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Omni Layer Fork Called ‘Wormhole’ Debuts for Bitcoin Cash

Omni Layer Fork Called 'Wormhole' Debuts for Bitcoin Cash

According to a report on the social media platform Yours.org, software developers associated with the mining giant Bitmain plan on launching a smart contract protocol for the Bitcoin Cash (BCH) network. The project called ‘Wormhole’ will utilize the increased data-carrier-size and OP_Return transactions alongside a protocol based on the Omni Layer project.

Also read: Group or Tokeda? A Look at the BCH Color Coin Debate

Bitmain Developers Debut the Omni Layer-Forked Wormhole Protocol for Bitcoin Cash

Omni Layer Fork Called 'Wormhole' Debuts for Bitcoin Cash On July 16 a report written on the platform Yours.org detailed that Bitmain developers are in the midst of creating a smart contract system for the Bitcoin Cash (BCH) network. The article written by the China-based, Cindy Daily, explained that Bitmain programmers introduced a token proposal called “Wormhole” in Chinese Wechat groups on Monday. The reporter explained that her news was roughly translated and said that Bitmain would officially reveal the concept in the coming days.

Within the Chinese Wechat conversations, the developers state that innovation requires a “permissionless community” and they have been studying ways to implement smart contract solutions on the BCH chain without utilizing a consensus upgrade.  

“After tremendous research effort, we have paid attention to the Omni Layer protocol, a scheme to realize token issuance through the OP_Return opcode — It is the technical basis for daily distribution and circulation of USDT (Tether),” explains the report.  

The Omni Layer runs on top of Bitcoin blockchain — Since the Omni Layer protocol uses the MIT license (open source), we forked the Omni Layer protocol and implemented the tech feature on Bitcoin Cash blockchain to achieve token issuance. We named this technical solution Wormhole protocol, and the original token in the protocol is named Wormhole Cash.

Omni Layer Fork Called 'Wormhole' Debuts for Bitcoin Cash

Two-Layer Security Approach

The reporter’s account also explains that Wormhole will utilize Bitcoind nodes and consensus will not need to be changed. Wormhole Cash (WHC) will use a two-layer security approach and the first layer will be BCH transaction security. The second layer run on Bitcoind will consist of nodes that won’t process data that doesn’t meet the Wormhole protocol requirements.

Another tokenization project news.Bitcoin.com reported on this past February is Counterparty Cash which is different from Omni layer but has similarities. It will be interesting to see an attempt to deploy a token creation mechanism for BCH alongside smart contract capabilities. A few members of the BCH community has been asking developers to create a fork of Omni Layer for quite some time now. Reportedly the Chinese-based mining firm will reveal the full details of this project soon.

What do you think about an Omni Layer-like idea for the Bitcoin Cash network and the Wormhole Cash currency? Let us know your thoughts on the Bitmain developer’s new idea in the comment section below.


Images via Shutterstock, and Cindy Daily. 


Want to get a few bits of BCH to test out this awesome technology check out our Bitcoin Cash Faucet today!

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Change.org Petition Attempts to Fight for Ross Ulbricht’s Freedom

Change.org Petition to Fight for Ross Ulbricht's Freedom and Justice

After being denied a post-conviction relief extension in February 2018, Ross Ulbricht’s family and legal team filed a Petition of Certiorari with the U.S. Supreme Court based on constitutional violations in the investigation and at sentencing. The petition was supported by 21 organizations, however, the Court denied Ulbricht’s petition on June 28. The fight to free Ross Ulbricht, 33, is now reinforced with a new petition created on Change.org, 3 days ago by FreeRoss.org. There are currently 6,242+ signatures and the petition aims at reaching 7,500.

Also read: Ross Ulbricht Continues to Fight for Freedom With Supreme Court Petition

“It’s Not the End,” Mother Cried at Her Son When Taken Back to Prison Cell

“It’s not the end.” Lyn Ulbricht had cried at her son in the courtroom when a marshal set his hand on his back to signal it was time to return to the cell after hearing the sentence. That was in Manhattan’s U.S. district court in May 2015. That day, Lyn had declared she would never turn away from her son, whom she considers innocent. The fight to seek justice for their son is not over for this family.

