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McAfee’s Advice Seeing the Light – Cubans Using Crypto to Evade US Sanctions

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The United States has been the most dominant force in the world, both, economically and politically. The countries going against it have been confronted with strict sanctions, putting serious pressure on their currency and economy. Such countries usually have high inflation rates, and struggle to survive. However, the advent of cryptocurrencies is turning the table and helping countries evade the sanctions.

Cryptocurrencies are a threat to the US dominance globally and have faced stark criticism from all the factions of the establishment. Nonetheless, the demand for crypto in countries like Cuba, Venezuela, Iran, etc., has been on a steep rise. John McAfee, the famed computer scientist and crypto promoter had been voicing for a long time that crypto is the answer to all the problems people face due to political conundrums.

It was recently reported that Cubans have stepped up the use of digital currencies to bypass the US sanctions imposed on it. Apart from making online purchases, Cubans are using crypto also for daily trade transactions and investments. This has led to the general public to ease the burden of the sanctions and have a stable value of their money.

Reacting to media reports, McAfee tweeted, “I believe my urgings to the Cuban people to use Crypto to avoid U.S. Sanctions took root.”

Cuba is yet another country which proved that the use of crypto could help the citizens stabilize the value of their money and escape the ill-effects of sanctions. Prior to it, Venezuelans used crypto to tackle hyperinflation in the country after it went into a refreshed political tussle with the US. In fact, crypto mining brought much-needed revenue for the locals as they used cheap electricity prices to mine Bitcoin in return for payments, which were made in USD.

US authorities are putting bets to catch McAfee, who’s succeeded continuously to dodge them. The mastermind behind McAfee anti-virus has been on the run for a few years now, though he manages to post his views and explicit support for the crypto industry via Twitter. He has been saying it for a long time that crypto is the future, and most of his analysis are steadily coming true, especially in crisis-hit countries.

Cuba, on the other hand, has been in a tussle with the United States and its allies for decades, which has hindered growth and development of the country. Luckily, after the introduction of mobile internet, the general public has been introduced to the world of digital currencies, which are turning out to be a savior. Given the influence McAfee has on computer literates, his views will definitely continue to play a pivotal role in propagating crypto among the masses.

Source.cryptonewsz

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Crypto Mom: Big Brother Is Heading to Your Local Broker Courtesy of the SEC

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The U.S. Securities and Exchange Commission will facilitate a massive government surveillance program to track trades.

The consolidated audit trail project (CAT), first approved by the SEC in 2012, will trace all equity and options trades executed on U.S. exchanges, consolidating them on a single database controlled by the US government.

CAT is designed to track illegal or manipulative trades and to give regulators the data they need to determine the cause of any large market movements, such as the flash crash of May 6, 2010 that saw about $1 trillion in U.S. equity value evaporate from the Dow Jones industrial average in roughly 30 minutes.

Broker-dealers will now have to start submitting trades to the CAT database in April of 2020, pushing the latest deadline of November 2019, according to a report by Pensions & Investments.

Says SEC Chairman Jay Clayton,

“CAT needs to be implemented without further delays. The proposed amendments are designed to bring greater transparency and accountability to the implementation of the CAT.”

In a recent blog post entitled This Cat is a Dangerous Dog, Commissioner Hester Peirce, known in the cryptocurrency community as ‘Crypto Mom’ for her pro-Bitcoin stance and for expressing her concerns about regulatory overreach, says the program is akin to the government setting up a direct feed from your car’s GPS to interrogate you about any of your travels.

“The federal government is forcing every broker in the United States to turn over every investor’s trades from start to finish to a database that the SEC and private regulators will be able to mine for data and analyze. Your broker cannot opt out, and neither can you, unless you stop trading in U.S. markets.

People working for over a dozen different organizations in the public and private sector will have access to the data, and there are few concrete parameters on how they can use it.”

On Friday, Jay Clayton along with US regulators from the U.S. Commodity Futures Trading Commission (CFTC) and the Financial Crimes Enforcement Network (FinCEN) issued a joint statement addressing cryptocurrencies and the obligations of platforms involved in trading such assets.

The statement is intended to “remind persons engaged in activities involving digital assets of their anti-money laundering and countering the financing of terrorism (AML/CFT)obligations under the Bank Secrecy Act (BSA).”

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Crypto Market Update: Focus on BTC, ETH, XRP, LINK, and DOGE

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This article provides a quick overview of how the crypto markets have been doing—with the focus on Bitcoin (BTC), Ether (ETH), XRP, Chainlink (LINK), and Dogecoin (DOGE)—over the past 24-hour period.

To give you a rough idea of how well the crypto markets are doing today, 17 out of the top 20 cryptoassets (by market cap) are currently in the green (against the dollar).

All market data used in this article was taken around 13:25 UTC on 13 October 2019 from CryptoCompare, which also generated the price charts shown in this article.

