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Coin Decrypt: Setting up your Paxex Masternode! How to earn a passive daily crypto income!

Decentralized social media platforms like Paxexlive.com are the future of the internet and you can get in on the action by investing into the project, now, as an early adopter.

If we buy the right stocks we have dividends, if we buy the right crypto-coins, we have rewards. 

There are different ways to earn rewards like mining and staking but there is also a way to own a stake in a coin and it is called owning a masternode.

By owning a masternode you are able to bring features of the blockchain to the users of the coin by running an open, full copy of the blockchain 24/7.

Please watch our video on Coin Decrypt about how to set up your masternode for Paxex so that you can start earning daily deposits to your wallet.

As of right now it takes 5000 coins collateral to start your own masternode. 

You can break up your masternode and get sell your collateral at any time but as long as your coins are locked into the masternode and it is running then you will be getting block rewards, as of today that means 64 paxex per block (about 25 cents worth of crypto per day, per masternode).

 

Watch the video, here:

***This guide  takes place AFTER we have sent ourselves a transaction to our wallet of EXACTLY 5000 Paxex, not a satoshi more or a satoshi less.

If you are sending yourself your first Paxex from an exchange then you need to remember to include the fee in your transaction of 5000 Paxex coins. 

For example, if we were sending the coins from http://graviex.net, then we would send exactly 5000.002 Paxex to your wallet before you begin in order to cover the transaction fee.***

This means you need to send yourself EXACTLY 5000 Paxex coins. 

Not a satoshi more or a satoshi less.

Download the Paxex wallet, here:

https://paxexcoin.com/web/home

Get your free $100 VPS credit, here. you can host your masternode here:

https://m.do.co/c/67b15b93ecf0

(If you are having trouble getting your wallet to sync, please open wallet config file and add:

addnode=140.82.59.18

addnode=45.77.230.248

addnode=95.179.195.50

addnode=45.77.231.88

addnode=95.179.197.85

addnode=173.149.60.152

addnode=207.246.87.195.4133

Save the wallet config file then restart your wallet.)

Follow these steps EXACTLY in order to set up your masternode. 

Please, copy and paste these lines into your VPS console, 1 by 1:

1. prepare your VPS - Ubuntu 16.04 - 64 Bit

 

2. Login to your vps

 

3. Type these commands, one line at a time:

wget http://bit.ly/2PW8Dxw

 

chmod +x 2PW8Dxw

 

./2PW8Dxw

 

4. Choose  Y for first installation for installing dependencies package

      nb : you can choose N if you already install it before

5. Choose Y for install daemon .

6. Insert your masternode genkey and enter

"paxchange server started"

7. Type this command. 

paxchange-cli getinfo

Wait for 5 mins for vps wallet to sync.

Type command again and crosscheck with main explorer for current block

8. Go To your windows wallet , Tool  Open Masternode configuration and add this format line

(there should be an example in your config file, already):

MN1 VPSIP : PORT GENKEY OUTPUTS INDEX

MN1 : alias name

yourvps ip : you should know it

port : 4134

genkey : from masternode genkey

outputs and index : from 

masternode outputs

 after you send collateral

 

9. restart wallet after do config , wait 16 confirmation and type 

startmasternode alias false MN1

 

Thank you for supporting my content:

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https://discord.gg/zuc7W7Q

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https://discord.gg/Y5YFeQr

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More crypto info (a work in progress):

http://dailycryptonews.org

 

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Ripple News Today: Ripple (XRP) Will Soon Become the Number One Cryptocurrency Choice for Various Banks- Brad Garlinghouse – XRP News Today

 

   During an interview with CNBC on Tuesday, Brad Garlinghouse, the CEO or Ripple, said that the future of Ripple is bright as many banks will be using the XRP ledger by the end of 2019. The XRP ledger is an open-source codebase that can perform over 1,500 transactions in every second. It requires the XRP coin.

This isn’t the first time Garlinghouse is hyping Ripple. During another interview at the conference called Money 20/20, Garlinghouse made his confidence in Ripple clear. He said:

      “I have said it before that by the end of 2019, the xRapid ledger will be a significant tool in banks around the world. Before 2019 comes to an end, I believe that dozens of banks will embrace Ripple.

Ripple Will be Adopted by Banks Soon

      One of the projects the company is working on is to provide liquidity solutions for financial institutions allowing them to make cross-border payments in a faster, transparent, and cost-effective way compared to traditional methods. The xRapid project is one of the proposed solutions. This system was developed for institutions that are reaching out to emerging markets. It enhances cheaper, and, faster transactions.

       The system filters third party collections for the most competitive options. After the money is converted to XRP, it will be converted into any currency required from the receiving end.

        The system depends on scalability and speed so transactions are completed within minutes nationally while cross border transactions may require 2 to 3 days for large remittance. Regarding the price of Ripple, Garlinghouse said:

    “The industry is nascent and speculation is what dominates the market action. In time, people will understand the unique use cases. Bitcoin will be a panacea as people suspected it will be. Bitcoin would solve different problems. There are different kinds of blockchains and ledgers being created daily.”

   Will Garlinghouse prediction come true? Will Ripple become adopted by several banks before the end of next year? Will this adoption influence the price of Ripple?

https://smartereum.com/18212/ripple-news-today-ripple-will-soon-become-the-number-one-cryptocurrency-choice-for-various-banks-brad-garlinghouse-xrp-news-today-news-mon-nov-05/

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Bitcoin news: How bitcoin mining makes global warming WORSE - temperatures to rise by 2C

BITCOIN could push global temperatures up by 2C as soon as 2033, according to new analysis.

The farms of computers used to mine bitcoin produces the same amount of carbon dioxide as every car in the UK combined.

Purchasing with bitcoin and several other cryptocurrencies requires large amounts of electricity, according to the study published in the journal Nature Climate Change.

Its environmental impact has not been addressed by miners, researchers at the University of Hawaii at Manoa warned.

Lead author of the paper associate professor Camila Mora said: “We cannot predict the future of Bitcoin, but if implemented at a rate even close to the slowest pace at which other technologies have been incorporated, it will spell very bad news for climate change and the people and species impacted by it.

“With the ever-growing devastation created by hazardous climate conditions, humanity is coming to terms with the fact that climate change is as real and personal as it can be.

“Clearly, any further development of cryptocurrencies should critically aim to reduce electricity demand, if the potentially devastating consequences of global warming are to be avoided.”

Researches estimated the use of Bitcoins in the year 2017 emitted 69 million metric tonnes of CO2.

The team found the cumulative emissions from bitcoin would be enough to push global warming beyond 2C in 22 years.

Bitcoin news:

Bitcoin news: The research paper claims Bitcoin mining could push temperatures up by 2C (Image: Getty )

If the average rate of technology uptake is used instead, this number is closer to 16 years.

Creating bitcoins require huge computer power and energy, with heavy hardware requirements, but the nature of the process means that determining its carbon footprint can prove complicated.

