Cryptocurrencies are in the green as traders digest news the SEC is reviewing its decision to reject the ProShares & Direxion Bitcoin ETF proposal, Fundstrat’s Tom Lee sees Bitcoin trading up with emerging markets in 2H2018
Baidu, the Chinese search engine giant, is moving to block cryptocurrency-related content on its reddit competitor, Baidu Tieba, according to China Times.
According to data released by the Commodity Futures Trading Commission (CTFC) on Friday, shorts in Bitcoin futures are at a record low – dropping to 1,266 contracts from 1,945 contracts almost 3-months ago.
Fundstrat co-founder and lead strategist Tom Lee believes the increasing correlation between Bitcoin and emerging markets suggests we could see an “explosive“ price breakout. Lee’s analysis focuses on the MSCI Emerging Markets ETF (ticker: EEM) and suggests a rally in EEM will support a rally in Bitcoin.
The Commodity Futures Trading Commission (CTFC) won a court order that permits the regulator to ban a crypto trading firm accused of committing fraud. The firm under question, NY-based Cabbage Tech Corp, is accused of fraud and misappropriation in connection with purchases and trading of Bitcoin (BTC) and Litecoin (LTC).
Texas-based Defense Distributed, a startup focused on distributing open source, downloadable 3D weapons, is appealing to the Bitcoin community for help after a federal judge blocked the release of 10 blueprints. The startup has raised USD$109k of the target USD$400k it needs for its “defense fund”.
The EOS project has raised close to USD$200mm to date but is still struggling to institute a voting system to properly allocate those funds. The governance structure, which was to be based on a referendum system, still needs to be properly implemented.
Huobi, the cryptocurrency exchange based in Singapore, has announced that Randi Zuckerberg, Mark Zuckerberg’s sister, has joined its Chain Expert Advisory Committee. Zuckerberg, a serial entrepreneur, is the CEO of Zuckerberg Media, a NY content creation firm. The committee’s purpose is to serve as a think tank for the digital asset trading platform.
Icon and WanChain have rallied by more than 23% each over the past 24 hours, and are the two best performing cryptos from the weekend.
The Reserve Bank of India is creating a new unit to research and study regulatory frameworks for cryptocurrencies as well as the application of artificial intelligence to monetary policy.
Regulators in Iran are expected to end their blanket ban (instituted in April) on cryptocurrencies in the country in the coming weeks.
The Bank of Israel is considering launching a crypto-shekel coin with the hopes of lowering the number of cash transactions.
The Japanese New Energy & Industrial Technology Development Organization is currently developing a blockchain-based data sharing system for trade (according to Cointelegraph Japan). The initiative is being pushed by the Japanese Ministry of Economy, Trade and Industry (METI). The project, “Development of Infrastructures for Creating New Industrial Models Taking Advantage of IoT” hopes to develop an infrastructure system that will digitize and enhance the process of logistics data sharing between trade entities, such as shipping companies, brokerage operators, port authorities, banks, and insurance companies.
Project Infinity, an initiative launched by NEX Group in May 2017, appears to be the next victim in the downturn in distributed ledger startups after bleeding USD$31.7mm in cash. The company’s goal was to bring its entire post-trade services portfolio onto one interoperable blockchain architecture.
According to the Malta Independent, the Maltese Prime Minister was impersonated by persons on Instagram looking to act on a Bitcoin-related scam.
Reddit co-funder Alex Ohanian continues to be optimistic about the potential for cryptocurrencies despite the recent volatility in Bitcoin. Ohanian has co-founded a venture capital firm that is looking to invest in blockchain-related projects.
The Russian government remains focused on developing cryptocurrency regulations, with Russian firms looking to use digital currencies to raise capital and circumvent international sanctions.
Renewable energy company Soluna is looking to build a 900 mW 37,000 acre wind-farm in Morocco with the expectations that cryptocurrency mining firms will begin to focus on shrinking their global carbon footprint.
TruthNeverTold, a popular YouTube influencer, is calling the cryptocurrency market a ponzi scheme (again). Specifically, he singles out Litecoin and Litecoin founder Charlie Lee as examples of fraud in the crypto community (after Lee sold ALL of his LTC near all-time highs for the coin).
Cryptocurrency researcher and well-known crypto investor Willy Woo believes the current price correction in Bitcoin (2018 YTD return) will not turn out to be like 2014. In comparison to 2014, where the price pressure on Bitcoin was related to the bankruptcy of the cryptocurrency exchange Mt. Gox, there has been growing institutional investor interest in cryptocurrecny in 2018...even with the current price weakness. Interesting fact, in 2014, trading on Mt. Gox represented 90% of global volume in Bitcoin.
