Binance CEO Appreciates Competing Exchange On Supporting Binance Chain & BNB

Coinmarketcap’s 7th largest cryptocurrency, Binance Coin (BNB) and Binance’s native Binance Chain has recently received support from the crypto exchange, KuCoin. The Hong-kong based cryptocurrency exchange, KuCoin broke out an announcement on June 18, 2019, stating that it is listing BNB with pairs of BTC and USDT and the trading will be scheduled to happen from June 19, 2019.
KuCoin Supports Binance Chain and Binance Coin (BNB)
Being the crypto exchange, Binance and KuCoin offer similar crypto trading services and by nature both the exchange appears to be in a competing space. However, the announcement of KuCoin’s supporting BNB impressed the CEO of Binance Exchange Changpeng Zhao/CZ who then took to Twitter and appreciated kuCoin by stating ‘Very smart move from KuCoin to support BinanceChain and BNB’. On June 19, 2019, CZ posted on Twitter;

Very smart move from KuCoin to support #BinanceChain and $BNB.
1. Access to many strong projects already (and will be) on Binance Chain.
2. Attract BNB traders and holders, especially users we had not been able to service. https://t.co/7EX5bC1kAR
— CZ Binance (@cz_binance) June 19, 2019

Currently, KuCoin users can access to deposit and trading service of BNB coins whereas the withdrawal feature will be accessible on June 21, 2019, at 18.00 (UTC+8). While KuCoin began supporting BNB which is the native token of Binance, it’s worth to note that crypto community is questioning CZ and Binance on their plan to list KuCoin’s native token (KCS) on Binance exchange.
Nevertheless, Binance CEO jokingly responded to the ongoing discussion between community which hints KCS to get migrated into BNB chain to get listing support from Binance. As a response, CZ adds, ‘Best answer, lol. That may do it.’
Source: Twitter
BNB Surges and Tradest At Over $35
Moreover, the price of Binance Coin (BNB) on Coinmarketcap is quite flourishing today with 1.27 percent over the past 24 hours. The coin currently stands as the 7th largest cryptocurrency which valued at $35 against the US dollar and the current market cap counts at $4,961,569,716.
Image Source – Coinmarketcap
Also Read – Binance Launches a New Cryptocurrency, BTCB, Pegged to Bitcoin
While exchanges like KuCoin finally hit its floor to list BNB, Binance CZ himself is uncertain on BNB’s listing on their new US-based trading platform Binance.US. However, CEO during a live stream on Tuesday states that;
“We’ll work very hard to try to get BNB listed on Binance.US. On the positive side, if you look at Binance Uganda, Binance Jersey, Binance Singapore .. they all have BNB listed already. … But again, until there is an official announcement, we don’t know,”
The post Binance CEO Appreciates Competing Exchange On Supporting Binance Chain & BNB appeared first on Coingape.
Source: CoinGape

Breaking: Facebook’s Libra Whitepaper Reveals Mission Behind Launching Libra Coin

And a long-awaited whitepaper of Facebook’s crypto is out on June 18, 2019, as scheduled. As per the whitepaper released, the cryptocurrency of Facebook will be called as ‘Libra’ and the coin will roll out in the first half of 2020.
Facebook Launches Libra Coin Whitepaper
According to the whitepaper, Libra coin will be built on Libra Blockchain and will be backed by stable digital currency. The coin will be launched in the first half of 2020. However, in the newsroom page of Facebook, the social giant talks about the plan for 2020 and states about Calibra which is a new subsidiary of Facebook. The statement reads that with Calibra’s financial service, users can participate in Libra network and as such, the very first product that will be launched by Calibra would be a digital wallet for Libra coin.
Today we’re sharing plans for Calibra, a newly formed Facebook subsidiary whose goal is to provide financial services that will let people access and participate in the Libra network. The first product Calibra will introduce is a digital wallet for Libra, a new global currency powered by blockchain technology. The wallet will be available in Messenger, WhatsApp and as a standalone app — and we expect to launch in 2020.
Mission Behind Libra Coin
Coming back to Libra whitepaper, the mission is to ‘enable a simple global currency and financial infrastructure that empowers billions of people’. With that being said, Facebook’s aim is to offer a financial solution to all 1.7 billion adults who are unbanked even if nearly 1 billion people have access to mobile phones and the internet.
The intro part of Facebook’s Libra whitepaper discussed Govt’s stance on crypto and explains how few existing projects are bypassing regulations. It says that Facebook believes in collaborations with entities including regulators to succeed in this sector, it reads that;
We believe that collaborating and innovating with the financial sector, including regulators and experts across a variety of industries, is the only way to ensure that a sustainable, secure and trusted framework underpins this new system. And this approach can deliver a giant leap forward toward a lower-cost, more accessible, more connected global financial system.

Today, Facebook is coming together with 27 organizations around the world to start the non-profit Libra Association and…
Mark Zuckerberg ಅವರಿಂದ ಈ ದಿನದಂದು ಪೋಸ್ಟ್ ಮಾಡಲಾಗಿದೆ ಮಂಗಳವಾರ, ಜೂನ್ 18, 2019

Specification of Libra Coin
Concerning the stance of Libra as digital currency, the document kept on adding about a reliable digital currency and infrastructure that perhaps the world needs to witness ‘the internet of money’.
Securing your financial assets on your mobile device should be simple and intuitive. Moving money around globally should be as easy and cost-effective as — and even more safe and secure than — sending a text message or sharing a photo, no matter where you live, what you do, or how much you earn.
Further, the document defined Libra in three different aspects that made it an inclusive financial system and meantime empower billions of people.

It is built on a secure, scalable, and reliable blockchain;
It is backed by a reserve of assets designed to give it intrinsic value;
It is governed by the independent Libra Association tasked with evolving the ecosystem.

