Better Bitcoin Invoicing is Beneficial to all Industries

Cryptocurrencies are growing in popularity all over the world. For merchants, it introduces a new payment option with far fewer headaches. Invoicing clients has also become a lot simpler with the help of solutions such as DAOWallet. 

Bitcoin Spending Among Merchants is Increasing

Earlier this way, Coinbase released some crucial information. This popular exchange platform provides invoicing and payment processing solutions for store owners all over the world. Accepting Bitcoin payments can be done regardless of whether one has an offline or online store. 

More specifically, Coinbase Commerce processed $135 million in crypto payments in 2019. A respectable number for an industry that is still often overlooked. Moreover, this is a 600% increase in merchant volume compared to 2018. Not only does this confirm the potential of Coinbase Commercie, but it shows that merchants are actively seeking for solutions. 

These statistics are further reinforced by a Chainalysis report. The blockchain analysis firm claims that over $4 billion in Bitcoin flowed through payment processors in 2019. There is a lot of competition in this segment, and store owners are eager to explore the different options. 

According to Statista, digital and mobile wallets accounted for 51.8% of global ecommerce transactions. This highlights the potential of cryptocurrency in this segment. It is a convenient payment method to send across borders, As far as digital payments are concerned, Bitcoin is a catalyst for future ecommerce growth. 

The Story in 2020 so Far

A newer report by Chainalysis indicates this trend is not slowing down. In fact, the COVID-19 pandemic has proven rather beneficial to merchants handling Bitcoin transactions. Even though the value of Bitcoin has dipped sharply in March of 2020, the overall figures remain relatively positive. Merchant services and gambling providers continue to see a healthy influx of funds overall. 

What is even more intriguing is how the Bitcoin price remains closely correlated to spending behavior.  Services tend to receive more Bitcoin payments if the price rises. Albeit this correlation decreased between February and March, the overall figure remains healthy. 

Invoicing Becomes Easier

None of this would be possible without the proper invoicing tools. On paper, it sounds inconvenient to shuffle between fiat currency value and the corresponding Bticoin amount. Figuring out these ratios on a manual basis is impossible when handling vast amounts of volume. Thankfully, there are plenty of invoicing solutions capable of handling these aspects.

Over the years, the growth of Bitcoin invoicing and merchant solutions has been exponential. Relying on payment processors such as Coinbase, BitPay, and CoinPayments is still a popular option. More merchant-oriented solutions have become available over the years, which is another sign of how this industry has matured. 

With so many solutions on the market today, it becomes a bit more difficult to stand. Companies such as DAOWallet pride themselves on streamlining the entire invoicing process. Not only will this help to onboard more merchants and service providers to the cryptocurrency space, but it is also beneficial to customers. 

Under the hood, DAOWallet ensures invoices can be created in any domestic fiat currency. The client can pick from a wide range of cryptocurrencies to complete the payment, and have their account credited in fiat currency as a result. This method also removes any volatility concerns for the company handling the payment. Recipients will receive their exact amount of funds, removing any remaining barrier to accepting crypto transactions. 

For those who want to create Bitcoin invoices in a physical environment, several applications exist. A growing number of mobile solutions have come to market. By embracing this method, it becomes easier to accept and complete Bitcoin payments in real life. 

Its Not About Just Bitcoin

Whereas the first merchant and invoicing solutions all focused on just Bitcoin, that narrative has come to change. Numerous altcoins are vying for traction to be used as viable payment methods. Accepting these different currencies can be done through DAOWallet and other solutions. 

This is great news for store owners, but also the millions of freelancers around the world. Receiving payments is often a hassle, especially when dealing with foreign clients and currency conversion rates. Bitcoin and other crypto assets can be used globally, and converted to local currencies with relative ease. 

Going Beyond eCommerce

Another benefit to innovative invoicing solutions is how they can transform other businesses too. Online gambling and iGaming, for example, is another industry that would benefit significantly from new payment methods. More and more people are turning to these newer forms of gaming and gambling.

Online gambling revenue has already risen to $537 billion in 2019. It is expected that this figure will keep growing by nearly 10% year over year. Now is the time to embrace new payment methods and their associated invoicing solutions. It is time to shift into a much higher gear to ensure future industry growth. 

 

Image(s): Shutterstock.com

The post Better Bitcoin Invoicing is Beneficial to all Industries appeared first on NullTX.

Cointelegraph Consulting releases DeFi Guide to increase wider adoption

Cointelegraph Consulting releases “DeFi Adoption 2020: A Definitive Guide to Entering the Industry,” to speed up DeFi adoption.

Many new users have been attracted to the explosive expansion of the DeFi sector in 2020, seeking to explore the growing selection of finance tools and applications. Not surprisingly, large barriers exist due to complexity, high transactional fees, not to mention the inherent risk of using these relatively new platforms.

In an effort to simplify the user experience by providing a knowledge base, Cointelegraph Consulting has released DeFi Adoption 2020: A Definitive Guide to Entering the Industry. The guide features findings from Cointelegraph Consulting’s landmark survey distributed to DeFi projects in multiple regions around the world. The results examine trends within the industry related to scalability, objectives, and overall project structure. 

This guide is split into three sections with the first part featuring a benchmark analysis of the industry’s landscape that defines many core concepts, introduces key terms, and explains commonly used metrics. The second section is dedicated to exploring some of the main use cases and protocols that provide the framework for more open financial tools. 

In the third section, the guide analyzes some innovative projects such as Wing for their use of Ontology as an alternative to Ethereum and ForTube for their adoption of Binance Smart Chain. Enjin’s latest product Efinity is highlighted as a scaling solution for Ethereum token transfers, while YouHodler is assessed for the use of a centralized finance (CeFi) approach to asset management. THORChain’s cross-chain DEX model is explained, while money market protocol Equilibrium is also featured for their use of Polkadot’s technology to enable cross-chain lending and trades. 

Download the guide, here.

“Intense” Bitcoin Whale Exchange Flow Could Be Behind Weekend Crash

Bitcoin went into the weekend on a strong note, taking out $11,000 and holding above it. But after the cryptocurrency made an attempt at $11,200 a rejection has the asset’s price back to $10,500 where its now at risk of a steeper correction.

Blockchain data shows that the weekend crash could have been driven by whales offloading their BTC. But why did the flow of “whale” funds suddenly get so “intense” and what does this say about how deep the correction goes?

Live From Saturday Night! Weekend Bitcoin Price Pump Rejected

The leading cryptocurrency by market cap appeared primed to pump all through the weekend, but halfway through came to a halt. On Saturday, Bitcoin price set a peak high of $11,180 on crypto exchange Coinbase before a sharp reversal.

The rejection from the high sent the crypto asset’s price momentum downward, breaking down through the bottom trend line support of a rising wedge chart pattern.

bitcoin btcusd

BTCUSD Ascending Wedge Confirms Head and Shoulders S:R Flip | Source: TradingView

Ascending wedges are typically bearish reversal patterns. The rising and narrowing structure tricks market participants into believing an asset’s price is going up, only to later be dumped on and stop losses taken out that have accumulated on the way up.

