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Japan: Crypto Exchange Coincheck Resumes NEM Trading Almost 10 Months After Major Hack

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Recently re-opened Japanese crypto exchange Coincheck has announced it has resumed NEM (XEM) crypto token trading after a restructuring of its platform by external “security experts,” South Korean news outlet FNNews reports Nov. 13.

In January of this year, Coincheck suffered an industry record-breaking hack when $534 million worth of NEM was stolen from its wallets.

This latest development from Coincheck reveals the exchange has “joined the Japan Security Association and is “ready to renovate its image.” Alongside NEM trades, the platform has also opened support for Ethereum (ETH) and Lisk (LSK).

Coincheck is quoted as saying that “technological safety has been verified through cooperation with external experts on NEM, Ethereum, and Lisk handling (on our exchange).”

As FNNews notes, Coincheck is a member of both the Japan Network Security Association (JNSA) and Japan’s Virtual Currency Exchange Association (JVCEA).

The latter is a self-regulatory body that sets rules to protect customers’ assets, elaborates on anti-money laundering (AML) policy, and gives working guidelines to domestic crypto exchanges. The impetus for its formation this April was in fact sparked by the industry aftershocks of the high-profile Coincheck incident.

In the wake of January’s hack, Coincheck received a business improvement order from Japan’s financial watchdog, the Financial Services Agency (FSA),  Mar. 8.

The watchdog demanded “drastic” reforms to the exchange’s management system, enhanced AML and counter-terrorism financing (CFT) measures, and revised assessment criteria for the risks for each crypto offering.

In April, Coincheck was acquired by Japanese internet broker Monex Group Inc. as part of a major rehaul of its shareholder composition and management.

Monex’s fiscal results published late Oct. revealed that Coincheck had seen a 66 percent decline in revenue for Q3 2018. FNNews cites Monex as today saying that it has “made clear” its “commitment to normalization.”

On Oct. 30, Monex announced it had reopened new account signups and limited trading on Coincheck, beginning with purchases and deposits of Bitcoin (BTC), Ethereum Classic (ETC), Litecoin (LTC) and Bitcoin Cash (BCH).

In the 24 hours since Coincheck’s announcement, NEM has soared a strong 6.18 percent, and is trading at $0.11 to press time, according to CoinMarketCap.

Source: cointelegraph

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Crypto Fake-Out? Bitcoin (BTC) Burst to $14,500 Likely As Ethereum, XRP and Litecoin Look for Turnaround: Joe Saz

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Joe Saz is mapping out the short and medium-term possibilities for Bitcoin and the altcoin market.

The technical analyst and Bitcoin maximalist tells BlockTV  he thinks Bitcoin’s sudden move from around $7,500 to $9,900 in late October shifted the overall trend of the leading cryptocurrency.

He’s now looking for BTC to stage a fake-out and once again shift to the upside, reaching $14,500 in the next six months.

“We had a nasty pump again that might have shaken us out of a bear market. And I do think that the halving is going to be its own separate entity six months from now. I just don’t think the market is going to remember all this the same way that a traditional asset would…

I think that volatility is why I say its memory is very short, a short time frame. To me, this is a different cycle. The breakdown from the descending triangle was the bear market. The pump saved us from a bear market. And we [also] had a pump save us from a bear market on April 2nd.

So I have no reason to believe that we can’t be at $14,000 Bitcoin, $14,500 by the halving. I really think that’s a strong possibility. If we were to not have had that pump, I probably would have said $8,000 at the halving.”

According to Saz, Ethereum and Litecoin appear poised for a short-term turnaround.

But he warns that in the volatile and risky crypto market, anything can happen and traders should do their own research and ensure they are managing risk properly.

“Litecoin is one of the coins that people often say leads the charge, so I’m ok with hearing that.

And I think it’s possible we could have a little bounce here in the altcoin space. If I was to use alts as an indicator it would have to be Litecoin and Ethereum.”

Saz is a longtime skeptic of XRP and the crypto payments company Ripple.

He believes the chart for the third-largest cryptocurrency by market cap remains bearish.

“We’re still a penny, two pennies away from entering this wick space. It is looking bearish. We did seem to have a little bit of relief for a single day, but that seems to have been crushed already with the bearish engulfing candle.

We’re still 11 hours out from the daily close. So XRP is still looking bearish to me into this wick space.”

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Chinese authorities close social media accounts suspected of violating laws CRYPTOS | 54 minutes ago

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The Chinese regulators closed several blockchain social media accounts on Wednesday as part of efforts to enforce regulations on the emerging sector in which China has gained an edge.

A few WeChat accounts were closed as, “they are suspected of violating relevant laws, regulations and policies under users complaints and platform reviews,” according to a report by BlockBeats.

Source:.fxstreet

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Warning: Don’t Confuse These Two Kinds of Digital Assets!