Libra cryptocurrency will work on its native blockchain called ‘Libra Blockchain’ which is an open source. On top of all, the blockchain has been built while considering security, scalability, efficiency in storage and throughput, and future adaptability.
Why Libra is a Stable Coin?
As stated Libra will be backed by a reserve of real assets and according to whitepaper report, it is because – Libra need to be accepted in many places and features easier access everywhere.
A basket of bank deposits and short-term government securities will be held in the Libra Reserve for every Libra that is created, building trust in its intrinsic value. The Libra Reserve will be administered with the objective of preserving the value of Libra over time.
As stated, the currency is designed to be a stable digital currency and will also be supported by a competitive network of exchanges to buy/sell the Libra coin with their fiat currency – of course, the exchange rate will be the center of attention by exchanges.
Libra is designed to be a stable digital cryptocurrency that will be fully backed by a reserve of real assets — the Libra Reserve — and supported by a competitive network of exchanges buying and selling Libra.
The Libra Association
More on this – it has also created an independent, not-for-profit membership organization called ‘The Libra Association’. The Association is headquartered in Geneva, Switzerland that will undertake the key task for providing a framework for the governance for the network and reserve and also help social impact grant-making in support of financial inclusion. It has also revealed its ‘founding members’ and notably, names of few members are those who were earlier reported as the investor to Libra project.
Following are the Founding members of Libra Associations wherein Facebook hopes to have approximately at least 100 members by the first half of 2020 when Libra coin is scheduled to actually launch in the market.
Payments: Mastercard, PayPal, PayU (Naspers’ fintech arm), Stripe, Visa
Technology and marketplaces: Booking Holdings, eBay, Facebook/Calibra, Farfetch, Lyft, MercadoPago, Spotify AB, Uber Technologies, Inc.
Telecommunications: Iliad, Vodafone Group
Blockchain: Anchorage, Bison Trails, Coinbase, Inc., Xapo Holdings Limited
Venture Capital: Andreessen Horowitz, Breakthrough Initiatives, Ribbit Capital, Thrive Capital, Union Square Ventures
Nonprofit and multilateral organizations, and academic institutions: Creative Destruction Lab, Kiva, Mercy Corps, Women’s World Banking
“Move”, The New Programming Language & Libra Blockchain
The Libra whitepaper further talks about a new programming language called ‘Move’, the launching intends o implement custom transaction logic and smart contracts on top of Libra Blockchain. On top of all, this blockchain of Libra is a single data structure which will record the history of transactions and states over time – however, in case of existing and previous blockchain, it views blockchain as a collection of blocks of transactions.
Because of Libra’s goal to one day serve billions of people, Move is designed with safety and security as the highest priorities, Whitepaper reads adding; To facilitate agreement among all validator nodes on the transactions to be executed and the order in which they are executed, the Libra Blockchain adopted the BFT approach by using the LibraBFT consensus protocol.
Concerning the single data stricter, Facebook explains that;
The Libra Blockchain is pseudonymous and allows users to hold one or more addresses that are not linked to their real-world identity.
So readers, what do you think about Facebook’s Libra Coin.? Do you think Libra coin will lead in crypto space just like Facebook in social media.? Let us know in the comment below
The post Breaking: Facebook’s Libra Whitepaper Reveals Mission Behind Launching Libra Coin appeared first on Coingape.
Source: CoinGape

Bitcoin Breaks $9000 Value – 2019’s ATH While Market Cap Points $161 Billion

BTC/USD price again impresses its worldwide crypto community. On June 16, 2019, the value of Bitcoin (BTC) is hitting this year’s ATH (All-Time-High) after reaching $9000 figure against USD – in fact, it’s total market cap counts for $160 billion on June 16, 2019.
Bitcoin Breaks $9000
Just to remind, Bitcoin began hitting high trading volume since early days of April – in fact, only in the month of May 2019, Bitcoin’s value spiked from $6000 to $8000 and then began dancing between $8000-$9000 until June 15. This weekend perhaps seems really interesting for bitcoin proponent.
At press time, the value of Bitcoin counts $9062 against US Dollar with the influencing figure 4.47 percent within the past 24 hours. Moreover, it’s trading volume also jumped up higher and presently marked for $160,978,282,622.
Source: coinmarketcap
In addition, such spiking value of Bitcoin is positively influencing the prices of other leading cryptocurrencies – including Ethereum, XRP, Litecoin, Bitcoin Cash and EOS. The value of ETH is soaring with 2.11 percent, XRP with 2.27 percent, LTC with 0.81 percent, BCH with 2.04 percent and EOS with 4.19 percent over the past 24hours.
Also Read: Crypto-Market Top Weekly Performers: Bitcoin, Litecoin, Ethereum, NEO and Cardano’s ADA
Also, recent reports released on June 15 states that there are now over 1 million daily active addresses ( unique sender and receiver addresses). This was quickly gotten the attention of Kevin Rooke who adds following on his Twitter account;
When Bitcoin first broke 1 million active addresses (Nov 27, 2017), 1 BTC was $9,352 and the median tx fee was $3.23.
Yesterday 1 BTC was $8,230 and the median tx fee was $1.33.
Besides this, the other analyst Nunya Bizniz who often known for his accurate analysis points bullish signals on Bitcoin’s price on June 15, he says that;
 A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead?
 

BTC Weekly. This chart is premature but shows the 3 prior instances where price structure was similar to present. A large bearish (engulfing) candle, followed by a reversal and large bullish (engulfing) candle. Rally and new yearly highs ahead? pic.twitter.com/nsgzmhEn53
— Nunya Bizniz (@Pladizow) June 15, 2019

Looking closer at the value of Bitcoin, another trader Credible Crypto also points this week in incredibly bullish moments, he adds;
 

Although last week’s candle was very bearish, this weeks candle retraced the entire thing which is incredibly bullish. Official close is tomorrow, but thus far just looks like a retest of the monthly breakout level. Now targeting the resistance in the red region above us. $BTC pic.twitter.com/kHcX1ZRwPM
— Credible Crypto (@CredibleCrypto) June 16, 2019

So readers, what’s your view on upcoming bitcoin value.? Do you think it will jump over $10000 as well within June 2019.? Let u know in the comment below 
The post Bitcoin Breaks $9000 Value – 2019’s ATH While Market Cap Points $161 Billion appeared first on Coingape.
Source: CoinGape

Was CCN’s Google Update a Journalistic FUD? Crypto Community Thinks So!

