Facebook’s Libra will destroy all stablecoins, but who gives a f***, remarks BitMEX’s Arthur Hayes

“Libra is not a cryptocurrency. Libra will destroy all stablecoins, but who gives a f*ck. I shed no tears for all those projects that somehow believed there was value in an unheard-of sponsor creating a fiat money market fund that rode on a blockchain,” remarked Arthur Hayes in this month’s BitMEX Crypto Trader Digest. Libra, […]
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Source: AMB Crypto

Ripple: SendFriend’s xRapid-powered remittance service to the Philippines goes live

The Philippines has been one of the key focus areas for Ripple, one of the world’s leading fintech firms. The firm that utilizes XRP to settle cross-border payments, which is faster, cheaper and frictionless than other service providers, partnered with SendFriend in order to establish a proper base in the country. The reason behind Ripple’s […]
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Source: AMB Crypto

Privacy cryptocurrency: CFTC Commissioner continues to be optimistic about zero-knowledge proof protocol

Financial privacy is a basic human right. This principle has been expounded by the lead maintainer of Monero, Riccardo Spagni, on more than one occasion. However, this “basic human right” has always been one of the major concerns of government authorities across the globe, mainly because of cases related to money laundering and terrorism financing. Owing […]
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Source: AMB Crypto

Facebook’s Libra: House and Senate’s PRs suggest increasing appetite for regulatory regimes

Apart from Bitcoin’s monumental rise recently, Libra has undoubtedly been one of the hottest topics in the cryptocurrency space. The coin that is expected to make its debut in the first half of 2020 saw the disapproval of several regulatory bodies as soon as it was introduced. It was once again placed in the spotlight […]
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Source: AMB Crypto

Tron celebrates its second year of Independence as it continues to BUIDL a Decentralized Web

Tron [TRX] – Love it or Hate it, but you can’t ignore it When the entire market was enjoying a bull run in December 2017, John McAfee, a well-known influencer, endorsed a new cryptocurrency in the market, commenting that it was a “long-term Hodl.” A year down the line, the project has launched its own […]
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Source: AMB Crypto

Bitcoin’s monumental rise continues to take over the market as coin moves past $10000 level

Bitcoin, the cryptocurrency that’s ruling the entire market with over 57 percent dominance, seems to be back with a bang. The coin has made a glorious return to the bull market as the past six months saw the digital gold recover its position from around $3000 to over $10,000. Additionally, the coin saw a monumental […]
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Source: AMB Crypto

Facebook, WhatsApp and Instagram may be banned by countries after Libra’s launch, says Caitlin Long

Co-founder of the Wyoming Blockchain Coalition and a blockchain evangelist, Caitlin Long, recently spoke about Libra, Facebook’s cryptocurrency, during an interview with WhatBitcoinDid. She spoke about whether people would start to use the cryptocurrency extensively, resulting in the devaluation of the local currency owing to a lack of use. Long stated that Libra’s launch would […]
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Source: AMB Crypto

Facebook’s cryptocurrency will have a negative impact on PayPal, says Caitlin Long

Caitlin Long, Co-founder of the Wyoming Blockchain Coalition, recently spoke about Facebook’s entry into the cryptocurrency space with the introduction of Libra, in an interview on WhatBitcoinDid. Long spoke about the primary market the coin would be playing a major role in, and the effect it would have on its competition. Long stated that Facebook’s […]
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Source: AMB Crypto

RippleNet’s new software update offers ‘bunch of functionalities’ to partners, claims Ripple executive

Recently, RippleDrop released an extended video of its latest episode, with the main focus being on RippleNet’s software update, the global payment settlement network. In the episode, Craig DeWitt, Director of Product Management, was asked how the software update on RippleNet improved customer service. To this, DeWitt stated that the software update offers a “bunch […]
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Source: AMB Crypto

SEC’s allegation against Kik is gross mischaracterization and misleading of the facts, says Ted Livingston

