Tesla stock got clobbered on Monday, falling twice as hard as the Dow Jones and S&P 500. Don't expect TSLA to bounce back anytime soon.
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Tesla stock got clobbered on Monday, falling twice as hard as the Dow Jones and S&P 500. Don't expect TSLA to bounce back anytime soon.
The post Tesla Stock Is Diving Because Coronavirus May Burst Its Crazy Bubble appeared first on CCN.com
As a crypto firm in Ukraine plans to issue the first Ukrainian hryvnia-pegged stablecoin, the country’s central bank is progressing with its e-hryvnia project.
Despite considerable testing and research, the prospect of a central bank digital currency (CBDC) still raises significant concerns for bankers in Ukraine.
At a Feb. 21 conference in Kyiv, the National Bank of Ukraine (NBU) presented the results of testing its CBDC project, the e-hryvnia, noting that the bank is continuing to look into issuing its own CBDC.
However, the central bank apparently is still concerned about such a currency’s effect on financial stability as well as the possible threat to the traditional banking system. An official announcement by the NBU reads:
“The banking system may cease to be a major financial intermediary if the majority of the population switches to using the central bank's digital currency instead of cash and bank accounts. On the one hand, the level of inflation in the country will not be significantly affected, as digital currencies will be issued by central banks, which will control this process.”
At the same time, the NBU noted that a CBDC has the potential to strengthen public confidence in the central bank and its financial services. The central bank listed major advantages like reliability, convenience as well as the opportunity to tackle the “shadow economy.” The announcement notes:
“Unlike bank accounts, central bank money is completely risk-free and 100% guaranteed by the state. In other words, it is not only convenient but also reliable. In addition, digital currency can help reduce the amount of paper money in circulation. For many countries, this is an urgent task, since the shadow economy is often ‘fed’ with paper money.”
While there are a number of potential benefits to the e-hryvnia, the NBU does not appear to be prioritizing it at the moment. The bank’s governor Jacob Smol concluded that the authority will return to the e-hryvnia question as soon as the bank is convinced that such projects do not pose any threats to financial stability. The official tweeted:
“We’ve completed the pilot project, but we continue to look into the chance of issuing the e-hryvnia. We’ll return to this matter when we are convinced that not only is it technologically feasible, but also that it will not interfere with price and financial stability.”
After the NBU started exploring the possibility of issuing its own digital currency back in 2016, the bank completed a pilot for the e-hryvnia project in late 2019. According to the official NBU announcement, the central bank issued a “very limited number of e-hryvnias” within the pilot — just over 5,000 e-hryvnias, worth around $200 at press time.
Olga Vasileva, deputy head of NBU’s payment networks and innovative growth department, outlined that e-hryvnia will be nothing but a digital alternative to cash. The executive said that a CBDC like the e-hryvnia is primarily interesting for an ordinary user due to the low cost and speed of financial transactions.
Cointelegraph recently reported that Ukrainian cryptocurrency exchange Kuna released a stablecoin pegged to the Ukrainian hryvnia. Kuna founder Michael Chobanian argued that the e-hryvnia project had not got much further than research.
On Feb. 22, Bank of England chief cashier Sarah John argued that it is “really important” for central banks to consider CBDCs as a response to major tech companies’ efforts to develop stablecoins.
Iran's Fars news agency has reported that the nation's deputy health minister Iraj Harirchi has been confirmed to have coronavirus.
The post Rouhani Scolds Iran for Coronavirus Panic; 60 Minutes Later, Health Minister Gets Infected appeared first on CCN.com
Despite the short-term volatility Bitcoin has faced, the cryptocurrency has held up surprisingly well, holding the crucial $9,500 support on a daily and weekly basis as if its life depended on it.
A number of prominent analysts, such as Filb Filb, have argued that BTC’s ability to maintain a price above $9,500 is a clear-as-day sign the cryptocurrency will continue higher in the coming weeks.
Though the next leg higher that investors across the board are waiting for may not happen, a top analyst with a quite accurate track record has recently warned.
In an analysis published Feb. 23, amid Sunday’s brief market recovery that took Bitcoin above $10,000, analyst Smart Contracter warned of impending market weakness.
He noted that Litecoin’s recovery on the weekend felt like a “wave B” to me, which per Elliot Wave theory, should be followed by a “wave C” retracement that is likely to bring the cryptocurrency to $59 — 20 percent lower than the current price of Bitcoin, and around 25 percent lower than the asset was trading when Smart Contracter published the below analysis.
i like tracking $ltc as a guage for alt strength, its done me well in the past.
this whole weekend price action feels like a wave B flat to me and a deeper wave C is still yet to come.
im basically flat now and just not liking the vibes im getting from the majors RN pic.twitter.com/Pav6BY2D1V
— 🍄🌲Benjamin Blunts🌲🍄 (@SmartContracter) February 23, 2020
This is relevant for Bitcoin because LTC has long acted as a pseudo-bellwether for the rest of the cryptocurrency market.
The most memorable case of this was in the first half of 2019, which is when LTC started rallying dozens of percent higher week over week while Bitcoin flatlined around $4,000. For around two months, the asset rallied on its own, then was followed by BTC and the rest of this nascent asset class.
Litecoin’s ability to precede the rest of the market is important because it suggests that should LTC start crash here, so too should Bitcoin.
While many crypto investors are skeptical of the validity of Elliot Wave analysis, Smart Contracter has a strong track record in analyzing the ever-volatile cryptocurrency markets, giving credence to his commentary.
In the middle of 2018, when Bitcoin was in the midst of a bear market, Smart Contracter revealed at which point he expects BTC to bottom, writing:
“I’m calling a bottom at exactly 3.2k with a 200 dollar leeway either side.”
By the middle of December, his forecast was proven to be right when Bitcoin plunged from $6,000 to a low of $3,150 over the span of a few weeks, then established a macro bottom at that level.
While Smart Contracter is warning of blood in the streets in the short term, he is bullish on Bitcoin (and presumably other cryptocurrencies) from a longer-term perspective.