On June 03, 2019, Google rolled out a new update to its algorithm which eventually affected many websites that pushing out content regularly on its website. Although many media websites, more specifically, finance and healthcare opened up their contempt to Google’s latest effort, on the other hand, CCN which is one of the oldest crypto media announced its shut down effort a week later.
Truth or Marketing Stunt?
The announcement entitled ‘CCN is Shutting Down after Google’s June 2019 Core Update’ – which was such a lengthy post seems just a marketing stunt for few members of the crypto community. This is because, CCN on June 12, 2019, broke out yet another announcement which is a completely opposite side of its earlier one, that was made on June 10, 2019.
Nevertheless, CCN on Wednesday, June 12 published a new post, entitling ‘CCN Markets is Rising From the Dead’ which wasn’t well-received by market leaders and crypto community. The article notes that;
Whether or not the Google June 2019 Core Update is to blame, we are fixing it. We’re receiving help from multiple SEO teams to understand what has transpired, CCN article reads. There’s still a good chance that this won’t correct our visibility on Google overnight, but I’m hopeful we are on the right path to figuring it out.
Google’s SEO is absolutely bothering many websites, however, CCN’s effort presenting its declining graph of audience rate along with including the low performance of other major media including Coindesk and Cointelegraph turned out to be a topic of concern on June 10 and June 11. This, in turn, resulted as a news topic for many crypto media including Coindesk which has also updated an article on CCN’s announcement very quickly. In fact, Coindesk’s article ‘CCN Shuts Down After Major Google Search Update’ stressed other crypto-related news sites and they followed the suit.
However, what seems to be more stressing is just a marketing stunt according to Larry Cermak.

Two days ago – Google killed us, it’s all their fault
Now – Never mind, we fixed it.
Great stunt guys!
— Larry Cermak (@lawmaster) June 12, 2019

Consequently, the crypto community on Twitter shouting out adding
’This is the saddest publicity stunt I have seen in years!, journalistic FUD and so on.
Besides that, Peter McCormack who is a Mommy Blogger and one of the renowned crypto influencer, says that;

I suspect the closure of CCN is more than just down to a change in the Google algorithm. If the rollout was June 3rd and the decision was a week later, I assume they had bigger problems.
— Peter McCormack (@PeterMcCormack) June 10, 2019

But, it Worked for CCN
On a similar concern, Mr. Sunil Sharma whose name counts among the top 50 Tech leader states;

Dear @CCNMarkets, Stop demonizing @Google and stop playing stunts!
Being a market leader comes with its own responsibilities, don’t ruin the market for other publishers by making a joke of crypto community. https://t.co/y06xErwtp3@MatiGreenspan @APompliano @PeterMcCormack
— Sunil Sharma (@sharmasunil8114) June 12, 2019

This has gotten the attention of Mati Greenspan, eToro’s senior market analyst who shared a quite different view. According to him, so-called ‘Marketing stunt worked for CCN’ – as in a very short period of time, CCN’s shut down news got spread as the hottest bulletin.
 

I like a good bit of drama. Anyway, it seems to have worked.
— Mati Greenspan (@MatiGreenspan) June 12, 2019

So readers, what’s your view on CCN’s latest update of ‘We Are Back’? Do you also think CCN tried marketing stunt or a journalistic FUD? Do let us know in the comment below. 
The post Was CCN’s Google Update a Journalistic FUD? Crypto Community Thinks So! appeared first on Coingape.
Source: CoinGape

India: Top Crypto Leaders Shouting Loud at `10 Year Jail Report’, Doubting on Draft Bill Approval

So on June 07, 2019, Bloombergquint media published a click-bait article by hiding many secretive facts behind paywall about upcoming crypto-ecosystem in India. While many perceive it just a piece of unbiased news, on the other side, the crypto community is widely shouting at the Govt of India and the possible effect it brings.
Clait-Bait Article Or Real Report?
Nikunj Ohri, author of Bloombergquint media published an article entitling “Exclusive: India Proposes 10-Year Jail for cryptocurrency Use, May Introduce Its Own Digital Currency”, cites the draft report that supposedly entitled ‘Banning of Cryptocurrency & Regulation of Official Digital Currency Bill, 2019”. Although the truth behind this report is still unclear because what said to be the draft is still not officially shared by Govt officials – also it is not been published yet. The report mentioned that committee sent out a draft report to the Govt of India that proposes 10 years jail for those dealing with cryptocurrency mining, trading, holding and so on – also, it added that India will launch Digital Rupee, a possible alternative to cryptocurrency for Indians.
So as far as Bloombergquint’s report is concerned, many analysts/leaders of crypto industry discussed possible scenarios that might be happening in India. Although Bloombergquint is quite a reliable source for crypto news so far. Economic times had published a similar report on cryptocurrency usage within the country which had not confirmed by Govt of India until now.
Moreover, as a response to recent Right to information ( RTI ) filing by Varun Sethi, India-based blockchain lawyer on ‘proposed ban on Cryptocurrency’, Reserve Bank of India (RBI) says it has no knowledge about such report. It openly denies the report that once mentioned by Economic Times as ‘Banning of Cryptocurrencies and Regulation of Official Digital Currencies Bill 2019″ draft,
What do crypto leaders think about jail report?
In case if we believe such reports, here are the opinions of crypto leaders.
According to Barry Silbert, the Founder & CEO of Digital Currency Group, India’s 10 year Crypto Jail report will in turn increase bitcoin awareness and interest in the country. He says;

India ain’t messing around. This will, of course, have the opposite of the desired effect on bitcoin awareness and interest in the country https://t.co/S7OehKgNS1
— Barry Silbert (@barrysilbert) June 7, 2019

Another leader, Anthony Pompliano, Co-founder & Partner at Morgan Creek Digital followed the similar tone and adds his doubt of bill to get past. With that, he points if it does, the scenario will be in turn drive adoption.