“My son, Ross Ulbricht, is serving a double life sentence plus 40 years, without the possibility of parole, for a website he made when he was 26 years old and passionate about free markets and privacy. Ross, an Eagle Scout, scientist and peaceful entrepreneur, had all non-violent charges and no criminal history.” The petition says.

“A Sentence That Shocks the Conscience.”

Change.org Petition to Fight for Ross Ulbricht's Freedom and JusticeUlbricht was accused of being the creator of Silk Road, the infamous international dark site and drug bazaar created in 2011, under the pseudonym “Dread Pirate Roberts,” aka “DPR” and was arrested in 2013.

The physics graduate and alleged mastermind behind Silk Road, described in the petition as “an e-commerce platform similar to eBay, where individual users chose what to list for sale,” was convicted in February 2015 after a four-week trial on all seven counts, from drug trafficking and money laundering to maintaining an “ongoing criminal enterprise.” All to be served concurrently with no chance of parole. A sentence usually reserved to drug kingpins.

Judge Katherine Forrest said she would give Ross “the severest sentence possible.” Restrained by law from issuing the death penalty, she gave him a walking death sentence instead. “Ross’s appeal points out grotesque disparity between Ross’s life sentence—which is unheard of for a young man with no criminal history and all non-violent charges, and the sentences of other Silk Road defendants.” FreeRoss.org writes.

Change.org Petition to Fight for Ross Ulbricht's Freedom and JusticeUlbricht’s new legal team, Williams & Connolly, also argue that there have been discrepancies in the investigation, namely with the participation of two rogue agents leading the federal investigation into Silk Road.

“Ross is condemned to die in prison, not for dealing drugs himself but for a website where others did. This is far harsher than the punishment for many murderers, pedophiles, rapists and other violent people.” The petition says.

Ulbricht has been relocated from New York to a maximum-security penitentiary called USP Florence. The family says this prison is meant for some of the country’s most violent offenders and they don’t understand why Ross is being kept there for his life sentence.

Do you think the sentence faced by Ross Ulbricht was fair and do you think the Change.org petition will be heard? Let us know in the comments section below.


Images courtesy of Freeross.org and Shutterstock.


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US Ranked Top Destination for Coin Offerings, Majority of ICOs Identified as Scams

US Ranked Top Destination for Coin Offerings, Majority of ICOs Identified as Scams

The US remains a leading destination for ICO projects according to a new study that also ranks Switzerland and Singapore in the top three. The report notes that authorities in other jurisdictions, like Russia and Estonia, are working to adopt favorable regulations in order to attract more crypto startups. The findings coincide with another study identifying 78% of all ICOs as scams.

Also read: Less Than Half of ICOs Survive Four Months After Sale, Study Finds

A Third of the Largest ICOs Held in the US

Despite regulatory uncertainty, the United States has established itself as the leading destination for companies conducting Initial Coin Offerings (ICOs), a new study confirms. According to the recently published report, 30 of the 100 largest token sales were held by companies based in the US. The data compiled by the team of the Crypto Finance Conference places Switzerland second with 15 ICOs, and Singapore third with 11 of the biggest coin offerings.

“ICOs continue to gain momentum. They raised $6.3 billion in the first quarter of 2018 — more than was raised in all of 2017,” said the chief executive of CFC, Andrea-Franco Stöhr, quoted by Venture Beat. In a released statement, he also commented that the research provides an opportunity to understand which countries are embracing blockchain and crypto projects and how they do it.

US Ranked Top Destination for Coin Offerings, Majority of ICOs Identified as Scams

The authors of the study also note that a number of countries are making efforts to adopt and implement regulations that would attract and encourage more initial coin offerings. The Russian Federation, which hosted six of the top 100 projects, is one of them. Another report published earlier this year claimed that startups with Russian participation raised $310 million. That study covered a total of 370 token sales.

The other nation that has been mentioned in the study as a crypto-friendly jurisdiction is Estonia, with four of the largest ICOs. According to some reports, the tiny Baltic country accounts for up to 10% of all funds raised through initial coin offerings last year.