The World Bank – Common Wealth Bank of Australia blockchain-backed bond has attracted USD$110mm in funds, which has exceeded initial expectations. The transaction expects to close tomorrow, Tuesday August 28th.
[uncensored-r/CryptoCurrency] Hope I’m wrong, but I’m out.
The following post by JackAdd9 is being replicated because some comments within the post(but not the post itself) have been openly removed. The original post can be found(in censored form) at this link: np.reddit.com/ CryptoCurrency/comments/7qgo3n The original post's content was as follows:
I’m new to this, so understand everything below is the relatively uninformed opinions of a noob. I had $ $ in my eyes like most. Bought first, asked later. I no longer have the stomach for crypto. I’ve sold all my BTC, ETH, and LTC. I made only a pitifully small profit combined considering what many of you have taken in. I first wanted to sell when Roger Ver called himself Jesus and went on TV saying insider trading isn’t a crime (it is). I next wanted to sell when I learned about Bitfinex and Tether printing funny money. $1.5 billion appearing out of nowhere doesn’t make sense. I then wanted to sell when I saw Carlos from NY give his “wassa wassa wassa” speech at that Bitconnect...thing, whatever that was. I next wanted out when Charlie Lee performed the most brazen pump and dump I’ve ever seen, even having the balls to act magnanimous while he did it. Then there was Long Island Blockchain, Kodak, riot...to many to list. Now I see all these YouTube pumpers associated with Bitconnect scrambling to delete and save their own asses from doing time for their role in what I fear could be one of the largest Ponzi schemes in history. I love what Bitcoin represents. I want it to succeed, and believe it ultimately will. But there are too many red flags right now and I work too damn hard for my money to do this anymore, especially when everything else in the economy is doing so well. I’m afraid there’s a bloodbath coming, maybe in a year or two when the smoke clears I’ll buy back in. But for now I wish everyone luck and hope I’m wrong. Sorry if I’m fudding here. And like I said, I’m a noob, so take everything I write at what it’s worth - very little. Just be careful.
U.S. CFTC Files Charges Against NY Firm Over Alleged Bitcoin Ponzi Scheme
This is the best tl;dr I could make, original reduced by 49%. (I'm a bot)
The U.S. Commodity Futures Trading Commission has filed a federal civil enforcement action against Gelfman Blueprint, Inc., a New York corporation, and Nicholas Gelfman, its CEO and head trader, charging them with fraud, misappropriation, and issuing false account statements in connection with solicited investments in bitcoin. According to the CFTC complaint, Gelfman Blueprint and Gelfman operated a bitcoin Ponzi scheme between January 2014 and January 2016 in which they fraudulently solicited over US$600,000 from approximately 80 persons who invested amounts ranging from a few hundred dollars to tens of thousands of dollars. Gelfman Blueprint promised customers a 7-9% monthly return on their bitcoin after commission. According to the CFTC, "The strategy was fake, the purported performance reports were false, and - as in all Ponzi schemes - payouts of supposed profits to Gelfman Blueprint customers in actuality consisted of other customers' misappropriated funds." To conceal the trading losses and misappropriation, Gelfman and the company made and provided false performance reports, including statements that created the appearance of positive bitcoin trading gains. The CFTC said it is seeking, among other relief, restitution to defrauded pool participants, disgorgement of benefits from violations of the Commodity Exchange Act and CFTC Regulations, civil monetary penalties, and trading bans.
http://nypost.com/2013/12/15/bitcoins-digital-deception/ Articles like this give me hope. I didn't realize the NY Post was a rag. snip But bitcoin’s value is wildly volatile — 10 percent to 30 percent daily moves are common. The believers want you to think it’s the next big “currency,” like gold or PayPal. It is like neither. A computerized IOU chit with no central oversight authority, bitcoin has all the makings of a high-tech Ponzi scheme. In what may prove to be a knockout blow to Bitcoin, China banned financial companies from accepting Bitcoin, saying it isn’t a currency with “real meaning.” At the end of the day, bitcoin is the creation of an anonymous person or persons that, while technologically interesting, offers no safe haven for money. The top 100 bitcoin cryptologic addresses control 22 percent of all bitcoins, so imagine if a few want out. About the only benefits of bitcoin are for money launderers, drug dealers and other cheats, due to its anonymity. One more thing: The Federal Reserve could barely keep ATMs working in 2009. What’s going to happen when there’s a run on bitcoins? And there definitely will be.
