German Central Bank President Shows Support For Libra, Calls It “Attractive” To Customers

Germany’s Central Bank president, Jens Weidmann showed some positivity on Facebook Libra. According to Jens, the highly controversial proposed digital currency would be attractive to customers. He made the statement speaking at the recently concluded G-7 summit with other central bank heads and finance ministers of the participating nations.
On another occasion, Jens had previously expressed optimism about the idea of Facebook Libra, adding that the currency was not supposed to be a matter to be alarmed of, rather, it merely required vigilance.
Further speaking about cryptocurrencies, Jens included that cryptocurrencies(particularly, stablecoins) are asset class which could make immense wealth and prosperity. However, he also warned that users had to be careful, looking for every green light indicating safe investments and then to be aware of the risks involved. According to Jens,
“There’s no reason to be alarmed but there’ as a reason to be vigilant,”
Further maintaining his stand on the matter, he expressed his opinions of the regulatory hurdles faced with the project and urged finance ministries and regulators not to strangle the project in its early stage. Adding that should in case Libra could deliver what they promised, that customers would be attracted.
The idea of Libra recently spotted the limelight when Facebook announced plans of issuing a digital currency. Libra, as the project would later be known, has about 28 founding members of which Facebook happened to be one.
Upon the announcement, one could easily predict that the project, which regulators around the world go against for several reasons would have to face many tribulations and trial periods before its set launching date of 2020.
As expected, David Marcus, head of Libra sat before the U.S. congress few days ago to answer some important questions. Eventually, the project had to stop indefinitely until hearings were finally concluded and approval given.
Among the countries which have shown considerable disagreement with Libra are countries within the G-7. Recently, the ministers of Finance of these countries concluded that Libra would have to face heavy existing regulations while some even believed that new set of laws are necessary to put the project under total control.
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Source: CoinGape

Amazon To Foster Libra Has More Success Rate Than Facebook: Ben Mezrich

Popular America author, Ben Mezrich during an interview on Thursday, said it was unfortunate that the idea of Libra was being developed by the wrong tech company, Facebook. He further maintained that Amazon would have been a far better originator and developer of this incredible innovation. According to Mezrich,
“This is all about trust. You can’t have a bank, you can’t be a new currency without people trusting it if you’re going to sit in the middle of it, and people don’t trust Facebook, ”
The author wrote a couple of books about the early days of Facebook and bitcoins. Perhaps his most notable and controversial piece of literature was “accidental billionaires” in which he expressively nurtured the fact that certain “billion-dollar” boys were with great influence, controlling too much of the world’s most valuable assets; money and data.
As the author became more popular in the industry, his previous work about bitcoins too, also made him a bit of an enthusiast, altogether making him notable enough.
For this reason, Mezrich’s assertion that Amazon was a better foster for the most recently talked about Facebook’s Libra would be more of a personal opinion than a generally accepted truth.
However, Mezrich’s comment on the matter made some sense too. He maintained that while Facebook might have access to the data of around 2.38 billion people across the globe, it also has this impending issue of data leak in which the social media giant lost a considerable level of customer trust and satisfaction. According to Mezrich, for a bank to be established, the establishment itself has to be trusted by its potential customers, a trait Facebook seems to be lacking at the moment.
Amazon, on the other hand, according to Mezrich, was capable of “pulling this off” (indicating that Amazon was more reliable in passing through regulatory hurdles in developing Libra.) According to Mezrich,
“I think that Amazon could pull this off because for whatever reason we all trust Amazon, ” Ben Mezrich said. “We put our credit cards in there every day.”
Tuesday, the long-awaited Senate hearing on Libra was conducted and Facebook was seen to have been lashed in the back by the congress as a whole, with some maintaining that Facebook should not even launch Libra at all. The reason was obviously simple and straightforward; Facebook had trust issues and could not be trusted with people’s money.
Although David Marcus, CEO of Libra was present to present Libra’s case to the congress, the chair of the house required Zuckerberg’s presence and the hearing was adjourned for the same reason.
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Source: CoinGape

Is Ripple’s Data on XRP Circulating Supply and Inflation Fake? Messari Report Suggests

The cryptocurrency Exchanges were accused of ‘fake reported volume’ which was a demerit for the entire crypto-markets. However, the fake reported volume data did not have any significant impact on price. This is because ‘wash trading’ is used to increase the apparent volume of Exchanges only.
However, it does create an illusion of a lot of value being traded on the Exchanges and the cryptocurrencies. According to research by Florent Moulin, published on the Messari site, Ripple might be using the fake reported data to mislead the investors into something bigger.
The report compared the Q1 financial report submitted by Ripple with their estimates. The most important highlight from their report was,
They [Ripple] may mislead investors because key information regarding sales and estimated trading volumes significantly understate the pace of selling pressure from Ripple and its founders and affiliates. We find that XRP’s circulating supply inflated by 11.5% in the past six months vs. the 4.5% implied by its API.
According to Ripple, it made $169 million from these combined sales, with two-thirds of that sold on defined exchanges and the rest coming from direct institutional sales in Q1 2019.