78% of ICO Projects Identified as Scams

Despite two recent studies suggesting investors are still bullish on ICOs, a research conducted by the Boston College revealed that less than half of ICOs survive four months after sale. Now, another study, authored by the research company Satis Group, tells us that a staggering 78% of all coin offerings conducted last year have turned out to be scams. These ICOs promised big profits but shared very little information about the project and the team behind it or didn’t even publish a white paper. Most of them disappeared right after the token sale.

The updated data in the “Cryptoasset Market Coverage Initiation: Network Creation” report, released last week, also shows that 4% of the ICO projects have failed to meet their fundraising targets and have returned the capital to the investors. Another 3% were never listed on a trading platform. Only 15% of the coins sold through ICOs continued to be listed and traded on exchanges. Of those currently trading, 7% are deemed ‘successful’, 3% are said to be ‘promising’, and 4% are tagged ‘dwindling’.

US Ranked Top Destination for Coin Offerings, Majority of ICOs Identified as Scams

It’s been estimated that of the $12 billion raised by ICOs, $1.3 billion (11%) was lost to scams, $1.7 billion (14%) disappeared in failed projects, and $624 million (5%) went to those that had gone dead. However, more than 70%, or $8 billion USD, went to ICOs that eventually reached exchanges. According to the study, most of the funds appropriated by scams were invested in three projects. These are Pincoin ($660 million), Arisebank ($600 million) and Savedroid ($50 million).

Do you think the regulatory efforts in many jurisdictions will decrease the number of fraudulent ICOs? Share your expectations in the comments section below.


Images courtesy of Shutterstock, Satis Group.


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Largest Association of Investment Professionals Adds Crypto to Curriculum

Largest Association of Investment Professionals Adds Crypto to Curriculum

CFA Institute, with over 150,000 members, is adding cryptocurrency topics to its curriculum for the first time. The course material will be released in August. A record 227,031 people in 91 countries and territories reportedly registered to take CFA exams this year.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Crypto Added to CFA Curriculum

Largest Association of Investment Professionals Adds Crypto to CurriculumThe world’s largest association of investment professionals, CFA Institute, “is adding topics on cryptocurrencies and blockchain to its Level I and II curriculums for the first time next year,” Bloomberg reported.

A global, not-for-profit organization, CFA Institute offers a range of education and career resources including the Chartered Financial Analyst (CFA) and the Certificate in Investment Performance Measurement (CIPM) designations. Its membership stood at 156,800 at the end of FY2017.

Citing that a majority of the candidates came from Asia, the news outlet elaborated:

A record 227,031 people in 91 countries and territories registered to take CFA exams in June…Material for the 2019 exams will be released in August, giving candidates their first opportunity to start logging a recommended 300 hours of study time.

Crypto – ‘Not a Passing Fad’

The CFA curriculum is organized into three levels. Level I tests “knowledge of the ethical and professional standards.” Level II tests how these standards are applied to situations analysts face. Level III tests how they are applied “in a portfolio management and compliance context.”

Largest Association of Investment Professionals Adds Crypto to Curriculum

Each level currently consists of 10 topics such as quantitative methods, economics, corporate finance, equity management, fixed income, derivatives, and alternative investments.

Largest Association of Investment Professionals Adds Crypto to CurriculumThe crypto addition is part of a new reading called Fintech in Investment Management, Bloomberg conveyed. The institute decided to include it “after industry participants showed surging interest in surveys and focus groups.”

Stephen Horan, the institute’s managing director for general education and curriculum in Charlottesville, Virginia, explained that “the CFA material on crypto and blockchain will appear alongside other fintech subjects including artificial intelligence, machine learning, big data and automated trading.” Citing that “more crypto topics, such as the intersection of virtual currencies and economics, may eventually be added to the curriculum,” he asserted:

We saw the field advancing more quickly than other fields and we also saw it as more durable…This is not a passing fad.

A 27-year-old financial economics student at Columbia University who took the CFA Level I exam in June, Kayden Lee, was quoted by the news outlet saying that “it will be beneficial for us since there’s been a huge expansion and adoption of crypto in our investment universe.”

What do you think of CFA Institute adding crypto topics to its curriculum? Let us know in the comments section below.