Late January, he posted the below chart, remarking that Bitcoin is in the midst of a five-wave rise from the $6,000s.
His Elliot Wave analysis suggests that Bitcoin has a high likelihood of breaking $14,000 — 45 percent above the current price point of $9,600 — by the middle of 2020, likely around or just after the time of the block reward reduction in May 2020.
The post Why analyst who called Bitcoin’s crash to $3,000 believes market could crater appeared first on CryptoSlate.
Find out how to sign a partnership agreement using blockchain and how to manage cryptoassets and fiat revenue.
What should be written in a partnership agreement, and how should a general partnership be run? How can an agreement be concluded remotely using the blockchain? Four business models to manage cryptocurrency and cash flows are outlined below.
To draft a partnership agreement, partners should identify themselves, their shares and membership interests. They need to define the project and its goals as well as key tasks. Furthermore, attaching the business plan, presentations, and technical requirements or specifications for the project are also a necessary part of this step.
An important decision is determining whether all or several partners are going to act on behalf of the general partnership, or if a managing partner will be assigned. Whether alternatively or additionally, partners may wish to hire a CEO. A legal entity can also be the managing representative.
If the agreement does not specify such, all partners may act on behalf of the general partnership independently, thus being able to acquire new rights and duties for the general partnership. The managing partner(s) may be restricted to certain rules and conditions, such as which transaction amounts require a collective decision, the size of a deal that the managing partner can enter on behalf of the general partnership at his or her sole discretion, and so on. For instance, the managing partner may not close supply contracts for over $10,000 without the consent of the other partners.
As mentioned in the first article of this series, a general partnership can act as a business entity. However, many people are unaware of them, which can cause some issues when dealing with external counterparties.
Therefore, I recommend finding a friendly legal entity in order to present your project to other business entities and individuals. In the beginning, partners may choose a trustworthy company that serves as an authorized representative of the general partnership with the right to enter into agreements with third parties for the convenience of the general partnership. Such relations are governed by an agency agreement between the general partnership (the appointor) and the legal entity (the authorized representative).
In my case, my partners and I decided the following: I was chosen to be a managing partner and had the right to conduct business relations with other entities in the market.
All deals of more than $30,000 had to be approved by a remote simple majority voting of partners. In order for partners to communicate with each other, we created a channel on Telegram messenger and agreed that all discussion within that chat is legally binding on the partners — one of whom is a legal entity.
This entity represents our business project in deals with external counterparties, and has a written agent agreement and power of attorney for situations in which the legal entity must confirm its authorization. The agent acts on behalf of our general partnership (the appointor), and all acquired assets belong to the general partnership, including money, intellectual rights and other properties. By doing so, we were able to solve bank-related issues. The authorized representative as a legal entity had a bank account, so the partnership could send or receive money through this agent.
At the same time, this is not the only possible model. The following chart represents other types of interactions between partners, clients and agents.
In reality, all types of relations can be developed based on specific financial flows. The diagram above consists of four figures which may be applied solely or in combination with each other:
An individual can manage the project, but there is almost no possibility that the individual will be able to open a bank account for entrepreneurial activities. From a financial point of view, such a partner will only be able to work with cryptocurrency. This method can be used as a single financial tool only in the case when all revenue is generated in cryptocurrency. Otherwise, one needs to combine it with other solutions and methods.
The managing partner distributes cryptocurrency profits between the partners, while they have to declare it and pay taxes in accordance with the legislation of their residency.
Partners incorporate a legal entity — for example, a limited liability company, or LLC — that will act as an agent of the general partnership.
In this case, a general partnership is not needed. However, one could prove useful as an additional element of the model, when a general partnership works with cryptocurrencies and its partners do not want to show it in the accounts of the legal entity.
Furthermore, partners of a company dealing with crypto will face problems in many countries, as banks are likely to refuse dealing with tokens and cryptocurrencies. Hence why combining this model with Model 1 is inevitable in such cases.
Partners incorporate their company, which includes all members of the general partnership plus their local partner, in one chosen jurisdiction. Let’s call it a regional representative model. Such a legal entity will work with the general partnership on the basis of an agent agreement. This is a great choice if partners need to create a local presence for their business. The local partner will be the head of the company and develop the business in the designated area. It also solves all financial problems, as the company can now open bank accounts and distribute profit among its partners.
A legal entity or an individual entrepreneur appointed as an agent of the general partnership. This option is also useful, because both the legal entity and individual entrepreneur can open a business account in a bank to receive payments from clients. According to the agent agreement, agents in such cases receive company revenue that they are authorized to use to pay off current expenses and debts on behalf of the general partnership. Agents take a fee from this money for their services, and eventually distribute the rest among partners.
This is an alternative manner of establishing a business partnership, as there are many different ways to enter into such an agreement. In our case, all partners were located in different countries and it was difficult to meet each other in one location.
We decided to use modern technology. In fact, we drafted the text of the agreement on an electronic form. We wrote the cryptocurrency addresses of each partner, indicating that the agreement will become effective when each partner publishes the hash sum (checksum) of the agreement file in the blockchain from the mentioned addresses.
We decided to use the Emercoin blockchain and the “carousel” method for contract signing: The first signatory creates an NVS record (short for Name-Value storage, a kind of token in Emercoin) with the hash sum of the contract, and sends it to the next signatory. The record needs to be sent one-by-one to all the partners in the circle, and the contract becomes effective when the NVS returns to the wallet of the first signatory. Partners (and all viewers of the file) are able to verify addresses in the carousel. If they correspond with the announced addresses, the contract is considered duly signed by all parties. In our case, we use the same addresses to distribute profit.
The business model of a general partnership has both advantages and disadvantages — some people may think that it will not protect their interests, and it may not suit everyone’s needs. However, based on my own long-term experience in legal practice, I can say that there are no 100% safe legal instruments.