Related Reading | Bitcoin Bouncing From Bull Market Support Points To 2021 As The Year Of Crypto

The combination of new sellers and buyers having stops triggered at a loss results in a more violent fall. However, there could also be something else that has added to the severity of the over $700 drop in 48 hours.

bitcoin btcusd

100+ BTC Whale Wallets Flow To Exchanges | Source: glassnode

Crypto Whales Watching Results In Intense Behavior Observed

According to glassnode data spotted by a sharp-eyed crypto analyst, the flow of BTC coming from “whales” increased rapidly ahead of the selloff.

These Bitcoin whales all have a balance of 100 BTC or more, or roughly the equivalent of a cool million as of this writing. The wallets containing this amount of Bitcoin or higher suddenly exhibited some “intense” behavior according to the analyst.

Fully transparent blockchain data also confirms that this Bitcoin was sent directly to cryptocurrency exchanges, and not just from one wallet to another.

But what’s the reason for the sudden switch? Previously, whales had been observed moving Bitcoin off of exchanges to hold for the long haul.

Related Reading | US Stock Indices Dow Jones, SPX Tank, Taking Down Bitcoin In Tandem

Recently, however, mining pools and other larger entities are back to pushing Bitcoin to exchanges, but why?

The mood is suddenly shifting in the market once again, from irrational exuberance to fear, uncertainty, and doubt. Profits have been made, and soon assets could be sold off to secure those paper gains if things start falling harder.

The US election and several other key factors hanging over markets make for a fearful future for the rest of the year. But does that mean it is time to be greedy, and those who buy the coming blood will be rewarded when its all over? Or is the blood bath about to get so bad, that not even Bitcoin is safe for what’s to come?

Featured image from DepositPhotos, Charts from TradingView and Glassnode

5 Major Banks Exposed for Moving Trillions for Mobsters, Onecoin, and Drug Cartels

According to the International Consortium of Investigative Journalists (ICIJ), five major global banks have been exposed funneling trillions of dollars in criminal funds in the recently leaked FinCEN Files. The massive leak is 2,100 documents spanning from 2000 to 2017 which shows fraudulent funds flowed almost effortlessly through JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, and Bank of New York Mellon.

The world’s regulators are supposed to be regulating the ‘tainted’ dollars that flow through the financial system and the United States has a number of financial regulation entities. However, the recently leaked FinCEN Files indicates that Financial Crimes Enforcement Network (FinCEN) and other regulators rarely prosecute the world’s banking cartel.

The FinCEN Files is the perfect example of the corruption between the American bureaucracy’s regulators and the world’s leading banks.

2,100 documents implicate New York Mellon, JPMorgan, HSBC, Deutsche Bank, and Standard Chartered in facilitating a number of sketchy financial transgressions. The documents were revealed to 108 news organizations in 88 countries and the ICIJ and Buzzfeed broke the story.

“$2.4 trillion in illicit funds are laundered each year,” the story notes, “but authorities detect less than 1%.” So far the leaks sent to ICIJ and Buzzfeed have uncovered over $2 trillion in fraudulent funding that was processed by the world’s leading banks. Moreover, the investigative journalists have found even more evidence and the tallied number of illicit funds continues to climb.

The leak is quite large and investigative journalists from the ICIJ and other members of the media are still uncovering these financial crimes. The journalist Alicia Tatone says that there are many cases where U.S. regulators warned these five banks, but they continued to process illicit funds for criminals.

“JPMorgan, the largest bank based in the United States, moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and Ukraine, the leaked documents reveal,” Tatone notes. There is also a significant list of “confidential clients” that are often associated with “mobsters, fraudsters or corrupt regimes.”

The FinCEN Files indicate that over the last decade, the five major financial institutions have no problem dealing with the world’s shadiest characters.

The same American bank moved over a billion in USD for someone they claimed to not know in London, while the individual ultimately turned out to be on the FBI’s 10 Most Wanted list.

“In all, an ICIJ analysis found, the documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity — including $514 billion at JPMorgan and $1.3 trillion at Deutsche Bank,” Tatone writes.

Files show HSBC allowed fraudulent organizations to move billions while Deutsche Bank is accused of moving funds for terrorists and drug cartels. Interestingly FinCEN and the Treasury Department did not respond to a bulk of questions sent by ICIJ and various journalists.

Despite being threatened with fines and sometimes even getting paltry fines much smaller than the transactions processed, the banking cartel did whatever it wanted with no shame. A former financial crimes prosecutor and U.S. Justice Department official, Paul Pelletier, told ICIJ during the investigation that the banks “operate in a system that is largely toothless.”

After being caught so many times, Deutsche Bank who settled $258 million with the Federal Reserve and promised to clean up its act, continued to participate in moving criminal funds. Year after year, the FinCEN Files reveal how Deutsche Bank helped shady individuals and fraudulent shell companies proliferate.

The Bank of New York Mellon (BNY Mellon) is accused of helping the “Cryptoqueen” and the Onecoin crypto Ponzi move $137 million in 29 transactions.

The FinCEN Files show that the Bank of New York Mellon (BNY Mellon) helped the Onecoin crypto Ponzi move roughly $137 million. Back in 2017, BNY Mellon flagged the 29 Onecoin transactions but U.S. regulators did nothing. According to a spokesperson from BNY, the bank detailed to ICIJ that the institution takes financial regulation seriously.

When members of the ICIJ sent questions to Deutsche Bank they declined to answer questions about certain individuals like Ukrainian business tycoon Ihor Kolomoisky.

The report written by Alicia Tatone says that Deutsche Bank told ICIJ they are aware of the bank’s “past weaknesses” and “We are a different bank now,” Deutsche Bank stressed. In fact, all five banks have responded to the FinCEN files since they were leaked this past weekend, and most of the banks pass the blame to financial regulators.

It is interesting the world’s banking cartel never gets in trouble for money laundering, dealing with drug cartels, hired murderers, and associating with known mobsters. Besides Bernie Madoff, not one major bank CEO has been jailed to-date, and the only reason why Madoff was burned was because he robbed the elite.

Meanwhile, law enforcement officials and financial regulators were told by Donald Trump to “go after bitcoin” in 2018 or asked to dismantle the decentralized network in 2012. Localbitcoins traders are arrested and thrown in jail for “illegal money transmission” and the IRS continues to be very focused on ordinary citizens paying their digital currency taxes.

What do you think about the FinCEN Files? Let us know what you think in the comments below.

The post 5 Major Banks Exposed for Moving Trillions for Mobsters, Onecoin, and Drug Cartels appeared first on Bitcoin News.

5 Major Banks Exposed for Moving Trillions for Mobsters, Onecoin, and Drug Cartels

According to the International Consortium of Investigative Journalists (ICIJ), five major global banks have been exposed funneling trillions of dollars in criminal funds in the recently leaked FinCEN Files. The massive leak is 2,100 documents spanning from 2000 to 2017 which shows fraudulent funds flowed almost effortlessly through JPMorgan, HSBC, Standard Chartered Bank, Deutsche Bank, and Bank of New York Mellon.

The world’s regulators are supposed to be regulating the ‘tainted’ dollars that flow through the financial system and the United States has a number of financial regulation entities. However, the recently leaked FinCEN Files indicates that Financial Crimes Enforcement Network (FinCEN) and other regulators rarely prosecute the world’s banking cartel.