Images courtesy of Shutterstock and CFA Institute.


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PR: Monfils Sponsorship with eToro

Monfils Sponsorship with eToro

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Gaël Monfils, the 31-year-old French tennis star, is known as “Sliderman” for his on-court showmanship. He may take chances when trying to win Grand Slam matches, but when it comes to personal finance Monfils – who reached a career high of No6 in the world in 2016 – says he is risk-averse. His investment platform of his choice? The world’s leading social trading network eToro, which specialises in cryptocurrencies.

Monfils has been described by The Sunday Times magazine as “the most interesting guy in tennis” and Britain’s former world No1 Andy Murray reckons the agile Frenchman is the best athlete in the sport. He is not bad when it comes to investing in crypto, either, and began actively trading on eToro in 2017 (https://www.etoro.com/people/lamonf), having heard about the award-winning platform from his brother-in-law. He was drawn to its wide selection of cryptos and innovative investment tools.

Now he is sponsored by eToro, and the video the platform produced introducing Monfils – which you can see below – has generated almost four million views since late May.

https://www.youtube.com/watch?v=hBKGq8iB8gQ

The Swiss-based tennis maestro, who played in his tenth Wimbledon in July and had reached two Grand Slam semi-finals (both at the US Open, in 2008 and 2016) and has amassed £10.5 million of prize money in his career, says another big plus for is eToro is its excellent multi-channel user-friendly interface.

“I use [eToro] while travelling and it gives me some independence with my money,” he said in an interview for The Times on the eve of The Championships at Wimbledon (https://www.thetimes.co.uk/article/gael-monfils-the-crypto-factor-gave-me-flashy-returns-tlr9b6bgv). “I have a diverse portfolio, with a particular interest in big tech stocks.”

Monfils claims he made a healthy profit recently when selling his crypto assets on eToro, which over the years has pioneering various innovative features in the world of online trading – including CopyTrader, and CopyFunds.

“Last year I was investing especially in cryptocurrency – ethereum, litecoin, XRP and bitcoin,” he told The Times. “I sold out but have some left as a long-term investment, which I am not touching.

“I find [cryptos] fascinating – it’s futuristic, definitely novel, quite volatile, and it’s interesting how and why they built it. I made a very good profit; I could have had more, for sure, if I had held it for a bit longer, but I sold it at the right time for me. I think I made close to 75 per cent profit.”

On his trading style, Monfils – whose biggest payday came in 2016 when he reached the last four of the US Open and was rewarded with $875,000 (£660,000) – added: “I know how hard I have worked to win my money. I’m a very safe person in terms of risking money. It’s so hard to earn the money – why would I then risk it?”

Top tennis talent Monfils finds eToro’s service ace – and is urging others from around the globe to join him on the platform. And given his impressive track record in crypto trading he is good value for users looking to use the CopyTrader tool.

Explore eToro today.

All trading involves risk. Only risk capital you’re prepared to lose. Past performance is not an indication of future results.

Contact Email Address
https://www.etoro.com/about/contact-us/
Supporting Link
www.etoro.com

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

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The Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense

The Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense

In today’s edition of Bitcoin in Brief we cover the news that the world’s largest asset manager Blackrock is examining the crypto market, Coinbase is approved to list security tokens, and Bitpay got a New York Bitlicense. Additionally, the BCH exchange rate is now displayed directly on Google.

Also Read: UK Mosque Collects Four Times More Donations in Crypto Than Fiat

Blackrock Examining Crypto Market

The Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a BitlicenseBlackrock, considered to be the world’s largest asset manager with over $6 trillion in assets under management, is probing the crypto market. Reports have popped up yesterday that the NYSE-listed company has created a ‘working group’ to explore how it can take advantage of the hot new alternative investment instruments.

Larry Fink, chairman and CEO, subsequently denied in an interview that the company is setting up any crypto trading capabilities or that Blackrock received demand for it from its clients. However, he did confirm that the company is studying the performance of cryptocurrencies to be prepared for the eventuality in the future. “When it becomes more legitimatized, when it has a true open nature of it that you can identify who the players are on both sides, that’s when we’ll probably look at it,” Fink said.