In conducting their business, partners may face a huge number of legal actions and courts, which require a significant amount of time and resources. And even then, one could come away with nothing after winning the case, because the debtor simply has no assets (they could sell them, re-register them in their grandmother’s name or simply disappear). Common sense dictates that the main issue is not the legal model, but trustworthiness of partners. One needs to remember the following: Reputation is the most important asset.
Nowadays, when information is distributed at the speed of light, a scammer can face serious consequences such as nobody wanting to deal with them after a couple of bad cases. And that’s why we need an agreement — not for court (although it can be used there), but as a guarantee of good behavior lest partners become bad actors and are not held accountable.
This is part two of a two-part series on general partnerships, read part one here.
The views, thoughts and opinions expressed here are the author’s alone and do not necessarily reflect or represent the views and opinions of Cointelegraph.
Russian billionaire Vladimir Potanin is one step further with his blockchain-based trading platform for industrial assets and commodities.
Russia’s richest man, Vladimir Potanin, is making steady headway with his blockchain-based trading platform for industrial assets and commodities.
The billionaire’s venture, dubbed Atomyze, launched today, Feb. 25, in test mode. Potanin’s mining and smelting firm Nornickel will be the first to issue tokens on the platform, which is designed to speed up transactions, enable surplus supply trading and cut back on the red tape needed for interactions between customers and businesses.
Atomyze is based on IBM’s Hyperledger Fabric blockchain technology, and
Nornickel’s partners Trafigura, Traxys, and Umicore have been invited to participate in the platform’s testing phase.
In an interview with Bloomberg, Potanin indicated that other services and commodities from Potanin’s businesses could be tokenized using the platform in the future, such as Nordstar airline tickets and ski passes at his resort in Sochi.
Potanin has estimated that crypto tokens will eventually account for one-fifth of all sales on Nornickel — the world’s largest producer of palladium and refined nickel.
Initially, Nornickel plans to test tokens backed by palladium, cobalt and copper reserves, with the total anticipated issuance in the first year expected to reach up to 10% of overall sales volume of production.
Via the platform, metal-backed tokens can be traded for physical supplies, and firms with a surplus from their contractual volumes from Nornickel can trade with other parties.
To broaden the platform to include Potanin’s other businesses — such as the Nordstar airline or the Rosa Khutor resort in Sochi — Atomyze will need to seek further approval from the central bank.
Having recently secured the green light from Russia’s central bank to extend platform’s user base to include consumers, Potanin noted that the central bank had given him a very wide mandate, observing that:
“To some extent Russia appears ahead of many other jurisdictions in terms of digitalization.”
Beyond Russia, Atomyze will be available for businesses — but not consumers — in the United States and Switzerland, once regulatory approval has been secured.
Potanin’s venture meanwhile awaits the finalization of amendments to Russia’s forthcoming law on digital financial assets. As reported, these were submitted by the central bank after the successful conclusion of a four-month pilot of Atomyze in its regulatory sandbox.
Potanin therefore expects commercial operations of the platform to launch by the year’s end.
Investors still nervous as Harvard professor reveals a terrifying prediction about the global spread of COVID-19
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New trademark filings, domain registrations, and social media accounts suggest Riot Games' upcoming Project A may be titled Valorant.
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Nigma Conseil and the Austrian Institute of Technology joined forces to provide an alternative blockchain forensics platform, offering compliance for AML and KYC.
The French cybersecurity company Nigma Conseil and the Austrian Institute of Technology (AIT) have revealed to have collaborated on developing a new blockchain forensics tool. The agreement was signed on Feb. 25 to work on e-Nigma, a proposed compliance tool.
E-Nigma provides its users with a way of conducting due diligence investigations in response to Know Your Customer (KYC) and Anti-Money Laundering (AML) regulation. Like other similar tools, it monitors and organizes blockchain transactions.
The platform provides several advanced features such as risk scoring and wallet clustering. It is able to identify addresses with real-life identities by scraping through both the clear and dark web.
It builds on the open-source cryptocurrency forensics platform provided by AIT, GraphSense. AIT is a government-owned research institute headquartered in Vienna.
The technology was built as part of an AIT-led program called TITANIUM, which was formed to investigate transactions in “underground markets.” The program was awarded a 5 million euro ($5.4 million) grant by the European Union to mitigate cryptocurrency crime.
Fabien Tabarly, CEO of NIGMA Conseil, commented on the collaboration:
“The synergy between a leading European academic research institute and our team of developers has been instrumental in implementing the most innovative tools to fight financial crime in virtual currencies.”
E-Nigma is working in a competitive field, with similar solutions being provided by companies like Chainalysis, Elliptic and CipherTrace.
As money laundering regulations around the world turn more stringent, many companies in the cryptocurrency and traditional finance sectors are turning to blockchain forensics tools.
Elliptic has turned its focus on banks, with a compliance tool letting them understand the true risk from cryptocurrency exchange transactions.
Bitcoin bulls have long been pointing to its potential as a “digital gold” as one reason why it will eventually garner widespread adoption. In spite of this, there has been conflicting research regarding this notion, and the potential for other major cryptocurrencies – including Ethereum (ETH) – to be safe-haven assets has often been overlooked.
Now, however, one research group is explaining that Ethereum may provide a notable hedge against intraday volatility seen across multiple markets.
This claim, and the data backing it, may ultimately prove to be another selling point for ETH, adding to the growing list of reasons why the crypto has significant long-term prospects.
In a recent report from Artem Meshcheryakov and Stoyu Ivanov from San Jose State University, the two researchers take a data-driven approach on analyzing whether or not Ethereum can be categorized as a hedge or safe-haven asset against volatility seen across multiple markets.
The methodology used to reach their conclusions is carefully detailed throughout the report, with data being pulled from five-minute pricing intervals between Dec. 12, 2017, and Dec. 31, 2018.
In conclusion, by comparing a variety of details surrounding Ethereum’s price action to that of the US stock market, gold, and the US Dollar, they found that the cryptocurrency is quickly becoming a hedge, safe haven, and diversifier across these markets.