The researchers analysed information such as the power efficiency of computers used by bitcoin mining, the geographic location of the miners who likely computed the bitcoin, and the CO2 emissions of producing electricity in those countries.

They also studied how other technologies have been adopted by society, and created scenarios to estimate the cumulative emissions of Bitcoin should it grow at the rate that other technologies have been incorporated.

Bitcoin news:

Bitcoin news: The mines produce the same amount of carbon dioxide as every car in the UK combined (Image: Getty )

If Bitcoin is incorporated, even at the slowest rate at which other technologies have been incorporated, its cumulative emissions will be enough to warm the planet above 2C in just 22 years.

Co-author master’s student Katie Taladay said: “Currently, the emissions from transportation, housing and food are considered the main contributors to ongoing climate change.

“This research illustrates that Bitcoin should be added to this list.”

Bitcoin purchases create transactions that are recorded and processed by a group of individuals referred to as miners.

Bitcoin news:

Bitcoin news: Bitcoins emitted 69 million metric tonnes of CO2 in 2017 (Image: Getty)

They group every Bitcoin transaction made during a specific timeframe into a block. Blocks are then added to the chain, which is the public ledger.

The verification process by miners, who compete to decipher a computationally demanding proof-of-work in exchange forbitcoins, requires large amounts of electricity.

Read more from link below

https://www.express.co.uk/finance/city/1038556/Bitcoin-news-mining-global-warming-temperatures-2-C-by-2033-study

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Builders on Wall Street: Bitcoin Devs Host Lightning Hack Day

It was described as "not a normal conference."

Sure, speakers took to the podium to present their futuristic ideas – a staple at the cryptocurrency space's many, many conferences. But the Lightning Hackday, which took place in the heart of Wall Street on October 27th and 28th, was all-in-all more of a community-led endeavor with a heavy coding twist.

Throughout the two-day event, a hackathon whirred in the background. Tiny computers called Raspberry Pis dotted the tables and developers murmured amongst themselves about how to tweak the rules of the system while also not disrupting the incentive schemes.

This eclectic setup is maybe to be expected from a group of hackers building what they hope is the future of money.

 

Bitcoin's lightning network is still in its early stages, but many hope it will fix bitcoin's biggest underlying problems – that it's simply too slow and clunky, and so doesn't scale well for a future of mass adoption – at least, that is, without the help of a second layer.

"For those of you who don't know, blockchains suck," Chris Stewart, an engineer at blockchain data provider SuredBits, said when kicking off his talk.

That said, he and other developers hope the lightning network will change that.

Passions were so high, in fact, that it was hard to keep track of all the different projects on the floor. But one thing tied them all together – the interest in building for the technology's potential as a payment mechanism for everyday purchases.

Indeed, Lightning Labs engineer Alex Bosworth admitted that lightning's "killer app" – what takes it mainstream – might be as simple as that.

"I don't know what the killer app is, maybe buying a cupcake is," Bosworth told attendees during his talk.

Ideas, man

Bosworth, though suspects that the best ideas for using lightning haven't even been created yet.

For comparison, he argued that the early developers behind Linux, the popular open-source operating system, could never have guessed how far the code would go.

"Were they thinking 'Oh this will be deployed in a billion phones?" he said, implying that they probably didn't – and couldn't – have that kind of foresight when it was first deployed.

As such, Bosworth told the developers to not keep their big ideas a secret. And he took his own advice, sharing his many ideas for how lightning could be used in unique ways. For instance, he believes lightning could be used as a "monetized data layer," with some retouching of the underlying software.

Right now, lightning works by passing around "little proofs" that are essentially "meaningless, random data," Bosworth said. "But we could turn it into meaningful data," added.

One idea: use lightning for passing around little pieces of a file, so that when they're brought together they recreate the full file.

Bosworth also argued that lightning could be used to pay for enhanced payment privacy and to fuel a wave of "self-organizing" games, although, as Bosworth rattled off idea after idea, it was hard to keep up with just how these features would work in practice.

Still, he was only one developer sharing ideas at the event.

Hailing from Japan, Nayuta CEO Kenichi Kurimoto presented a lightning implementation that's optimized for the "internet of things," or the vast array of devices – from cars to TVs – that have enhanced capabilities thanks to being connected to the internet.

He sees great potential in this use case, arguing these connected machines might one day send payments between each other. And with that, he envisions that a "money owned by nobody" (i.e. bitcoin) will play a key role, since payments can be so cheap and various devices can execute them without the need for a third party.

Back to the basics

But with all of the futuristic, look-past-the-horizon ideas aside, another key focus of the Lightning Hackday was simply making lightning easier to use.

"There's a lot going on, but there's also not," bitcoin enthusiast Toby Algya said, laughing about how difficult lightning is to set up. "I'm just trying to get lightning working. That's my personal challenge for the day."

In this regard, developers are still thinking about the bottom layer, which might someday help with these kinds of problems. For example, a tool called "lightning autopilot" could make things easier by automating the step where users have to set up a "channel" to use the network.

For one, Rene Pickhardt, a lightning developer and data science consultant, is working in this area and argues that these kinds of design questions are important to answer early.

"Why is it important to think about it early? If we grow lightning for a couple of years, we might find out topology is not that great," he contended.

While Pickhardt offered some ideas at the Lightning Hackday, he noted that no solution is perfect since there's a "tradeoff between privacy and the quality of recommendations."

On a related note, a few key lightning developers are meeting in Australia next week to discuss the future of the project's specifications. Pickhardt noted that the future of autopilot, including his implementation, is something high on their list to discuss.

Bosworth echoed that sentiment, saying that these kinds of technical tweaks are so vital that he's going to hit pause on his big ideas – for now, at least – to focus on them. Case in point: he recently joined Lightning Labs on a full-time basis in order to work on the nuts-and-bolts aspect of the software.

"There are so many cool things that can be built on lightning, it's important for the underlying protocol to work well," he said, concluding: https://blog.cofredcoin.com/2018/11/05/builders-on-wall…ghtning-hack-day/ 

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IBM Patents Blockchain System to Create ‘Trust’ Between AR Game Players, Real World Locations

Major global tech giant IBM has applied for another blockchain patent, this time aiming to deter augmented reality (AR) game players from intruding on undesirable locations. The tech firm’s latest patent document was released by the U.S. Patent and Trademark Office (USPTO) on Thursday, Nov. 1.

In the patent, IBM, also known as Big Blue, describes a blockchain-based method and system of interactions between a AR-running mobile device and locational database in order to set and maintain safe boundaries between AR objects and real-world physical locations. According to the document, a distributed ledger is set to continuously maintain a growing list of data records protected from forgery and alterations.

Based on a blockchain-powered location database, the “exemplary method” AR-game allows mobile devices to obtain a signal about whether a certain location on AR is undesirable. Moreover, the described system is able to modify certain AR objects that are indicated as undesirable, also displaying them on mobile devices.

