The upcoming launch of GRAM tokens has become somewhat of a spectacle for the cryptocurrency community in recent months. With final token disbursement on the horizon, the SEC has filed for emergency action against Telegram and Telegram Open Network (TON), both of whom are offshore entities to the United States. Out of the entire ordeal, the SEC’s classification of GRAM as a security is the biggest risk to the smooth launch and execution of the network, October 11, 2019.
Telegram Crackdown as Expected
Choosing to launch their network and native token without regulatory consultation was seen as a bold move from Telegram; however this appears to have backfired as the SEC has finally decided to “halt” their token offering. Nearly $1.7 billion has been raised by TON to launch a blockchain-enabled payment network that can be used over their messaging app and the scope of potential mainstream adoption is arguably on par with that of Facebook’s Libra, should that ever see the light of day.
The biggest concern for the SEC, at this point, is that GRAM tokens will be sent to respective investors before October 31, 2019. In light of this, the regulator believes this opens up the possibility of the United States market becoming a dumping ground for the tokens.
What irks the regulator the most is when companies issue tokens and don’t register them with the SEC. As the SEC describes, they allegedly evaded registration of their “security” by simply designating it as a ‘cryptocurrency’.
Veering Treatment From the Regulator
In one instance, the regulator could decide to impose a fine on a $4 billion initial coin offering (ICO) that is less than a basic business purchase and allows the project to continue working; or, they decide to completely stop the project from running in the country because they didn’t bow down to U.S. authority, which may open doors for Libra.
By the SEC’s definition, both EOS and Telegram conducted “unlawful digital token sales”. Whether EOS and GRAM are securities or not is up for debate, but that one small difference can’t possibly account for such a large deviation in their treatment.
In the age of decentralized money networks that are self-regulating, the SEC is fighting a very obvious power struggle, and they will do anything to ensure they do not lose their authority over this segment.
Over 1000 Coins Dead In 8 Years: Long Hash Report
Arecent study has revealed how the crypto ecosystem is becoming free from a collection of coins affiliated with projects with little or no business proposition, market traction, and ready products, more commonly known as “shitcoins”. According to the study, more than 1000 cryptocurrencies are now dead!
There Are Top Coins, Shitcoins And Dead Coins
According to a recent report, an average of 1000 cryptocurrencies has become extinct within the crypto ecosystem in 8 years. The publication featured reports from at least 3 other coin rating websites which make use of various collections of metrics to identify the usability and market performances of more than 2600 existing cryptocurrencies and use the results of the same to categorize these coins along the lines of priorities ranging from ” Top” coins to “shitcoins” then to the extreme “dead coins”.
According to the survey,
Cointopsy currently lists 705, DeadCoins lists 1,779, and CoinMarketCap lists over 1,000 projects with less than USD $1,000 per day in trading volume, which certainly puts them in the category of “dying” if not “outright dead.”
The numbers of dead coins within 8 years came to be derived amid varying factors like period of project survival, daily trading volumes of coins and coin popularity. In terms of a period of survival, according to Cointopsy, many dead projects survived only about 12 months. Going by their supposed “start” and “end” date, abandoned projects, those which actually kick-off but eventually lost investor’s interest were reported to last longer. This kind of project, according to the survey lasted for about 18 months. Failed coins last 14 months while scamming coins, 12 months.Advertisement
Why There Are So Many Dead Coins?
The report lists a series of factors responsible for the death of cryptocurrencies. The most important being “death by abandonment”, other factors include outright scam projects. According to findings, some popular scam projects were perpetrated repeatedly by the same set of scammers presenting a couple of projects.
A typical example, according to the survey was to bitcointalk forum members; named “Crunck” and someone named “Daniel Mendoza” is each named as having founded three different dead alleged scam projects on the list (although again, this data is curated from crowd-sourced suggestions and may not be accurate).
UNICEF Will not Convert Bitcoin and Ethereum Donations to Fiat Currency
Numerous organizations around the globe can benefit from various cryptocurrencies. UNICEF is one of those organizations, and it seems they are taking it to the next level. The UN Children’s agency now accepts, holds, and distributes donations of cryptocurrencies through the UNICEF Cryptocurrency Fund.
UNICEF AND CRYPTOCURRENCY
It is rather surprising to see UNICEF bank so big on cryptocurrencies in this day and age. By actively launching the Cryptocurrency Fund, an important first step is taken in this regard. The goal is to use cryptocurrencies to fund open source technology projects. All contributions made in cryptocurrencies will be held in crypto, and even be distributed as the same cryptocurrency as well. This should bring a lot more positive attention to the supported currencies accordingly.
It is a very interesting approach by UNICEF, although one that also makes sense at this time. There is no global form of money today other than Bitcoin and altcoins. Digital currencies can shape the lives of future generations walking this planet. UNICEF Executive Director Henrietta Fore confirms every option should be explored in this regard. Humanitarian and development work cannot continue without contributions in whichever format people are most comfortable with.
