Eccentric crypto-proponent, tech security expert and U.S Presidential candidate, John McAfee, today announced the introduction of a Shadow Trading feature on his latest cryptocurrency trading platform, McAfee Magic.
McAfee’s tweet read,
https://t.co/5jRN3sAXvG Shadow Trading is now functional. Give it a try.
— John McAfee (@officialmcafee) August 23, 2019
On the FAQ section of the webpage, a statement read,
“Trade Portal is your place for all your manual or automatic magic trades. Shadow Portal allows you to copy trading operations executed by professional traders.”
Dubbed “McAfee Magic,” the trading platform’s Shadow Portal is meant to cater to amateur traders. The platform allows novice traders to ‘shadow’ trading experts, with the ease to shadow multiple professionals simultaneously. According to the official website, the “magic” factor in the latest roll-out is that newbies are not required to fund trader accounts, despite retaining control over their funds at exchanges -“Your keys, your crypto.” Essentially, while using McAfee Magic’s platform, the funds are stored on the users’ exchanges and “only funds on the platform are used to fuel the trades.”
Shadow trading allows users to diversify their trading operations and manage risks better by enabling users to follow up to three professional traders at a time. Shadow portal fees are determined by the trader that the users’ are shadowing. The McAfee Magic team will be reviewing and approving all professional traders.
However, shadow trading isn’t something that has emerged out of the blue. The general industry-accepted term is “social trading,” wherein a new trader with a lack of industry expertise chooses to follow an experienced trader[s] on the platform.
According to a research published in July, eToro is the most popular social trading platform, followed by ZuluTrade and Shrimpy.
Unregulated Cryptocurrency Bookmakers Are A Threat, Says Hong Kong Jockey Club Executive
The unregulated cryptocurrency bookmarkers are becoming a significant threat in the gambling world, said Hong Kong Jockey Club executive, Tom Chignell. He warns that such markets provide more room for race-fixing, and authorities should monitor and act accordingly.
Unregulated Cryptocurrency Bookmakers Pose A Threat
Hong Kong Jockey Club is one of the oldest racing establishments in the country. Its executive manager of racing integrity and betting analysis, Tom Chignell, recently spoke about the current state of the industry. More specifically, he outlined illegal betting supposedly taking place on some unregulated cryptocurrency bookmakers:“We’re looking at a new emerging but vastly expanding cryptocurrency market, with some website specializing on horse racing globally, not just in Hong Kong. They are actually offering fixed-odds betting across the globe.
They are not obliged to report suspicious betting and corruption to racing authorities. They are an emerging threat which we are closely monitoring.”
He also added that match-fixers prefer avoiding regulated establishments and search for other options.
Additionally, he believes that “trainers stopping horses from winning and betting on them to lose on the illegal market” is the most significant integrity threat in the industry.
Authorities Need To Step Up
Chignell noted that those unregulated markets require little-to-none verification processes. Therefore they open the door for illegal activities. He also said that such bookmakers do not have to report on any “suspicious betting, cheating, jockeys betting, breaches of the rules of racing.”You Might Also Like:
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In Chignell’s opinion, the situation can improve only when local and global authorities raise their standards and requirements:“The most essential [step] is to have a robust integrity function that must include bet monitoring and betting analysis, an active intelligence function … and having the ability to investigate and disrupt where appropriate.
With the active intelligence function, it’s got to have those confidential reporting channels, so those interested in keeping racing clean have the opportunity to report on corruption and suspicious activity.”
Douglas Robinson, another executive from Jockey Club, believes that local regulators might not be sufficient enough in this manner. While addressing the complex issue yesterday, he urged governments to take serious action, as well.
Sweden’s Central Bank To Begin Testing National Cryptocurrency
The Swedish Central Bank will establish a test group for its potential digital currency – the e-krona. It will run for a year and should confirm if there’s an actual need case for launching a digital krona.
Testing The E-Krona
Recently reported by local news, the Riksbank is ready to launch a group to examine the potential e-krona. The participants will play out different scenarios to determine if the digital currency’s performance is sufficient and reliable. A statement from the bank outlines the various requirements that the e-krona needs to address before launching:
“The aim of the project is to show how an e-krona could be used by the general public. A digital krona should be simple, user-friendly as well as fulfill critical requirements for security and performance.”
The project will run on the blockchain technology in “an isolated test environment.” The participants will store the e-krona in a digital wallet. They will use a mobile app to make payments, deposits, and withdrawals. Additionally, users will also make payments via cards and smartwatches.
The bank will run the test group for a year – until February 2021.
The Swedish central bank will also collaborate with other countries to discuss potential cases for issuing their cryptocurrency. To do so, the Riksbank will enter a dedicated group with the banks of Britain, the Eurozone, Japan, and Switzerland.You Might Also Like:
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E-Krona – Complement For Cash
The report also outlines the real purpose of the potential digital krona. It informs that the Swedish population has stopped using cash as the primary source of payment transactions. More specifically, the percentage of people paying with cash has dropped from 40 to 13 between 2010 and 2018.
Despite that, though, the Riksbank doesn’t plan to replace cash entirely if it launches the digital krona. Instead, the central bank said that it would be used as a complement. It will continue to issue banknotes and coins, as long as there’s a demand in the country.
Deutsche bank recently also touched upon the topic of cash necessity in today’s society. It concluded that some banks, debit, and credit card providers, and governments are attempting to eliminate cash from daily usage. However, their document ultimately refuted the option of “the end of cash.
Top Cryptocurrency Analysts Say $100,000 Bitcoin Predictions Way Off Base – Here’s Where They Think BTC Will Land
Two leading cryptocurrency analysts say they believe Bitcoin is in a new bull market cycle, but predictions that BTC is poised to soar to $100,000 are far too bullish.
In a recent episode of Trading Bitcoin, Tone Vays and the pseudonymous trader Filbfilb debate the current state of the crypto market and where it may head in the months to come.
Vays says BTC needs to close above $10,450 to signal that a bigger move to the upside is in store. Bitcoin came extremely close to that number on Wednesday, reaching $10,444 before plummeting to its current price of $9,568, according to CoinMarketCap.
Filbfilb’s says his target for opening a long position is significantly higher. He’s looking to see if and when BTC can cross $11,500.
As for how high Bitcoin may climb in the next long-term market cycle, both analysts say they expect a new bull market top to hit well below a litany of predictions calling for a parabolic rise to $100k.
“I think we’re going to struggle to get past $60k. I think $60k is going to be a really, really troublesome level to get across. I’ll certainly be looking to book in some serious profits at that point.
I think you said it right in Fiji. I think you said the return you get off of these long-term positions versus the risk of you getting it wrong is a terrible trade. So trying to go higher than $60k I think would be a little bit foolish at this point. But certainly around $50k, $60k would be sensible.”
Vays says he’s looking for BTC to top out at a slightly lower price of around $45,000.
Although the traders say hype around Bitcoin’s halving is fueling price action in early 2020, they say rising trading volumes and an increasing number of outstanding derivative contracts are key metrics to watch in order to gauge real long-term interest in the space.