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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,

  • 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.

 

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.

The Board of AIM-traded FastForward Innovations Limited Company announced that its investee company Yooya will be adopting the Factom Harmony platform as their blockchain solution delivered through Wancloud, Factom’s Chinese re-seller.

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.

Source: captainaltcoin

Ripple

Bank of America Patent Displays use of Ripple Ledger

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A now publicly available patent from Bank of America (BofA) has revealed a system of real-time settlement that utilizes the Ripple ledger for inter currency transactions, July 20, 2019.

Huge Breakthrough for Ripple

Bank of America’s patent reveals the exclusive usage of the Ripple ledger to improve efficiency and cost-effectiveness of transactions as well as bookkeeping.

In the patent document, BofA recognizes that distributed ledger technology (DLT) has the potential to truly disrupt banking and accounting. Advantages of their new patent include the option to eliminate physical accounts, real-time payment advisory, alternative implementations for the bank’s general ledger, and a change from end of day (EOD) settlement to real-time settlement among others.

Ripple has long said that their ledger and protocol allows for improved ease of transacting when it comes to inter currency transactions. Using the native XRP token, clients can easily convert one currency to another, minimizing costs and translation losses.

Reconciliation of statements, balance management, and account investigations become much easier due to increased clarity in operations and the state of accounts.

To break down the patent, many charts depicting the process are shown by BofA; it seems to show a process whereby two clients who are each transacting in a different currency, can easily exchange value with each other using Ripple’s protocol. By managing a validator node, BofA would act as the intermediary for the transaction between their client and the other bank.

Not many doubted Ripple Inc’s capacity to bag high-value partnerships, but their public sale of XRP has been criticized as fairly useless. As it is a token to be used by institutions and their other clients for transacting between different currencies, many have debated the point of retail investors holding these tokens for capital appreciation.

The King of Partnerships

Ripple Inc has been bagging partnerships with leading banks such as SBI Japan and Santander since it first developed its product.

It’s suite of products includes xRapid, xCurrent, and xVia, all of which are institutional payment remittance protocols with different focus points.

Moving from fiat currencies issued by governments to the self-sovereign Bitcoin isn’t possible in a single day. Ripple aims to function as the bridge between decentralization and centralization.

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XRP and 2 Other Cryptos Are Ready To Breakout, How High Can They Go?

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A couple of days ago, the crypto market experienced a huge sell-off which saw coins losing double digits of their values. The total market cap fell to $249.1 billion from $294.9 billion. This drop of more than15% in a few days was a rude shock to traders and enthusiasts. Lots of digital assets plummeted and some even fell below crucial support areas. Fortunately, this effect reversed on Thursday.

Some heavily hit cryptos such as XRP, EOS, and Bitcoin Cash are showing bullish signals. How high can they go?

XRP (XRP) Price Today – XRP / USD

NamePrice24H (%)
XRP (XRP)$0.3338654.52%

XRP Price Prediction 2019: XRP/USD Stuck in Range Accumulation

XRP had a chance to break out from range accumulation and enter a bull market on June 22. The market participants succeeded in pushing the price above $0.46 resistance. At this time, the bulls just needed the price to stay above the level for a couple of days for a rally to happen.

Sadly, the price could not be sustained, and the bears took over. This event triggered the massive selloff that pushed XRP price to the recent low of $0.2825 on July 16.

the sharp drop in price to the support level of $0.29 placed the market in the oversold territory. Now the bulls took a chance of the bearish exhaustion and the price started a journey back to the bullish territory.

XRP may be an ideal investment if trader buys at support level $0.29 or close. Other targets to monitor include range resistance of $0.46 and range midpoint of $0.375.

Bitcoin Cash Price Prediction: BCH Correction Has Been Exhausted

BCH also suffered a massive price correction after it reached a 2019 high of $517.20 last month. It lost almost have its value on July 15 in less than a month. The coin looks ready to surge after it reclaimed range support.

It has been able to stay above the support level of $300. the market is currently flashing the oversold signals on the daily RSI.

The ideal buying area is as close to $300 while looking out for the $515 and $407.50 targets.

EOS Price Prediction: EOS Is Also Breaking Out Soon

The coin with the worst correction was EOS as it plunged from its high of $8.6503 to $3.30. this loss amounted to more than 61 percent in a few months since May. EOS price took the worst hit but seems ready to bounce back. The market isn’t fully out of the bearish trend, but it is clear that the worst is over at this point.

At the moment, EOS is in the oversold position on the daily RSI. The bulls are also back to its defense at the support level of $3.60. Earlier in March, the bulls established a base using that price level which would launch the coin above $8.00. it isn’t shocking that the bulls are struggling to control the support level.

Trader may benefit from the is EOS market if they consider buying at the support level of $3.60 or nearby. The target prices to look out for include $6.85 and $5.225.

The Correction Allows XRP, BCH and EOS to Take Control of the Dip

The recent pullback drove many large-cap cryptocurrencies to their support areas. At the moment, the bulls are protecting these territories.

All three coins show oversold readings, and this means the bulls can easily maintain the trend. The market could move higher in the short term. This may just be a good time to buy the dip.

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Ripped Off: Australian Couple Falls for Crypto Scam, Wipes Out Pension

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Mike and Karen Taylor say their entire retirement savings has evaporated after they got caught up in a cryptocurrency scam in Australia.

The Melbourne couple say they were traveling around the country in a camper van when they decided to invest some of their savings through a website. Eventually, they tapped into their pension until their total investment reached $633,000 ($900,000 AUD). Months later their money was gone.

Mike Taylor tells local media outlet 7News that the website looked legitimate but after a few months they never saw any return.

Regulators in the US issued a warning last year about crypto scams and created a fake website to illustrate just how easy it is to get enticed – and later ripped off – by a slick, professional-looking website.

Says Taylor, a bus driver,

“That was the whole of our superannuation – that’s now gone.” 

According to the report, Taylor will return to work, and he plans to sell his 1965 Pontiac to make some money.

Crypto scams that promise high returns are becoming increasingly widespread in Australia where fraudsters made off with $4.3 million ($6.1 million AUD) in 2018.

A recent study shows that the Taylors are among a growing number of Australians being targeted by cryptocurrency criminals.

“Online scammers generally tricked consumers into buying various cryptocurrencies through fake platforms, but when consumers tried to cash out their investments, scammers “made excuses or were no longer contactable,” explained the ACCC report.

Some investment scams also asked victims to pay in cryptocurrency for forex trading, commodity trading or other investment opportunities, asking victims to visit bitcoin ATMs to convert fiat into the cryptocurrency and then transfer it to them.”

You can check out the full study here.

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