Moreover, the company’s Q1 2019 reported sales represented 0.32% of the global XRP exchange trading volume from the quarter, up from 0.24% in Q4 2018, according to data from CoinMarketCap.

Estimated Distribution of XRP (Source) 

However, the research estimates found a lot of hogwash in the report. As they are considering the volume from CoinMarketCap data, they are incorrectly calculation their sales. Moreover, the research also found that XRP is still most primarily been held by its creators and Ripple.

we believe that more than 75% (75 million) of the current XRP outstanding supply (units identifiable on-chain) is currently managed by Ripple and its founders and affiliates. Circulating supply data is sourced from known on-chain addresses. 

The value presented is our best estimate for the Maximum circulating supply of XRP.

Last but not least, Ripple is due to submit its Q2 report in the near future. According to CoinMarketCaps data, the sales at Ripple has been just short of the volume recorded in Q4 of 2017, when Ripple was trading at around $3.

XRP Inflation – Reported and Real (Source)

However, the research points otherwise, if the deflation in XRP is as high as it is projected, the selling pressure from the creators might be much larger. Moreover, it also puts significant doubts on the security laws on XRP.

Do you think that Ripple will come out clean from these allegations? Please share your views with us.
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Source: CoinGape

Binance Announces Support for Stellar[XLM] Staking – Price Shoots Up Over 14%

On July 18, 2019, one of the largest crypto exchanges, Binance has shared a blog post, entitling “Supporting and sharing stellar staking”. In a detailed blog post, Binance mentioned that they have recently discovered the figures of reward that it had unknowingly generated from staking Stellar/XLM tokens.
According to the reports, Binance exchange has unintentionally earned reward from staking the stellar tokens and now the company has discovered the amount accumulating 9,500,000 XLM being credited to Binance.com. The blog mentioned that Binance had already earned 9,500,000 XLM which is approximately equivalent to USD 775000 at press time. It had also given a link to see the reward that was being credited to Binance.com. You can see it —> here
When we discovered this, we made two decisions: to immediately add staking support for XLM and to share the XLM rewards we gained to the entire community, the blog reads
Following the update, Binance CEO, CZ states that;

Move your coins to @Binance from anywhere and enjoy hassle-free staking rewards.
And if you do it this month, you get almost a years worth of rewards. Are you moving those $XLM now? https://t.co/PAuOYLvvte
— CZ Binance (@cz_binance) July 18, 2019

Binance Announces XLM staking and 9.5 Million Stellar Giveaway
As per the Binance crypto exchange, this reward figure counts from Aug 31, 2018, and the exchange had said that it will share this reward between all XLM holders in the Binance community as of July 20. Counting from today, XLM holders in the Binance community will receive the reward on staking XLM on their Binance account – accordingly, the exchange will keep a daily record of XLM balances on your Binance account. Following the process, On Sept 1, the exchange will verify the amount of reward of all binancians who staked XLM tokens for 40 days besides that they will also receive a bundled bonus payment of XLM staking rewards.
This means that on September 1, Binancians who staked XLM tokens will get a bundled bonus payment of XLM staking rewards, including the regular monthly staking reward from the 40-day period and the one-time distribution of 9,500,000 XLM shared proportionately among Binance users, which is estimated to be worth 10 to 12 months of typical monthly rewards.
Stellar (XLM) Scoring Higher
This might be one of the big deal for all XLM holders and for XLM token itself – this is because XLM coin at press time began surging its trading volume. At the time of writing, the value of XLM shoots up by 14.09 percent over the past 24 hours. Nevertheless, the token is currently trading at $0.088 against US Dollar and market cap at $1,732,801,168 by standing on the 10th largest spot on the Coinmarketcap.
Stellar Chart | Coinmarketcap
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Source: CoinGape

