Allure of Excessive Return Does Not Have to Mean You Lose 100% of Your Investment

The exponential growth in crypto markets, especially over the course of 2017, means that even the mainstream media is now covering various events and biggest market announcements. Some of the highlights include the crackdown of crypto trading by various governments, widespread criticism of Bitcoin by financial community (although that has since changed somewhat), the introduction of Bitcoin futures market and the volatility of returns of Bitcoin and other products. The price swings are not for the fainthearted and while the allure of excessive returns drive more and more people to the market, this volatility is becoming hard to rein in, especially as the ICO market matures.

Even though choosing a crypto asset to invest in is not difficult enough, investing in a currency is made more complex by numerous warnings by pundits that a lot of cryptocurrencies are either fraudulent or do not deliver any value to people buying tokens. Late last year, Joseph Lubin, co-founder of Ethereum, said that many of the sales are used to back high-quality projects, but there have been a lot of copycat projects where people copy all the same materials (and) don’t intend to deliver any value to the people buying the tokens. While another prolific name in crypto space, Brad Garlinghouse, CEO of Ripple, pointed out that “…a lot of what’s happening in the ICO market is actually fraud, and I think that will (eventually) stop”, while also adding that many investors are now suing token issuers.

But it is not just fraud that crypto investors are afraid of – given the digital nature of the asset class, hacking is also considered to be one of the biggest threats. Most recently, a Japanese exchange has lost $530 million in cryptocurrency because of hacking. In this case, the worst outcome has been averted by the exchange which said it would return about 46.3 billion yen or $425 million of the virtual money it lost to hackers. However, other cases did not end so well.

However, the team behind Escroco has filled the gap in the marketplace with an innovative product that aims to connect investors with borrowers in a way that lowers risk and maximizes profit. One of the key parts of the project is the insurance product. This covers the loss of an investor in the case of borrowers exiting from the market, irrespective of whether this was caused by bankruptcy or by fraudulent activities. While the loss prevention scheme does minimize the risk of outright loss, not all cases of loss get 100% reimbursement, as this is based on investment ratings.

The Escroco (ESC) token was created using the Wave Blockchain technology, designed in the way that benefits investors and borrowers alike. Now, the team is announcing a cash airdrop (Escroco Cash Airdrop or ESA), where the new token will be worth $1 which the holders will get for free at the ratio of 4:1 (4 ESC get 1ESA). Only those who keep their coin on a waveswallet.io will be able to get the new coin and the date of the airdrop is to be between 15 Feb -25 Feb.

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BitGrail Cryptocurrency Exchange Hacked, $170 Million in Nano Allegedly Stolen

Popular cryptocurrency exchange BitGrail has reported a loss of 17 million Nano, valued at over $170 million at the time of the hack. However, conflicting reports are surfacing with some believing the exchange to be insolvent for a number of months.


The Hack is Revealed

In the past, BitGrail exchange was one of the largest trading hubs for the RaiBlocks cryptocurrency, which has since rebranded to “Nano.” A trip to their homepage redirects users to a news announcement that reveals an apparent hack.

According to a statement on the BitGrail website, “unauthorized transactions” have been found on the exchange which has led to 17 million Nano being lost. All cryptocurrency operations have temporarily been suspended, and the authorities have been contacted to investigate the disappearance of the digital assets.

Dramatic Changes at BitGrail

Back on January 30th, BitGrail owner Francesco Firano announced on Reddit that KYC was to become mandatory on the exchange due to increasing regulatory pressure. What was originally a buffer-policy for increased withdrawals now became required on the platform.

For a user to exit the exchange, they were required to liquidate to Bitcoin due to it being the only available asset to withdraw. This was the first red flag from the exchange due to the halting of all Nano deposits and withdrawals.

After that statement was released, the price of Nano quickly dropped from the $18 dollar range to a low of $12.89 before a quick recovery.

Users quickly began speculating as to the reasoning for the change in policy, with the most controversial theory being an exit scam. Some on the RaiBlocks subreddit even called for a class action lawsuit to combat the policy changes, as many non-European users had issues withdrawing their assets during the time of uncertainty.