The FinCEN Files is the perfect example of the corruption between the American bureaucracy’s regulators and the world’s leading banks.

2,100 documents implicate New York Mellon, JPMorgan, HSBC, Deutsche Bank, and Standard Chartered in facilitating a number of sketchy financial transgressions. The documents were revealed to 108 news organizations in 88 countries and the ICIJ and Buzzfeed broke the story.

“$2.4 trillion in illicit funds are laundered each year,” the story notes, “but authorities detect less than 1%.” So far the leaks sent to ICIJ and Buzzfeed have uncovered over $2 trillion in fraudulent funding that was processed by the world’s leading banks. Moreover, the investigative journalists have found even more evidence and the tallied number of illicit funds continues to climb.

The leak is quite large and investigative journalists from the ICIJ and other members of the media are still uncovering these financial crimes. The journalist Alicia Tatone says that there are many cases where U.S. regulators warned these five banks, but they continued to process illicit funds for criminals.

“JPMorgan, the largest bank based in the United States, moved money for people and companies tied to the massive looting of public funds in Malaysia, Venezuela and Ukraine, the leaked documents reveal,” Tatone notes. There is also a significant list of “confidential clients” that are often associated with “mobsters, fraudsters or corrupt regimes.”

The FinCEN Files indicate that over the last decade, the five major financial institutions have no problem dealing with the world’s shadiest characters.

The same American bank moved over a billion in USD for someone they claimed to not know in London, while the individual ultimately turned out to be on the FBI’s 10 Most Wanted list.

“In all, an ICIJ analysis found, the documents identify more than $2 trillion in transactions between 1999 and 2017 that were flagged by financial institutions’ internal compliance officers as possible money laundering or other criminal activity — including $514 billion at JPMorgan and $1.3 trillion at Deutsche Bank,” Tatone writes.

Files show HSBC allowed fraudulent organizations to move billions while Deutsche Bank is accused of moving funds for terrorists and drug cartels. Interestingly FinCEN and the Treasury Department did not respond to a bulk of questions sent by ICIJ and various journalists.

Despite being threatened with fines and sometimes even getting paltry fines much smaller than the transactions processed, the banking cartel did whatever it wanted with no shame. A former financial crimes prosecutor and U.S. Justice Department official, Paul Pelletier, told ICIJ during the investigation that the banks “operate in a system that is largely toothless.”

After being caught so many times, Deutsche Bank who settled $258 million with the Federal Reserve and promised to clean up its act, continued to participate in moving criminal funds. Year after year, the FinCEN Files reveal how Deutsche Bank helped shady individuals and fraudulent shell companies proliferate.

The Bank of New York Mellon (BNY Mellon) is accused of helping the “Cryptoqueen” and the Onecoin crypto Ponzi move $137 million in 29 transactions.

The FinCEN Files show that the Bank of New York Mellon (BNY Mellon) helped the Onecoin crypto Ponzi move roughly $137 million. Back in 2017, BNY Mellon flagged the 29 Onecoin transactions but U.S. regulators did nothing. According to a spokesperson from BNY, the bank detailed to ICIJ that the institution takes financial regulation seriously.

When members of the ICIJ sent questions to Deutsche Bank they declined to answer questions about certain individuals like Ukrainian business tycoon Ihor Kolomoisky.

The report written by Alicia Tatone says that Deutsche Bank told ICIJ they are aware of the bank’s “past weaknesses” and “We are a different bank now,” Deutsche Bank stressed. In fact, all five banks have responded to the FinCEN files since they were leaked this past weekend, and most of the banks pass the blame to financial regulators.

It is interesting the world’s banking cartel never gets in trouble for money laundering, dealing with drug cartels, hired murderers, and associating with known mobsters. Besides Bernie Madoff, not one major bank CEO has been jailed to-date, and the only reason why Madoff was burned was because he robbed the elite.

Meanwhile, law enforcement officials and financial regulators were told by Donald Trump to “go after bitcoin” in 2018 or asked to dismantle the decentralized network in 2012. Localbitcoins traders are arrested and thrown in jail for “illegal money transmission” and the IRS continues to be very focused on ordinary citizens paying their digital currency taxes.

What do you think about the FinCEN Files? Let us know what you think in the comments below.

The post 5 Major Banks Exposed for Moving Trillions for Mobsters, Onecoin, and Drug Cartels appeared first on Bitcoin News.

Binance’s ‘Innovation Zone,’ Iranian Power Plants Eye Bitcoin Mining + More News

Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news. Exchanges news Binance CEO, Changpeng Zhao, announced the creation of the so-called Innovation Zone, which the post said will allow users to trade newer token offerings from their Binance account, while also

Bitcoin price failure at $11K moves focus back to sub-$10K CME gap

The market is red and Bitcoin price may close the $9.6K CME gap if $10.2K fails to hold as support.

Bitcoin’s (BTC) price has been showing some slight strength in the previous week as BTC rallied from $10,000 to $11,200. However, the crypto market's overall consensus has been showing weakness with double-digit selloffs for many of the smaller-cap cryptocurrencies.

This selloff appears to have taken hold as Bitcoin price confirmed $11,200 as resistance in the previous weekend.

Rejection as $11,200 leads to a downward spiral

BTC/USD 1-day chart

BTC/USD 1-day chart. Source: TradingView

In the previous analysis, the $11,000-$11,200 level was identified as a substantial resistance area to break. The significance of this level is very high as the previous consolidation period used the zone as a key area of support.

If the market wants to continue its upward momentum, this zone should be reclaimed as support, making a retest of $12,000 possible.

But since that rejection, the price of Bitcoin made a new lower high, which means further downward momentum is likely in the near term. 

All markets are retracing, except the DXY

While the commodity, crypto, and equity markets have been breaking down, the U.S. Dollar Currency Index (DXY) has been showing strength.

DXY Index 1-day chart

DXY Index 1-day chart. Source: TradingView

All over the world, fears of new coronavirus lockdowns are increasing due to rising infection rates. In times of uncertainty, investors are looking for “safe” places, making the U.S. Dollar the most preferred place to park value when it comes to cash.

During the crisis of 2000 and 2008, and even the recent market crash in March, the U.S. Dollar was seen as the strongest asset.

The chart above shows a clear support/resistance flip of the 92.75 points level, after which a bullish divergence was confirmed. It seems likely that continuation toward 95 points is on the horizon unless a rejection occurs in the 93.50-94 range. The downtrend may resume continue if DXY rejects and loses the 92.75 area. 

If DXY continues to show strength, commodity and crypto-assets will continue to misbehave. The inverse should be expected if DXY shows weakness. 

Crypto total market cap embraces the $250-$275 billion zone

Total market capitalization crypto 1-week chart

Total market capitalization crypto 1-week chart. Source: TradingView

The total market capitalization of crypto is still consolidating and correcting from the previous impulse wave. This means a crucial area to hold is the 100-week and 200-week moving averages (MAs), as these indicate the continuation of the bull and bear cycles. 

However, the previous resistance and consolidation area between $250-$275 billion never had a test to confirm the breakout. 

In that regard, the green area between $250-$275 billion is a very likely area of higher time frame support to be hit. 