Litecoin Achieves Major Success at Miami Dolphins – Price Jumps Over 16%

Litecoin currently holds the badge of fourth-largest cryptocurrency with a quite impressing figure. LTC at the moment performs higher than other largest cryptocurrencies on the graph of CoinMarketCap (CMC).
What Drives Significant Growth?
At press time, LTC is soaring with 16.78 percent over the past 24 hours which has quickly turned its daily trading volume. Accordingly, the market cap shoots up to $5,860,125,731 and the coin being traded at $93.44 against USD.
Litecoin Price | Coinmarketcap
However, what spiked the price of LTC is still uncertain but as per the observation – the growth in the price of Bitcoin is historically witnessed in the eventual growth of other cryptocurrencies.
Litecoin Captures Major Success
While many of us are skeptical on why Litecoin has risen, another reason that is quickly influencing the price of LTC is ” recognition by Miami Dolphins, a professional American Football team. Miami Dolphins has recently confirmed the report and states that they have partnered with Litecoin foundation and treating Litecoin as the official cryptocurrency.
Per the partnership, game attendees can now pay for their token for the team’s 50/50 raffle by using Litecoin in addition to bitcoin. It mentioned that these tickets can be purchased online as well as at 14 kiosk and raffle seller locations across Hard Rock Stadium.
Now Football fan base can have streamlined access to attend 2019 NFL season by purchasing tickets using their LTC holding. It marked as a great achievement to Litecoin as the partnership also allow Litecoin to have in-game branding as well as advertising opportunities at Hark Rock Stadium. Besides this, Litecoin can also be included across the “team’s various online properties and digital content”. Concerning the partnership, Charlie Lee, creator of Litecoin and managing director of the Litecoin Foundation said that;
“We’re thrilled to see Litecoin become the official cryptocurrency of the Miami Dolphins”
Following the similar note, Miami Dolphins Vice President & Chief Information Officer Kim Rometo expressed his gratitude and added;
“The Miami Dolphins are always looking for ways to enhance the fan experience, and this partnership with Litecoin provides the ability for guests to enjoy our 50/50 raffle while donating to a great cause,”
This is quite a big deal for Litecoin because the partnership has resulted in a paramount branding of Litecoin in front of an audience of millions of people across the world. To note, 2019 NFL season will begin on Sept 5, 2019, until Dec 29, 2019.
Litecoin Halving is coming closer
More on the price upsurge, many also speculate that it’s a result of the halving event which is just a couple of days away from now. It is predicted that the LTC traders might experience even more volatility when the halving takes place.
Also, another biggest name that counts with the name of Litecoin is Binance Singapore. According to the latest report, released on July 17, 2019, Binance Singapore has listed the fourth-largest cryptocurrency, Litecoin and its trading are live.
Image Source – Litecoin blog
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Source: CoinGape

Crypto-Market Update: BTC Closing 10k; Alts ETH, XRP, LTC Bounce above Critical Support

The cryptocurrency market has a positive day in terms of price reaction. Bitcoin [BTC] which was looking to break bearish levels $9000. However, it has bounced back above as the confidence in Bitcoin continues to grow.
The rise can be attributed to Libra once again. Ever since its release, it has been a win for Bitcoin. The US Senate Hearing yesterday heard from experts on Bitcoin and Libra. All the panelist including innovators in the cryptocurrency space, lawyers, economics, and Professors were against Libra and for Bitcoin.
Even other US Senators expressed positive views on cryptocurrency and blockchain innovation, especially Bitcoin [BTC]. Congressman, Patrick McHenry concluded in his remarks,
“Due to the nature of the technology of Bitcoin, Governments cannot kill it, nor should they and you can’t kill digital currencies broadly.”
BTC/USD 4-Hour Chart on Bitstamp (TradingView)
The revival of Bitcoin from bearish pressures has also fueled the rise in altcoins. The altcoins were falling at an alarming rate since the past couple of weeks.
Ethereum [ETH], Litecoin [LTC] and Bitcoin [BCH] Cash
Recently, Ethereum which tested the $200 support level and was looking to break lower. However, as Bitcoin reversed its trend, Ether too gained around 10% to trade around $220.
ETH/USD 1-Day Chart on Bitstamp (TradingView)
Litecoin was one of the highest gainers of the day as it gained more than 16% on the daily scale. It rose back above $90 after testing lows near $78. Bitcoin Cash [BCH] also tested resistance at $300.
XRP Drops Back to $0.3 Range
XRP laid the hopes down of numerous investors all over the world last week. It price touched a low near $0.284. This is essentially the low during the bear market which XRP held for more than two months at the beginning of the year.
Nevertheless, the bounce in Bitcoin has revived also positively affected the altcoins sentiments. The price of XRP at 7: 20 hours UTC on 18th July 2019 is $0.314.
XRP/USD 4-Hour Chart on Bitstamp (TradingView)
Bitcoin’s dominance has increased by more than 15% since the beginning of the year. The total dominance of Bitcoin over the cryptocurrency market also saw a slight revival below 65.5%.
Some of the other altcoins like Binance [BNB] Coin, Chainlink, Tron [TRX] and NEO also gained in double digits. Hence, while trend reversal in one the cards for altcoins, traders must be wary of a dead cat bounce. 
Do you think the bull season in cryptocurrency is back? Please share your views with us. 
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Source: CoinGape