In the patent, IBM provides a brief description of augmented reality, stating that such a form of gaming is tied to a location that is overlaid by images of more game items such as characters, resources, or internal game locations. By applying the new blockchain patent, IBM can provide a guarantee of “trust” between real world locations and location-based AR games.

International Business Machines Corporation, or IBM, is one of the biggest providers of blockchain-related patent technologies in the world in terms of the number of applied patents. Having filed a total of 89 blockchain patent by Aug. 31, the tech giant took second place after China’s Alibaba with 90 patent applications.

In mid-October, Cointelegraph released an analysis devoted to the history of IBM blockchain patents in a number of industries, such as logistics, Internet of Things (IoT), blockchain hardware, and others.

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Ethereum Energy Project Now Powers 700 Households in 10 Cities

A little-known ethereum project called Lition is quietly helping real German citizens find cheaper energy.

Launched earlier this year, Lition is already a licensed energy supplier in Germany with clients in 12 major cities (including Berlin, Hamburg and Munich) who are now using its decentralized energy market. Built on top of the ethereum blockchain, the Lition market connects consumers directly with energy producers big and small.

In total, more than 700 households across Germany are now using the decentralized platform to buy their energy, according to the company.

In short, Lition is trying to change how global energy works with a concept very familiar to blockchain enthusiasts: "bypassing unnecessary middlemen," saving its users money on energy.

 

In the case of the households, an energy supplier sells the solar or electric energy (or whatever type they've produced) to an intermediary, often a giant, multinational company. Customers then buy energy from that intermediary.

The problem is, in the eyes of Lition CEO Richard Lohwasser, these multinational intermediaries have too much influence and don't give users enough choice in what type of energy they can buy.

So, Lition's solution is to cut them out completely.

"Our energy exchange connects customers and producers directly. Producers put their energy on the exchange and then customers can buy it," he told CoinDesk, adding:

"Usually buying directly from producers is limited to energy suppliers that are big corporations. We're bringing the exchange to the consumer, so consumers can pay for the energy they want."

Cutting out the giants

Slicing out the middlemen also cuts costs – and not by a minuscule amount either. According to Lition, this saves customers an average of 20 percent on their utility bills, and increases power plant revenue by up to 30 percent.

That's even though Lition has a strong emphasis on "green energy," which while better for the environment, is often more expensive. As the app demo shows, Lition users can choose from the categories of wind, solar or biomass, then choose which provider they like the best (which, Lohwasser said is usually just the cheapest option).

Once a user finds the energy they want to buy, they make a payment in euros to Lition. Behind the scenes, an ethereum smart contract detects this payment and automatically sends the customer their energy.

"Lition's …. blockchain technology simplifies the process of buying energy directly from green producers of any scale by employing transparent smart contracts that allow consumers to circumvent all of the complexity of energy distribution brokers," the Lition website explains.

For now, users need to be from Germany, where Lition is licensed to operate. Those who are interested in purchasing energy using Lition's market can query on the Lition website, which also features a price estimator based on the user's postal code.

But Lohwasser sees all this is a proof-of-concept for a bigger goal.

Maybe, one day, anyone will be able to buy energy directly in this decentralized fashion, perhaps even from tiny solar farms set up by hobbyists in a neighborhood nearby.

Blockchain struggles

The bad news is that, like some other companies, they've had problems with ethereum.

"Ethereum is not a good system," Lohwasser put his opinion bluntly.

As much as he appreciates that the platform is open and "permissionless," meaning anyone can use it without filing a permission slip, he rattled off a long list of problems Lition users have faced.

"It's very slow. It takes 20 to 30 seconds to tell a customer whether they can buy energy or not," he said, adding that as a company that's trying to promote renewable energy, they began to feel uneasy about using a system that relies on mining, which is a rather energy-sucking process.

Realizing all the high costs associated with the platform put Lition in a bit of a bind. They started a hunt for something better, but looking at at least a dozen blockchains, they couldn't find one that was both permissionless and scalable.

"They all have their drawbacks," Lohwasser said. He seemed skeptical of private blockchains, different from its public cousin in that not just anyone can participate. "You might as well not have a blockchain," he remarked.

So, they found partnering with one of the world's largest software companies, SAP, to build their own system, a "hybrid" blockchain for enterprise, which combines what they believe are the best aspects of private and public blockchains. SAP is working on the smart contract layer, while Litiom tackles the consensus layer.

The company is quick to stress that they managed to create all this technology without funding via an initial coin offering (ICO). The new type of fundraising enabled by blockchain technology is exciting, but has also drawn quite a bit of skepticism, partly because dubious projects have been able to raise millions of dollars in this way.

In order to pursue their private-public blockchain, to be used for more than just energy use cases, Lition plans to launch their own ICO to get it off the ground later this year.https://blog.cofredcoin.com/2018/11/05/ethereum-energy-…lds-in-10-cities/

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Morgan Stanley Report Says Crypto Now An Institutional Asset Class

Institutional investors are increasingly getting involved in bitcoin and other cryptocurrencies – while the number of retail investors in the space is staying stagnant – according to a new report by Morgan Stanley.

In an update to "Bitcoin Decrypted: A Brief Teach-In and Implications," the global banking giant's research division delved into the last six months of bitcoin and highlighted certain trends it noticed. The report is dated October 31.

Perhaps most notably, the report emphasized its writers' view of the market's "rapidly morphing thesis," which began by defining bitcoin as "digital cash" and noting that investors had full confidence in it, to a solution for issues in the financial system, to a new payment system to ultimately a new institutional investment class.

Various issues and discoveries around the bitcoin ecosystem have caused the thesis to evolve, including the permanent ledger recording all transactions, a number of hacks, hard forks, new technologies which are cheaper than bitcoin, market volatility and other concerns, the report explains.

 

As such, the market's current thesis appears to be that bitcoin is a "new institutional investment class," and has been for almost a year, the authors wrote. The amount of crypto assets under management has been increasing since January 2016, with $7.11 billion currently being stored by hedge funds, venture capital firms and private equity firms.

The fact that major financial institutions are increasingly getting involved supports this thesis, the report continued, citing Fidelity's new crypto services division, investments in Seed CX, BitGo and Binance, regulatory approvals and Coinbase's recent fundraising round.

That being said, the report did cite three issues clients had with investing in the cryptocurrency space: regulatory uncertainty, a lack of regulated custodian solutions and a current lack of large financial institutions in the space.

Stablecoin trading

The report also delved into a popular topic as of late: stablecoins, or types of cryptocurrencies that seek to enable some form of price stability.

Bitcoin is "moving increasingly towards trading vs the stable coin USD-Tether (USDT) [sic]," the report states, referring to the controversial, dollar-linked token operated by Tether. Half of all current bitcoin trading is now against another digital asset, continuing a trend which began last year.

The fact that many crypto exchanges do not accept fiat currencies contributed to this state of affairs, the report's authors said.