What’s next for Bitcoin’s price?

BTC/USDT 2-hour chart

BTC/USDT 2-hour chart. Source: TradingView

The 2-hour chart shows a clear rejection at the $11,100-$11,300 area as the negative expectations of a breakout were met.

However, what’s next after such a strong crash in the markets? The $10,200-$10,325 area is a lower time frame support zone and indicators suggest that a relief bounce could be on the tables. 

The crucial resistance zone to test and break for a bullish continuation is the $10,700-$10,750 area, which is also unlikely to expect at this time. 

If this zone fails to break or the price loses the $10,200 area, investors’ attention will shift back to the untested level around $9,500-$9,700. 

This level is still very significant as it is near the open CME gap. 

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Indicator Shows Bitcoin’s Selloff May be Running Out of Steam

It has been a rocky past day for Bitcoin, with the benchmark crypto posting massive losses as buyers struggle to garner significant momentum.

This selling pressure has sent shockwaves throughout the entire cryptocurrency market, causing altcoins to see massive selloffs that have erased the bulk of their recent gains.

One trader is specifically noting that the cryptocurrency could be on the cusp of seeing its ongoing selloff come to an end, however, as one indicator points to slowing downside momentum.

That being said, the declining delta seems to indicate that BTC may plunge towards $10,100 before it is able to find any significant support.

A continued defense of the lower-$10,000 region is imperative for bulls. A break below this level would strike a blow to the cryptocurrency’s macro market structure and potentially lead it to see further losses in the days and weeks ahead.

Analyst: This Technical Factor Suggests a Move to $10,100 is Imminent 

At the time of writing, Bitcoin is trading down over 3% at its current price of $10,600. The cryptocurrency’s descent has slowed at this price region, indicating that there is some buying pressure here.

This recent decline came about rather unexpectedly and was likely the result of turbulence in the stock market. The strength currently being expressed by the US Dollar may be further compounding BTC’s weakness.

While speaking about the benchmark cryptocurrency’s near-term outlook, one trader explained that a downwards expansion of BTC’s delta seems to indicate that a move to the high $10,000 region is imminent.

“Delta expanding to the downside, looking at high 10100s,” he said while pointing to the below chart.

Bitcoin

Image Courtesy of RedXBT.

If this decline does occur, it will likely create even further weakness for BTC in the days and weeks ahead.

Indicator Suggests BTC’s Downturn is Slowing

On a slightly more optimistic note, there is one indicator that suggests that Bitcoin’s downtrend may be losing its momentum for the time being.

Fund manager Mohit Sorout offered a chart with this indicator in a recent tweet, showing that the intensity of the selling pressure may be slowing as Bitcoin reaches its key range-low support at just above $10,000.

“Where is the btc blood you guys keep talking about,” he asked while referencing the below chart.

Image Courtesy of Mohit Sorout. Chart via TradingView.

The coming few hours and days should offer some insights into the present state of both Bitcoin and the crypto market.

Featured image from Unsplash.
Charts from TradingView.

Orchid’s new oracle integration is all about sharing secrets

Picking Chainlink over its competitors was an easy decision for Waterhouse.

Decentralized VPN Orchid is adding a Chainlink oracle that, like a “secret shopper,” samples bandwidth pricing from all the providers in the network. 

Orchid co-founder Steven Waterhouse explained the importance of this feature, stating, “The basic idea is in decentralized services like Orchid, where we have a decentralized VPN, there's no way of really knowing exactly [how much a provider might charge]. A provider might say they’re charging a certain amount, we don't really know until you try it. So we wrote some code that in a decentralized fashion, shops for bandwidth on the network.”

He said that in the future, this may lead to new features being added, such as the ability to track the uptime of bandwidth providers. Waterhouse also said that choosing Chainlink over other oracalized data providers was easy, since his relationship with the project’s co-founder Sergey Nazarov goes back to 2014.

When asked whether the pandemic has had a positive impact on the demand for VPN services, Waterhouse stated that it is difficult to judge, wh with Orchid being a new business:

“I am definitely conscious of the fact that there's an overall demand for privacy services as more people are working at home and also as people are starting to become more aware of some of the issues that are going hand-in-hand with potentially increased tracking and surveillance of people in global pandemics are also in terms of you can change.”

Waterhouse was a founding partner of Pantera Capital, one of the first crypto investment firms in the world. Regarding the recent DeFi boom, he is convinced that people are “risking capital on unaudited contracts and anonymous teams and so on.” He did admit that he was excited about the launch of the Uniswap’s UNI token, stating, “I think that that's a great team and it's good to see what can be done with a solid team behind.”

Chainlink has recently acquired a privacy-preserving protocol, DECO, from Cornell University, which should make its data more secure.

Earlier today, Binance also announced its decision to list Orchid's native token (OXT) for trade.

ETH price loses ground, but network metrics say DeFi season not over yet

A look into the fundamentals of the Ethereum network — is the top altcoin losing momentum?

Ether has dropped around 30% from its 2020 high of $482 on Sept. 1 to $340 in five days. The drop in the price of Ether (ETH) and Bitcoin (BTC) was largely due to the rising dollar, which has stopped Bitcoin’s bull run in its tracks. Ether is still sitting at around $340, failing to recover its price ranges of August.

As the price of Ether dropped significantly from the start of the month, several fundamental factors on the Ethereum network itself have changed. These include the movements and positions of key figures in the ecosystem, such as traders, whales, miners and DApp users, as well as the activity on the network, especially when it comes to DeFi and stablecoins. In addition, ECR-20 tokens have now overtaken Ethereum’s market capitalization.

Given that DeFi tokens form the backbone of the Ethereum network, they will largely influence the upcoming price movements of Ether itself. Understanding Ether’s movements will give traders a better idea of where money is going, and understanding such activity within the network will provide a sense of how popular the actual network is compared to trading.

Hodlers and traders

With Ether losing almost 30% of its value in five days at the start of the month, the dynamics of who’s holding, using and trading the cryptocurrency have changed. According to data from CryptoCompare, a market data resource, the number of active addresses has been dropping. James Li, a research analyst at CryptoCompare, told Cointelegraph:

“The active address is related to the number of users, and the drop in active addresses may suggest that some users were put off by the price crash and even that DeFi may be beginning to cool off. However, it can also be due to users holding and not moving their holdings after swapping to DeFi tokens.”

As for traders, CryptoQuant, an on-chain analytics firm, saw a huge uptick following the market crash. According to Ki Young Ju, the CEO of CryptoQuant, Ether inflows into exchanges hit a six-month high on Sept. 1 and decreased shortly after. More recently, inflows have started to increase again since Sept. 14, which means more sell pressure for Ether.

While a price drop would suggest that the number of whales has gone down, the opposite has actually happened. There are now more “wealthy” players on the network, which may mean that more people have been able to accumulate Ether and/or that new players have entered the market. 

The Ethereum network and miners

Given the price crash on Sept. 1, miner earnings were expected to be reduced. Despite this, the network hash rate has continued to increase, which means miners still consider Ether mining profitable. In the last three weeks, the hash rate has increased by 15.5% from 218 to 252 terahashes per second, which shows that Ether is still profitable to mine.