Recently, Ted Livingston, the CEO of a Canadian-based messaging startup, Kik, spoke about the reason they were being sued by the United States Securities and Exchanges Commission, in an interview for CNBC Crypto Trader. Livingston also spoke about the famous Howey Test and explained why it would not hold in this case.
Livingston was asked about the exact reason the commission was after Kik: whether it was for raising money via an ICO or for having “an instrument in circulation” that does not comply with the commission’s requirements. To this, the CEO stated that in the Wells notice, which they had received in November, the commission’s emphasis was on both the Kin tokens that were sold during the ICO, its current usage and tokens issued by Kin Foundation.
He went on to state,
“they don’t talk about anything to do with Kin being used to or anything to do with Kin foundation. It’s purely about the token sale in 2017. So, to me that’s exciting, they’ve backed down the idea that Kin, today, being used in dozens of apps by millions of people is a security, they made no comment on that today […]”
This was followed by Livingston speaking about another key factor pointed out by the commission, the firm telling investors that they could expect profits and its appliance to the Howey Test. He stated that this was not “what the Howey Test is”, adding that because an asset could become more valuable does not imply that it was a security.
[…] Just because a group of people have a common incentive, does not make it a security. The Howey test makes it very clear from the 1940s. So to us, the announcement is quite clear and that’s why we got excited when the DAO report came out, saying that the Howey test was the correct test […]
Further, he spoke about the commission’s allegation that the firm “enticed people to purchase a token” by asserting that it was a good investment and that it would grow in value.”
“I think this is a gross mischaracterisation and misleading of the facts. What we did is that we explained basic crypto-economics. The fundamentals of crypto is that you can issue a digital asset that has guaranteed scarcity.”
He went on to state that it was economics 101 that an asset that is scarce, and that which creates demand would become more valuable. He added that the team did not “promise anything”, adding that they could neither guarantee the value of Kin nor guarantee the demand of Kin.
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Source: AMB Crypto

SEC continues to divide and conquer the whole industry, says Kik CEO Ted Livingston

Recently, Ted Livingston, the CEO of Kik, a Canadian-based messaging startup, shed light on the on-going case with the United States Securities and Exchanges Commission [SEC], in an interview with Ran NeuNer for CNBC Crypto Trader.
The discussion on the topic began by Livingston speaking about the first time the team was contacted by the United States regulatory authority. He stated that they first heard from the commission 3 days after the completion of their token sale, which was held over 18 months ago. He further stated that the initial interaction was a ‘friendly’ one, with the commission wanting to know more about what they were doing. He went on to state,
“Then, there were subpoenas and then testimony and finally they issued us what’s called the Wells notice, November last year. We issued our Wells response. We took both those things public in January and then finally we recently said what’s enough is enough, let’s go public. Let’s go to court.”
This was followed by the CEO speaking about whether they were expecting to be sued by the SEC. On this, Livingston stated that that they “weren’t sure”, adding that the one matter they were clear about was that the crypto-industry needed more regulatory clarity “one way or the other”.
He stated,
“we said to the SEC, ‘you’ve let us know that there’s infraction here. We’re going to tell the world that.’ So, one way or the other, you’re going to give us clarity here. Either you chose to go ahead or we’re going to fight this out in court and you back down and that in itself will be guidance.”
Further, Livingston was asked about their decision to go up against the commission. He stated that the commission originally had good intentions. However, he added that they have learned that the commission “continue[s] to divide and conquer the whole industry”, adding that everyone was “in this state of fear of what the SEC [would] think”.
He further stated
 “And at this point, this is having a real impact on our ability to compete on a global stage.”
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Source: AMB Crypto

LocalBitcoins clamps down on services in Iran; official says compliance now a top priority

LocalBitcoins, one of the most popular peer-to-peer cryptocurrency exchanges in the world, was recently criticized by the community. Last month, it was bought to light that the platform had stopped providing services to customers based in Iran, following which, the exchange placed a ban on in-person cash trading. As a result, the platform is reportedly losing customers to other peer-to-peer platforms in the space.
Currently, LocalBitcoins’ website explicitly states that the platform is not available for services in Iran. Further, Iranian users who already had an account on the exchange before the enforcement of the ban would be able to withdraw their Bitcoins. However, they would not be able to trade.
Source: LocalBitcoins
During an interview on Unchained Podcast, LocalBitcoin’s Community Manager, Vera Xavier and Chief Customer Success Officer, Elena Tonoyan, spoke about the reasons behind the platform’s latest update.
The platform’s representative stated that the reason for banning Iranian customers on its platform was regulations. The official stated that the cryptocurrency market was “getting regulated,” adding that there was a lot of grey area. She further stated that compliance was one of the platform’s top priorities now.
The official added,
“[….] Well, obviously right now, there are quite many regulations coming […] even though we’re a company acting under Finnish law, we have users from all over the world and sometimes for some regulatory reasons we might stop servicing in certain countries […]”
This was followed by the representative stating that she would not be able to provide further comments on the subject as it was beyond her “scope of responsibilities.” However, she did affirm that the main point was that the platform was doing its best to cooperate with regulatory authorities all around the world.