Over the past few days, the BitCoin exchange MtGox has fallen hard, due to a variety of reasons. One of the reasons being a possible hodge-podge system for tracking payments, another being the implementation of regulations for different countries. As far as we're concerned, stay away. Mt Gox was the only USD/BTC exchange we recommended since they were verified against money laundering, for the near future, we're looking to alternatives. In case you were asleep for the past few days, DogeParty happened in NY, there was a lot of shibery, some T-shirts, and a large amount of expenses. Let's go in depth with this a bit.
Most of the DogeCoin participants of the party were not very serious
I'm not trying to say that DogeCoin should be all about the serious business stuff, let's just be prepared when people on wall street (where the party happened) ask serious questions. If you want to get new "Happy-go-lucky" people to join, go to somewhere there are already happy-go-lucky people, don't ask a bunch of suit-and-tie people to throw on a Shiba Inu mask and dance like a fool. That being said, I noticed a lot of money went to pay for the party, but could not see where the expenses went, a few things were auctioned off, but of little actual retail value other than art, if we want to be taken seriously (by businesses) we need to demonstrate that we can be serious enough to have normal transactions.
Topic Change! - DIVERSIFY!
Let's face it, wit the previous BitCoin crash, and the current DogeCoin....hover (Much Confuse) we could be facing a decline or rise depending on some fuel / new investors.
It is important to diversify, nobody should place all their eggs in one basket. If you are not familiar with this, think about a basket that you placed a dozen eggs in, drop that basket and tell me what happens. (Hint: it's better to have multiple baskets held by different people)
How can you diversify?
1. Determine how much you want to diversify, I'll start, how about 50,000 DogeCoins (Half of my investment)
2. Identify Coins you want to invest in. Here's some suggestions: (MOON)(Lotto Coin)(TIPS)(VTC) All of these coins are new to the market and have relatively strong backing.
3. Sell (So Scare) some DogeCoins for BTC or LTC via Cryptsy (It's a link too!) to obtain the predetermined amount of BTC or LTC that you need (try to do some calculations since BTC->LTC and LTC->BTC trades cost money)
4. Sit Back and enjoy the stability you now have through diversification. Remember, the other coins are just a backup just in case DogeCoins tanks (Much Mutiny?)
ALL OUT WARNING!
I'm really serious about this issue, you should always stay away from coins that require you to "Buy in", let's take NEM for example.
NEM FAX (Just the FAX!)
NEM stands for "New Economy Movement" or "No Envy Movement"
NEM currently requires you to buy in to get "Shares" of the Proof-of-stake (100% Premine) coin.
In order to buy shares, you need to pay a price (Currently .06 BTC ($40)) that only stands for current investors, future investors pay more. Future investors bring the price of the coin up for earlier investors, so current investors are encouraged to find future investors. Wait...that sounds like something I've heard of...
Since the start of 2009, Ponzi scheme prosecutions have increased by nearly 50 percent, with much greater losses. Pre-Madoff. $8.5 billion. 301,000 investors in 195 cases. Post-Madoff. $31.1 ... Big surprise, NY Post "business reporter" thinks Bitcoin is a "ponzi scheme" for "drug dealers and money launderers" Ein Ponzi-Schema. Vielen Dank, dass Sie den Bitcoins Wealth Club Review gelesen haben. Wenn Sie Fragen haben, können Sie dies im Kommentarbereich unten tun. Wenn ich mir die Werkzeuge einzeln anschaute, entdeckte ich dies. So verdienen sie geld online: erfahren sie, wie sie mit meinem schrittweisen plan, ein website-portfolio mit einem passiven einkommen von 5.000 us-dollar pro monat (jeweils ... r/Bitcoin: A community dedicated to Bitcoin, the currency of the Internet. Bitcoin is a distributed, worldwide, decentralized digital money … The pyramid scheme that lured new money into this scam is collapsing. When will bitcoin reach $0? I don’t know, although I did predict in another column that it would before the end of this year.
In this video, I discuss whether or not Bitcoin is a Pyramid scheme or a Ponzi scheme. I conclude that it is neither, simply because: 1) Bitcoin is decentralized, not run by a corporation or ... Bitcoin has been in existence for all of eight years but a debate is raging in the investing community: Is the cryptocurrency actually useful beyond just bei... Is Bitcoin a Ponzi scheme? Let's break down what a Ponzi scheme actually is and compare that to bitcoin. In August 1920 the „financial legend“ Charles Ponzi was arrested. In only a year he had taken in $20 million dollars from ten-thousands of victims. Often ref... Lies that stock market experts spread and fake media eat up.