Binance Coin [BNB] Slips Down at #8 Rank on CMC – Here’s How CZ Responds

The native token of Binance crypto exchange has slipped down to an 8th spot on the graph of Coinmarketcap (CMC). While other cryptocurrencies are running upward, Binance Coin (BNB) followed the backward path.
Binance Coin Slips From 6th Spot to 8th Spot on CMC
One of the largest crypto exchange, Binance has recently celebrated its two years anniversary and had finally launched the long-awaited feature, Margin Trading for eligible traders. However, on July 11, 2019, the exchange has announced that it completed the eighth Binance Coin (BNB) token burn event.
In addition, it had also stated that the exchange is intending to burn team allocated BNB tokens, counting 808,888 BNB. This comes in a wake of the company’s commitment of burning 100 million BNB tokens wherein team’s allocation counts at 40% of the total supply.
On the day of Binance’s anniversary (July 14, 2019), BNB was valuing the market capitalization of $4.1 billion, resting as a sixth-biggest crypto asset on Coinmarketcap.
Comparatively, BNB sided down to the eighth spot, losing its major value and counting with the market cap of $3,076,609,022. At the time of writing, BNB is trading at the value $28.18 against US Dollar and showing the decline of 0.27 percent over the past 24 hours.
Crypto Market | Coinmarketcap
CZ’s Responds to Declining Volume
The effect of BNB’s declining value can be quickly captured at the Twitter handle of Binance’s CEO CZ who posted a tweet, observing, “CMC just gave an 80M BNB haircut. He apparently adds that CMC’s calculation of circulating supply works well for mining coins and not projects with burn (BNB).

CMC just gave an 80M BNB haircut. They way CMC calculate Circulating Supply works only for mining coins, it does not work for projects with burn, unlocked team allocations, etc.
Oh well, more room for $BNB to grow. 🙂 pic.twitter.com/ogSCCCvDEb
— CZ Binance (@cz_binance) July 16, 2019

It’s worth to note that, Tether dethrone BNB at sixth spot and EOS at the 7th spot. At the current time, Bitcoin and other leading altcoins are experiencing a positive movement their volumes whereas BNB is the only asset with a negative remark of 0.27 percent over the past 24 hours (under the top 10 cryptocurrencies on CMC)
BNB Marketcap | Coinmarketcap
Featured Image – Shutterstock
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Source: CoinGape

Libra: Facebook And Other Tech Giants Are A Threat To Large Banks, IMF Warns

The International Monetary Funds on Monday released a report based on the activities of big tech companies like Facebook entering into the finance space to operate as financial institutions. In this documentary tagged “The Rise Of Digital Money”, IMF warned that these tech companies are most likely to leave banks behind in this financial struggles.
According to the report, the IMF believed that the future of money is going digital and other conventional forms of monies like cash and bank deposits are fast going extinct. As a matter of opinion, IMF, in the document insinuated that banks must learn to adapt to this new system of digital currencies like cryptocurrencies which are already filling the wallets of enthusiasts and being registered on the mind of regulators.
Blockchain Versus Traditional Banks
Digital currencies or electronic currencies or cryptocurrencies, terms which this news uses interchangeably, are fast gaining popularity and have caught the eyes and attention of regulators around the world, central banks, and several government offices including that of the United States President, Donald Trump.
As news about cryptocurrencies came to materialize, big tech companies like Facebook ventured into the ecosystem in order to explore it. Therefore, Facebook started building a unique, probably hybrid in terms of decentralization cryptocurrency project now commonly known as Libra.
With other big tech companies, large financial institutions, and credit card companies backing Facebook’s Libra, the project quickly rose to stardom within the crypto ecosystem.
Realizing the threat of disruption Libra posed to banks and present financial bodies and existing systems, regulators drastically moved against Libra. This combination of actions caused Libra’s development to be halted till date. Facebook is awaiting a Senate hearing on Libra this week.
Banks Must Evolve Or Be Left Behind
The report maintained that while these new fast developing set of currencies renders similar services as banks and financial bodies, their blockchains enable for faster transactions, the anonymity of users, cross border settlements, and transaction cost. In contrast, these are services which present-day banking bodies and financial systems are also rendered but less efficiently.
According to the report, banks must therefore evolve or be left out.
“Some will be left behind no doubt,” “Others will evolve, but must do so quickly.”
How Countries Responded
Many regions are reacting differently to this new development. A bill to keep big tech companies out of finance was passed recently in the United States and this makes it unlikely for Libra to be implemented in the region. India maintained its crypto involvement jail term and places like China and Venezuela are actively considering the issuance of a “national cryptocurrency”.
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Source: CoinGape