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Source: AMB Crypto

Binance Security Breach: Andreas Antonopoulos explains process, implications if exchange had pursued chain re-org

Andreas Antonopoulos, author of Mastering Bitcoin and a well-known Bitcoin advocate, spoke about the Binance hack and the re-org that was briefly considered, during a Q&A session on YouTube. During the session, the author explained the scenario of what would have happened if Binance had decided to go ahead with the re-org.
Binance, one of the largest cryptocurrency exchanges in the world, fell victim to a security breach that led to the loss of 7000 BTC. Soon after the hack was announced, Changpeng Zhao, CEO of the exchange, discussed the possibility of a chain re-org. This however, was criticized by a majority of the members in the cryptocurrency community, with several well-known influencers standing against this move.
This was followed by Zhao stating that the exchange had decided not to go ahead with the plan, after discussions with a few prominent players in the community. The reason behind the backtracking was that the cons weighed more than the pros.
Antonopoulos explained an outcome where Binance had decided to go the other way around, and do a chain re-org. The author claimed that the exchange was basically proposing a 51 percent attack. He added that the exchange would’ve had to persuade 51 percent or more miners to roll back to the block before the attacker sent the coins to his/her address, and set that block as the parent of the next block and start mining from thereon.
This was followed by the author speaking about a scenario where the exchange decided to do a re-org, a day after the attack. This would require the exchange to persuade miners to roll back around 145 blocks, following which, they would use their hashing power to surpass the remaining 49 percent of the miners who would’ve have been mining from the current block of the longest chains, thereby causing a re-org of the chain.
He went on to explain the majority of the miners’ work during this process,
[…] they would deliberately mine a double spend transaction from Binance, spending all of the outputs that were stolen by the attacker to Binance addresses and once that’s in there then the transaction from the attacker would not succeed those coins will have already been spent on the chain being mined by the miners trying to do the rollback […]”
Further, Antonopoulos stated that 51 percent was not enough, adding that one of the reasons it was not enough was that “at a rate of 1 percent advantage over the chain being mined by the 49 percent, they [rest 51 percent] would only achieve a 1 block gain every day.”
He stressed that miners with 51 percent hash rate would have only a 1 percent advantage over the chain being mined by the rest of the miners. The author added that under such circumstances, it would take the miners almost 150 days to catch up, overtake and rewrite the chain, remarking that it was a “very very long time.” Antonopoulos also stated that if something went wrong during this timeframe, like 1 percent of miners abandoning this process and shifting to the other side, then all the energy spent on this would’ve been wasted.
The author also spoke about one of the possibilities suggested to Binance, in order to get the miners on-board with the plan, which was to bribe them. He went on to state,
[…] one way to bribe them is to make sure that the transaction that they introduce, which spends Binance’s outputs back to Binance, carries very very high fees and therefore the miners are incentive, they’re gonna get paid off for this and those these would have to be more than the rewards of the blocks that the miners would be rolling back […]”
Antonopoulos added that if miners rolled back five blocks, then they have to pay the miners more than 60 Bitcoins. He explained that the reason for this was that miners would’ve made 12 and a half Bitcoins for continuing to mine the blocks on the normal chain, and if they had to roll back the chain, then that energy would be wasted. He further stated that Binance would’ve had to bribe the miners with the entire reward amount and add more to this as this would’ve been a risky undertaking.