According to data from CryptoCompare, the latest Nvidia GeForce RTX 2070 Super graphics card and the average electricity cost of $0.08 per kilowatt/hour allows Ether miners to extract a monthly profit of $37.96 per card at the current ETH price. It’s worth noting that professional operations may see prices of $0.05 or less, especially in counties with subsidized electricity. Mike Manson, a co-founder of Blockware — a U.S.-based mining and hosting company — told Cointelegraph:

“Our belief is that Ethereum miners have not been heavily affected by the decline in the price of Ethereum. Transaction fees, hash rate, gas usage and mining rewards have been stably increasing. There is currently heavy demand for Ethereum mining rigs, with the price of GPU rigs and ASIC’s at an all-time high. It seems like the market is pricing in a longer transition to the proof-of-stake model.”

The figure mentioned also doesn’t take into account the profit made from fees, which increased during the first three days of the week, likely due to an uptick in transactions caused by Ether’s price volatility. Since then, the total daily fees on the network have dropped from 37,967 to 10,157 Ether per day.

Decentralized finance and stablecoins

While miners have seen their profits slashed with the recent drop in Ether’s price and an increasing hash rate, other sectors on the Ethereum blockchain have been able to keep up the pace despite the price drop, including decentralized exchanges that had previously reached an all-time record of over $11 billion in monthly volume during August.

At the time of writing, global DEX trading volume for the last 30 days has reached more than $22.92 billion. Uniswap, which had previously surpassed Coinbase and hit $1 billion in volume in just one day, continues to lead with a 59% share of DEX all trading volume. Transaction volume itself has also continued to grow, despite the crash, with daily Ether transactions hitting a new historical high last week.

Not only has volume for decentralized exchanges been able to continue on this track but the overall engagement with yield generating DeFi protocols is also roughly the same as it was before the market crash at the start of the month. In the last 20 days, the total value locked in DeFi has increased from $8.40 billion to $9.76 billion at the time of writing.

DeFi token prices themselves have also recovered to a degree and the declining price of Ether along with growth of the DeFi sector has led to the collective market capitalization of ERC-20 tokens to overtake that of Ether. Ilya Abugov, an open data lead at DappRadar — a analytics resource for decentralized apps — told Cointelegraph:

“Short term price moves are often speculative and won’t have much of an effect on the ecosystem. Some have mentioned a fall and recovery of TVL, but if you look at 30-day TVL you will see that there was actually growth. Ethereum prices are still significantly up relatively to the beginning of the summer, so this retreat shouldn’t be affecting development either.”

The crash also seems to have had a small impact on stablecoins, which have continued to grow throughout September. Exchange stablecoin inflows have also been increasing according to CryptoQuant, with the majority going to Binance. One billion U.S. dollars’ worth of Tether (USDT) was sent to Binance on Sept. 12, which can be taken as a bullish sign for Ether and other tokens, but this also shows that stablecoins continue to be a huge part of the Ethereum ecosystem.

The future of Ethereum

While the fundamentals for Ethereum show that, despite the crash, activity has continued on all fronts, both in regular use, mining and in the growth of DeFi. There are other obstacles in the way that may soon prove troublesome for Ethereum despite the advances made around Ethereum 2.0, an upgrade, which experts believe is unlikely to speed up enterprise adoption.

Related: Ethereum enterprise adoption wins Accenture’s support with Baseline Protocol

Scalability is the main issue in this regard, with congestion and high fees becoming a common occurrence in the network. Experts believe that in order for decentralized exchanges and DeFi itself to reach mainstream use, scalability solutions like layer two integrations are required.

Moreover, DeFi may soon face a hurdle of regulatory issues, and stablecoins may also see high-profile competitors like top-tier institutions and companies move into the space with their own offerings. Nevertheless, it’s likely that if DeFi continues to grow, Ether’s price will grow alongside it. Abugov told Cointelegraph that it’s not investment advice:

“With Binance now showing significant interest in DeFi, Polkadot showing a lot of activity, and a number of others as well, the DeFi sector looks set up for continued growth. As far as price is concerned, prices respond more to sentiment in the short term than actual development and activity, so the sector’s growth may not go hand-in-hand with ETH prices. A lot may depend on the sentiment around Ethereum 2.0.”

DeFi darling Yam—after suffering a $750,000 bug—is back: what you need to know

The venerable yield farming project that popularized food coins, Yam Finance (YAM), is finally back after a few weeks of hiatus. But before we get into that, some context for those who don’t know.

Yam is a project that originally launched around the start of August with the premise of fairly distributing coins to Ethereum users through what is known as a “stakedrop.” The idea was to allow users to deposit popular ERC-20 crypto-assets — a list that included Compound, Aave’s LEND, and Synthetix Network Token — in exchange for a new coin called YAM.

YAM had no value, but the market thought otherwise: they piled dozens of millions, then hundreds of millions of DeFi coins at the staking contracts, to the point where the coins were actually surging 10-30 percent on the open market. Then, YAM itself reached market capitalization in the dozens of millions near instantly.

The issue is, there was a bug in the protocol that resulted in a loss of funds, purportedly $500,000-750,000 worth of crypto assets. This resulted in a scramble and shutdown of the protocol that left many with a bad taste in their mouth.

There were some, though, that wanted YAM to continue, though, resulting in a movement to migrate the project to an audited iteration, which would remove the issues found in the first iteration.

And so they did. They audited, developed, and iterated. And here we are today with the recent launch of YamV3.

OG Ethereum yield farming coin Yam is back

Yam Finance and YAM is back.

The project rolled out the contracts for this new version, which is technically the third iteration of Yam due to the interim iteration to mitigate the risk of hacks or bugs, on Sep. 18.

This new version, which has been audited, will work similar to the old version: YAM can be mined, this time through providing liquidity to the YAM-yUSD pool. The coins will then rebase towards one yUSD every 12 hours, thereby acting as a rebasing mechanism that tries to center YAM’s price action.

Included in this rebase is a mechanism that allows a governance contract, controlled by YAM holders, to accrue value.

The idea with Yam is to allow the YAM holders to decide what they want to do with the potentially ever-increasing treasury. Thes funds could be distributed as dividends, used to fund developers, or otherwise. It’s this governance premium that gives YAM some value.

It’s worth noting that with this latest iteration of YAM, those that voted to “save” the project by voting to fix the bug in the original iteration, get automatic rewards that are vested over 90 days. If you were one of those voters, there may be some rewards waiting for you.

DeFi correction could harm meme coins, YAM included

Although Yam is starting out with a bang, touting a $75 million market capitalization, some fear that it may be time for the DeFi market to cool down. Unfortunately, in a cooling market, meme coins — or those that aren’t a pivotal aspect of Ethereum — are likely to be the first to lose value.

Commenting on DeFi’s short-term outlook, Qiao Wang, a former head of product at Messari, said:

“It all started with COMP. SUSHI was the blow-off top. UNI was the relief rally. Mini-winter is nice though as we can focus on building again. Next year will be a good year. Micro lots of new exciting products and macro risk-on everywhere.”

Others have also pointed to clear exhaustion in the DeFi space, with some prominent names actually announcing that they are taking profits or tethering some of their capital to try and step away from the game in the short term.