India is proposing a 10-year jail sentence for those who mine, hold, or transact with cryptocurrencies.
I highly doubt this will get passed, but if it does, it will have the opposite effect and actually drive adoption.
People don’t like being told what to do with their wealth.
— Pomp 🌪 (@APompliano) June 7, 2019

While many Indians doubt Bloombergquint report, Bloomberg author Nikunj Ohri shared the screenshot of the draft report which reads;
Whoever directly or indirectly mines, generates, holds, sells, deals in, transfers, disposes of or issues cryptocurrency or any combination thereof with an intent to use it for any of the purposes mentioned in, or directly or indirectly uses cryptocurrency for any of the activities mentioned in, clauses (e), (g) and /or (h) of sub-section (1) of Section 8 shall be punishable with fines as may be prescribed by the Central Government in the First Schedule or with imprisonment which shall not be less than one year but which may extend up to ten years, or both.
 
 That being said, it isn’t something that surprise crypto enthusiasts residing in India, many Indian crypto influencers called this article as FUD for having no official source. In fact, while responding to a user’s comment, founder & CEO of Indian cryptocurrency Exchange WazirX, Nischal Shetty states that he highly doubt country’s prime ministry and the finance minister will proceed such draft report. In his words;
Source: Twitter
This jail report didn’t go without being seen as India is the second largest country in terms of population and if it passes positive regulations, it would possibly be the best opportunity to bring India at the forefront of the emerging crypto industry. In fact, Ran NeuNer, CNBC crypto trader also shared his view, shouting this system as ‘what a bunch of idiots’.

This is so f@cking stupid. One of the biggest industries that could receive the Indian economy is tech and specifically blockchain. What a bunch of idiots!https://t.co/LMrVajqZ1i
— Ran NeuNer (@cryptomanran) June 7, 2019

In addition, CZ, CEO of one of the Binance Crypto Exchange shared a quite unique view and says that the bill will push privacy coin adoption forward.

That Bill in India will really push privacy coin adoption forward.
— CZ Binance (@cz_binance) June 7, 2019

Hopes Remain on July 23
So far, many reports have come and gone and as such, this report is just a draft and has not been passed by Indian Govt yet. however, it is quite surprising to see how Bloombergquint received access to such draft report while in reality, such draft will have to be the first get passed by Govt to have complete access. Nevertheless, reported by news.bitcoin.com earlier, in the last week of next month, the Supreme Court of India will finalize the aspect of crypto & ecosystem in India. On July 23, 2019, many misunderstanding revolves around cryptocurrency might be cleared out.
Coingape has asked top leaders of Indian crypto & blockchain industry about this matter, Stay tuned to know what’s hidden behind the scene of Indian blockchain & crypto industry, Coingape will soon share the insights & secrets of this bill report according to top crypto leaders from India in upcoming news coverage. 
Featured image source – Blavity
The post India: Top Crypto Leaders Shouting Loud at `10 Year Jail Report’, Doubting on Draft Bill Approval appeared first on Coingape.
Source: CoinGape

GlobalCoin – Facebook Talks With US Top Regulator CFTC Over it’s Stablecoin

Facebook’s own currency,‘Globalcoin’ is trending on Google trend as the social media giant took yet another step to launch its coin in compliance with regulatory frameworks. Reports revealed that Facebook is in talks with US regulator over its Global coin digital currency.
Facebook Assessing GlobalCoin’s Future
The Commodity Futures Trading Commission (CFTC), a U.S. derivative regulator is reportedly the early stage regulator that Facebook has consulted. Reports add a comment of CFTC’s head Christopher Giancarlo. However, the key focus behind the talk is to understand whether or not Facebook’s Globalcoin falls under CFTC’s regulatory scope.
With 2.3 billion monthly active users (as per first quarter of 2019), this social giant is leading the way in the cryptocurrency industry with. In addition, user’s interest in Google trend for the term ‘Gloabalcoin’, is appearing on top of the graph on June 03, 2019.
Nevertheless, reports suggest that Facebook’s stablecoin feature might remove the need for a derivative linked to Globalcoin.
Also Read – Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges?
Facebook’s approach to CFTC is the source to seek guidance on its launch, however as per CFTC’s Mr.Giancarlo, they can only act on an application. He says;
“We’re very interested in understanding it better. We can only act on an application, we don’t have anything in front of us.”
Moreover, the regulator’s major concern might be on Facebook’s focus on strict KYC and AML policies. In fact, according to reports, the US Treasury’s Financial Stability Oversight Council has its crypto group that overtakes the various crypto-oriented issues including the entry of financial entities to digital assets space. In specific, it also examines ‘“illicit activity undertaken with digital assets”.
So readers, what’s your take on Facebook’s step of discussing with CFTC? Let us know in the comment below.
The post GlobalCoin – Facebook Talks With US Top Regulator CFTC Over it’s Stablecoin appeared first on Coingape.
Source: CoinGape

TRON [TRX] Just Hit 10th Spot Amidst Justin Sun Yet to Reveal ‘Big Win’ on June 03