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Source: AMB Crypto

Ethereum’s Vitalik Buterin says, ‘Bitcoin SV is a complete scam; Binance has a lot of power’

Recently, Vitalik Buterin, the creator of Ethereum [ETH], the leading smart contract platform and the second largest cryptocurrency, spoke about Bitcoin SV and the famous episode of the coin being delisted from Binance. Buterin also elucidated about his opinion on centralized exchanges, in an interview for The Great Ave podcast.
The creator, who previously stated that “BSV is a pure dumpster fire“, remarked that the Craig Wright backed digital currency was “obviously a complete scam”, adding the coin being delisted from one of the biggest exchange was “interesting”. He further pointed out that there were arguments that were in favor of the step taken by Binance and also the other way around, where the argument was that it was an exchange “wielding a lot of centralized power.”
This was followed by Buterin stating that Binance, in reality, does have “a lot of power” and that it was “wielding it in a lot of ways”. Under this, Vitalik highlighted the points of the exchange asking for “big listing fees” and its influence over tokens, where the exchange “influences which coins win and lose” by choosing its trading pairs.
Buterin went on to state,
“it’s weird to kind of criticize like that one decision without looking at all their others […] the more long-term thing is, […] I do really want to decentralize exchanges to succeed and at least kind of offer enough of a level of service that coins tokens can exist and do well like even regardless of what centralized exchanges do”
In October 2018, Binance released an official statement on its blog post, declaring that all its listing fee would be donated to its charity initiative, Blockchain Charity Foundation. Additionally, the exchange had stated that it would donate 100 percent of listing fee and also make the process transparent. This move was made by the leading exchange in order to “increase the use of blockchain for greater good”. The exchange had stated,
“Project teams will still propose the number they would like to provide for a ‘listing fee’, or now more appropriately called a ‘donation’. Binance will not dictate a number, nor is there a minimum required listing fee”

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Source: AMB Crypto

SEC strikes down Kik Interactive days after Kin Foundation announced Defend Crypto initiative

Right when everything seemed to be going well between the United States Securities and Exchanges Commission [SEC] and the cryptocurrency space, the SEC released a press statement on charging Kik Interactive Inc. for issuing a token, Kin, without registering it as a securities offering. The SEC also pointed out that the $100 million securities offering took place six weeks after the commission released The DAO report, advising issuers to comply with the securities law.
Robert A. Chen, the Chief of the Enforcement Division’s Cyber Unit remarked,
“Kik told investors they could expect profits from its effort to create a digital ecosystem. Future profits based on the efforts of others is a hallmark of a securities offering that must comply with the federal securities laws.”
The press release briefly explained all the stance taken by the commission to sue Kik Interactive. The commission “alleges” that Kik was incurring a loss for years on its messaging app, with the firm’s management “predict[ing] internally that it would run out of money in 2017.” Following this, the firm raised money via the sale of one trillion Kin tokens, $100 million in cash and Ethereum out which, $55 million was raised from U.S investors.
The press release stated,
“The complaint alleges that Kin tokens traded recently at about half of the value that public investors paid in the offering. The complaint further alleges that Kik marketed the Kin tokens as an investment opportunity.”
This was followed by the commission stating that Kik “allegedly told investors” that the value of the token would increase with the demand while promising to do the groundwork to ensure an increase in its demand. This includes integrating the token on the messaging app, paving the way for transaction service and introducing a reward system that would incentivize companies adopting the token.
The commission also “alleges” that the firm did not have these services when it offered the sale of these tokens to investors, adding that “there was nothing to purchase using Kin”. Other allegations include enlisting the coin on exchanges/ secondary markets for trading purpose, and “Kik would profit alongside investors from the increased demand that it would foster.”  More so, the commission also highlighted that the value of the token has seen a significant decrease in comparison to its value during the token sale.
Steven Peikin, the co-director of the SEC’s Division of Enforcement stated,
“By selling $100 million in securities without registering the offers or sales, we allege that Kik deprived investors of information to which they were legally entitled, and prevented investors from making informed investment decisions. Companies do not face a binary choice between innovation and compliance with the federal securities laws.”
Stephen D Palley, a well-known lawyer in the cryptocurrency space stated,
“SEC v. KIK: One of the challenges inherent in defending an SEC investigations is that they give the commission the ability to do significant discovery before filing a lawsuit, as this one shows. If you poke the bear better have bear proof arguments to muster in response.
Interestingly, this announcement from the commission comes in days after Kin Foundation announced the launch of Defend Crypto initiative, where the foundation raised around $5 million. The sole purpose of this initiative was to get better regulatory clarity from the SEC in terms of the classification of security tokens.
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Source: AMB Crypto