Bitcoin (BTC)

BTC-USD 24 Hour Chart - 13 Oct 2019.png

Bitcoin (BTC) started the weekend at $8,295. In the past 24-hour period, it has gone up 0.89% to reach $8,441, which is the highest price it has been so far this weekend. Bitcoin’s market cap dominance is currently 66.78%.

Around one hour before this article was published, crypto trader Josh Rager offered this technical analysis of BTC-USD:

On October 11, blockchain analytics firm Glassnode had a look at how the number of Bitcoin addresses holding more than 1000 BTC has changed between the start of 2015 and now:

Ether (ETH)

ETH-USD 24 Hour Chart - 13 Oct 2019.png

Ether is currently trading at $184.11, up 0.19% in the past 24-hour period. 

According to crypto analytics firm The Tie, their (social media) sentiment analysis of Ether says that its current sentiment score is 86.38 (i.e. strongly positive).

XRP

XRP-USD 24 Hour Chart - 13 Oct 2019.png

XRP is currently trading at $0.2783, up 1.5% in the past 24-hour period. In the past 7-day period, the XRP price has gone up 7.45%.

On October 9, Cape Town-based FinTech startup Xago announced the launch of its XRP-only gateway and exchange in South Africa:

Chainlink (LINK)

LINK-USD 24 Hour Chart - 13 Oct 2019.png

Although profit taking has resulted in the LINK price going down f11.6% from its week-high of $2.90 (achieved on October 9) to $2.563, where it is now, LINK has still managed to rack up impressive gains of 32.48% and 52.46% in the past 7-day and 30-day periods respectively.

On October 10, on day three of this year’s Devcon conference in Osaka, Japan,  Sergey Nazarov, the CEO of Chainlink announced that his company will be launching seven new price reference data oracle networks on the Ethereum mainnet for cryptoassets BTC, DAI, USDC, ZRX, REP, WBTC, and BAT in addition to the one that is already live for ETH.

Chainlink explained on Twitter the purpose for launching these new price reference data oracle networks:

  • “The new price reference data oracle networks are designed to give back to the Ethereum community & to grow the #DeFi ecosystem by giving developers easy access to high-quality pricing data that has been verified by the most decentrally secure oracle network.”
  • These new reference data sets provide high-quality data to DeFi leaders like @compoundfinance and @synthetix_io and are available to all projects.”

Dogecoin (DOGE)

DOGE-USD 24 Hour Chart - 13 Oct 2019.png

Surprisingly, the highest gainer today amongst the top 30 cryptoassets (by market cap) is Dogecoin, which has gone up 12.24% in the past 24-hour period.

Source: cryptoglobe.


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Not All Altcoins Are Rekt: These 5 Cryptos Have Given 3-13x ROI in 2019

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Bitcoin has forever been the undisputed king of the decentralized digital economy. Granted, the rest of the pack lags far behind both in terms of popularity and market cap, but that certainly doesn’t justify the ridicule altcoins are often subject to.

That is not to suggest that there aren’t worthless and deceptive altcoins out there — but at the same time, it is perhaps for the greater good of the asset class to give credit where it is due.

A closer look at their performance, starting from the more established altcoins such as XRP and ETH, all the way down to the outright obscure ones like TitCoin or PutinCoin, it is obvious that a sizeable number of them are doing extremely well.

altcoins

Altcoins That Gave Massive ROI in 2019

Unbeknownst to many casual traders, there are several altcoins that have been consistent performers through most of 2019. On that count, it is perhaps safe to assume that their growth is not just a fluke or the obvious byproduct of market manipulation.

Take, for example, the case of Chainlink (LINK). It started the year at just about $0.29 per unit but climbed all the way up to almost $3.90 by the end of H1 2019. Sure, it has plummeted since, but only compared to its all-time-high.

Traders who got themselves a LINK stash at the start of 2019 and sold it off on June 30 made about 13,500% gain on their investment. Currently around $2.70 per unit, even now LINK is up over 900% compared to where it started the year.

ChainLink

LINK is not the only altcoin to have delivered double-digit ROI in 2019. Love it or hate it, Binance Coin (BNB) has been another top-performer through most of the year, despite its spectacular fall from its all-time high (ATH) of $43 earlier this June. As of press time, BNB is trading at just over $17, up nearly 300% compared to its valuation on Jan 1, 2019.

BinanceCoin BNB

Ravencoin (RVN) is another such example, having started the year at about $.013 and then going all the way up to $0.074 in early June. Currently, it is hovering around the $0.04 level.

Other examples of similar lesser-known, but high-performing altcoins in 2019 include Constellation (max gain over 650%) and Republic Protocol (670%+).

Note that BeInCrypto is not associated with any of the aforementioned cryptocurrencies in any capacity and the info herein shouldn’t be taken as investment advice. Use your own discretion to evaluate if they fit your investment portfolio and risk allowance.

With that said, the broader point remains that there are still many altcoins out there that have been performing consistently well and might end up being worthwhile investments for the strategic investor.

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