They went on to explain:

"USDT took an increasing share of BTC trading volumes as cryptocurrency prices started falling. This occurred because many exchanges only trade crypto->crypto and not crypto->fiat. Trading crypto->fiat requires going through the banking sector which charges a higher fee. Also as bitcoin prices fell, so did most all other coins so if owners wanted to come out of bitcoin holdings, they needed to go to another asset which was closer to the valuation of the U.S. dollar."

Crypto startups are now hopping on the trend, with exchanges and other companies developing their own stablecoins as "part of the next wave of development."

That being said, the researchers do not see all stablecoins surviving: only those "with the lowest transaction costs, highest liquidity and defined regulatory structure" are likely to see increased adoption.

Editor's note: This article has been updated to clarify that report represents the Morgan Stanley research team's view of the market's evolving thesis on bitcoin and cryptos, not their own specific thesis.https://blog.cofredcoin.com/2018/11/01/morgan-stanley-r…onal-asset-class/

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Ethereum Studio ConsenSys Just Bought an Asteroid Mining Company

ConsenSys, the ethereum-focused venture studio, has just acquired Planetary Resources, a space venture hoping to mine asteroids.

Planetary Resources announced Wednesday that ConsenSys conducted an asset-purchase transaction, taking over the firm, with president and CEO Chris Lewicki and general counsel Brian Israel joining the ethereum-focused startup as a result. The terms of the deal were not disclosed.

The company, formed in 2012, was started in the goal of mining asteroids for resources.

To date, it has launched a pair of satellites into Earth orbit, including a successful test of a an infrared imager on its Arkyd-6 craft. However, the company has had financial difficulties after failing to secure a new round of funding this past June, according to Geekwire.

 

On Wednesday, ConsenSys founder Joe Lubin said he admired Planetary Resources due to its record and talent. The acquisition will now help ConsenSys conduct its space initiatives, he said, adding:

"Bringing deep space capabilities into the ConsenSys ecosystem reflects our belief in the potential for Ethereum to help humanity craft new societal rule systems through automated trust and guaranteed execution. And it reflects our belief in democratizing and decentralizing space endeavors to unite our species and unlock untapped human potential."

In a statement, Lewicki said he was "proud of our team's extraordinary accomplishments," and thanked the company's past supporters. Going forward, Planetary Resources will continue its work "to expand humanity's economic sphere of influence into the solar system."

"Over the course of nearly a decade, Planetary Resources has simultaneously pioneered technology, business, law and policy, and brought the promise of space resources irreversibly closer to humankind's grasp," he added.

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Bitcoin Price May Break Three-Month Losing Streak in November

Bitcoin ended October on a weak note, confirming its first three-month losing streak since 2015, but things may be looking up for November.

The leading cryptocurrency closed yesterday at $6,320 – down 4.32 percent from the Oct. 1 opening price of $6,606, according to CoinDesk's Bitcoin Price Index (BPI). Over August and September, prices had dropped 9.22 percent and 5.8 percent, respectively.

The last time BTC suffered losses for three consecutive months was in the first half of 2015. Back then, BTC was averaging $250 and prices dropped 4 percent, 2.8 percent and 2.7 percent in March, April and May, respectively.

 

 

As seen in the chart above, however, October's 4 percent drop is the lowest in three months. Furthermore, BTC rallied 14 percent in June 2015 after posting losses in the previous three months.

So, it's possible bitcoin will repeat that pattern and snap its three-month losing streak in November, according to seasonality analysis and technical studies.

The historical data shows that BTC has always reported gains in November, except in 2011, when it dropped 8.6 percent.

It's also worth noting that BTC's best-ever monthly performance was a 467 percent price rise seen in November 2013.

Sellers may have run dry

BTC has defended the 21-month exponential moving average (EMA) for the fifth month running, signaling that a bottom could be in place close to $6,000.

That argument is bolstered if we take into account the fact that the cryptocurrency avoided a bearish monthly close yesterday, despite a negative crossover between the 5- and 10-month EMAs.

The outlook as per the monthly chart remains neutral as long as prices are trapped between the September high of $7,402 and the 21-day EMA of $6,130.

It is worth noting that the longer the narrow trading range persists, the lower price volatility will go. A number of volatility measures have already hit yearly lows in the last two months. Notably, daily price volatility remained below $100 for seven consecutive days last month – the longest at such levels since April 2017.

View

  • Bitcoin may see a rise in November if seasonal patterns repeat.
  • The long-term technical charts indicate bearish exhaustion and a bottom was likely reached around $6,000.
  • A bullish reversal would be confirmed only if BTC invalidates the series of lower highs with a move above the September high of $7,400.https://blog.cofredcoin.com/2018/11/01/bitcoin-price-ma…reak-in-november/
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Thailand Regulator Issues Strong Warning Against Unregistered ICOs

The Thai Securities and Exchange Commission has issued an investment warning against ICOs operating in the country without its recognition, registration and supervision.

 

The Bangkok Post reports that Thailand’s premier markets regulator is taking action after discovering a number of unregistered coin sales being promoted in Thailand through social media platforms like Facebook and Youtube.

 

“High Investment Risk”

In its warning, the SEC specifically named nine such unregistered entities offering unrecognised cryptocurrency sales in its jurisdiction. The companies named are: Every Coin, Orientum Coin (ORT Coin), OneCoin and OFC Coin, Tripxchain Coin (TXC Coin), TUC Coin, G2S Expert ICO, Singhcom Enterprise ICO, Adventure hostel Bangkok ICO and Kidstocurrency ICO.

 

According to the regulator, none of these entities has gone through the necessary steps for approval such as making an official application, showing evidence of meeting qualifying criteria and having their smart contracts assessed for adequacy. The SEC categorised these investments as “high investment risk,” urging investors to refrain from putting their money into them.

It will be recalled that in 2017, Thailand’s SEC released its ICO regulation guidelines which stated in part:

 

“ICO fundraising needs to be done through an ICO portal approved by the SEC. The ICO acceptance criteria may include due diligence and screening of funders from dishonest people. The source code of the smart contract will automatically be enforced against the contract. After the sale, the SEC publishes a copy of the statement on the SEC website.”

 

Going further, the regulator also mentioned that in all the cases regarding the listed ICOs, the amount of information provided is not enough to conclusively present an investment case, and even worse, there is no evidence that the coins being sold will have enough liquidity to be listed for trading, and as such they cannot be exchanged for fiat or other cryptos. What this means to Thai investors is that they could potentially be investing in digital assets that are completely worthless.

 

Cross-Border ICO Scams

The SEC also noted that the Monetary Authority of Singapore (MAS) had previously issued an investment warning against OneCoin and its affiliated businesses, stating that it was operating without the regulator’s supervision. OneCoin has also attracted investment warnings in several jurisdictions, indicating that its promoters are likely opportunists making their way around the Southeast Asia region trying to take advantage of naive investors.