Update: Bitpoint Detects Additional $2.3 million In Stolen Assets After Recent Hack

Japanese cryptocurrency exchange operator, Bitpoint, announced the discovery of additional $2.3 million (250 million Yen) on Sunday.
The news came after Remixpoint announced last week that its subsidiary (Bitpoint) was initially hacked of $32 million dollars in crypto assets.
Bitpoint, which announced the suspension of exchange activities (trading, deposit, and withdrawals) following the incidence was operating on five major crypto assets at the time. And the exchange was “unsure” or probably was still trying to figure out with assets were affected at the time.
However, Bitpoint made the announcement, indicating that most of the assets stolen from the exchange’s hot wallet were that of the customers.
As the new estimated loss following the hack now touches around $35 million, whether this newly discovered stolen asset belonged to the exchange or its customers was not mentioned.
Nonetheless, Bitpoint’s parent company continued to expand indefinitely as it passed regulatory scrutiny in Thailand.
Last week, Bitherb (also a subsidiary of Remixpoint) got licensed by SEC to operate four more crypto businesses.
Although, as Bitpoint discovers more stolen funds, it is however uncertain how things are going to turn out for three respective groups: Remixpoint, Bitpoint, and Bitherb which was recently set up in Thailand to operate under the newly acquired licenses.
At the moment, Bitpoint’s refund strategy has not yet been announced and customers are still unsure which assets were stolen, both initially and now.
Also, no official statement was made as to whether deposits and withdrawals have commenced on the platform.
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Source: CoinGape

Crypto-Market Top Weekly Performers: Bitcoin, Monero, Binance Coin, Stellar, ChainLink

Cryptocurrency markets witnessed another exciting week as the Bitcoin [BTC] began the week with a robust bullish action, but failed to yield. Furthermore, the altcoin ‘hodlers‘ suffered massive losses to the tune of more than 20%.
Moreover, Bitcoin [BTC] bulls also seem exhausted at the moment as the price keeps falling to find support. Overall, this was a bearish week for the cryptocurrency markets as the market capitalization dropped. The losses for altcoin traders were further accentuated by the rising dominance of Bitcoin; which is currently 65.4%.
BTC/USD 1-Day Chart on Bitstamp (TradingView)
Opening Price: $$11,300
Closing Price: $10,612
The weekly Loss: 6%
Weekly High/Low: $13200/$10,555
The general sentiments of the market were bearish. Hence, while all coins are in red, these are the ones’ that took slightly fewer losses compared to others.
Monero (XMR)
XMR/USD 1-Day Chart on Binance (TradingView)
Monero is one of the most popular privacy-focused cryptocurrency. This week while most cryptocurrencies broke their USD support, Monero has tried to maintain support around $88.
Opening Price: $98.5
Closing Price: $87.1
Weekly Loss: 11.9%
Weekly High/Low: $116.7/$84.4
Binance [BNB] Coin
Binance conducted to 8th quarterly token burn, which saw a burn of 808,888 BNB tokens which came as positive news for the traders. However, there are significant concerns around the supply and hence, price discovery, which seems to be keeping the bulls at bay.
Nevertheless, the Exchange has been growing massively with increasing volume almost every quarter. Huobi Token and LEO, the other two exchange backed tokens are also holding onto gains at the moments.
BNB/USD 1-Day Chart on Binance (TradingView)
Opening Price: $33.3
Closing Price: $29.3
The weekly Gains: 12%
Weekly High/Low: $36.9/$27.1
Stellar [XLM]
Stellar [XLM] was one of the top performing cryptocurrencies which has currently slid down from the top the ten lists by Mcap. Moreover, it is also now testing support at the lower level.
Cryptocurrency regulations and lack of visible development and insight around IBM and stellar, its’ most coveted partnership, the coin continue to slide down with the bearish altcoin momentum.
XLM/USD 1-Day Chart on Binance (TradingView)
Opening Price: $0.106
Closing Price: $0.088
The weekly Loss: 16.9%
Weekly High/Low: $0.114/$0.083
Chain Link [LINK]
Chainlink is the best performing cryptocurrency since the past couple of weeks. While the altcoin traders have continued to lose confidence even in the most popular cryptocurrencies, chainlink [LINK] emerged as an exception.
It grew from $1.5 to trade just below $5; however, the FOMO soon stopped. Despite the losses in recent times, the cryptocurrency is currently looking to establish support around $3.
LINK/USD 1-Day Chart on Binance (TradingView)
Opening Price: $3.29
Closing Price: $2.94
The weekly Gains: 10.6%
Weekly High/Low: $3.89/$2.57
*The percentage dominance of cryptocurrencies w.r.t. to the total market capitalization of the market at $1 billion is 0.3%. Hence, for Analysis purpose, we will only consider cryptocurrencies with a total market capitalization $1 billion or more. For future analysis, we’ll try to maintain ~0.25% as a standard for the calculation.
**The data is taken at around 11: 00 Hours UTC on 14th July 2019.
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Source: CoinGape