However, everything changed once BitGrail publicly addressed their issues.

The Core Team Begs to Differ

20180211_Gavel

A statement from the Nano Core team reveals that the issue didn’t exist on the protocol layer, but rather was focused directly on the BitGrail exchange.

Just last Thursday, the core team was contacted by Firano in regard to a loss from the BitGrail wallet. According to a leaked conversation, 15 million Nano was reported ‘stolen’ by Firano, and a request was made to fork the chain. However, Nano developer Zack Shapiro pointed out the fact that the situation had been going on for months. It seems as though Firano was dealing with undisclosed issues of insolvency rather than an apparent hack.

We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.

Firano has since taken to social media to attack the Nano Core team, and continue the narrative of the assets being stolen rather than the exchange proving to be insolvent.

Market Effects

Nano price chart - CoinMarketCap

Once the news broke about the hack and issues of insolvency, the price of Nano dropped from $11.78 to $9.12 and has been on a general downtrend. The price of Nano may continue to drop as the investigation into the situation involving the missing asset continues.

Do you think BitGrail was hacked, or do you think that the exchange has been insolvent for months – let us know in the comments below!


Image courtesy of Flickr/@slgckgc, Flickr/@Thomas, and CoinMarketCap

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Crypto Olympics: Litecoin (LTC) Vs. Monero (XMR)

Welcome to the Crypto Olympics: Day 2!

Coin vs. Coin – who will be crowned the Crypto Olympics Champ?

This is how it’s going to work: we’ll start with two coins, then we monitor their gains and losses throughout the day, on the hour. The finish line is 4:00 pm PST. Whichever coin crosses the finish line with the highest percentage gain (or whichever coin lost the least in the case where they’re both down) will be the winner of the day. Then, the next round begins the following morning with two new coins. The rounds …

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Blockchain Cannabis Social Network Aims to Put an End to Online Cannabis Censorship

Despite growing calls for legalization across the globe and in the US, many marijuana users and businesses are regularly targeted by large media organizations and subject to discrimination based on outdated and misguided anti-marijuana laws.

At Smoke Network we offer a solution for marijuana users and business in the form of a decentralized social network for cannabis users based on our extensive experience launching our own successful cannabis brand on popular social media platforms.

Traditional social media applications and outlets which, due to their centralized nature, are easily targetable by federal authorities who may seek to take down content or pages in order to enforce anti-marijuana laws. Smoke Network will store content on an immutable blockchain which can’t be tampered with even by organizations as powerful and far-reaching as the federal government.  Even legal marijuana operations have been targeted by governments in the past, forcing legal marijuana businesses to lose hundreds of man hours and revenue for no reason.

The Smoke DApp will run on the upcoming EOS blockchain featuring a DPoS consensus protocol capable of scaling to thousands of transactions per second. Above and beyond the ability to have content that is uncensorable, running on the blockchain has the additional benefits of allowing users to earn cryptocurrency for their contributions to the network. The entire social network will be incentivized for both content producers and content curators, a huge contrast to the self-interested social media giants such as Facebook and Twitter who are primarily interested in generating advertising revenue for themselves.

In addition to social networking, the short-term goals of the network include the addition of strain reviews and dispensary reviews to the platform. Unlike traditional strain and dispensary review sites, Smoke Network users will also have the ability to earn cryptocurrency for their knowledge and contributions on the best strains and local dispensary spots.

After successful pre-ICO held in 2017, the Smoke team is back with a revised whitepaper, a working beta application, as well as a frontend prototype MVP of their planned social network which can be found on https://smoke.io/.

A second-round ICO will be held from the 20th of April 2018 (4/20) until the 25th of May 2018 giving the community another opportunity to be a part of our growing global community of cannabis users.

For more info please visit the Smoke Network website.