“We find that Ethereum…can serve as an intraday hedge against the US stock market and against the gold. Also, Ethereum may serve as an intraday safe haven against gold markets. When currency markets are concerned, we document that Ethereum tend to act as a diversifier on intraday basis for the US Dollar.”
The above conclusion is certainly bullish for Ethereum, as it now appears that its growing status as a hedge against global economic turmoil could bolster its attractiveness to investors.
Another key factor that has been counting in ETH’s favor as of late is the growing DeFi trend, which has resulted in a significant amount of Ethereum being locked within collateralized loans.
Currently, the total USD value of ETH locked within DeFi is over $1 billion, and it is showing no signs of slowing down anytime soon.
The confluence of strong development growth, bullish price action, DeFi’s rising popularity, and its potential status as a safe haven asset is likely to offer Ethereum significant long-term upside.
The post Step aside Bitcoin: data shows Ethereum is a hedge against global volatility appeared first on CryptoSlate.
Exchange Valet is a suite of cryptocurrency trading tools that allows users to manage their crypto portfolios more efficiently.
The platform aims to provide traders with a range tools that are more comprehensive than the services generally being offered by major exchanges, and in turn, enable users to maximize their trading opportunities.
Exchange Valet allows anyone to take advantage of around the clock automated trading and efficiently trade a range of digital assets that are supported by both Binance and Bittrex cryptocurrency exchanges.
Exchange Valet incorporates popular trading tools such as simultaneous stop loss and take profit orders, and also allows users to automatically track their portfolios via mobile and email notifications.
A 14 day trial period also allows anyone to sign up and try out the platform before committing to an ongoing subscription.
While there is little information available on the individuals behind the project, Exchange Valet is an emerging crypto trading platform that continues to grow in popularity.
The platform allows anyone to automate their trading activity on both Binance and Bittrex via API key connections, and incorporates features such as automatic portfolio tracking, email/mobile order notifications, and a range of trading options including regular market and limit buy and sell orders, in addition to simultaneous stop-loss/take-profit orders, and trailing stop-loss orders.
In order to use the service, anyone who signs up is required to download and run the Exchange Valet app which is available for Windows, Mac, and Linux operating systems.
The team behind the platform are currently offering new users a 14 day free trial, and after the period is over, the service costs $29 per month, $75 for three months, or $250 for a year’s worth of service.
The subscription fees can also be paid in a range of cryptocurrencies including BTC, ETH, and LTC. Despite a lack of transparency concerning the individuals behind the project, Exchange Valet prioritizes security and conforms to ISO 27001, ISO 27017, and ISO 27018 standards for data security.
The team also run a Telegram channel and their mobile notification service allows users to keep updated with their portfolio even if they are on the move.
To create an account, just click the “Sign Up/Login” tab at the top right of the home page.
To register an account, you are only required to enter an email address and create a password that contains upper and lower case letters as well as a number.
After submitting your details, you can click on the link in the verification email, in order to gain access to your account.
Once inside your account, you have the option of downloading the Exchange Valet app for Windows, Mac, or Linux.
After selecting the version suitable for your operating system, you can run the app, set up your trading account and connect with Binance and Bittrex via API keys.
In order to find your API keys on Binance you will need to log into your exchange account and click on your profile. You can then navigate to and click “API Setting”.
From here you can name the API key and click “Create New Key”.
You will then see the API keys, to ensure secure and efficient operations, it’s important to not enable withdrawals, and to not use IP whitelisting. You can connect with Binance by going to “SETTINGS” in Exchange Valet and inputting your API keys.
To find your API keys on Bittrex you need to log into your account and click on “Settings”, and then click “API Keys”. You can then click “Add new key”, enable “READ INFO”, “TRADE LIMIT”, “TRADE MARKET”, and click Save.
After confirming the update, you will see your API keys, and you can complete the setup process from inside the Exchange Valet portal.
Any orders set with Exchange Valet are different from the regular orders created on exchanges, and they act as Pending Orders which wait to be placed on the exchange until a set price is reached.
These orders are not placed on the order book until the price is touched, which allows users to create orders without blocking their coin balance.
The pending order system allows anyone to set simultaneous orders, and when creating an order directly on an exchange, the order will block your coin balance meaning that you can’t create another order with the same balance.
This prevents you from having stop-loss and take-profit orders acting simultaneously.
When using Exchange Valet you can choose from the following different order types for the pending order:
You can create unlimited pending orders with Exchange Valet, and they will not be placed on the exchange until the price touches or crosses your order price. You can create orders by using the order panel:
Please Note: When using Binance exchange, if you do not have enough BNB to pay your fees or the “Using BNB to pay for fees” option is disabled, then Binance will use the coin you are trading to pay the fees and deduct the fee from your trade amount.
This will result in your take profit and stop loss orders failing and displaying a “not enough balance” error as you no longer have the required coin balance to complete the trade.
To mitigate this problem, make sure to retain a sufficient balance of BNB and enable the “Using BNB to pay for fees” option in your Binance account settings.
The platform can be used free of charge for a period of up to 14 days, and from that point you are required to commit to a subscription in order to continue to use the service.
However, there is no requirement to enter your credit card or banking details, and the platform accepts payments in Bitcoin (BTC), Ethereum (ETH), and Litecoin (LTC).
There are three subscription choices which include a monthly payment of $29, a quarterly payment of $75, and an upfront annual payment of $250 which allows a saving of over 25%.
The full range of features is available to anyone who commits to any subscription and this includes the ability to trade on both Binance and Bittrex, portfolio tracking, and order notifications delivered by Telegram (via Speedtrade) or email.
The full range of order types including simultaneous stop-loss and take-profit orders and trailing stop-loss orders are also available.
The project isn’t the most transparent in nature and the people behind the platform remain something of a mystery.
However, in order to use Exchange Valet you aren’t required to submit any banking or credit cards details and your account subscriptions can be paid in Bitcoin, Ethereum, and Litecoin. This allows users to retain some privacy and they only need to submit an email address and synch their cryptocurrency exchange API keys to get started.