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If you visit crypto websites or ask casual observers, you might come away thinking there are thousands of “cryptocurrencies” in the world.

Big mistake!

Yes, they’re all digital assets. And yes, they look similar on the surface.

But less than one-tenth are true cryptocurrencies.

So, before you invest another penny, you need to understand not only the differences, but also a few of the nuances.

There are two basic kinds:

Digital assets of the first kind are what we consider true cryptocurrencies. We call them “coins.”

They include Bitcoin, Ethereum, Cardano, EOS and others — digital money, which could someday function like dollars, euros or yen, but with much more transparency, efficiency and monetary discipline.

Physically speaking, they’re just data saved on computer hard drives following rules defined by specialized software. But that, in itself, should not be particularly surprising. The same is true for the money in your bank account, brokerage account or whole life insurance policy.

What’s unique is that the data is not stored in a central location or owned by a single organization. It’s automatically replicated and stored on countless computers all over the internet in a way that’s virtually hack-free, accessible to everyone and, ideally, controlled by no one.

These coins live on what’s called “public blockchains,” or more broadly speaking “public distributed ledgers.” There are hundreds of them. And many are supported by serious teams of developers.

Digital assets of the second kind are not true cryptocurrencies. Many people call them “ICOs.” We call them “tokens.”

They have some of the same physical properties as the coins. But with a couple of exceptions, which we’ll get to in a moment, they’re little more than receipts for financial donations.

These tokens are touted like stocks that you buy in a company. But most are really like tokens that kids get at Chuck E. Cheese Pizza.

Still, in 2017 and 2018, issuers raised more funds with tokens than was raised by all venture capital firms globally, although this trend slowed down considerably in 2019.

There are thousands in existence, and the overwhelming majority are either failures or scams.

Don’t ignore the variations and exceptions!

No naming conventions in the world of cryptocurrencies can ever be as simple as analysts like us would like to make them seem. There are always twists, turns, variations and exceptions. Here are the main ones:

Centrally managed coins. The best example is what’s happening in the banking industry.

Banks and other financial institutions are large, centrally controlled, highly regulated institutions. They are naturally uncomfortable — and arguably incompatible — with digital assets that are completely open to anyone and controlled by no one.

“How in the heck do we enter into a contract with no one?” they ask. “And who do we go to when there’s a glitch?”

The Ripple company is the leader in offering a hybrid solution for these institutions. Ripple’s coin, called XRP, is technologically similar to other coins. But it’s managed and maintained by the Ripple company. That not only offers banks the advantages of enhanced security, efficiency and speed, but it also gives them an organization they can deal with. Facebook’s Libra is another ledger that intends to work along similar lines.

Tokens to coins. Among the thousands of tokens in the world today, most will always be tokens and nothing more. But there are special-purpose tokens that are very different: They’re earmarked to be exchanged for actual coins at a predetermined date in the near future.

Here’s an example of how it works: EOS is an advanced coin that boasts faster speeds and better scalability than Ethereum. In June of 2017, its sponsors announced they were going to launch the coin in June of 2018. But they needed to raise funds to finance the development.

So, they held an Initial Coin Offering (ICO) for an EOS token on the Ethereum network and raised $4 billion. Then, when they launched EOS on its own “Mainnet,” they swapped the Ethereum-based tokens for EOS coins.

This raises the question: Was the Ethereum-based EOS a token or a coin? In our cryptocurrency ratings model, we treat it as a coin.

Security Tokens. The biggest problem with ordinary tokens has now become blatantly obvious: Most investors thought they would get a chance to participate in the success of a company, like owning common stocks.

But too many were taken to the cleaners. They got no ownership shares, no dividends, and no right to protest mismanagement. Not even protection against outright theft.

Now, however, the industry has a very viable solution: They’re encoding into the software new features, including investor rights and protections. They’re registering the tokens as if they were securities. And they’re on their way to creating what could someday be digital common stocks.

So far, there are just a handful. But soon, they’re bound to become the norm, replacing tokens in most cases.

Whether project issuers choose to build investor protections and real functionality into their tokens, or whether they choose to register their digital assets as securities is immaterial.

The bottom line is tokens are slowly evolving to become more useful, and some are even starting to emerge as viable investments.

So, stand by for our in-depth of reviews of the most promising tokens. But for the most part, stick with our highest rated coins.

Weiss Ratings does not accept any form of compensation from creators, issuers or sponsors of cryptocurrencies. Nor are the Weiss Cryptocurrency Ratings intended to endorse or promote an investment in any specific cryptocurrency. Cryptocurrencies carry a high degree of risk. The SEC, CFTC and other regulators have expressed concerns with the volatility of the market and the actions of sponsors of specific cryptocurrencies. Be sure to review their official consumer alerts such as the public statement on cryptocurrencies by the SEC.

Source:.fxstreet

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