Coinbase Approved to List Securities

There has recently been a race among crypto companies to acquire licenses to offer securities in the US, with firms such as Coinbase, Circle and Uphold buying up regulated assets. Now the former says that the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA) have approved its takeover of Keystone Capital, Venovate Marketplace and Digital Wealth, the three entities that Coinbase sought for their licenses. The next step for the company is integrating its own technology into the new subsidiaries, and training up its staff to comply with American securities brokering regulations.

Bitpay Gets a Bitlicense

BitpayThe Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense, the digital asset service provider based in Atlanta, Georgia, received a Virtual Currency License from the New York Department of Financial Services (DFS). This ‘Bitlicense’ enables businesses based in the state to leverage Bitpay to accept BCH and BTC for purchases from users globally, and local residents to be able to make purchases with the service.

“This is an important milestone for BitPay to secure the virtual currency license from the New York Department of Financial Services and be the first non-exchange to do so,” said CEO Stephen Pair. “New York state has one of the strictest policies around businesses involved in cryptocurrency and working through the approval processes to obtain a License was important to BitPay. We believe this hard work will pay off as New York presents significant business opportunities for BitPay.”

“DFS welcomes BitPay to New York’s expanding and well-regulated virtual currency market,” said Superintendent Maria T. Vullo. “We continue to work to support a vibrant and competitive virtual currency market that connects and empowers New Yorkers in a global marketplace while ensuring strong state-regulatory oversight is in place.” In total, DFS has now approved ten firms for bitlicenses and charters.

Peter Thiel and Bitmain Invest in EOS Publisher

Block.one, the company behind the development of EOS, has announced the closure of its latest strategic investment round. Paypal co-founder Peter Thiel has led this round, along with other investments from Bitmain, Louis Bacon, and Alan Howard. “As Block.one prepares to announce its future plans, we’re excited to welcome key strategic investors aligned with our values of creating a more secure and connected world,” said CEO Brendan Blumer. “The EOSIO protocol is a great example of blockchain innovation. Its performance and scalability can meet the needs of demanding consumer applications and will pave the way for mainstream blockchain adoption,” commented Jihan Wu of Bitmain.

Bitcoin Cash Is Now on Google

What do you do when you want to check the current price of BCH? Now you can just enter ‘bitcoin cash’ on Google and the search engine will display the exchange rate as the top result.

The Daily: Blackrock Probes Market, Coinbase to List Securities, Bitpay Gets a Bitlicense

And last but not least, Robinhood has announced that after BCH and LTC, it has now added for trading on its Crypto app the lovable shiba meme-based cryptocurrency, Dogecoin.

What do you think about today’s news tidbits? Share your thoughts in the comments section below.


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

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Iran Considers Using Cryptocurrencies to Evade US Sanctions

Iran Considers Using Cryptocurrencies to Evade US Sanctions

Iran may employ cryptocurrencies as part of its efforts to circumvent the upcoming US sanctions, according to a high-ranking Iranian lawmaker who said the matter will be discussed in parliament soon. The Iranian MP also believes that digital money can help with overcoming the hegemony of the US dollar.   

Also read: PBoC: Bitcoin Trading in Chinese Currency Drops Below 1% of World Total

Teheran Mulls Evading US Sanctions with Crypto

Iran Considers Using Cryptocurrencies to Evade US Sanctions
Mohammad Reza Pour-Ebrahimi

Cryptocurrencies are one of the major mechanisms Iran can use to evade the new US sanctions, a senior Iranian lawmaker said in an interview published recently. Mohammad Reza Pour-Ebrahimi, chairman of the parliamentary Economic Commission, also noted that digital currencies could help get rid of the dollar hegemony in international trade. Speaking to the Mizan News Agency, he said the matter will soon be reviewed in the parliament of the Islamic Republic.

Pour-Ebrahimi also noted that one of the main priorities of the Iranian legislature, in the current volatile economic situation, would be to explore the issue of money treaties as another mechanism to evade the sanctions. “Today, many countries like Russia, China and Brazil have already turned to mutual or multi-national money treaties which facilitate trade transactions,” he explained.