In addition, the team are generally available in their Telegram group any anyone can bring up any issues directly with the team or discuss key points with other community members.
As with the majority of trading bots or portfolio management tools, you are not required to transfer any funds in order to use the Exchange Valet app and the platform doesn’t have any direct access to your crypto holdings.
The platform makes use of an Application Programming Interface (API) which is an interface for an application that allows it to receive and send specific data types. By using API keys, the service can interface with exchanges and collect price and account balance data as well as place buy and sell orders.
The Exchange Valet app simply connects with your exchange accounts and performs trades on your behalf. However, the team do point out that you should disable withdrawals from inside your crypto accounts and continue to uphold your own stringent personal security protocols.
The services provided by Exchange Valet run on the Google Cloud Platform, and all Google data centres make use of a layered security model. For example, all services are managed through a secured global API gateway infrastructure which is only accessible over encrypted SSL/TLS channels, and every request includes a time-limited authentication token generated by a human login or private key-based secret.
All data is fully encrypted and Google’s Cloud Platform services makes use of automatic encryption and new data stored in persistent disks is encrypted under the 256-bit Advanced Encryption Standard (AES-256), and each encryption key is itself encrypted with a regularly rotated set of master keys.
The team at Exchange Valet also strive to deliver automatic updates regularly, and users don’t need to reinstall the app to receive the latest updates. The platform’s services also comply with ISO 27001, ISO 27017, and ISO 27018 standards.
As with any portfolio management platform, Exchange Valet takes some getting used to and while it has been designed with ease of use in mind, the process of downloading and running the app may not suit everyone.
However, the 14 day free trial allows anyone interested to get a feel for the service and how using it may impact their trading activities.
The team also provide various resources which help to explain numerous aspects of using the platform and these include an FAQ section, written guides, and video tutorials.
There is also a community of users in the official Telegram channel and discussions on the platform can also be found in their Reddit thread. Users of all experience levels will also benefit from the app including the following features specifically designed to make using the service easier and these can be found under the “Additional Options” section.
Exchange Valet incorporates a number of features that some traders may find useful, such as the ability to set simultaneous stop loss and take profit orders which exchanges generally don’t support.
This allows traders to lock in profits when their selected coin increases in value while also protecting their account via the stop loss which performs the necessary sale if the market moves in an adverse direction.
Common market and limit orders are supported alongside trailing stop losses, and panic sell orders, and Exchange Valet also incorporates handy features such as their Speedtrade Telegram order notifications, and portfolio updates delivered via Telegram or email.
The platform also allows users to set up trading commands quite simply, and you can view your holdings as a pie chart, and set buy/sell orders as a specific percentage of your total holdings of a single digital asset.
The additional order options make it easy for people to balance their portfolios and the simple input fields are easy to understand for every level of user. However, Exchange Valet is generally quite limited in its scope and only supports Binance and Bittrex.
The platform also doesn’t provide a range of pre-configured trading bots or allow users to trade successful bots or strategies, and it lacks algo-based trading features.
As a result, there are similar platforms that provide a more comprehensive range of features for around the same price, and Exchange Valet probably best suits anyone looking to make use of their specific feature set to trade on Binance and Bittrex.
Therefore, anyone interested should make use of the 14 day trial period to get a better idea of whether or not the platform suits their individual crypto trading needs.
The post Exchange Valet Review: Automated Cryptocurrency Trading Bot Platform appeared first on Blockonomi.
Singapore’s Appeals Court has rejected Quoine’s appeal, ruling that the exchange must pay damages to a market maker for seven wrongfully reversed trades.
In the country’s first legal dispute involving cryptocurrency, the Singapore Court of Appeals has ruled that virtual currency exchange Quoine must pay damages to electronic market maker B2C2. The damages are for seven transactions that were wrongfully reversed on the platform during April 2017.
According to The Straits Times on Feb. 24, the court dismissed Quoine’s appeal, in which the exchange argued that it was entitled to unilaterally cancel the orders due to such comprising a mistake.
The exchange argued that the parties who fulfilled B2C2’s orders to sell Ether (ETH) for Bitcoin (BTC) at the price of 10 BTC per ETH believed that their orders had been executed at the current market price, rather than 250 times above market value. It further claimed that B2C2 was aware of this mistake.
The Feb. 24 landmark ruling saw four of the five judges of the Court of Appeals dismiss Quoine’s appeal, with Chief Justice Sundaresh Menon, Judges of Appeal Andrew Phang and Judith Prakash and International Judge Robert French determining that there was no mistake concerning the terms of the trading contract executed on the platform. Judge Jonathan Mance was the sole adjudicator to dissent on the matter.
The court found that both B2C2 and Quoine were operating complex automated trading systems to execute a high volume of trades on the Quoine exchange. It further discovered that these systems sought to exploit the spread between cryptocurrency prices across multiple exchanges.
Upon encountering a lack of sufficient market data, B2C2’s arbitrage bot would revert to a “deep price” of 10 BTC per ETH. During April 2017, a bug in Quoine’s software resulted in B2C2’s deep price taking effect, before seven orders were fulfilled on April 19, 2017 that saw B2C2 sell roughly 309 ETH for 3,092 BTC.
Shortly thereafter, Quoine deducted 3,085 BTC from B2C2’s account.
While the Singapore International Commercial Court (SICC) ruled that Quoine must pay damages to B2C2 nearly 12 months ago, the parties were unable to come to a consensus regarding the sum to be repaid.
The SICC did not rule that Quoine must return 3,085 BTC to the market maker, with judge Simon Thorley asserting that current Bitcoin prices were “substantially higher than the price in April 2017 when the trades were executed."
Additionally, B2C2 had sold almost one-third of the BTC in question before the trades being reversed, with automated trading bots offloading the coins across nine different exchanges. As such, an SICC judge determined that ordering a specific sum to be repaid to B2C2 would “cause substantial hardship to Quoine which any potential difficulty in assessing damages does not outweigh.”