ONLY BITCOIN AND ETHEREUM
For a new venture of this magnitude, it is only normal very few select currencies will be accepted. As of right now, the UNICEF Cryptocurrency Fund supports donations in both Bitcoin and Ethereum. These are the world’s two leading currencies in terms of market cap, marketing, and global appeal. It is possible other currencies will be added over time, depending on how successful this new Fund proves to be in the long run.
Speaking of Ethereum, it appears the Ethereum Foundation will make a contribution fairly soon. The current plan is to use this donation to support three grantees of the UNICEF Innovation Fund, as well as a project coordinated by the GIGA Initiative. It is unclear which amounts will change hands. For now, all we know is how the Ethereum Foundation will finalize its contribution through the French National Committee for UNICEF.
A BIG BOON FOR CRYPTOCURRENCIES
Over the past few years, there have been numerous individual efforts to bring charities and cryptocurrency together. Some ventures have been successful, whereas others felt a bit lackluster. UNICEF has now sent a signal which aims to build a lasting “collaboration” between the two segments. One can only hope other organizations decide to give cryptocurrencies a permanent place in their structure, by whichever means necessary.
5 of the Best Crypto Swapping Services
Creating an exchange account, signing in and placing an order every time you want to switch cryptos is like using a sledgehammer to crack a walnut. It’s an incredibly inefficient way to jump between cryptos, and given that no exchange has all the coins, it necessitates creating multiple accounts, with the added verification and security risks this entails. Crypto-swapping platforms promise to do the hard work for you, plugging into exchange APIs and exchanging coins on your behalf.
Swapy claims to offer the best exchange rate possible without the need to manually place buy/sell orders. It manages this by combining over 10 exchanges to give users more low-cap and low liquidity tokens at spot price. Currently, you can swap BTC, ETH and USDT into over 70 different tokens, from XEM and REM to BCH and DASH. All of the exchange flows to your wallet can be tracked on-screen.
What’s nifty about Swapy is that it charges a fee only on the amount users will save relative to competitor services. In other words, Swapy only gets a cut of what you save on a swap, doing away with a flat fee entirely. Holders of REM tokens can further increase their discount level by up to 90%. Account registration is necessary with Swapy, but only if you’re looking to claim the maximum available discount.
Changenow only entered the marketplace last year, but has captured a significant share of the market already. The fact that it enables purchases to be made with credit card is a useful feature that’s unusual to see with crypto-swapping services. The platform enforces AML/KYC: if a transaction is marked as suspicious, the exchange is paused and the customer is asked to confirm their identity. Changenow imposes no limits on exchanges and more than 170 coins can be converted, from BTC and ETH to BCH, LTC and more niche altcoins. All transactions take under 15 minutes to complete, and a fee of 0.5% is incorporated into the exchange rate you pay.
Changelly is one of the best-known platforms, delivering a fixed-rate mechanism that protects against the risk of market fluctuations when tokens are being swapped. Changelly claims the stability is assured by integrating a small reserve inside the exchange rate when the final quote is given to the user. This month, the platform launched an iOS app as well as a second version of its Android app, making it even easier for users to convert coins on the go.
Changelly was founded in 2015 and supports over 150 cryptocurrencies, taking a 0.25% fee for all swaps. You’ll need an email address to use the service though, and Changelly reserves the right to apply AML/KYC to certain users, addresses and particular transactions, which may deter privacy absolutists. Like Changenow, Changelly enables credit card purchases of crypto thanks to a partnership with Simplex.
Speaking of KYC, Shapeshift caught flak when it announced that it would adopt a fully verified model, disincentivizing the same users who raised an eyebrow to Changelly’s policy. Citing pressure from regulators, the non-custodial exchange admitted that the move provoked the departure of many valuable API partners – but nonetheless, it remains a viable service for some.
Shapeshift offers a unique exchange rate for each coin that changes every 30 seconds according to market conditions, but its typical ‘miner’ fee is in the ballpark of 0.5%. Support is provided for 29 cryptocurrencies including BTC, BCH and DAI, and boasts one of the nicest interfaces on the market.
“Simple, fast and private. No registration” is the strapline you see when alighting on flyp.me, and for users troubled by KYC, it’s music to the ears. With flyp.me, you can exchange over 30 cryptocurrencies instantly including BTC, DASH, LTC, and a bunch of other altcoins while retaining full privacy. You also retain at least a measure of control over the exchange rate: when you hit the ‘Flyp now’ button, the rate is locked in for the next few minutes. Flyp.me promises to leverage several trading platforms to secure the best exchange, analyzing the market depth and liquidity of the currency in question and taking a 0.5% cut while they’re at it.