Amid rising tensions with the US, since Washington pulled out from the nuclear deal in May and threatened Teheran with harsher measures, Iran’s national fiat currency, the rial, has lost half of its value in the past several months. The new set of economic sanctions is expected to take effect in November this year and Iranian authorities have been looking for ways to circumvent them, the Iran Front Page reports.

Iran’s Complicated Relationship with Bitcoin

So far, the Islamic Republic has had an ambiguous attitude toward cryptocurrencies. The country’s economic woes have persuaded many Iranians to turn to cryptos like bitcoin in order to protect themselves and their money from high inflation and economic uncertainty. Around the beginning of this year, when the country was shaken by popular protests over the socio-economic situation, Iran saw a record increase in peer-to-peer trade between the rial (IRR) and bitcoin (BTC).

Iran Considers Using Cryptocurrencies to Evade US SanctionsDuring that period, calls were made for wider acceptance of cryptocurrencies. Later, reports came out that Iran was considering issuing its own crypto and adopting regulations for the established, decentralized cryptocurrencies like bitcoin. They were followed by statements that coins are unreliable and risky and other reports suggesting that the Central Bank of Iran (CBI) is looking for a way to prevent the use of digital currencies in the country.

In April, the CBI issued a statement effectively banning local banks and other financial institutions from dealing in cryptocurrency, while at the same time the debate on how to regulate the space was still ongoing. The risks of money laundering, financing terrorism, and criminal activities were cited as motives for the measure.

Despite the clampdown, it was revealed in May that Iranians have sent abroad more than $2.5 billion to acquire cryptocurrencies. In the meantime, it became known that Iran has developed an experimental local cryptocurrency, while the Central Bank and the Information and Communications Ministry continued their work on creating a legal framework for the fintech industry.

Do you think Iran will accept and use cryptocurrencies in order to evade US sanctions? Tell us what you think about this subject in the comment section below.


Images courtesy of Shutterstock, Mizan News Agency.


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P2P Markets Report: Latin American and Hungarian Volume Surges

P2P Markets Report: Latin American and Hungarian Volume Surges

Latin American peer-to-peer (P2P) markets have seen an influx of volume in recent weeks, with the Localbitcoins markets of Argentina, Brazil, and Venezuela posting significant spikes in volume. In other news pertaining to international P2P markets, the Hungarian Localbitcoins markets produced near-record volume in recent weeks, whilst Canada’s recent surge in volume appears to have subsided.

Also Read: Japan Tax Agency Says Individuals Earning $1,800+ in Crypto a Year Will Declare Tax

Latin American P2P Trade Volume Increases

According to data published by Coin.dance, the Localbitcoins markets of numerous Latin American nations have posted an influx of volume this past week.

Argentina posted a new record for the fiat-value of weekly P2P trading last week – with nearly 6.05 million Argentine Pesos (approximately $220,000 USD) worth of trade taking place during the week of the 7th of July. Despite just 31 bitcoins changing hands via the Argentine P2P markets, the week saw the strongest weekly volume for ARS trading on Localbitcoins since August 2017.

The week of the 7th of July also saw significant market action taking place on the Brazilian Localbitcoins markets – with the 3.2 million Brazilian Real (roughly $830,000 USD) worth of BTC traded comprising the third highest fiat-denominated weekly volume in the market’s history. With 128 bitcoins exchanging hands, the week also comprised the strongest volume since September 2017 for Brazil’s P2P markets.

This week, Venezuelan trading on Localbitcoins established a new volume record for the eighteenth time in the last twenty weeks, with nearly 11.75 trillion Venezuelan Bolivars (approximately $98 million USD) worth of BTC exchanging hands during the week of the 14th of July.

 

Despite the consistent records, the 590 BTC traded on the Venezuelan P2P markets comprises the ninth strongest weekly volume witnessed in the history of the Venezuelan Localbitcoins markets.

Hungarian Localbitcoins Markets Rally

Hungarian P2P trading enjoyed a sudden spike in activity in recent weeks, with Hungarian Localbitcoins trading producing the second and third highest weekly volume candles during two of the last three weeks.