Justin Sun who earlier challenged to bring his both crypto products; TRX and BTT, back to their spots by Q2 2019, has impressed his followers on June 02, 2019. In fact, he expected to reach the milestone of top 10 for TRX and top 30 for BTT by Q2 this year. As the second quarter already began, Sun’s both products began flourishing its trading volume.
Sun’s Treasure Tweet of Big Win
But this might not just be the reason behind soaring prices of TRX on June 02, Sun on May 31st broke out yet another puzzling tweet that hints his next Big Win to be revealed on June 03, 2019. In reality, Sun’s tweet on Sunday revealed that he has already accomplished what he secretly supposed to be but states that he will have this Big Reveal on June 03, i.e Monday.
Image Source- Twitter
Nevertheless, As coingape reported, TRX was already on the 10th spot in late May but again slipped back to 12th spot. Moreover, he is playing with his mysterious tweets since May 26 when he pointed, ‘Something huge and amazing going about TRON and BitTorrent’.
Image Source- Twitter
As such, he was supposed to reveal it on June 01 but again postponed it to Monday, i.e June 03. The drama of Sun’s mysterious tweet gotten the attention of masses, meantime TRX is soaring its average trading volume with over 13 percent over the past 24 hours.
At the press time, TRX counts its average trading volume at $2,695,260,233 wherein its value against the US Dollar isn’t pleasing enough still. Consequently, it is trading at the value $0.040420 against US Dollar.
Image Source- Coinmarketcap
In the center of mysterious announcement play, TRX’s 10th spot on Coinmarketcap (CMC) marks Sun’s success of accomplishing his challenge of bringing back TRX in its deserving spot.
As for now, the next big win by Sun will be released on June 03 i.e Monday. Coingape will keep you updated. To know Sun’s next big win in detail, subscribe to our Newsletter.
The post TRON [TRX] Just Hit 10th Spot Amidst Justin Sun Yet to Reveal ‘Big Win’ on June 03 appeared first on Coingape.
Source: CoinGape

Top Bitcoin Supporter Irritably Criticizes Bloomberg Report that Claims ‘Almost Nobody Uses Bitcoin’

Bitcoin, the crowning cryptocurrency of all the time is almost not being used by anybody, Bloomberg report claims recently. However, the depth of the sentence is gotten the attention of Blockstream’s CSO Samson Mow who appears to be a bitcoin adherent. He took twitter back-lashing Bloomberg’s write-up and states ‘so many things are wrong in this article about Bitcoin’.
Criticizing ‘Almost Nobody Uses Bitcoin’
At the essence, Bloomberg media on May 31, 2019, published an article entitling ‘Bitcoin’s Rally Masks Uncomfortable Fact: Almost Nobody Uses It’, by citing the report of Chainalysis data. Bloomberg in conjunction with Chainalysis data report, claims that only 1.3% of economic transactions came from merchants until April 2019.
As the article looks quite negative in terms of Bitcoin mass adoption, especially for Bitcoin proponents. Consequently, Blockstrem’s CSO, Samson Mow criticized most aspects of the article and posted continuous tweets, explaining why and how the points mentioned in the Bloomberg article is wrong.
Image Source – Twitter
The co-relation between Bitcoin Hype and Mass Adoption
It mentions about AT&T pointing out the crypto adoption, speculators who seek to pay in digital currency when it comes to wireless service, besides that it points to have the mass appeal of Bitcoin, there needs the hype of Bitcoin.
Bitcoin needs the hype to attract mass appeal to be considered a viable electronic alternative to money but it has developed a culture of “holders” who advocate accumulation rather than spending.
By criticizing the above statement, Samson Mow says that Bitcoin is already viable alternative money. It doesn’t need hype to attract mass appeal. Nevertheless, according to him, Hype is even worse for Bitcoin. He justifies this statement by adding if there are hype people would make Bitcoin purchases without a basic understanding of its use cases, in fact, they’ll find difficulty in dealing with volatility. He further adds;
“Hodlers” don’t advocate anything either. Hodlers are just following Gresham’s law: “bad money drives out good.”
Moreover, the article also quoted Chainalysis’s senior economist Kim Grauer’s report and referred his view sent via email;
“Bitcoin economic activity continues to be dominated by exchange trading. “This suggests Bitcoin’s top use case remains speculative, and the mainstream use of Bitcoin for everyday purchases is not yet a reality.”
Also Read – Billionaire Wants to Purchase 25% of Bitcoin’s [BTC] Circulating Supply: Report
The vision of Satoshi Nakamoto
Pointing out the lack of mass adoption, the article mentioned the vision of Satoshi Nakamoto and adds that the lower trend of merchant’s using Bitcoin will be troublesome for Bitcoin’s longevity. Referring to this statement, Samson Mow rants to provide the source where he said that;
Wut? Where did he say this? Source on (link: http://bitcointalk.org) bitcointalk.org, please?
In a nutshell, Bloomberg added Jeff Doman’s statement that says ‘Bitcoin itself will never be money’. Jeff Dorman who is the chief investment officer at LA-based Arca said in an email;
“Bitcoin is the leader today, and may continue to be the leader due to having the largest network effect and ‘brand,’ but I don’t think Bitcoin itself will ever be ‘money,”’
Concerning Bitcoin doesn’t have to money to be a success, Samson Mow says ‘no Bitcoin didn’t ever and doesn’t have a roadmap.
Speaking about the speculation, Samson Mow agreed on the existence of speculation but notes that; the bulk of it is essentially HODLing property to store value’
Sure, there is speculation, but the bulk of it is essentially HODLing property to store value. Also, Bitcoin supply is inflating at the rate of 1800 coins a day. Seeing even a flat price at 8k would indicate ~$14.4 million dollars being stored in Bitcoin every day.
While pointing out the VISA’s financial status mentioned in the article, Samson Mow says Bitcoin is not a payment rail. The article noted VISA’s success of handling $11.2trillion in payment and cash volume in 2018, Samson Mow says;
Image Source – Twitter
The post Top Bitcoin Supporter Irritably Criticizes Bloomberg Report that Claims ‘Almost Nobody Uses Bitcoin’ appeared first on Coingape.
Source: CoinGape

