on a hidden order book over the Ethereum and Bitcoin networks. Miners within the protocol run equation solving nodes to earn REN tokens and match orders without revealing the underlying trade until execution.

As such, the Republic Protocol system is capable of executing large block orders for ERC20, Ethereum and Bitcoin pairs; the orders are executed with minimal price slippage and maximum protection from front-running.

“Republic Protocol delivers mathematically-proven security and privacy until execution to dark pools, providing a system for investors and traders to exchange significant amounts of cryptographic assets,”Binance explains.

  • Factom to be used by a Chinese online video performance verification company

Factom has been one of the hottest cryptocurrencies on the market lately, managing to appreciate from $4 to $16 in the past month or so. This 300% growth has surprised many but some investors knew that this currency has a couple of aces up its sleeve.

With Melinda and Bill Gates Foundation and Draper Associates supporting it, Factom’s latest rise isn’t exactly that surprising. Their latest partnership from China will likely contribute to added growth in the future.

 

Yooya is a Chinese company that manages business-to-business online video networks; it manages and tracks video content on over 45 Chinese online video distribution platforms, including Alibaba’s Youku, Baidu’s iQiyi, and Tencent Video.

Yoouya will use the Harmony platform to deliver both public and private blockchain-based online video content experiences to its customers.

Interestingly enough, FastForward owns a stake in both of these companies as they have a 2.06% equity interest in Factom and a 15% one in Yooya.

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Crypto market colored in red; Bitcoin languishes under $3,400

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  • Altcoins resumed the downside after a short-lived recovery.
  • Bitcoin returned to $3,300 after an attempt to break above $3,600.

The cryptocurrency market was short-lived. Once again. Bitcoin and other major altcoins resumed the downside movement on Monday with the total capitalization of digital assets in circulation dropped below $110B, killing hopes to witness good bullish trend into the year-end. Prices bumped into resistance levels unable to instigate buying interest amid pessimistic sentiments that gripped the market.

Stephen Innes from Oanda is among those who prefer to hold off on calling the bottom on the cryptocurrency market.  He believes that we still do not have a convincing use case for Bitcoin and the absence of good non-speculative reasons to buy it makes the situation worse.

“Bitcoins have gone well beyond the ridiculousness of tulip bulb mania, It’s has been a disastrous year for cryptos, and by all indication, the current bear market could go from bad to worse with no fundamental or underlying reasons to buy BTC even more so when the only support offered up is a squiggly line on an analyst chart,” he commented.

Bitcoin has lost nearly 4 % since this time on Monday to trade at $3,380 at the time of writing. The first digital coin smashed both $3,500 and $3,400 handles after a failed attempt to settle above $3,600. Lack of buying interest may increase the short-term pressure on BTC that has already lost about 84% from its all-time high of $19,000.

Ethereum, the third largest digital asset, stays under critical $100. ETH/USD is changing hands at $90.00, having lost 3.7% in the recent 24 hours. The coin’s market value is dropped at $9.4B, while the average trading volumes have settled at $1.7B, down from $2.5B at the end of the previous week. Ethereum network is getting ready for a pivotal Constantinopole update scheduled for January 2019, which puts the coin under additional pressure.

Ripple’s XRP is trading marginally above $0.30 within the strong bearish trend. The coin is 3% lower on a day-on-day basis and mostly unchanged since the beginning of Tuesday. The second largest coin with market value $12.3B is dominated by bearish sentiments of the cryptocurrency market. Irresponsive to fundamental news, the coin is likely to stay volatile.

All major altcoins out of top-20 are in red, losing from 1% to 10% as bears are back at the driving wheel.

Source: fxstreet

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Nouriel Roubini and Anthony Pompliano’s “Buffet Bet 2.0” feud rages in the Twitter-verse

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Anthony Pompliano, a Bitcoin enthusiast and the founder of Morgan Creek digital asset recently set off a bet, now being called as the Buffet Bet 2.0, putting $1 million at stake. The bet by Pompliano is a competition between the performance of S&P 500 index and cryptocurrencies as a whole.

Roubini being himself had an opinion on this bet and bad-mouthed Pompliano and his bet, which led Pompliano to invite him to go against the bet. The feud continued as Roubini took to his Twitter saying that Pomp is “changing goal posts” and “talking books all day”.

To Roubini’s Tweet, Pompliano replied:“Talk is cheap. You taking the bet or going to Monday morning quarterback this one?

🙂
If you want to check out the index, you can see it here digitalassetindexfund.com”

On December 10, Roubini erupted the feud again when he Tweeted:“You take bets only when there is no counter-party risk, ie when the side losing the bet is still there to pay it. The loser pompous @APompliano who lost 80% for investors in his shitcoin fund is only seeking attention with his bet. His fund will be BUST/GONE well before 10 years”

Pompliano replied to him saying that Roubini was the candidate for the worst call of the decade.

Mark W. Yusko, the co-founder of Morgan Creek Digital also replied to Roubini’s above-mentioned thread saying that there was zero counter-party risk in the “Buffet Bet”.

A Twitter user Bitvillain replied to the same thread:“Sounds like an easy win for you Nouriel. I think there are plenty of good charities that you could donate your winnings to. Take the bet! Surely the odds of crypto beating the S&P 500 over 10 years is close to zero. What could possibly go wrong?”

Meanwhile, on the other side of Twitter-verse, an S&P believer, Jim O’Shaughnessy, Chairman & Chief Investment Officer, OSAM, bet against the cryptocurrencies in his tweet saying that he was up for the bet.