Data breaches are a major concern to internet users, organizations, and governments. In 2013, almost 3 million customer credit card records were stolen from the Adobe database. Also, information pertaining to 60 million users was accessed on the U.S Postal Service database. These breaches come with financial costs and can ruin customers’ trust, which brings about a need for data security.
In line with that, data integrity is important. It ensures that stored information is unchanged irrespective of when, where, and how it is accessed. However, not many systems can offer this characteristic. A system that can, must be immutable, tamper-proof and decentralized.
Accordingly, HASHWallet protocol has been used to develop a new generation kind of hardware wallet. This innovative hardware wallet is primarily designed to safeguard its users’ crypto-assets.in the shape of a convenient “smart card” full premium features — which makes it easy for its users to move around with.
HASHWallet is the first non-programmable hardware wallet, hence it offers a more secure environment for users to verify transactions. Here, a large e-ink screen is used to check and approve transactions, which eliminates the potential for fraud. What’s more, the private key on the smart card can never be extracted by the user. As such, the key can neither be lost nor stolen.
HASHWallet also features an intuitive user interface that makes it easy for everyone to operate. Whether you are new to the cryptocurrency space, or you have little or no knowledge of gadgets, you can operate this wallet with ease. Moreover, it is the world’s first hardware wallet to feature a direct mobile application. The application can be used to manage the wallet and user’s funds from a smartphone.
Basically, the Arrow certification program is a partnership between Arrow and Indiegogo that gives entrepreneurs the necessary tools and services to bring their product ideas to life. Just recently, after deep investigation and scrutiny, HASHWallet has been endorsed and certified to be an “Arrow Certified Product.’’ In fact, the eSignus engineering team from HASHWallet is now working with ArrowGlobal to ensure that they build the most secure hardware wallet.
Actually, this device is designed to incorporate public-private key technology. So, anytime the card is initialized for the first time, it generates the key pairs in a random way and not based on any seed. The private key is kept inside without anyone knowing it not even the user. Therefore, what is not known and inaccessible is impossible to steal.
HASHWallet offers maximum security via Biometric Technology:
In many sectors or industries, when it comes to topnotch security, biometric authentication is no doubt one of the most reliable options for asset storage security. The crypto industry is no longer left out; HASHWallet has imbibed this form of security for the storage of its users’ crypto-assets. This technology solves one of the challenges facing cryptocurrencies — to protect owner identity.
HASHWallet offers an innovative key recovery system:
Safekeeping cryptocurrencies is hard work for some users. According to the recent research by Chainalysis, a digital forensics firm that examined the Bitcoin Blockchain, about 3.79 million has already gone forever based on a high estimate and 2.79 million based on low.
Statistically, we can say that Hardware wallets get lost all the time either from damage or misplacement. That is why HASHWallet comes with two Smart seed cards to provide an alternative way to access your funds if the wallet is lost. While activating HASHWallet for the first time, the seed cards are paired to the device via NFC. As a result, your Recovery Seed is stored on these cards. The card also generates a ‘Recovery Key’ that is stored on the eSignus Vault.
Also if it happens that you no longer have access to the HASHWallet, you can fall back on one of these cards. All that is required, is to purchase another HASHWallet and use one of the Seed cards to enter the Recovery Seed and Recovery Key. Your funds will then be accessible from the new HASHWallet.
HASHWallet protocol helps to protect users’ cryptocurrencies on the blockchain. Accordingly, users looking for a more secure way to transfer their virtual assets and in a faster manner need to take advantage of the HASHWallet. This hardware wallet is secure, easy to use, and has been built with the latest technology.
The post A New Generation of HardWallet: How HASHWallet Protocol Protects Users Cryptocurrencies on Blockchain appeared first on NullTX.
Crypto-supporting banking app Revolut has raised $500 million in a fresh funding round and tripled its valuation to hit $5.5 billion.
United Kingdom-based digital bank Revolut has raised $500 million in a fresh funding round and tripled its valuation to hit $5.5 billion. This, as the Financial Times reported on Feb. 25, makes the crypto-supporting app one of Europe’s most valuable fintech firms.
In Dec. 2018, the firm received a banking license in Lithuania, paving the way for a transition away from prepaid cards toward offering a fuller suite of banking services.
The new funding round was led by Silicon Valley venture capital group TCV, which invests in major tech players such as Facebook, Airbnb, Tripadvisor, LinkedIn and Spotify.
TCV’s $5.5 billion valuation of Revolut equals the previous record set by a private European fintech, Sweden’s Klarna, in 2019.
In 2018, the firm had been valued at $1.7 billion, in a funding round led by early Facebook and Spotify backer DST Global.
Revolut — which has a user base of over 10 million — saw customer growth rising by over 150% last year. Alongside its cryptocurrency and stock trading features, the firm is looking to expand into lending services and is pursuing a U.K. banking license.
The U.K. is proving to be a highly lucrative market for disrupter banks — sometimes dubbed “neobanks” — with users soaring from 7.7 million to 19.6 million last year, according to a report released yesterday by Accenture.
The first half of 2020 could also herald Revolut’s launch in the United States, should the firm manage to clear the regulatory hurdles. It has also been eyeing expansion to Latin American and Asian markets.
As recently reported, Mark Hipperson, the co-founder of fellow U.K.-based neobank Starling, is planning to launch a new banking venture, Ziglu, in Q1 2020. The bank will offer balances in multiple currencies — both fiat and cryptocurrency — held together in one account, which can be spent globally using a Mastercard debit card.
Hybrids combining the features of legacy banking services and cryptocurrency transactions continue to develop. Coinbase this week announced its principle membership of Visa and crypto-dedicated banks such as Switzerland’s SEBA and Syngum continue to diversify their services.
After a futile attempt to kick off another uptrend yesterday, the crypto market has seen an intense selloff that has stemmed from Bitcoin’s move down to $9,500, which has subsequently led most major altcoins to plummet lower.