Disclaimer

Smoke Holdings IBC is a software development company and is producing the Smoke Network software as free, open source code. For more information please see the Terms of Use located at https://www.smoke.network

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France & Germany ‘Threatened’ by Bitcoin, Want Global Crypto Crackdown

With Bitcoin and other cryptocurrencies finally bouncing back after a steep correction to start the new year, finance ministers in France and Germany are looking to shut down the party by calling for a crypto crackdown.


France and Germany ‘Threatened’ by Cryptocurrency

French and German finance ministers continue to call for strict regulation on Bitcoin and other cryptocurrencies.

According to reports, French Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier signed a letter to fellow G20 finance ministers, in which they claim cryptocurrencies are not only risky for investors but also threaten long-term global financial stability. They write:

Given the fast increase in the capitalization of tokens and the emergence of new financial instruments … these developments should be closely monitored.

They also claim that cryptocurrencies “are currently largely mislabeled as ‘currencies’ in the media and on the internet,” creating a “lack of clarity” which “can only fuel speculation.”

Bitcoin Germany

The finance ministers additionally claim to be the good guys, looking out for newbie cryptocurrency investors who aren’t quite sure what they’re getting themselves into, writing:

… the buildup of individual exposures to such volatile tokens could have damaging consequences for misinformed investors who do not understand the risks they are exposing themselves to.

Of course, these sentiments can easily be interpreted as authorities from traditional financial institutions feeling the mounting pressure from a rapidly increasing and ever more popular cryptocurrency market, which very much aims to disrupt traditional financial structures.

FUD, FUD, and More FUD

Finance Minister Bruno le Maire and interim German Finance Minister Peter Altmaier are not alone in expressing fears over Bitcoin and cryptocurrency. Other individuals from traditional financial institutions are also voicing their concerns.

European Central Bank board member Yves Mersch expressed his negative opinion on Thursday, stating that cryptocurrencies are “not money, nor will they be for the foreseeable future.”

ECB EU

Additionally, Bank for International Settlements head Agustin Carstens expressed his deep-rooted fears, begging central banks to shut down Bitcoin—claiming cryptocurrencies are “piggybacking” on established institutions and becoming a “threat to financial stability,” stating:

[Bitcoin is] a combination of a bubble, a Ponzi scheme and an environmental disaster.

Now that’s some serious FUD.

What do you make of French and German finance ministers calling for a global cryptocurrency crackdown? Does this worry from mainstream financial institutions signal their growing fear of Bitcoin? Let us know in the comments below!


Images courtesy of AdobeStock, Shutterstock, Bitcoinist archives.

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Exclusive Interview with Etheremon’s Co-Founder Jarvis Nguyen

Etheremon Exclusive

Etheremon Exclusive: Blockchain-based games have become a hot commodity in the cryptocurrency space. Ethereum-based CryptoKitties was the first game to take off on the market and since its inception, more and more games are being released. Etheremon is the latest game to be launched on the Ethereum blockchain. 
 

We got to sit down with the game’s co-founder Jarvis Nguyen, for an exclusive interview with CryptoCurrencyNews.

 
1. What is your background and how did you get started in the cryptocurrency market?

I am a senior software developer, I have 5-years experience as a games publisher. I care about the new …

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Betrium Launches Worldwide Bookmaker and Betting Exchange Demo Platform

The gambling industry witnesses active participation of millions of users across the world. Things are set to become much better with the emergence of ICOs, which brings several improvements in this sector. Betrium, the world’s first decentralized betting exchange, has announced the release of its first-party decentralized betting service demo platform both for betting exchanges and bookkeepers.

Addressing the Industry Challenges

The demo platform of Betrium has been developed to tackle the downsides of online betting and gambling industry, including slow bet processing, heavy commissions and the need for payment options. In addition, the betting industry is lagging in this digital era as it is not accessible to the entire international community. The lack of ready APIs for developers has created a pressing need for extensive coding to make any significant changes in the form of cryptocurrency integration to existing solutions.

Though these challenges result in a bad user-experience, there are still millions of users looking for capitalizing on this growth-oriented market. Event organizers, e-sport streamers, and small sports leagues are also in need of a platform to develop their own betting events.