Official – Telegram Releases TestNet for its TON Token [Telegram Open Network]

HmmNow it is confirmed. Yes, rumors spread the similar news of TON TestNet earlier this week, however, it is officially announced and confirmed. Telegram has officially released testnet for its TON token (Telegram open network).
TON Testnet Blockchain Lite Client
This news was first spread on the web after the Github user uploaded its first version of TON blockchain light client on May 25, 2019. However on May 30, 2019, files seen on test.ton.org which confirms that the messaging service platform Telegram is finally heading up with its TON token. The files are the preliminary version of the TON testnet Lite client version alongside TON blockchain library.
The files are available to download and the development is seemingly a simplified stable version of the Lite Client. However, the files which had updated by Github user earlier was able to get configured properly and it was successfully connecting the user to the full node of the TON blockchain testnet.
When Telegram first announced its TON blockchain project, it stated that it will offer smart contracts, upgradeable formal blockchain features, support for micropayment channels, also off-chain payment networks. Having said that, users besides Lite client files can also download configuration file which will enable them to develop smart contracts.
Accordingly, these configuration files will let the user connect with the special server and begin creating new smart contracts, review the existing contracts as well as enable them to send external messages to smart contracts.
Also Read: Coinbase Considering Margin Trading Option, Is It Following the Suite of Binance?
Moreover, it was earlier stated that the TON blockchain was set for private beta testing available only for selected developers. The TON blockchain resulted in ‘extremely high transaction speed’ according to anonymous tester while nothing specific disclosed.
TON whitepaper reads the feature of the platform as follows;
“TON blockchain can handle millions of transactions per second if necessary, and both user-friendly and service provider-friendly.”
Additionally, it was also reported that that TON’s TON Labs joined hands with European financial service entity Wirecard with a mission to develop digital financial services, payments, and banking platform.
Image source – Reuters
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Source: CoinGape

Coinbase Considering Margin Trading Option, Is It Following the Suite of Binance?

In a recent interview, Coinbase’s VP of Business, Data & International, Emilie Choi hints the company’s upcoming plans. In her talk, she states that Coinbase is thinking to launch a margin trading option on its platform.
To remind, Binance was the latest exchange which gotten the mainstream media attention due to its margin trading option. However, the timeline of the launch is still unclear – according to Emilie Choi, the feature is going to be the next big step. She adds;
“Margin lend borrow is definitely going to be a next big step for us, especially on the active trader side,”
The exchange in particular with U.S regulations is still on pause mode to introduce features like options and futures trading. Talking about the regulatory scenario currently exists in the United States, she says;
“We still need to figure that out because there’s not a lot of regulatory clarity there right now in the US,” Choi said. “And so that is being discussed.”
Although Margin trading by its nature brings potential profit to the investors or traders, it also carries huge risk. However, those who learned the tactics, are leveraging the benefit of these options on exchanges like Binance and many others.
Also Read – Facebook’s ‘GlobalCoin’ to Attract 2 Billion People To Coinbase and Crypto Exchanges?
Nevertheless, Coinbase often comes in competition with Binance exchange, not particularly by their founders but by the crypto community on social media Twitter. In fact, few crypto enthusiasts think that the exchange is following the suit of Binance exchange. Moreover, On questioning the competitor between Coinbase and Binance, Choi said that both (Binance and Coinbase) are fewer competitors and more friendly giants.
While Coinbase is still thinking, Binance exchange is already taking its another big move. According to the reports, Binance is planning to introduce derivatives market, allowing traders to buy on margin.
“We couldn’t probably be more differentiated than them in terms of the focus on the fiat to the crypto bridge and being that safely trusted center of the crypto economy,” Choi said. “So I think they’re playing one game, we’re playing another.”
So readers, what’s your view on Coinbase’s next move of considering Margin trading option.? Let us know in the comment below
The post Coinbase Considering Margin Trading Option, Is It Following the Suite of Binance? appeared first on Coingape.
Source: CoinGape

Salesforce Blockchain – Million Developer Platform launching Blockchain Solution

United States’ cloud software giant, Salesforce has recently revealed its bullishness towards the blockchain realm. In a live stream youtube video on May 29, Salesforce revealed the launch plan of its own blockchain platform.
Salesforce Blockchain for Business
The platform dubbed ‘Salesforce blockchain is reportedly building on top of Salesforce’s lightning and Hyperledger Sawtooth Platform. Following the launch, enterprises can build their blockchain distributed ledgers which will later be integrated with their Salesforce’s sale forecasts and prediction. The company said that the other blockchains can also be integrated with Salesforce and noted that ‘third parties to their blockchain with a few clicks”.
According to the official announcement, the new solutions are a low-code blockchain platform which is more likely extending the power of CRM. With the help of Salesforce blockchain, companies will be able to experience blockchain just like CRM data object. The announcement reads that;
“Leveraging Salesforce Blockchain, S&P Global Ratings has created a trusted network of reviewers, where everyone can work from a shared, transparent and auditable review process — completely reinventing and expediting how we do KYC reviews for our customers.”
Nevertheless, the Salesforce is among the top three companies which closely stepped into blockchain technology. To note IQVIA researching company and S&P Global rating agency are the two in the pipeline. Concerning the similar sentiments, Salesforce CTO Prarker Harris says that’
“We’re bringing the ease of use of Salesforce to managing a blockchain network,” says Harris.
Moreover, Bret Taylor, Salesforce’s president and chief product officer notes that the company is keenly researching the best possible solution to bring new business models via decentralized nature of the blockchain that Salesforce so far failed to develop. While discussing extending CRM model to enhance customer experience, Talyor says that the new blockchain solutions will encompass three components’. Blockchain builder for developers, blockchain connects to integrate blockchain directly with applications on its platform, Blockchain Engage to engage and invite members to the blockchain applications. Adding that, Taylor states;
“We think that having the Salesforce gravity being around the customer and customer experience, and making blockchain really accessible to a broad range of developers will help enable a lot of our customers to start experimenting with these new business models and new approaches to build an ecosystem around their products and experiences,”
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Source: CoinGape