Bitcoin Has No CEO to Send Letter for Hearing unlike Libra – Pomp Slams Trump’s Tweet

President Donald Trump’s terrifying tweets on Bitcoin and Libra has become the topic of attention. In the latest interview with CNBC, Morgan Creek’s Anthony Pompliano mocks at Trump’s tweet and states that “Bitcoin has no CEO to send letter for a hearing”.
Libra v/s Bitcoin
Popularly known “Pomp” discussed at the CNBC’s Squawk Box about “Trump’s firing Bitcoin tweets where the president says he is not a fan of Bitcoin and Libra must follow banking regulations”. Referring to president’s note on Bitcoin and Facebook’s Libra, Pomp says
“With Bitcoin, there is no CEO”. As earlier, US’s congressional committee sent a letter to Facebook CEO and other two key leaders behind Libra cryptocurrency to attain the clarity and company’s plan behind Libra, Pomp quickly notes that “There’s no headquarter, You can’t send a letter or send somebody in for a hearing”.

"With Bitcoin, there is no CEO. You can't send a letter or send somebody in for a hearing," @APompliano explained Trump's aversion to crypto. https://t.co/SMf8yFHHGY pic.twitter.com/MzVq0FCoTk
— CNBC (@CNBC) July 12, 2019

Pomp further compared Libra with the incident of Napster, a software that allows free downloading of music files which got closed back in July 2001 due to the lawsuit against CEO/founders of Napster. He says the same thing is happening with Facebook over its Libra launch.
He says;
Napster is very similar to what Libra is experiencing now..there’s Facebook to go after, there are other corporations that are participating that you can pressure and regulate.
With that, he continued emphasizing the decentralized feature that Bitcoin carries, he says;
So I think that the completely decentralized nature of the asset is what makes it so compelling to people and we’re seeing that kind of play out right now, Pomp said. It’s really highlighting the beauty of Bitcoin.
Yesterday Was a Big Day
While talking about the Govt’s view of regulating monetary policy, Pomp thinks until there’s 51% of people that agrees to change the current algorithm, monetary policy, it wouldn’t change and he adds that ‘it’s not going to happen”. But in contrast, bitcoin itself has grown in such a decentralized fashion that “It is just too big to fail at this point”.
Explaining the revolution of Bitcoin and current monetary policy, he gave an example of Amazon revolutionizing the retail industry.
I think policymakers are not going to want to destroy it either or prevent ownership of it either as they finally understand that you could take the friction of transferring money to whomever you can take it to zero.
He further notes “Yesterday was such a big day” – wherein Federal Reserve Chairman compared the multi-trillion-dollar asset, Gold which is the thousands of years old asset with a billion-dollar asset Bitcoin which is just ten and a half years asset. Above all, President chimes in on the same day are just like icing on the cake.
He said;
“I think that what we’re seeing is a shift in what we trust. Do we trust humans or do we trust the algorithm?”
Image Source – Pomp Twitter
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Source: CoinGape