This bloodbath has led most major cryptocurrencies to form an incredibly close correlation to Bitcoin, and it is highly probable that where the aggregated market heads next will be dependent on whether or not BTC is able to hold above a key level that it is currently trading at.
If the benchmark crypto breaks below this level, it could spark a market-wide selloff that leads many major altcoins to invalidate the bullish market structures they have formed over the past several weeks.
Yesterday, Bitcoin attempted to make a move up to $10,000 that was met with significant selling pressure, subsequently leading BTC to plummet towards $9,500.
This rejection sent shockwaves throughout the aggregated crypto market, with many altcoins that were previously expressing bullishness to see notable selloffs.
Most other altcoins are closely trailing these losses, with Litecoin, EOS, Bitcoin Cash, and others all trading down roughly 6 percent.
The only major cryptocurrency that has been able to dodge losses of this magnitude is Ethereum, which is trading down just under 3 percent.
Today’s selloff has led Bitcoin to a key support level at $9,550 that bulls are currently attempting to defend, and a drop below this level could open the gates for significantly further near-term losses.
Big Chonis, a prominent cryptocurrency analyst, spoke about this key level in a recent tweet, referencing the level seen on the below chart.
“Very important area that Bitcoin bulls want to hold…Has acted as support to resistance and back to support… weekly!”
In the near-term, how deep the ongoing altcoin selloff extends will likely rest largely on whether BTC is able to further extend its upwards momentum, as a failure to do so will likely lead investors to flee their altcoin positions in favor of BTC.
The post Crypto market sees extensive bloodbath as Bitcoin reaches key level appeared first on CryptoSlate.
The IRS, or Internal Revenue Service, has called for a summit to be held early next month to address the responsibilities that cryptos holders have from the standpoint of taxation. The US government agency has called on both crypto companies, and crypto advocates to attend the event.
Cryptos are mostly anonymous, and the IRS has few resources to enforce tax requirements if US taxpayers use an exchange that doesn’t report its activities to the IRS.
While many major US exchanges, like Coinbase, have turned over their records to the federal agency, there are numerous offshore exchanges that do not have this responsibility.
With so many offshore crypto trading options, the IRS looking to drive home the responsibilities that US taxpayers have for their crypto holdings so that the agency is able to better collect the money that it believes that it is entitled to.
According to the IRS, the upcoming Crypto Tax Summit will feature a few 90-minute sessions, although they may not be made available to the public. Regardless of how open the IRS chooses to be about its crypto policies, there are bigger problems at hand for tax authorities when it comes to cryptos.
It is no secret that many people in the crypto community adopted the new technology because it gives them anonymity, and also reduces their reliance on government-blessed fiat currency.
It is highly unlikely that a person who values their personal freedom and specifically uses a means of savings and payment that avoids governments will care about what is coming out of the IRS.
Another thing that makes the crypto markets very difficult for national tax authorities is the global nature of cryptos. A US resident doesn’t have to use US crypto exchanges. In fact, there are a number of crypto brokers who offer advanced trading services to crypto-only clients who require little more than an email address to begin trading.
While the IRS would be able to track a fiat transaction and find where the money had been sent, this is also very difficult in the world of cryptos.
Again, a US taxpayer can store their cryptos on cold storage devices, and also use ‘mixers’ to obscure the transactional trail for their wallet’s holdings, all of which makes tax enforcement nearly impossible.
Taxation is a business, and the harder it is to collect on taxes, the less likely tax authorities are to enforce regulation, even if they do exist. The General Accounting Office (GAO) of the US has already cited the IRS’s tax regulations for cryptos as being difficult to understand, although the IRS disagreed with the GAO.
For the IRS, all of this is just business as usual. The US tax agency has a spotted past, and may not even be legal to begin with. While recent case law has supported the IRS’s authority, the constitutional law that created the agency is questionable – at best.
Cryptos aren’t the only area that is going to see increased enforcement activity in the coming years. The IRS recently announced that it will be sending agents to the homes of high-net-worth individuals that don’t file tax returns.
According to Hank Kea, who is a director of field collection operations at the IRS:
“These visits shouldn’t come as a surprise to the taxpayer because the IRS has contacted these individuals multiple times regarding their tax issues prior to their cases being assigned to an IRS revenue officer.”
What might come as a bigger surprise is that the IRS has more than 2,000 Series 1811 Special Agents in its IRS-CI division, all of whom are authorized to carry automatic pistols, shotguns, as well as assault rifles. The ‘CI” in IRS-CI stands for Criminal Investigation, and anyone who doesn’t file their paperwork the right way could easily be considered a criminal by the IRS.
Be sure to follow the IRS guidelines and use some form of cryptocurrency tracking software if you are a US taxpayer to maintain records, as failure to comply could result in a home visit from the IRS-CI, and agents at your front door.
Boerse Stuttgart has listed an exchange-traded product that is inversely correlated to Bitcoin’s price swings.
Investors looking to short Bitcoin (BTC) have a new option in Germany. On Feb. 25, Boerse Stuttgart — the country’s second-largest stock exchange — announced the listing of an exchange-traded product (ETP) that is inversely correlated to the cryptocurrency’s price swings.
The inverse ETP is issued by crypto fund manager 21Shares, formerly known as Amun. The product offers investors a positive return whenever Bitcoin’s price falls — minus a daily management fee.
Already listed on Switzerland's principal stock exchange SIX Swiss Exchange, the 21Shares Short Bitcoin ETP (SBTC) will reach an even wider investor base via Boerse Stuttgart, which last year reported trading volumes of 68.5 billion euro.
Hany Rashwan, CEO of 21Shares, has claimed that “investors in Germany have demonstrated strong support for prior crypto offerings” and the firm is responding, though cautiously, to this strong demand.
SBTC, which trades in euro, is fully hedged 1:1 with the corresponding underlying asset and has been issued a WKN German securities identification code (WKN: A2781V).
21Shares also confirmed today that its PD3 Prospectus Regulation for existing ETPs governed under Swiss law had been approved by the Swedish Financial Supervisory Authority.