The post DeFi darling Yam—after suffering a $750,000 bug—is back: what you need to know appeared first on CryptoSlate.

Short Calls Fail to Shake Bitcoin Miners Who Push Difficulty to New All-Time High

Currently, Bitcoin traders are overall net long. But talk of a second wave has memories of March’s flash crash fresh on the mind.

Source: blockchainwhispers.com

The European Centre for Disease Prevention and Control has issued a stark notice over the rise in infection rates. As a result, throughout Europe, authorities are taking into consideration the possibility of a second lockdown.

With that, some analysts and industry observers are warning that a sudden market crash could be on the cards in the near term.

Rich Dad, Poor Dad author, Robert Kiyosaki, believes a market crash is imminent. In a recent tweet, he drew attention to the underlying problem of crippling US debt.

Despite his pessimism, he still maintains the view that long term, the anti-fiats will come out on top.

This is a view shared by Bitcoin miners. Despite the uncertain macro picture, it has never been as difficult, as it is now, to mine Bitcoin.

The latest data shows Bitcoin mining difficulty reached a new all-time high yesterday. This represents a 47% increase since the start of the year.

Source: twitter.com

As such, in spite of Bitcoin’s failure to close above $11k, miners appear unfazed by either near term price action or talk of a second wave.

Bitcoin daily chart

Bitcoin daily chart with volume. (Source: BTCUSDT on tradingview.com)

Bitcoin Mining Difficulty Increase Suggests Bullish Sentiment

Although May’s halving seems like a long time ago, the immediate effect of it saw mining difficulty drop as scores of miners were unable to sustain profitable operations.

Cutting rewards in half was enough to drive small miners, with inefficient equipment and/or high costs, out of the mining game.

Some believed the mining exodus would trigger a death spiral for the price of Bitcoin. At the time, Zach Resnick, Partner at VC firm Unbound Capital, painted a picture of woe from the drop off in mining difficulty. He summarized it as follows:

“As the halving cuts the block reward, a large number of miners will leave the network. As the network hash rate drops, the block time increases, the network becomes congested. This, in turn, makes Bitcoin less attractive, as participants do not want to wait forever to have their transactions processed. This leads to the Bitcoin price falling, which pushes more miners off the grid. This process repeats itself until the network dies.”

With yesterday’s jump in mining difficulty, more miners than ever before are working to secure the Bitcoin network. This decisively puts paid to any notion of a mining death spiral as a result of the halving.

What’s more, historical data shows there is a degree of positive correlation between Bitcoin mining difficulty/hash rate and the BTC price.

However, regardless of miner’s optimism, the bigger picture cannot be ignored entirely. As such, the longs should proceed with caution.

JD.com’s fintech wing partners with PBoC on digital currency projects

China's e-commerce giant will reportedly help develop apps that support the forthcoming digital renminbi.

The tech and payments-focused subsidiary of Chinese e-commerce company JD.com has entered into a partnership with the Digital Currency Research Institute of the People’s Bank of China.

Local media reported on Sept. 21 that JD Digital Technology and the Digital Currency Research Institute will promote the development of mobile applications and blockchain platforms that are in line with PBoC’s forthcoming central bank digital currency. The two entities will also promote the creation of wallets that support China’s digital currency.

The mobile applications will reportedly support the digital renminbi and they will be integrated with JD Group’s existing platforms and services.

China has so far been the frontrunner in the global CBDC race. In June, the vice chair of PBoC’s Na­tional Coun­cil for So­cial Se­cu­rity Fund, Wang Zhong­min, announced that the central bank had completed the backend architecture development of its digital currency.

Major Chinese companies like DiDi Chuxing — the Chinese Uber —- streaming platform Bilibili and China’s largest wholesale and delivery platform Meituan Dianping are already partners of PBoC in conducting pilots for the digital currency.

A report from August also noted that China’s Commerce Ministry shared its plans to expand the CBDC trials to Beijing, Tianjib and Hebei provinces. Pilot projects were also implemented in the Hong Kong Greater Bay area consisting of nine cities including Guangzhou, Shenzhen, Hong Kong and Macau.

European central bank execs explain why CBDCs don’t need blockchain

Before trying to apply blockchain to anything, think why.

Global central bank digital currencies, or CBDCs, do not require the use of blockchain technology, according to executives at major European central banks.

Thomas Moser, an alternate member of the governing board at Swiss central bank, and Deutsche Bundesbank’s Martin Diehl discussed the state of CBDCs at the European Blockchain Convention Virtual 2020 conference on Sept. 21.

During the online panel discussion, both Diehl and Moser seemed to agree that global CBDC projects like China’s digital yuan do not need blockchain, citing a number of reasons.

Moser said that the primary use cases for blockchain intend to provide trust when a project has no central party. “Like for instance Bitcoin, I think it is a very good use case for blockchain,” the exec noted.

However, he went on to say that the central bank involvement makes blockchain use unnecessary because the trust is provided by a central party:

But if you have a central bank then this is the central party. And if you trust that central party, I think then it’s not really straightforward to reason that you need a blockchain.”

The executive also noted that the Swiss National Bank will soon publish a working paper that proposes a retail CBDC without blockchain. According to Moser, the upcoming project will preserve transaction privacy — a key feature of cash — by utilizing the technology of blind signatures instead of a blockchain.

Diehl, the head of payment system analysis at Deutsche Bundesbank, noted that blockchain technology is not necessary for CBDC, citing examples of two major CBDC initiatives like China’s digital yuan and Sweden’s e-krona. “Neither Swedish Riksbank, nor the People’s Bank of China seem to be using blockchain, so blockchain is not a must,” the exec said.

Diehl also noted that there is no sense in implementing public, or unpermissioned, blockchains for CBDC systems. Providing a network for major cryptocurrencies like Bitcoin (BTC) and Ether (ETH), public blockchains cannot be owned by any central party and are completely open to anyone to join and participate. “Unpermissioned blockchains being used for official blockchain transactions for me is not conceivable,” Diehl said.

It’s Official: China’s Digital Yuan To Target US Dollar Dominance

The central People’s Bank of China (PBoC) confirmed that it is ready to take center-stage on a “new battlefield” of competition between sovereign nations based on digital fiats – and claims its own new token could help break “dollar dominance.” The PBoC has been relatively cagey about its digital yuan project, which is already in advanced testing stages, but

YFI Expects Big Trouble as Price Falls Six Days in a Row

It is day six and YFI has not stopped falling from its all-time high above $44,000.

The Yearn Finance’s governance token remains among the best-performing crypto-assets in 2020, with lifetime gains near 2,000 percent. Nevertheless, its higher-than-expected price has also reduced its bids in the open market. That has resulted in a sharper decline.

YFI/USD dropped another 15 percent during the Monday session, marking $22,495 as its intraday low. That brought the pair down by almost 48 percent from its all-time high. At the same time, the total value locked inside the pools of Yearn Finance moved towards $950 million. It is now on the verge of hitting a record level.

YFI, YFIUSD, YFIBTC, cryptocurrency, DEFI
Total value locked in the Yearn Finance pool. Source: DeFi Pulse
Total value locked in the Yearn Finance pool. Source: DeFi Pulse

The ballooning liquidity pool and falling prices expressed conflict between YFI’s fundamental and technical aspects. While a $950 million worth capital reserves showed that more users were choosing Yearn Finance for its lending aggregator services, the demand for the product failed to excite traders in increasing their exposure in YFI.