 

According to the SEC, their modus operandi is to present cryptocurrency investment schemes that are little more than classic pyramid schemes dressed up in new clothes. These schemes require the addition of more and more investors at an ever-expanding rate to keep functioning. As soon as the number or rate of new additions drops, the entire scheme fails and the promoters abscond with outsized profits, leaving crypto investors holding the metaphorical bag.

https://www.ccn.com/thailand-regulator-issues-strong-warning-against-unregistered-icos/

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Israel Has Over 200 Domestic Blockchain Startups: Industry Body

Israeli Blockchain Association, an organization whose primary objective is to educate, develop and empower Israel’s distributed ledger technology (DLT) community, encourage best practices and connect it with global leaders in the blockchain space, has released its third Israeli Blockchain Startup Map.

 

According to a recent press release by the organization, there are now more than 200 blockchain-based businesses in Israel.

 

Israeli Blockchain Adoption Steadily on the Increase

Blockchain technology, the groundbreaking technology behind bitcoin and other cryptoassets are undoubtedly gaining broader adoption across various industries around the world. Now, per a report by the Israeli Blockchain Association, there are now more than 200 DLT-related startups in the nation-state.

 

The body claims that at least 57 Israeli DLT startups are using blockchain to disrupt the nation’s financial technology (Fintech) ecosystem while about 37 firms are focused on the Protocols/Core Infrastructure sectors and several others operate in the security sector of the economy.

 

20 Blockchain Projects Have Crashed in Israel Since 2018

Of a truth, blockchain technology has proven it has several excellent potentials to that could help transform a vast array of industries, the fact remains that most startups fail to fully understand the nitty-gritty of distributed ledger technology before embarking on their project. This lack of due diligence on the path of these ventures has led to the death of a significant number of blockchain startups.

 

As reported by  TechCrunch earlier this year, thousands of blockchain-linked projects have kicked the bucket so far in 2018, and several others have little or no real use cases. Interestingly, the Israeli Blockchain Association has made it clear that the country has also had its fair share of dead blockchain reports, with about 20 startups no longer functional.

 

“The Israeli blockchain ecosystem is presently experiencing both a boost and a transformation,”

 

noted Founding Partner of Israeli Blockchain Association, Roman Gold, adding that most of the local blockchain startups are shunning initial coin offerings (ICOs), plying the equity financing route instead.

 

Gold also reiterated that a significant number of institutional investors are now venturing into the Israeli blockchain ecosystem. He concluded that,

 

“Today, fewer startup founders are coming out of morally questionable markets, such as binary options, and gambling. Instead, more institutional players are starting to enter the market. In essence, the market is going through self-purification,”

 

Forward-thinking corporations and global businesses are fast joining the blockchain bandwagon. Recently, technology giant Sony Corp launched its blockchain-based rights management system for digital content.

https://www.ccn.com/israel-has-over-200-domestic-blockchain-startups-industry-body/

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US Blockchain Engineers Earning as Much as AI Specialists

The fast-growing blockchain technology sector has created a high demand for talent and this has consequently resulted in blockchain engineers being among the best-remunerated in the tech sector.

 

 According to CNBC, the average pay for blockchain engineers in the United States is between US$150,000 and US$175,000 making it comparable to what developers who specialize in another high-demand field, artificial intelligence, make. The two fields now currently offer the highest-earning specialized engineering roles. Typical software engineers make an average of US$135,000.

 

Surge in Openings

This comes at a time when the job postings requiring blockchain technology skills have increased dramatically. For instance, Hired, a San Francisco, California-based tech sector recruitment firm which provided CNBC with the salary stats in the tech sector, has seen a 400% increase in the job postings seeking employees with blockchain technology skills since late last year.

 

“There’s a ton of demand for blockchain. Software engineers are in very short supply, but this is even more acute and that’s why salaries are even higher,” Hired’s CEO, Mehul Patel, told the business news TV channel.

This is similar to a finding by jobs site Glassdoor which saw job listings related to blockchain and cryptocurrencies increase by 300% in August 2018 compared to the same period last year. In the United States, most of the blockchain-related jobs are located in New York City (24%) and San Francisco (21%). Outside the United States the top-five cities with the highest number of blockchain-related job openings were London (16%), Singapore (7%), Toronto (7%), Hong Kong (6%) and Berlin (4%).

 

Top Destinations for Blockchain Talent

Per Glassdoor, some of the top-hirers are startups such as Circle, Kraken, Figure, Coinbase and ConsenSys though established firms such as Oracle, IBM, KPMG and Accenture also feature in the top ten.

 

The findings by Hired and Glassdoor also echo a similar conclusion drawn by leading freelance jobs website Upwork. As CCN reported two months ago, blockchain was the fastest growing freelance skill on the telecommuting platform in the United States for the second consecutive quarter. The 2018 Q2 Upwork Skills Index also showed an increase in demand for individuals proficient in the programming languages and frameworks that are required to fill blockchain developer or engineer positions.

 

 

Some of the programming languages required in the blockchain technology field include Go, Python, JavaScript and Java. The C++ programming language, which is the language employed in coding the most commonly used client of bitcoin, Bitcoin Core, is also considered fundamental. Solidity, a language created by the Ethereum project team specifically for writing smart contracts, is also required in the blockchain sector.

https://www.ccn.com/us-blockchain-engineers-earning-as-much-as-ai-specialists/

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Boost VC Issues Call for Crypto Startups

Technology startup accelerator Boost VC has announced that it is accepting applications from crypto startups to join Tribe 12, its latest accelerator program cohort. Since 2012, Boost VC has graduated several cohorts with more than 75 crypto-related projects including prominent blockchain projects like Etherscan, Aragon, and MyCrypto.

 

According to the announcement, which appeared in a Medium post, the company is seeking to invest in blockchain startups that provide solutions for cross chain functionality, front end blockchain solutions, crypto team building and maintenance, and general blockchain scaling.

 

‘Missing Puzzle Pieces’

Boost VC describes its investment focus for Tribe 12 as an attempt to fill in missing pieces in the blockchain and crypto adoption puzzle from an infrastructure point of view. While investors like Goldman Sachs continue to grab headlines with eye-catching investments in startups focused on crypto custody and trading solutions, Boost VC is taking its investment from a wider perspective, seeking out startups that can build nuts-and-bolts blockchain solutions such as cross-chain navigation interfaces and management solutions for the peculiar challenge of distributed crypto teams.

 

Applications are welcomed from startups interested in creating decentralised frameworks for commerce, communication and government similar to ConsenSys, but operating on other non-Ethereum blockchains. According to Boost VC, the goal is to explore studio builder models for quick iterations on bringing crypto mainstream. Boost VC is also looking for projects focused on the creation and management of crypto teams, which come with the unique and unprecedented challenge of being almost entirely remote, contractor-heavy instead of employee-based, and having the near-instant liquidity offered by crypto payments, which creates a different incentive model from traditional startups.

In addition, projects that create cross-chain interfaces outside of custody, exchange and wallet solutions are particularly prized for investment. This is because Boost VC sees such projects as essentially land grabs offering the opportunity to build a blockchain interaction utility that can be recreated across the other top 5 – 10 blockchain networks.