Bitcoin Battling $9000 – Analyst Thomas Lee Predicts Real FOMO Level in the Bitcoin Market

As bitcoin price nearing $8000, analysts predict the upcoming price moment and the level of FOMO in the bitcoin market. Analyst and co-founder of Fundstrat, Thomas Lee says that the real FOMO probably start when Bitcoin actually hit $10000.
Thomas Lee, a.k.a Bitcoin bull while responding to the comment on the level of FOMO chart shared by Adam Samson, a journalist at Financial times, states that; “real FOMO” probably starts when #bitcoin exceeds $10,000.
Lee’s comment actually comes as the explanation to the Fundstrat’s chart on the degree of FOMO which Mr. Samson thinks Bitcoin’s price is headed for level 10 FOMO. However, according to Lee’s explanation, BTC is yet to reach $10000 & more, in his words;

Actually the point of the chart is to say “real FOMO” probably starts when #bitcoin exceeds $10,000 as that is a price level only seen 3% of all days…
…mathematically equivalent to exceeding $BTC $4,500 in 2017
Looking back, that price was a level that indeed triggered FOMO
— Thomas Lee (@fundstrat) May 29, 2019

Although the peak at the price of Bitcoin creates fear of missing out (FOMO) sentiment across the crypto market Lee’s view is that such highest figure is yet to come. Having said that one BTC at press time is equivalent to $8694 against the US Dollar which is short sees negative remarks of 0.23 percent over the past 24 hours.
Image Source – Coinmarketcap
Also Read – Investors Choosing Bitcoin [BTC] Over Gold As Interest Rates Keep Falling: Analyst
However, since the past few months, specifically from April, Bitcoin’s significant value is influencing the price of other altcoins. Initially, it began the continuous surge when BTC crossed $5000 figure at the start of April – eventually, gripping the highest volume of over $8600 on May 30, 2019.
Do you think Bitcoin will hit $10k anytime soon.? What’s your take on Lee’s FOMO level prediction.? Let us know in the comment below
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Source: CoinGape

Kik Messaging App Attempt to Fight US SEC, Demands New Howey Test for Crypto

Kik, a freeware instant messaging mobile app from the Canadian Company Kik Interactive get off the ground with a new attempt to fight US Securities and Exchange Commission, The firm, Kik has reportedly launching $5 million crypto campaign initiative to prepare a lawsuit against US SEC.
$5 Million Fund to Take on the SEC
Crypto proponents believe that the regulatory circumstances around the crypto industry are certainly hampering the global adoption of cryptocurrencies. However, the $5 million fundraising campaign of Kik is dubbed as DefendCrypto.org which is trending on Twitter with hashtag #DefendCrypto.
Just to remind, back in 2017, the platform Kik had raised approximately $100 million in ICO for its kin token. During a similar time, SEC reacted at Kik, stating that the Kin tokens might have been an unregistered security issuance. Nevertheless, in SEC’s view – as chairman Jay Clayton – pointed ICO is a security. On the one hand, kik stick on its token to be as a currency – on the other hand, SEC opens the reverse note. The whole scenario now led Kik to initiate a new campaign to fund $5 million against US SEC with name defendcrypto.org – the website states that the US SEC has set a “dangerous precedent and has stifled innovation’.
Image Source – DefendCrypto.org
The battle was initially revealed on Unchained podcast wherein Kik Founder Ted Livingston states
“When we speak to people in the industry, we need to stop living under this cloud of fear, what will the SEC think? What will the SEC think? Because we all know [crypto] is the next mega-trend of technology and by always having to ask ourselves, ‘What will the SEC think?,’ we are giving ourselves a fundamental handicap to compete on the global stage,” he said. “Enough is enough, we need clarity, and the only way we’re going to get clarity is if we go to court, so let’s do that.”
#DefendCrypto Receives Industry Support
Following the campaign, few prominent leaders including VC Fred Wilson, Circle CEO Jeremy Allaire, TechCrunch founder Michael Arrington, Morgan Creek’s Anthony Pompliano and many others expressed their support to the firm on social media Twitter by including #DefendCrypto.
Venture Capitalist Fred Wilson states that – It is my hope that DefendCrypto will be an inspiration for the many other important crypto projects that are silently battling with the SEC to come public and raise capital from the crypto sector to fund these efforts.”
TechCrunch founder Michael Arrington points – This morning (link: http://DefendCrypto.org) DefendCrypto.org Launches To Help KIN And Others Fight The SEC. Arrington XRP Capital Supports It.
Circle CEO Jeremy Allaire Adds #defendcrypto launches with significant industry support
In addition, co-founder of Morgan Creek Digital, Anthony Pomp a.k.a Pomp also spoke about kin foundation, noting that ‘Things are about to get very interesting”.
Image Source – Twitter
Accepting Donation in 19 Cryptocurrencies
Further, the firm’s website defendcrypto.org adds that they accept funds on Coinbase account and take the case on in court. Anyone who wishes to contribute to the campaign can donate funds via 19 cryptocurrencies ranging from Bitcoin (BTC), ether (ETH) and XRP, as well as less standard options like augur (REP), DAI and Kik’s kin (KIN) token as well.
Kik’s campaign with a new fund is proposed to fight on behalf of the industry. In addition, crypto investor Fred Wilson mentioned on his blog;
“It is my hope, and Kin’s hope, that DefendCrypto.org will be an inspiration for the many other important crypto projects that are silently battling with the SEC to come public and raise capital from the crypto sector for their fights.”
Accordingly, Kik demands SEC to begin Howey Test of KIN token once again which deals with whether certain transactions falls as investment contracts.
So readers, what do you think the response of SEC.? what’s your stake on #DefendCrypto campaign.? Share your thoughts with us 
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Source: CoinGape