O’Shaughnessy in subsequent tweets said that the bet was not going to happen. He tweeted:“[email protected] won’t do it, @patrick_oshag (my son, the least-millennial millennial I have ever met) is tired of talking about crypto, so, no bet from us. Ah well…

Source.ambcrypto

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Redditors ‘unearth’ Bitcoin’s Satoshi Nakamoto, he says I don’t want the attention

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Opinion: The bear market of 2018 gets more aggressive and painful as the year comes to a bitter end. Bitcoin has suffered quite an excruciating fall ever since it reached an all-time high back in December 2017.

The market cap of Bitcoin has slumped from a massive $336 billion to $60 billion, which is a massive decrease of ~82%. The altcoins have followed Bitcoin and most of them have also declined by 80% since their all-time highs.

Apart from the bear market, the US Securities and Exchange Commission [SEC] has tightened the noose around ICOs, causing a sharp decline in fraudulent ICOs and exchanges.

Many enthusiasts had also pinned down the hash wars between Roger Ver and Craig S Wright that ensued this year to have played a crucial role in Bitcoin breaking the $6,500 support and collapsing as low as $3,200.

Despite the bear market, crypto enthusiasts find something to look forward to, something to hope for. In their mission to find the light at the end of the tunnel, a Reddit user MATURBO, and other Redditors have unearthed videos of a YouTuber called davincij15, who used to post videos about investing in Gold and Silver back in 2009.

The Reddit thread posted by MATURBO discusses and claims that the person could actually be Satoshi Nakamoto. Although this seems like a far-fetched speculation, there are certain points that Davinci spoke about in his videos that might sway the decisions of people who are skeptical.

The Redditors are surprised with his “accurate predictions” of a lot of major events in the Bitcoin ecosystem.

On June 1, 2011, he posted a video titled “The power of Bitcoin vs Gold and Silver”, in which he spoke about Bitcoin and how it was revolutionary.

In the same video he said:“I don’t know why you don’t see how this is a new powerful currency that will change the landscape of the internet and probably the rest of our world. Gold and silver are always going to be the money, but this allows you the convenience of sending somebody money all the way around the world.”

He added:“… correct me if I’m wrong but there’s a lot of central authorities have been cheating us over the past hundred years… but this new bitcoin currency allows us to operate globally in a fast and efficient manner so we can operate locally with our silver and globally with bitcoins.”

On a video dated January 26, 2013, and titled “Remove your bitcoins from Mtgox”, he suggested users to “abandon Mt. Gox” and “move their money out from Mt. Gox” as Mt. Gox was being attacked by the US government and banksters.

Surely enough, on August 5, 2013, Mt. Gox announced that it incurred “significant losses” due to crediting deposits which had not fully cleared and that new deposits would no longer be credited until the transfer of funds was fully completed.

To make matters more interesting, on December 4, 2017, a video titled “Bitcoin Price Comment” he said that Bitcoin has saturated and that people should not buy Bitcoins at this point. He stated:“and I still think you should you should take some profits I mean close to $20,000…I cannot endorse someone buying bitcoins right now so that’s my comment.”

In the same video he also said:“I mean it’s it’s a little bit ridiculous… I see it quite a lot higher prices than it is right now I see it doing like a $100,000 the next time it does a big run like this, close to a $100,000.”

Now, this might all seem like a long shot, but apart from actually talking about Bitcoin, he has made videos about investing in silver and gold.

On January 6, 2009, Davincij15, posted a video named “Who is DavinciJ15?”, which was an “Ask Me Anything” video of sorts.

While speaking about gold and silver and giving his opinion on it, he addresses a few real-world problems in the financial sector, like the paper money, centralization by governments, middle-man fees etc.

He commented:“Yep paper gold is a fraud! Keep your gold it does not require anyone to pay it back.”

“A dollar today is worth more than a dollar in the future. Why? Because the Federal Reserve and the government are creating it like crazy and they are not going to stop. Whatever you decide to do try to get the payment as small as possible interest only if you can.”

He also talks about the short-comings the banks had and have while addressing a need for “monetary freedom”, which were among the reasons why Satoshi Nakamoto developed Bitcoin in the first place.“Maybe not a gold standard but monetary freedom where anyone can accept anything as money and contracts are enforced by law.”

Taken aback by his accurate predictions, redditors are speculating that he could be the real Satoshi Nakamoto.

A redditor, c5corvetter commented:“This guy understood the concept behind bitcoin and what it could actually mean for e-commerce before 99.99999999% of others did. It wasn’t FOMO, it wasn’t luck, he understood the basis of bitcoin. One of his comments was “One day those same 10 coins will get you 10 oz of gold”. I’m positive this guy is a multi-millionaire now if he kept that mindset and kept mining.”

Another Redditor, RobelS commented:“What if this guy is Satoshi nakamoto. He is still vouching for Bitcoin to this day btw”

Moneymakessense29, replied to RobelS saying:“I’ve been following him and the thought has crossed my mind, he moved to a discreet location in Chile and he’s a software developer…. hmmm”

EuW_MadWard suggests him being the real Satoshi as he commented:“To the question “Are you holding BTC now and/or buying?” he replied:

“Yes and no it’s complicated”.
That’s because he’s Satoshi, and he’s technically “holding” BTC just because if he didn’t the whole thing would come crumbling down.
We found him gents!”

After reaching out to him about the whole Reddit claiming him to be the real Satoshi Nakamoto, he replied saying that he was just a normal person.

Davinci denied being the actual Satoshi Nakamoto, be that as it may, he also predicted that Bitcoin would be revolutionary and change the way we do payments. He even warned his audience to clear off funds from Mt. Gox before it happened and even advised users to take off some profits at $20,000.

It could have been sheer luck if what he predicted was right just once, but three times in a row seems like a lot more than luck. He is either well-informed or the actual Satoshi Nakamoto as the redditors are discussing.

Source.ambcrypto

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