 

The company also says it is looking for the “Coinbase for other blockchains/dapps” as well as a possible solution for legal gambling that takes advantage of differing regulatory environments across jurisdictions. Country-specific custody solutions and security trading solutions are also mentioned.

 

An excerpt from the announcement reads:

 

“Regulatory arbitrage plays. We invest globally. Therefore we will look at teams using certain jurisdictions to their advantage. Areas of legal gambling. Custody designed for specific countries. Trading securities.”

 

Projects working on such solutions are encouraged to apply to Boost VC’s Tribe 12  accelerator batch.

https://www.ccn.com/boost-vc-issues-call-for-crypto-startups/

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Blockchain Documentary Produced by Ethereum Co-Founder Opens in New York

A documentary film that profiles distributed ledger technology and counts an Ethereum co-founder as one of its executive producers had its theatrical release on October 26 in New York.

 

Written and directed by Alex Winter, Trust Machine: The Story of Blockchain, runs for 84 minutes and covers subjects ranging from the history of Bitcoin to the promising use cases of distributed ledger technology. Joseph Lubin, the co-founder of Ethereum as well as the founder of blockchain software technology firm ConsenSys, is one of the film’s executive producers.

 

 

Regarding Bitcoin’s history, the film credits the 2008 global financial crisis as the reason that triggered the mysterious Satoshi Nakamoto to develop an open, decentralized ledger for transactions. Not everything turned out perfectly, however, and the documentary laments that BTC initially became famous for its use in illicit deals on the internet and alleges that this, unfortunately, earned the flagship cryptocurrency a perception and a reputation that it is still trying to shake off.

 

Good for Newbies

Critics have pointed out that the doc serves as a useful primer anyone is unfamiliar with blockchain technology. As The New York Times film critic Ben Kenigsberg writes, the film serves as a solid teaching aid:

 

“A hodgepodge of boosterish arguments for blockchain technology, ‘Trust Machine: The Story of Blockchain,’ directed by Alex Winter (Bill of “Bill & Ted” fame), is not always a model of clarity, but it does a decent job of explaining the basic concept.”

 

Some of the contributions that blockchain technology can make to the world that the documentary film focuses on include combating identity theft and transforming power distribution by empowering micro-producers of power such as households who are able to generate solar power and sell the excess to the grid.

 

Ticket to Riches

But, for all the revolutionary potential of blockchain technology, Winter’s film concedes that what is drawing most people to cryptocurrencies and blockchain technology is the desire to strike it rich.

 

“Still, for most people in the world right now, the most exciting thing about blockchain is the prospect of making a fortune overnight,”  notes The Hollywood Reporter. “In its closing scenes, the film’s narration acknowledges how attractive this field is to scammers and speculators.”

As previously reported by CCN, this is not the first documentary Alex Winter has directed focusing on cryptocurrencies and blockchain technology. Three years ago, the actor-turned-director made a 90-minute film Deep Web, which documented the arrest of Silk Road marketplace webmaster Ross Ulbricht. The film was narrated by Keanu Reeves.

https://www.ccn.com/blockchain-documentary-produced-by-ethereum-co-founder-opens-in-new-york/

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Dev: Ethereum May Fail if it Relies on Infura to Run Nodes, Potential Solution

Afri Schoedon, an Ethereum developer at Parity Technologies, said that the network cannot rely on Infura to process 10 billion requests per day.

 

Created by Michael Wuehler, an author at ConsenSys and NYC Ethereum founder, Infura  is an infrastructure that allows decentralized applications (dApps) to process information on the Ethereum network without running a full node.

Some of the largest dApps and protocols including Ethereum wallet MetaMask, decentralized exchange protocol 0x, and MyCrypto rely on Infura to broadcast transactional data and smart contracts to the Ethereum mainnet.

 

Ethereum Has to Stop the Dependence on Infura

This week, Schoedon firmly stated that if dApps continue to rely on a third party service provider or infrastructure developer in Infura, the vision of Ethereum will “fail” in the long-term.

 

“If we don’t stop relying on infura, the vision of ethereum failed. If we don’t stop relying on infura, the vision of ethereum failed. Or build a strong network of thin and light clients. There is no point in having d-apps connecting through metamask to a blockchain hosted by someone else.”

 

The concern in regards to the influence of Infura in the node ecosystem of the blockchain is that if dApps do not run their own nodes or rely on a network of light clients, it will increase centralization in the protocol, which was structured and designed to operate as a global supercomputer.

 

 

In ideal blockchain ecosystem, service providers, dApps, and decentralized systems would operate their own nodes to verify information and data in a fully peer-to-peer and distributed manner. However, if node infrastructure operators like Infura are tasked by popular dApps to handle data requests on behalf of them, then the risk of centralizing the Ethereum network could increase.

 

The merit in the argument of Schoedon is that for dApp operators and even individual users, it is relatively easy to run a pruned node, as opposed to an archival node, for efficiency.

An archival node, often referred to as a full node, includes all of the historical transactional information on the network so that a node operator could check the history of every transaction recorded throughout the entire history of the network.

 

“People think that in order to have a fully verified Ethereum blockchain (aka full node), you need to run an archival Ethereum node. Running an archival node is thought to be an issue for Ethereum because an archival node currently takes up to 1.4 Terabytes (data point provided by Afri Scheoden, a developer at Parity Tech),” cryptocurrency researcher Julian Martinez wrote.

 

However, for dApps and the vast majority of users, it is highly unnecessary and inefficient to run an archival node. Rather, users can run a pruned node, which eliminates historical data on the Ethereum network and allow users to run a light node.

 

“Pruning the state trie saves tons of disk space because it is the historical state data that is creating the blockchain bloat. A pruned blockchain can take up 90 GB compared to the 1.4 Terabytes taken up by an archival node (data point provided by Afri Scheoden, a developer at Parity Tech). Although data from older state tries are deleted, all of the information necessary to recreate that state trie is still saved on your local blockchain.”

 

Run Individual Nodes

A simple solution to the issue of the reliance of dApps on Infura is for dApps to begin running indepent nodes. But, as Schoedon suggested, a strong network of thin and light clients could also be a possibility to reduce the dependence on centralized infrastructure operators.

https://www.ccn.com/dev-ethereum-may-fail-if-it-relies-on-infura-to-run-nodes-potential-solution/

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Johnny Depp Throws Hat into the Crypto Ring, Joins TaTaTu Platform

Announced today, Hollywood star Johnny Depp has signed a deal with a new cryptocurrency related platform called TaTaTu. The platform, like Depp himself, aims to provide social entertainment.

A ‘New Approach’ To Entertainment

With a name sounding like it’s from Pirate’s of the Carribean, TaTaTu is a cryptocurrency based platform that rewards users in tokens, as payment for interacting with certain content like movies and games (according to its website).  The Hollywood Reporter news outlet announced today that Depp will work alongside Andrea Iervolino on the project.