The YFI-Yield Farming Connection

Part of the reason could be an underperforming yield farming sector itself. Yearn Finance, as a project, aggregates lending services such as Aave, Compound, Fulcrum, and DyDx, to find the best yields for its users. So when a user deposits his/her tokens into the yearn.finance pool, they receive yTokens in return.

Meanwhile, people who provide a certain amount of yTokens back to Yearn Finance receive YFI, a cryptocurrency that gives users the right to make changes in the yearn.finance protocol via on-chain proposals and voting.

Therefore, demand for YFI depends on the yTokens liquidity. So it appears, not many yTokens holders are demanding YFI. Sam Bankman-Fried, the CEO of crypto derivatives exchange FTX explained:

“On the one hand, I think people don’t realize that while YFI itself isn’t yield farming, it’s revenue comes from yield farming, so it’s still really tied to it. So it crashes with farming.”

The analyst, meanwhile, added that he remains long-term bullish for YFI because its creator, Andre Cronje, keeps building new applications around it.

“So though I’m bearish on YFI as it exists right now, YFI might become something much more powerful over time,” he added. IDK, YFI seems much more like a bet on @AndreCronjeTechthen a bet on @iearnfinanceto me.”

Technically Bearish

Despite favorable fundamentals, YFI/USD expects big trouble ahead as the pair breaks below a multi-week support trendline.

YFI, YFIUSD, YFIBTC, cryptocurrency, DEFI
The Yearn Finance token is logging a Head and Shoulder breakout. Source: TradingView.com
The Yearn Finance token is logging a Head and Shoulder breakout. Source: TradingView.com

So it appears, the green price support was serving as a base to a Head & Shoulders pattern, as confirmed by three back-to-back peaks with the middle one longer than the rest. YFI/USD broke below the neckline on Sunday, now pointing to an extended move downwards.

Ideally, the downside target should be as much as the height of the middle peak. But given YFI’s lack of trading history, it is possible that traders attempt a pullback move at the Fib retracement levels below. It starts with $23,927, and shifts lower towards $19,429, $13,025, as so on.

A retracement move would prompt traders to attempt a close above the green trendline.

The reasons why I left a comfortable government job for crypto

What was behind my decision to leave a government position and continue down a path within the crypto and blockchain space.

I thought we were the good guys when I worked in operations security for the Austrian government. After I learned how trivial it was for certain institutions or people in certain positions to fetch all the data related to citizens, I quickly began to understand how privacy had been under siege for probably 100 years. In a post-COVID-19 world, I fear those attacks are getting worse.

When I took the job as an OpSec specialist for the government, I would have never thought about what I think today: I became skeptical of the system. I question everything now. Initially, however, I did not have the guts to confront anyone about it.

I grew up as the son of an Austrian diplomat, and for a time, we lived in Northern Africa. Later in life, I returned to Africa and traveled around while on a vacation from government work. That’s when I went through a period of personal transformation.

Choosing decentralization

I realized my true passion was working on technologies that could make our world a freer, fairer and more peaceful place. If I had continued on the path I was on, I feared I would have had a mental breakdown. I no longer wanted to be a part of the system. I wanted to do things that I could be proud of. I yearned to try and change the world.

I quit and joined the nascent cryptocurrency industry — not to make money but to help to make the world a better place. Blockchains drove freedom, freedom of speech, equality and peace. When I quit my comfortable government job, everyone I knew laughed at me. They asked: What is Bitcoin? and Why aren’t you doing something real?

The answer is simple: I believe in privacy and freedom of speech. I believe humans should be free. I don’t believe humans should be forced to do anything. Each individual should be free to do as they please, as long as it doesn’t harm anyone else. When I am on my deathbed, I don’t want to regret the work I’ve done. I don’t want to leave my kids in a world worse off than I found it — like in the Oceania of George Orwell’s 1984. We seem to be on that same path.

In response to the COVID-19 outbreak

Governments have abused the coronavirus pandemic to become more centralized. As I read reports about contract-tracing software and contact tracers, I see how this pandemic has been used to implement stricter controls on the people. The Great Lockdown — as the International Monetary Fund dubbed the response to the COVID-19 pandemic — has convinced me that we are not free. We were banned from traveling in recent months, and many of us are still not allowed to meet with those outside of our households. We are not allowed to visit our parents, grandparents and our siblings, yet multinational corporations are open, and many have never closed their doors.

Related: How to keep data private with Google and Apple’s contact tracing app

The lockdown’s requirement of social distancing — which I would call “anti-social distancing” — will have a big mental health impact worldwide. Reports demonstrate an increase in anxiety, depression and suicides. Younger people will be especially affected because they’re the ones seeking to grow their social network. We’ll see the effect on these people in five to 10 years. And if the pandemic gets worse — say, it comes back this fall or winter — then we could go back into another lockdown, resulting in longer-term implications for our rights, economy and society.

Related: Why privacy is the main issue in the time of the COVID-19 pandemic

There are times when you just know the odds are against you. For those of us who are proponents of freedom and decentralization, this is one of those times. We live in a centralized society. Our personal freedoms and rights have all too often been an illusion. There is a high chance that the decentralized world crypto seeks to create will fail. We have to accept this. But, we also have to accept the challenge. We have to deliver more than is expected of decentralized systems in order to prove them viable. There will be nothing more satisfying than delivering on our promises to bring more freedom to the world.

Why should we prefer blockchain technology?

Bitcoin (BTC) is a secure, borderless and non-inflationary currency. It has inspired decentralized innovation and the foundation of a more equitable world. In this world, operating systems and devices — including personal computers, smartphones, the Internet of Things, etc. — are run on a decentralized client and not controlled by a central authority.

Blockchain networks, peer-to-peer networks and decentralized technologies form the base layer in this free society. Anyone, anywhere could communicate, earn money, and build a reputation over this collage of social and financial networks while enjoying freedom of speech.

Crypto has come a long way since my friends and family laughed at me for leaving that comfortable government job all those years ago. I’m still looking forward to passing on to my children that brighter future I’ve always dreamed of. Although, even if I don’t change the world, I won’t regret the work I’ve done because I’m doing everything I can to spark the idea of a better tomorrow in people’s minds.

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.

Kadan Stadelmann is a blockchain developer, operations security expert and Komodo Platform’s chief technology officer. His experience ranges from working in operations security in the government sector and launching technology startups to application development and cryptography. Kadan started his journey into blockchain technology in 2011 and joined the Komodo team in 2016.

Bitcoin hasn’t seen 3 positive consecutive quarters since 2017

Bitcoin has not seen three positive consecutive quarters since 2017, historical data shows.

According to the latest data from Skew, Bitcoin (BTC) has not seen three positive consecutive quarters since 2017. If BTC ends Q4 with a net gain, it would be three consecutive winning quarters for the first time in three years.

Q4 has been mostly bearish for Bitcoin since 2018 

But historical data is not in Bitcoin’s favor as the last two Q4s closed with 42.54% and 13.6% drops, in 2018 and 2019, respectively.