Being the Sponsor

The Betrium team has already made remarkable efforts to establish the platform’s presence in the global gambling and betting arena. Betrium has been the sponsor of Lamborghini Huracan Super Trofeo on 24H Series race in Dubai.

The company was also the official sponsor of the TNABC conference, which took place in Miami on 17-19th January, where Max Suvorov, the CEO at Betrium, spoke and presented the project.

Betrium is also the sponsor of the racing car on the Lamborghini Super Trofeo Middle East race in Abu Dhabi, held on 2nd of February 2018.

Betrium’s Partnership with Sports Media

The team at Betrium is also making efforts for the platform’s marketing and promotion by partnering with some of the leading sports media in the industry. In this view, Betrium has recently roped in VAVEL.com, a sports media having more than 35 million visits every day, as its media partner.

The Advisor Board at Betrium

Betrium is privileged to have some of the finest and renowned industry advisors who are playing a great role in the development and promotion of the entire ecosystem.  Sam Taheri, a professional GT and NASCAR pilot, became an advisor and sports representative of Betrium. He will represent the project in the worldwide racing community and attract sports audience to the Betrium. Watch here what he says about the platform.

Another great name in Betrium’s Advisor board is Luke MacDonald, a well-known professional gambler with over $1.9 mil turnover, who supports Betrium and part of its Advisory board of the project.

Looking Forward

Betrium’s crowdsale is starting from February 28, 2018, where the platform will put 77,000,000 BTRM tokens on sale. Investors will be able to view the stats of their holdings on the investor’s dashboard and determine the token price. Betrium demo platform presents an equal opportunity for the event organizers to gain profit from the bet. The highly-accessible interface of Betrium facilitates both new and experienced users.

To know more about the platform and participate in its crowdsale, please visit https://betrium.co/#

Access the demo platform at – http://sport.patyplay.ga/sport

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Blockex Bridges the Gap Between Traditional and Digital Finance

London based FinTech company BlockEx are bringing several innovations to the world of the digital exchange. They aim to disrupt the way the world trades by combining the best features of both traditional and digital trading. In addition, they provide tools for managing the entire lifecycle of blockchain based digital assets.


Trading Platform

The core of the service is their Digital Asset Exchange Platform (DAxP). This is a fully featured online exchange, offering real-time trading with HFT (high-frequency trade) capabilities. The system is designed to allow trading of any DLT (distributed ledger technology) based asset and provides full fiat on and off rails.

BlockEx Trading Platform

Brokerage Software

The platform is fully API driven and permissioned, and the BlockEx brokerage software provides everything a company needs to offer digital asset trading to its own investors. This includes features such as social and leveraged trading, anti-money laundering and KYC tools, and multiple skins. Assets offered can be limited by type, geographical region, or even limited to a single asset exchange.

BlockEx Brokerage Software

Digital Asset Creation

There is an innovative asset creation tool, allowing traditional (and in fact any) assets to be traded in digital form. This allows companies to create bonds quickly and cheaply, and in the future will allow the creating of DLT based mortgages and loans. When combined with the brokerage software used as a single asset exchange, this allows the creation and management of ICOs through the platform.

BlockEx ICO Market

Specifically for ICOs is the ICO Market, which provides a space to bring together ICOs and investors. There are tools to manage ICO compliancy, and the platform provides a secondary market for tokens once the ICO is complete. ICOs launched on BlockEx will have pre-ICO activities that work on the BlockEx pot system. This gives every investor a fair opportunity to buy into a pre-ICO, even if it is oversubscribed.

BlockEx ICO Market

BlockEx ICO

BlockEx is currently running an ICO for their own Digital Asset Exchange Token, DAXT. This will be the fuel of the platform, allow users access to services, and giving holders access to the Pot Allocation System for future pre-ICOs hosted on the ICO Market. Sale of the tokens starts later today.