Iervolino is the businessman, entrepreneur, and movie producer behind the TaTaTu platform. Additionally, he operates AMBI Media Group with Monica Bacardi. Depp also previously founded a production company called Infinitum Nihil, which he will use to create movies and content for TaTaTu’s platform.

Depp and Iervolino already have things rolling and are shooting a movie together later this month, produced by Iervolino and his production company (AMBI), explained The Hollywood Reporter. The movie, Waiting for the Barbarians, is based on a novel by author J.M. Coetzee.

The Hollywood Reporter disclosed Iervolino’s excitement to work with Depp, stating that “Johnny has the ability to conceptualize material in a way that few can, and is unburdened of conventional industry formulas that dictate the projects that get made, traditionally”.

 

 

Depp For The Rebound

This partnership comes in a year that sees Depp looking for a comeback, after losing almost $650 million, as reported by  Deadline.

 

According to IMDB, Depp has previously received nominations for three Oscars and nine Golden Globe awards, while clinching one Golden Globe award win, as well as ten People’s Choice Awards. Involvement in the cryptocurrency space with TaTaTu gives a new avenue of success potential for the actor.

 

Celebrity Crypto Attention

Depp joins a somewhat sizeable list of mainstream celebrities who have shown interest in the cryptocurrency and blockchain space.

 

Earlier this year, CCN.com reported about Steven Seagal and his involvement in an ICO called Bitcoiin. The Bitcoiin ICO was associated with an exit of sorts. The exit followed a cease and desist sent to Seagal a few weeks prior, which states celebrity endorsement to have possibly been illegal.

Near the end of last year, CCN initially reported  on a statement from the Securities and Exchange Commission (SEC) regarding celebrity ICO endorsement – “These endorsements may be unlawful if they do not disclose the nature, source, and amount of any compensation paid, directly or indirectly, by the company in exchange for the endorsement”.

 

Other Celebrity Involvement

TheUnikrn ICO backed by Mark Cuban was also the subject of criticism, being sued “for allegedly skirting federal securities violations by offering UnikoinGold Tokens (UKG) to the general public, rather than just accredited investors”, reports CCN.

 

 CNBC lists other celebrity cryptocurrency endorsements by figures such as Paris Hilton and Jamie Foxx.

And of course, how could anyone forget when Katy Perry painted her  fingernails with cryptocurrency logos like Bitcoin and Ethereum, in what seemed like an endorsement of cryptocurrency as a whole.

https://www.ccn.com/johnny-depp-throws-hat-into-the-crypto-ring-joins-tatatu-platform/

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Economist: if Crypto “Remains” Illegal, Adoption Will be Difficult

At Bloomberg Ideas, an event that features leading experts in various industries, George Mason University economics professor Tyler Cowen stated that if crypto remains illegal, adoption will be difficult to achieve.

 

“If crypto stays illegal, it will be ghettoized, and that will make it harder for it to spread ultimately.”

However, in major markets including the US, Japan, South Korea, Singapore, Switzerland, and the UK, the usage and trading of cryptocurrencies are legal, with sufficient regulatory frameworks in place to protect investors in the global digital asset exchange market.

 

Already Regulated

According to Cowen, regulation around cryptocurrencies as an emerging asset class has to be solidified further to attract more investors into the market and encourage merchants to adopt cryptocurrencies as an alternative payment method to fiat currencies.

 

For years, economists have mischaracterized cryptocurrencies as criminal money, an unregulated asset class, and an inefficient payment system, as seen in the recent outburst of widely recognized economist Nouriel Roubini.

The negative stance towards cryptocurrencies portrayed by the majority of leading economists has been expected by the cryptocurrency industry. As decentralized financial networks, consensus currencies challenge the fundamental belief of economists that fiat currencies serve as the base monetary system of the global economy.

 

But, it is of utmost importance, at least for companies that provide services in the finance sector, to consider the possibility of digital assets potentially competing against fiat currencies in the long-term due the declining trust towards middlemen and financial institutions by millennials.

 

As former Goldman sachs CEO and chairman Lloyd Blankfein emphasized, who previously stated that it is “arrogant” for economists and bankers to think crypto has no future, there exists a chance that cryptocurrencies could arise and evolve into a major asset class in the years to come.

“If you go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency?”

 

Hence, while the skepticism towards malpractices and poor protocols utilized by some cryptocurrencies in the global market is encouraged, intentionally mischaracterizing the asset class as an “illegal” payment method and currency is highly inappropriate and more importantly, inaccurate.

 

The Japanese government has recently allowed 21 cryptocurrency exchanges to form a consortium and self-regulate the local digital asset exchange market, with a national licensing program in place to oversee businesses in the industry.

 

The government of South Korea officially recognized the cryptocurrency market as a legitimate industry, acknowledging the blockchain as a core technology in the fourth industrial revolution. Gopax, a leading exchange in the local market, is financed and operated by Shinhan, the 2nd largest commercial bank in the nation.

 

Crypto is Not Illegal

Based on the regulatory frameworks established in major regions, it is evident that cryptocurrency remains legal as a payment method, a remittance system, and as a currency. Even China, which implemented a blanket ban on cryptocurrency trading in September 2017, has recently recognized  Bitcoin as a property under local regulations, allowing individuals and businesses to hold and send or receive cryptocurrencies legally.

https://www.ccn.com/economist-if-crypto-remains-illegal-adoption-will-be-difficult/

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Want to Make Money as a Programmer? Learn Blockchain Development

Despite the year-long bear market that has seen the prices of major cryptocurrencies drop 70 to 80 percent, the demand for blockchain developers is still at an all-time high.

 

According to Mehul Patel, the CEO of San Francisco tech talent recruitment firm Hired, the demand for the blockchain has increased significantly in the past several months. The supply of software engineers is already low, and individuals that are well versed in the cryptocurrency sector are even more scarce.

 

“There’s a ton of demand for blockchain. Software engineers are in very short supply, but this is even more acute and that’s why salaries are even higher.”

 

Interview Requests Every Day

Speaking to  CNBC, software engineer Dustin Welden, who currently works as an engineer for Globys, stated that immediately after he changed his job title from software engineer to principal blockchain engineer, he began to receive interview requests from both startups in the blockchain sector and major conglomerates on a daily basis.

 

Welden said:

 

“When my title became ‘principal blockchain engineer,’ it became relentless. I get interview requests every day on LinkedIn now.”

 

For large-scale conglomerates like IBM, Deloitte, and Microsoft, it is of utmost importance to form a competent team that is able to expose the conglomerate to the blockchain sector when the time is right.

 

To enter an emerging sector in a timely manner, corporations need to have individual talent in place to swiftly push the venture of the firm into the market.

Hired CEO Patel emphasized that the mindset of conglomerates to plan a long-term strategy to target the cryptocurrency sector has led to an increase in demand for distributed ledger technology engineers.

 

“There’s a mindset here of taking a long-term view of planning. If you’re going to build blockchain technology, you have to get that talent.”