During both the weeks of the 30th of June and the 7th of July, Hungarian Localbitcoins listing facilitated 7.3 million Hungarian Forint worth of BTC changing hands. Despite the seemingly significant volume when measured in forint, both weeks saw only 4 BTC (approximately $26,500) worth of trade.

Canadian Surge in P2P Trading Subsides

Trade volume on the Canadian P2P markets appears to have normalized, with between 70 BTC and 80 BTC (roughly $600,000 – $700,000 CAD or $450,000 – $530,000 USD) worth of trade taking place for the fourth consecutive week.

The apparent stabilization has occurred following several months of anomalously strong trading activity on Canada’s P2P markets – with between $4 million CAD (approximately $3.05 million USD or 900 BTC) and $12 million CAD (roughly $9.15 million USD or 1265 BTC) worth being posted weekly from mid-March until late-May.

What do you think caused the sudden spike in Canadian P2P trading? Share your thoughts in the comments section below!


Images courtesy of Shutterstock, Coin.dance


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G20 Watchdog Unveils Framework to Monitor Crypto

G20 Watchdog Unveils Framework to Monitor Crypto

A framework has been developed for the G20 countries to “monitor the financial stability implications of crypto-assets markets.” The Financial Stability Board says cryptocurrencies “do not pose a material risk to global financial stability” but supports their “vigilant monitoring.”

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

G20’s Crypto Monitoring Framework

The Financial Stability Board (FSB) announced Monday that it “has developed a framework and identified metrics to monitor the financial stability implications of crypto-assets markets.” The framework was developed in collaboration with the Committee on Payments and Market Infrastructures (CPMI).

G20 Watchdog Unveils Framework to Monitor CryptoThe board also published and submitted a report detailing its work on crypto-assets to the G20 as requested by finance ministers and central bankers at the G20 meeting on March 19 and 20 in Buenos Aires.

The FSB is an international body that monitors and makes recommendations about the global financial system to G20, an international forum for governments and central bank governors. The CPMI supports financial stability by promoting the safety and efficiency of payment, clearing, settlement and related arrangements.

G20 Watchdog Unveils Framework to Monitor Crypto

“The objective of the framework is to identify any emerging financial stability concerns in a timely manner,” the report states, adding:

The framework discusses the primary risks within crypto-assets and potential transmission channels to financial stability risks. The framework identifies which metrics the FSB might usefully monitor in the short-to-medium term.

The report also notes that “in general, monitoring the size and rate of growth of crypto-asset markets is critical to understanding the potential size of wealth effects, should a decline in valuations occur.” Furthermore, “the use of crypto-assets for payment or settlement is another transmission channel to be monitored.”

FSB’s Proposed Metrics

Citing that the crypto market and its public data sources, which the proposed monitoring metrics are based on, are “rapidly evolving,” the FSB warned that “the quality of the underlying data can vary, and might not always be satisfactory.” The report explains:

Market-related figures, such as metrics on prices, trading volumes, and volatility may be manipulated by generally prohibited practices such as ‘wash trading,’ ‘spoofing,’ and ‘pump and dump,’ the existence of which cannot be ruled out at this stage.

G20 Watchdog Unveils Framework to Monitor CryptoThe FSB also pointed out that “the proposed metrics may not fit all types of crypto-assets equally.” Nonetheless, it believes that they “provide a useful picture of crypto-asset markets and the financial stability risks they may present.” Over time, the FSB and the CPMI will consider improvements to the metrics as well as add new ones at a later stage.

No Material Risk to Financial Stability

The FSB report refers to decentralized, unbacked cryptocurrencies and crypto-assets as “first generation private digital tokens,” which are dismissed as “unsafe money.” However, it notes that “safer central bank issued cash may be less convenient in an era of electronic payments.” The report continues:

Crypto-assets do not pose a material risk to global financial stability at this time…At present, like crypto-assets in general, crypto-asset platforms do not pose global financial stability risks. Nevertheless, they raise other significant concerns, including consumer and investor protection, market integrity and money laundering/terrorism financing, among others.

The FSB further revealed that the Basel Committee on Banking Supervision is currently “conducting an initial stocktake on the materiality of banks’ direct and indirect exposures to crypto-assets.”