TRON [TRX] Back to Top 10 While BitTorrent Under Top 30 – Justin Sun Hit Milestone

The prices of BTT and TRX are flourishing in the market today as the founder and CEO, Justin Sun’s commitment of bringing both his product on their deserved spot by quarter 2 – has already accomplished on May 28, 2019.
Sun’s TRX which slipped from its 10th largest spot is now back by defeating Cardano (ADA). TRX is becoming the hottest cryptocurrency on the chart of coinmarketcap. As per the data provided by coinmakretcap, TRX is up with 11.25 percent over the past 24 hours, further valuing one TRX at $0.035566 and the average trading volume $2,371,583,085.
Image Source – Coinmarketcap
Besides TRX, BTT too entered the favorable zone. At the time of writing, BitTorrent/BTT is spotted on a 29th largest spot in terms of average market cap. Although its prices are not remarkable at the moment, the coin has seen the gain of 15.44 percent over the past 24 hours. Its average trading volume counts at $383,609,020 and the value of one BTT against USD trades at $0.001808 which was $0.001578 on May 27, 2019.
Image Source – Coinmarketcap
On Monday, TRX was all set to overtake Cardano (ADA) which was counting the average trading volume of $2,340,248,670, a value too easy for TRX to surpass ADA. On the other hand, BTT was battling to defeat USD Coin (USDC) from its 30th largest spot in terms of market capitalization. Indeed both the coins captured an exciting market spot which marks the huge success to founder Justin Sun.
Also read – Opera Plans To Support Tron DApps and TRC-20 Tokens on its Web3 Browser
Is Current Prices of TRX and BTT is ‘Something Huge’ Message of Justin Sun.?
Although the market is crazily moving upward and the influencing value of Bitcoin certainly pulled other altcoins upward, BTT and TRX’s prices have undeniably something to do with Sun’s latest announcement and earlier commitment. BTT in recent times received mainstream attention and adoption across the various exchange. In past few days, Sun tweeted the upcoming listing of BTT on various platforms including BigOne exchange and kuCoin.
Image Source – Twitter
On May 26, Sun had posted an excitement tweet stating about its upcoming development. In a very less period of time, the tweet received huge attention and appreciation which drove BTT’s value again on rising figures of over 16 percent within the day.
Image Source – Twitter
Moreover, on May 27, 2019, Sun posted yet another tweet, adding
Welcome to the next generation of decentralized storage systems! #BTFS will be the largest decentralized P2P storage network with close to 100 million @BitTorrent user nodes, over 1000 #TRON full nodes, 27 SR nodes, and global #TronGrid nodes. 3 days left! Are you excited?
What’s your view on Sun’s effort of bringing back TRX and BTT on their deserving spots.? Let us know in the comment below
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Source: CoinGape

Bitcoin Will Disappear in Moments, Claims Craig Wright by Asserting Binance Involves in Money Laundering

Despite the community’s constant argument over Craig isn’t a Satoshi Nakamoto, he didn’t stop claiming him so. However, on May 24, 2019, Craig Wright published a new post with a harsh comment on the top cryptocurrency, Bitcoin. He says ‘BTC will disappear in moments.
The blog post of self-proclaimed Satoshi Nakamoto entitling ‘Shades of Black’, the nchain Chief scientist kept his close eye towards law & rules around bitcoin. According to him, he created bitcoin to operate within the law and not to heat up criminal activities. The blog was posted on Wright’s website called ‘craigwright.net’ and the author of the article is named as Craig Wright himself.
“I designed Bitcoin to be a system that worked within the rules.”
He is now more focusing on rules and regulations revolves across bitcoin – however, he added Bitcoin need to act within the rules and as such, if its contract or deviates the exchange and system will criminalize everyone in the system.
Detailing about decentralized behavior of crypto and players like Binance and Bitfinex exchanges, Wright says no such platforms are decentralized. To note, Binance was the prime exchange delisting BSV and writing about decentralization, he adds no such thing (decentralization) exist, adding that on the name of such decentralized platforms, an individual sets the rules and an individual is liable.
With that he adds that Binance involves in Money laundering and crime;
I designed Bitcoin in a way that ensures that groups such as Binance who seek to facilitate money laundering and crime will always fail, Wright writes. They defraud you in telling you that they are decentralised and cannot be controlled.
He says blockchain is decentralized only if the developer is at their hard to modify the protocol.
Bitcoin is a system that was set in stone. If the protocol is changed, then it shows and demonstrates it is not Bitcoin.
In his detail guide, he continuously urging three key points, one being he created bitcoin that can be worked within the laws, second is that Binance faking by presenting the platform as decentralized and involves in crime & money laundering activities, third he adds bitcoin will disappear in moments.
Where a blockchain does not follow the rules, whether developers or other invested parties can alter the protocol, it is simple for government to stop. When the action happens, as it did with e-gold, everything invested in the system will vanish in a flash. When BTC disappears, it will not disappear slowly, it will disappear in moments.
In a lengthy blog post, he also mentioned names of Greg Maxwell, James Donald as the person who seek system outside of the law. He adds ‘possession of a key is not evidence of ownership’, citing that bitcoin to be treated as money, doesn’t necessarily rely on the mere possession of keys.
In a nutshell, Wright asserted that he will prove that he is the true creator of bitcoin and said, he will sign upon proving himself as Satoshi Nakamoto. Lastly, again noting about rules, Wright add;
‘Doing anything you want’ is not a system that is free. Freedom comes within society, and it comes with rules.
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Source: CoinGape