In a statement, 21Shares managing director said the approval represents a milestone for traditional investors and the crypto community, opening crypto-based ETP products to both retail and institutional clients in Germany and across Europe.
In a past interview with Cointelegraph, CEO Hany Rashwan had pointed to the “massive” demand for crypto derivatives, yet noted that many of the products that exist today remain in the form of options/futures and are “built mostly out of unregulated geographies.”
This situation, he argued, tends both to ward off institutional investors and to result in such complicated and management-intensive products that retail investors, too, are driven away.
Last year, 21Shares — then known as Amun — partnered with crypto asset manager Bitwise on another multi-crypto-based ETP, which tracks the performance of up to 10 cryptos, also for listing on SIX Swiss exchange.
Boerse Stuttgart has previously partnered with European digital publishing titan Axel Springer and Finanzen.net to jointly launch a blockchain-powered trading venue, having previously rolled out a zero-fee crypto trading app.
Bulls, unfortunately, were dealt another blow on Monday, with Bitcoin continuing to sell off after rallying as high as $10,025 on the weekend.
At the day’s low, the cryptocurrency was trading as low as $9,490 on some exchanges, far below the five-digit price point where it started the day.
Despite the renewed selling pressure, there remain many still bullish on Bitcoin, citing a confluence of factors as to why they think this short-term volatility is just noise in the larger and brighter crypto picture.
When Bitcoin started dropping towards $9,500 on Monday, analysts across the board had their eyes glued to the charts, waiting with bated breath to see how the cryptocurrency would react at that crucial price point.
While it wasn’t a pretty candle per se, analysts say it is a silver lining in the shaky conditions the cryptocurrency market has exhibited over the past few weeks.
Below is an analyst’s chart of this silver lining, which shows that despite Bitcoin printing a series of lower highs, it has been holding $9,500 as if its life depended on it, suggesting there remains a good amount of buying pressure in the crypto markets.
This holding of $9,500 is important as the price point has been defined as “major” support by many an analyst, noting that this is where Bitcoin’s “China pump” topped in 2019 and where a few key technical analysis levels sit.
And not to beat a dead horse but Bitcoin printed what is known as a golden cross earlier this month, whereas its 50-day simple moving average crossed above the 200-day moving average after forming a death cross last year.
This is especially relevant for Bitcoin because previous golden crosses led to extremely strong rallies.
Indeed, this writer found that when a golden cross was seen in 2015, a rally from around $300 to $20,000 followed, and when another was registered in 2012, it ended up being a precursor to an over 20,000% rally that took Bitcoin from well under $10 to $1,000.
As hinted at in a previous Blockonomi market update, the recent strength in gold could add to the Bitcoin bull case.
Over the past 24 months, the embattled precious metal, which has dramatically underperforming stocks and other mainstream assets since the 2008 Great Recession, has finally started to show signs of an uptrend.
After rallying over a dozen percent in 2019, the price of a gold ounce continued to surge higher into 2020, establishing a new all-time high against a number of currencies.
Most recently, the metal hit a seven-year high against the U.S. dollar on Monday, reaching a price just shy of $1,700, buoyed by a tumultuous stock market, which itself was moved by fears that the coronavirus outbreak from China is moving into the West.
This strength in gold, senior commodities analyst at Bloomberg Mike McGlone has claimed, may add to Bitcoin’s strength moving forward:
There’s little to push it lower when considering a shrinking supply, increasing adoption and favorable macroeconomics. […] Our graphic shows seemingly entrenched trends: appreciating quasi-currency prices and declining bond yields. Given advancing debt-to-GDP levels, notably in the U.S., Japan and China, it’s little surprise that alternative stores-of-value are gaining.
It is important to point out that there have been some cracks forming in the narrative that Bitcoin is meant to be a digital counterpart to gold and other risk-off assets.
Monday’s price action was a perfect case in point: Bitcoin dropped alongside the S&P 500 and Dow Jones while gold rallied. Also, when BTC has traded alongside gold in the past, the correlation has always been somewhat imperfect and sometimes entirely non-existent, with the cryptocurrency often rallying or crashing minutes before or after the precious metal does something similar.
The post Bitcoin Once Again Falters: Dropping to $9,500 as Bears Maintain Control appeared first on Blockonomi.
In a mainstream media interview, Draper surprises by confirming he was out of the market for half a year, doubling down on crypto instead.
Speaking to CNBC on Feb. 24, the VC investor and serial Bitcoin proponent revealed that he had significantly added to his crypto holdings since last year.
“It’s a lot, it’s a lot, a lot,” he responded when quizzed about exactly how far his faith in Bitcoin extended.
“I’m just a believer — and I look and I say, ‘Hey, this is just better.’ Long term, people move to things that are better.”
Draper was speaking in his characteristic Bitcoin logo tie as stock markets plummeted worldwide due to concerns over coronavirus.
Continuing, he confirmed his exposure to the crisis was limited due to previous concerns that stocks were too “frothy.”
“It just got too frothy — the market got too excited and Uber drivers were doing day trading, all the signs were there,” he said.
Many other remarks were already known to Bitcoin supporters, including a $250,000 price target, which Draper now feels will come by around 2022.
During that time, the health of investments such as banks and insurers will change dramatically for the worse, he warned, disagreeing with comments about Bitcoin from Berkshire Hathaway chairman, Warren Buffett, earlier on Monday.
“Of course he’s worried,” Draper retaliated.
In his latest anti-Bitcoin diatribe, Buffett claimed that cryptocurrencies en masse were not productive investments.
“Cryptocurrencies basically have no value and they don’t produce anything,” he told CNBC.
“So you can look at your little ledger item for the next twenty years and it says you’ve got X of this cryptocurrency or that — it doesn’t reproduce, it doesn’t deliver, it can’t mail you a check, it can’t do anything. And what you hope is that someone else comes along and pays you more money for it.”
As Cointelegraph reported, BTC/USD remains the star investment of 2020, with year-to-date gains at one point exceeding 40%.