Warning: Online Dash Wallet Vulnerable to Attacks – Here’s What Users Are Advised

My Dash Wallet, a digital wallet of Dash cryptocurrency has been compromised according to the developing team of Dash. The DashPay Twitter page notified the users about the vulnerability in their wallets and asked them to create a “new hd wallet and move funds” there.
They mentioned that an ‘externally loaded JS sending private keys to a remote server.‘ An externally located JavaScript is a popular technique used to reduce the loading speed of a site. However, according to the developing team, on 13th May 2019, the external site fixed itself back and which was sending the private key data.
According to the update, it was an unintentional mistake from their website developing team. Nevertheless, while the data was cached, there is a high probability that users could have downloaded the malicious script on 13th May when the site kicked backed on.
Moreover, while no user has been affected until now, the Dash Pay users have been advised to create a wallet, just in case. However, the announcements itself has been bizarrely presented and no clear green signal has been given to the users. This tweet came out early on 12th July,
Dash Pay Warning
Are your Crypto Funds Safe?
Here’s the list of official wallets developed by the Dash Foundation which could come in handy for Dash users.
Furthermore, while cryptocurrency is a digital medium of sending any value, online wallets must not be used for their storage. There is some open source online wallets, nevertheless, even they stand the risk of losing private key data of its users. The instances of hacking from Exchanges have also affected a lot of users in the past. Most recently, the Japanese Exchange, Bitpoint, got hacked for $32 million.
Also Read: 6 Best Multi-Cryptocurrency Hardware Wallets Reviewed
Hence, while this is an isolated harmless incident, the warning extends to all cryptocurrency users to safeguard their funds from internet theft.
Which is the most secure way of storing cryptocurrencies? Please share your views with us. 
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Source: CoinGape

Japanese Exchange, Bitpoint Got Hacked; $32 Million Missing!

Japan has experienced another cryptocurrency exchange hacking this year, perhaps the first of the year’s second half. This time, a licensed Japanese cryptocurrency exchange, Bitpoint reported Friday to have been hacked of some crypto assets totaling around $32 million dollars.
According to report received in the early hours of Friday, Bitpoint halted all exchange operations including deposited and withdrawal requests, as well as trading activities on its platform following the event of the successful hacking.
Bitpoint is a licensed Japanese cryptocurrency exchange under its parent company Remixpoint Inc. In the announcement following the event, Bitpoint revealed that the exchanged noticed a security breakthrough in which irregular withdrawals were made from its online wallets on Thursday.
At the time of writing the article, Bitpoint had not revealed which assets were stolen, however, the exchange had trading support for only five cryptocurrencies including BTC, BCH, Ether, XRP, and LTC.
According to Remixpoint Inc’s official announcement, the hack affected majorly the customer’s funds. It was reported that 71% of the funds stolen were customers assets as $23 million of the stolen funds were customers deposits.
Japan has been getting hits from hackers recently and has reported cases of hacking a couple of times this year already. With Japan regulators looking to see into cryptocurrencies adoption, the news of exchange hackings would have a great impact on the country’s cryptocurrency regulations decision.
More updates expected from Bitpoint regarding the hack.
The exchange’s parent company Remixpoint Inc. said in an announcement that $23 million of the illegal outflow belonged to its customers.
The hack is the latest incident that has happened to exchanges in Japan. In September 2018, Zaif, also a licensed exchange under the Japanese Financial Services Agency, was hacked and lost $60 million worth in cryptocurrencies.
The post Japanese Exchange, Bitpoint Got Hacked; $32 Million Missing! appeared first on Coingape.
Source: CoinGape

BitMex Shares Part 2 of CEO and Nouriel Roubini Battles Over Crypto v/s Fiat v/s Digital

So round 2 debate of the Tangle in Taipei, conducted between BitMEX boss, Arthur Hayes and Dr. Doom (Nouriel Roubini) has recently revealed. While the result of the debate seems nothing specific yet, the crypto community is calling it just “Hilarious”.
Round 2 – Crypto v/s Fiat v/s Digital
The best part of the debate that makes everyone exciting is that – only the Asia Blockchain Summit organizer and the BitMEX has the tapes as it was excitedly held behind the closed doors. Now the BitMEX exchange has released a second round of the tape.
The first round was based on the topic “Holy Trinity in Crypto – Decentralization, security, and scalability” wherein Roubini calls whole system “Bitcoin” as corrupt and ridiculous, and Arthur seems more financial privacy in it. Whereas the second round was focused on Crypto v/s Fiat v/s Digital.