 

Blockchain Engineers are Rare

 

In addition to crypto startups, mainstream firms such as IBM are hiring blockchain programmers.

The rise of the initial coin offering (ICO) market in 2017 has enabled individual developers to create decentralized applications (dApps) and blockchain systems by securing capital from the public within a short period of time.

 

Crypto projects have been raising millions of dollars in the span of minutes from investors in the public cryptocurrency exchange market, regardless of regulatory hurdles implemented by leading markets such as the US and South Korea.

“I don’t know any good Ethereum developer that isn’t a millionaire — There’s a gold rush among developers to learn the coding language of money,” Aragon CEO Luis Cuende, who raised $29 million within 2 minutes to build an Ethereum-based governance system, said.

 

The massive amount of capital that is available to developers in the ICO market has encouraged developers to create their own blockchain systems and products, rather than being appointed as a full-time developer with a stable paycheck.

 

But, with the salary for blockchain engineers surpassing that of AI engineers and specialists at around $170,000 per year, in the months to come, tech recruitment firms expect an influx of distributed ledger technology engineers to join major conglomerates to streamline the process of commercializing the technology and decentralized systems.

https://www.ccn.com/want-to-make-money-as-a-programmer-learn-blockchain-development/

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China’s Merchants are Legally Allowed to Accept Bitcoin and Crypto

As reported by CnLedger, a trusted cryptocurrency news source in China, the country’s merchants can legally accept crypto as a payment method.

 

According to local reports, the Shenzhen Court of International Arbitration officially recognized Bitcoin as a property, allowing individuals and businesses to own and transfer Bitcoin without being in conflict with existing financial regulations.

“Chinese court confirms Bitcoin is protected by law. Shenzhen Court of International Arbitration ruled a case involving cryptos. Inside the verdict: CN law does not forbid owning & transferring bitcoin, which should be protected by law because ofits property nature and economic value.”

 

Circulation and the Payment of Bitcoin in China is Not Illegal

Katherine Wu, a cryptocurrency researcher at Messari, translated and analyzed court documents released by the Shenzhen Court of International Arbitration to delve into the reasoning behind the decision of the arbitrator to consider Bitcoin as a property.

 

In essence, Wu explained that due to the decentralized nature of Bitcoin that provides financial freedom and economic value to the owner, the asset can be recognized as a property.

“The Party contends that Bitcoin has characteristics of a property (SOV), can be controlled by the owner, and has economic value to the owner. It does not break any laws. This arbitrator agrees,” Wu said.

 

As such, the court emphasized that regardless of the legality of Bitcoin and other major cryptocurrencies, the circulation and payment of Bitcoin is not illegal. That means, merchants can freely accept cryptocurrencies as a payment method without breaking the local law.

 

“In the arbitrator’s view, whether or not bitcoin is legal, the circulation and the payment of bitcoin is not illegal. Bitcoin does not have the same rights as fiat, but that does not mean that holding or paying with crypto is illegal.”

 

Earlier this month, China’s oldest technology publication Beijing Sci-Tech Report (BSTR), a respected media company in the country, released its plans to accept Bitcoin for its yearly subscription to promote the usage of the blockchain and practical use cases of the dominant cryptocurrency.

BSTR revealed that starting 2019, the yearly subscription to its magazine will be sold at a price of 0.01 BTC, worth around $65. If the price of BTC rises substantially in the future, the publication stated that it will compensate its customers.

 

Several hotels in major cities in China have also started to accept cryptocurrencies, one of which branded itself as Ethereum Hotel, providing merits and discounts to those that pay for their services using Ethereum.

 

What Does This Show About China?

In consideration of China’s optimistic stance towards blockchain technology and positive comments regarding the sector made by government agencies, it has become more apparent that the government placed a blanket ban on cryptocurrency trading to prevent the devaluation of the Chinese yuan and to limit speculation in the market.

 

But, overall, the government remains open to crypto and the usage of the blockchain to improve existing infrastructures and problems pertaining to software and data settlement.

https://www.ccn.com/chinas-merchants-are-legally-allowed-to-accept-bitcoin-and-crypto/

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Belgium Regulator Blacklists 21 Crypto Firms Suspected of Fraud

The Financial Services and Markets Authority (FSMA) has added 21 new websites of suspected cryptocurrency scams to its blacklist.

 

Belgium’s financial regulator published the list on its official website, bringing their tally of suspected crypto scams in the country to 99. The agency found that despite their prior warnings concerning the risks associated with crypto investments, Belgium is witnessing a growth in online fraud cases. Among the blacklisted companies, many are offering financial services without complying with the Belgian financial legislation. Moreover, the listed firms are also involved in attracting victims to their allegedly fake investment schemes.

The FSMA blacklist also names websites that reach out to the victims of earlier crypto frauds. These persons running these websites pose themselves as financial advisors, lawyers, and accountants. They promise victims that they would arrange compensation or to recover their losses in exchange for a fee. The financial contribution by the victim, however, does not result into anything substantial. The FSMA refer these scam websites as ‘Recovery Rooms.’

 

Outside Belgium Jurisdiction

The blacklisted firms cannot be charged in Belgium for falling outside the jurisdiction of FSMA, the details revealed. Agence Des Analystes Financiers, for instance, is one of the denounced companies in the list but is reportedly based in Germany. Another firm BK-COIN appears to have offices in cities all across the world, including London, Tokyo, Meyrin, and Paris, the validity of which remains unconfirmed.

 

Similarly, firms mentioned in the FSMA blacklist are appearing to operate from all around the globe but Belgium.

Nevertheless, the agency has requested investors always to verify the companies with the concerned regulatory agencies. The advisory specified that FSMA couldn’t charge websites active in the cryptocurrency space in the absence of legal supervision, but an alert could still minimize the risks.

 

“Be wary as well of companies that claim to hold authorizations from supervisory authorities and refer you to such authorizations,” the regulator wrote. “This is a very frequently used technique. However, these are often cases of identity theft. Feel free to ask the FSMA to confirm the information you have received.”

 

Identifying a Swindler

The FSMA advisory laid out the typical characteristics of an online crypto scam. The regulator said that swindlers usually contact victims by phone in a process called cold calling. They try to offer them a variety of investment options claiming they could yield maximum profits in a minimum span. They attempt to influence a victim into purchasing security tokens of a newly-launched blockchain product or participate in a multi-marketing scheme by investing cryptocurrencies. Regardless of the type of marketing pitch, the promises of a scammer include:

 

high monthly or annual returns

high liquidity (users can withdraw funds anytime they want)

investments are protected by real-world collateral (it won’t fall below the value at which investments were made, even during a market crash)

“All these promises are worthless, however: if an offer is fraudulent, the promises that accompany it are equally so,” the FSMA added.

 

Readers can find the FSMA crypto blacklist here.

https://www.ccn.com/belgium-regulator-blacklists-21-crypto-firms-suspected-of-fraud/

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