To summarise, some words from BlockEx CEO, Adam Leonard:

BlockEx aims to be the bridge between traditional finance and the new world of blockchain. Our exchange was built to feel like a traditional exchange, but to offer the best in digital assets. The BlockEx ICO Market brings the good governance and regulatory framework of traditional finance to the innovative world of ICOs.

For more information about BlockEx please visit blockex.com or visit daxt.io to learn more about DAXT and the ongoing ICO.

What are your thoughts about the BlockEx ecosystem? How will it change how digital assets are created and traded? Let us know in the comments below.


Images courtesy of BlockEx, DepositPhotos

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Litecoin Price Watch – LTC/USD Showing Strength

Litecoin Price Watch

Key Highlights:

Litecoin passed a crucial test and held a major support level of $150
It looks like LTC is now on another bullish trend, testing a resistance of $162 once again
On the downside, the coin is trading below its 20-day moving average

Litecoin Showing Strength

For the past few days, Litecoin has shown tremendous strength, breaking above its previous resistance point of $150. Continuing this momentum, LTC price was able to hold a major support of $150 earlier today, after which it formed a sizable bullish trend line on its way up …

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Curated Just For You: People Can Earn Free Tokens by Joining the Platform

Crowdfunding for ICOs is going to help crypto startups make their way through but, firstly, building a sustainable platform is required by its creators. CoinStarter’s marketing is the solution?

CoinStarterBox is world’s first and largest coin membership club and a marketing company for ICOs both inside and outside of our platform which was built-up on giving free tokens to users after every registration. It is a marketing campaign which was developed to support CoinStarter– a future ICO crowdfunding platform. CoinStarter is a first of its kind technology platform for the ICO crowdfunding market and it is the tool to ensure fast ICO crowdfunding. The company has a relatively user-friendly interface which is easy to navigate, however, a trial isn’t yet possible as the platform will be launched after ICO is finished and if successful. It is also easy to understand the concept of the project, so the ICO will really shed light on the general perception of the idea by crypto enthusiasts.

The concept of CoinStarterBox is to enable new projects to reach the user base and provide free coins in exchange for feedback from thousands of crypto enthusiasts. For a low monthly fee, users can receive coins delivered to their wallet every month. Coins are coming from its partners or companies which launch their ICO on CoinStarter. CoinStarterBox is the marketing project which allows the most promising ICO projects to reach into its member base and give them coins – for exchange the ICO will gain exposure and feedback. When a user receives those coins, he or she will also receive more information about the project the coins relate to and how one can use them, one can also participate in the ICO campaigns and get more coins from the creators themselves. All coins received via CoinStarterBox are curated by industry experts and relate to an ICO campaign that is either preparing or has an ongoing Pre-Sale, Pre-ICO or ICO period.

CoinStarterBox markets itself as the first and original ICO coin subscription service. Every month it sends carefully curated coins of the best ICOs to users’ Ethereum Wallets. There is a threefold process of joining the platform – Select which type of ICO categories you are interested in and add your Ethereum Wallet, Select the amount of coins you’d like to receive every month, Become a part of the CoinStarter. And there is a threefold process of how it works– CoinStarterBox finds and reviews the most promising ICOs, then the ICO creator sends a share of their coins to us to be sent to our members so they can raise awareness of their campaign and users receives coins. After your purchase or renewal occurs, it then takes three to seven business days for your coins to arrive into your Ethereum Wallet.

Free tokens sound great and receiving the best ones at lower market rates is even better as the value of coins, independently of traditional supply and demand rules, go up and down. Giving a try to CoinStarterBox can be an experience which will grow your future financial positioning in a diversified way. Coming down to CoinStarter ICO crowdfunding platform, it is fun to see how CoinStarterBox gains its popularity among the general public with 77,000+ users (according to CoinStarterBox website). Whereas, a lot can potentially be happening on CoinStarter. It takes understanding to really dive into the idea and its verticals. The ICO for CoinStarter is live now.

The post Curated Just For You: People Can Earn Free Tokens by Joining the Platform appeared first on NewsBTC.

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