In a second round of the tape, the footage reveals that American Economist and NY Professor, Nouriel Roubini shouts at crypto community and its leaders, yelling as “there are terrorists, criminals, tax evaders, human traffickers. Continuing his angry tone, he said there are all sorts of criminals out there’s the lots of shady stuff happening.
He further bashed at Bitcoin, shouting that this shitcoin is against the whole idea of cryptocurrency. At the center of the whole debate, Roubini pointed out at the business model of BitMEX and says that it is completely exploitative for retail investors. Above all, he believes that BitMEX is operating without sufficient regulations.
While few think the video is just Hilarious, the Moderator Andrew Neil hushed Roubini during a longer argument and shouted “Quite”. He quickly remarked
“There’s no point in the two of you talking over each other because we can’t understand a word you’re saying.” “It’s actually hard enough when you’re not talking over each other,”
Benefits of Crypto
When asked about what are the main benefits of Crypto, Arthur took up the mike and said “We need a choice” and Bitcoin represents an opportunity.
Bitcoin represents an opportunity instead of using courts laws and violence to govern how money is transferred between individuals and parties, we use open source software cryptography and math now which one successful, Arthur said. As a society, we definitely need a choice and that is what bitcoin represents a choice for a different way to govern financial transactions
While given the opportunity to Roubini on the same topic, he referred revolution is already based on artificial intelligence, big data and the Internet of Things. He further compared transactions over Bitcoin v/s transactions via Visa and states that “bitcoin is not scalable, it does five transactions per second whereas VISA does 25,000 transactions per seconds” and explains that;
There are payment systems today used by billions of people for billions of transactions a day – not 5 transactions per second and it (Bitcoin) is not scalable.
In a longer harangue, Roubini again directs back his thought to Arthur and elaborates, It is a business of one shitcoins being traded against another shitcoins and middleman like him (BitMEX/Arthur), they make money.
They don’t consider – whether it goes up, goes down, as long as their volume backs out the Commission, Roubini said.
Image Source – Video snap
The post BitMex Shares Part 2 of CEO and Nouriel Roubini Battles Over Crypto v/s Fiat v/s Digital appeared first on Coingape.
Source: CoinGape

Binance 2.0 – Long-Awaited Margin Trading Feature on Binance Goes Live

Following the month of the speculations, the world’s well-known cryptocurrency exchange, Binance has officially and publicly launched its Margin Trading Service on July 11.
Binance 2.0 – Long-Awaited Bitcoin Trading Feature
Despite margin trading carries a significant risk of funds or loss, many crypto exchanges have already rolled this service. Binance was on the exchange which hasn’t introduced this feature. According to the blog post of Binance, published on July 11, crypto traders can now access margin trading feature on Binance’s newly launched trading hub “Binance 2.0″.
Binance Offcial Blog
For those who’re new to the concept of margin trading, “ it’s the form of trading where eligible traders will be able to borrow funds from the exchange to increase their leverage. It doesn’t always a potential way of trading; it comes with a greater risk due to volatility in the price of the cryptocurrency market. Talking about the newly launched margin trading feature, Binance CEO CZ states that;
“This is another step in providing an inclusive cryptocurrency trading platform catering to the needs of both advanced institutional traders and retail traders under the same roof,”
It was one of the long-awaited feature, request by Binance community. The new version, Binance 2.0 features an “an advanced trading engine for better order matching and press indexes for margin level calculations to enable lower liquidations.” According to the reports, the exchange has launched a specific margin trading wallet without fees – wherein, traders from this wallet can send funds to their primary Binance wallet.
At the initial phase, the exchange has released limited crypto assets that will be used for margin trading – Bitcoin (BTC), Ether (ETH), XRP, Binance Coin (BNB), Tron (TRX) and Tether (USDT).
Earlier during Ask Me Anything (AMA) session, CZ responded to the rumors about margin trading. He clarified that the feature will be launched to a few of Binance clients, particularly large traders. However, the latest announcement states that the trading is live and is available to all eligible users. Cautioning about the risk that margin trading contains, co-founder of Binance Yi He said that;
“Though the current cryptocurrency market and legacy platforms for margin trading poses greater risks and benefits at the same time, we are confident that its development coupled with more knowledge on proper risk management will help realize greater benefits in the long run,”
 
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Source: CoinGape