While the FSB does not believe crypto-assets pose a material risk to global financial stability, it supports “vigilant monitoring in light of the speed of developments and data gaps,” the report details.

What do you think of the FSB’s crypto monitoring framework? Let us know what you think in the comment section below.


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ETH Bots Run Rampant While Twitter Claims to Ban Lookalike Accounts

ETH-Bots Run Rampant While Twitter Claims to Ban Look-Alike Accounts

According to reports the social media platform Twitter has been deleting millions of fraudulent accounts per day, and stated during the first week of July that it suspended more than 70 million accounts throughout May and June. However, the cryptocurrency industry is still plagued by tons of ‘ETH scam-bots’ pretending to be bitcoin luminaries and this scheme has made these particular fraudsters millions.

Also read: BCH Roundup: Steady Development, Market Uptrends, and New Apps

Twitter Says The Company Has Suspended 70 Million Phony Accounts, But Bots Still Plague the Twitter-Sphere

Over the last few weeks, news.Bitcoin.com had written about the various Twitter scams and fake Ethereum giveaways that can be found throughout lots of conversations within the cryptocurrency industry. Some developers have even been working on cryptographic solutions that can weed out the vast amount of lookalike Twitter scammers. The massive amount of phony accounts use a person’s profile picture, the same username, and these frauds typically jump into a conversation following a hot tweet and push their ETH giveaways.

ETH-Bots Run Rampant While Twitter Claims to Ban Look-Alike Accounts
Phony John McAfee and Tone Vays Twitter accounts. Screenshots were taken on July 15, 2018.

An example giveaway is you give them 5 ETH, and they say they will give you 50 ETH in return after the funds are sent. This particular trick, even though it’s pretty obvious to some people, has been able to help these imposters acquire millions of dollars worth of Ethereum. Then just last week Twitter detailed to the media that they have thrown the ban-hammer down on fake accounts and have been suspending millions a day. 

ETH-Bots Run Rampant While Twitter Claims to Ban Look-Alike AccountsAccording to the Washington Post, the social media giant suspended 70 million accounts throughout May and June. Even though in the cryptocurrency ecosystem, these bots or spammers are in full force impersonating cryptocurrency figures, executives, and even digital asset exchanges like Binance. Yet the bot problem has also plagued movie stars, musicians, and political parties as well. A researcher from a Palo Alto-based think tank, Samuel C. Woolley, believes Twitter should be doing more to prevent spammers and bots.      

“When you have an account tweeting over a thousand times a day, there’s no question that it’s a bot,” said Woolley, at the Digital Intelligence Lab at the Institute for the Future.

Twitter has to be doing more to prevent the amplification and suppression of political ideas.

ETH-Bots Run Rampant While Twitter Claims to Ban Look-Alike Accounts
A fake Binance exchange Twitter account. Screenshot was taken on July 15, 2018.

Crypto-Luminaries, Bigwigs, and Exchanges Are Not Giving Away 200 ETH

Even though Twitter claims they have been banning millions of fake accounts the problem is still happening within the cryptocurrency industry. Lots of ‘cryptocurrency bigwigs’ are being copied by look-alike accounts still to this day. For instance, on July 15 the writer and speaker Andreas Antonopoulos shared a tweet of one of his latest talks. After the tweet, a phony “CZ” pretending to be the CEO of Binance states: 

A nеw prоmоtion with suppоrt is available tоday Get 200 ETHEREUM in your wallet now. You саn use аnу wal­let or exch­ange (Fоr example: Coinb­ase, Bina­nce, and others) or use a smart con­tract. If you’re Ia­te for this eve­nt, you’ll get your investment bасk imme­diately!

Unfortunately, the ETH scam bots are alive and well on Twitter and are still able to spawn new accounts after the company claims to have thrown down the ban hammer. For now, these cryptocurrency scammers don’t seem to be going anywhere soon.

What do you think about this situation? Do you think Twitter is doing a good job of taking care of this issue? Let us know what you think in the comment section below. 


Images via Shutterstock, Pixabay, Twitter.


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The post ETH Bots Run Rampant While Twitter Claims to Ban Lookalike Accounts appeared first on Bitcoin News.