The historical quarterly returns of Bitcoin

The historical quarterly returns of Bitcoin. Source: Skew.com

From late 2016 and up to 2018, Bitcoin saw five positive consecutive quarters to record an all-time high by the end of 2017. 

Analysts attributed that historic rally to two major factors. First, BTC saw a massive mainstream frenzy across major markets including the U.S. and South Korea. Second, BTC came off a block reward halving in July 2016, a generally bullish milestone event for the network.

A block reward halving has a positive impact on the price of BTC because it has a direct effect on its newly issued supply. A halving decreases the rate at which new BTC is created by half, causing the circulating supply to drop over time.

As such, BTC tends to see big rallies after halvings. The problem is that in 2016, the post-halving rally came 15 months after the halving occurred, and some analysts have indeed drawn similarities with how the beginnings of that bull run to the current period.

The latest halving, which occurs every four years, happened in May 2020. If a similar cycle as 2016 plays out, BTC would likely see an explosive rally by the last quarter of 2021.

However, since 2018, Bitcoin has underperformed during the fourth quarter. The subpar performance could be cyclical for various reasons. Investors in the U.S. could sell BTC for clarity on year-end taxation and holders in Asia might sell ahead of the new year.

But two factors could potentially boost the bullish case for BTC by the year’s end: gold’s rally and the dollar’s weakness. 

Strategists at the Swiss investment banking giant UBS expects gold to continuously rally throughout 2021. The prediction coincides with the fundamental weakness of the dollar against other reserve currencies.

What traders expect in the near term

In the near term, traders are becoming more cautious about the price trend of BTC, particularly as the U.S. dollar is starting to find some footing in the run up to the U.S. election. 

Meanwhile, technical analysts are closely observing two important technical levels at $10,500 and $10,000 for the price of Bitcoin. As Cointelegraph reported, losing the $10,000 support area could lead to a major pullback. The movement of whales indicates that the $9,800 support region has weakened, which might cause a bigger correction.

The daily price chart of Bitcoin with key technical levels

The daily price chart of Bitcoin with key technical levels. Source: Edward Morra, TradingView.com

Edward Morra, a cryptocurrency technical analyst, said he remains bearish until BTC closes back above $11,000. He wrote:

“Still bearish until it closes above $11k with conviction on daily. Looking for a reaction at ~$10500-10450, this is closest support on daily.”

Bitcoin conference to use VR to keep remote attendees engaged

Magical Crypto Conference uses virtual reality to engage attendees during a pandemic-disrupted all-digital event.

The decidedly precarious situation for live events in 2020 has seen a great many Bitcoin and blockchain meets and conferences go purely digital.

While this has saved a small fortune in collective travel expenses, it has been somewhat at the expense of engagement, with most events opting to simply stream Zoom calls or pre-recorded interviews.

So when the Magical Crypto Friends — a collaboration between Litecoin’s Charlie Lee, Blockstream’s Samson Mow, former Monero lead Riccardo Spagni and trader WhalePanda — decided to take their Magical Crypto Conference online, they planned to do something a bit different, by creating the whole conference in virtual reality.

Mow is also the CEO of Pixelmatic, the games studio developing Infinite Fleet, so a bit of virtual world-building shouldn’t be beyond him.

The Pixelmatic team has forked and re-purposed Mozilla Hubs technology to allow it to host a large scale Bitcoin conference in VR. It has added core functionality to allow real-time mirrored VR avatars across multiple rooms, and conference specific features such as management of speakers, audiences and content.

The 3D world was built using custom artwork in the signature Magical Crypto style. There are two stages for speakers, and each sponsor has a custom island where attendees can hang out with them, play mini-games and win real prizes.

Continuing with reality for a second longer, the event is also the first virtual conference to offer real swag delivered to your doorstep with the purchase of certain ticket types.

The Magical Crypto Conference VR runs from Sept. 25–26, from 10 a.m. to 4 p.m  Eastern time. Those without VR headsets can also enjoy the conference through a standard web-browser.

US Indicts 2 People Stealing $17M in Bitcoin and Ether From Binance, Poloniex, Gemini Users

US Indicts 2 People Stealing $17M in Bitcoin and Ether From Binance, Poloniex, Gemini Users

Two people have been charged in the U.S. for allegedly using “a sophisticated market manipulation scheme” to defraud and steal $17 million in bitcoin and ether from users of three cryptocurrency exchanges worldwide. The targeted exchanges were Binance, Poloniex, and Gemini.

Binance, Poloniex, Gemini Users Targeted Globally

The U.S. Department of Justice announced last week that two Russian nationals have been charged with crimes in connection with “an alleged conspiracy to defraud three cryptocurrency exchanges and their customers of cryptocurrency valued … at a minimum of $16.8 million in cryptocurrency.”

Danil Potekhin (aka cronuswar) and Dmitrii Karasavidi (aka Dmitriy Karasvidi) allegedly stole at least $16,876,000 in fiat and cryptocurrency from users of crypto exchanges Poloniex, Binance, and Gemini.

The two accused created numerous web domains that mimicked the three legitimate crypto exchanges in 2017. Using phishing and spoofing tactics, they fraudulently obtained the login credentials of more than 150 exchange users, including email addresses, passwords, and other personal information. This allowed them to access the victims’ accounts at the real exchanges.

Besides stealing victims’ cryptocurrencies, Potekhin and Karasavidi engaged in price manipulation of the GAS cryptocurrency in what the indictment document describes as “a sophisticated market manipulation scheme that began in July 2017 using the stolen customer credentials.” Using funds valued at over $5 million in the accounts of three victims, the defendants purchased a large amount of the GAS token, causing its price to skyrocket. The pair quickly converted their tokens into bitcoin and other cryptocurrencies, causing the price of GAS to plummet, leaving the victims with worthless coins.

The defendants then laundered the theft proceeds “and attempted to conceal the nature and source of the digital currency by transferring them in a layered and sophisticated manner through multiple accounts,” the DOJ described. “Ultimately, a significant amount of the stolen digital currency was deposited into Karasavidi’s account.”

Potekhin and Karasavidi have been charged with conspiracy to commit computer fraud and abuse, computer fraud, conspiracy to commit wire fraud, money laundering conspiracy, and two counts of aggravated identity theft, the Justice Department detailed.

“The statutory maximum penalty for all the charges against the defendants is 59 years imprisonment,” explained Dave Anderson, U.S. Attorney for the Northern District of California.

The U.S. Attorney also seeks the forfeiture of cryptocurrencies and dollars allegedly traceable to the defendants’ crimes. In addition to more than $6 million in U.S. dollars, law enforcement seized BTC and ETH in December 2017, worth over $12.62 million at the time. Several more cryptocurrencies were seized in August last year, including BTC, valued at about $2.60 million in total at the time. All seized assets are now in the custody of the U.S. Secret Service.

What do you think about this case? Let us know in the comments section below.

The post US Indicts 2 People Stealing $17M in Bitcoin and Ether From Binance, Poloniex, Gemini Users appeared first on Bitcoin News.

UNI Token Crashes Despite Uniswap’s Rise as Largest DeFi Protocol

Despite Uniswap climbing to become the largest decentralized finance (DeFi) protocol by total value locked (TVL), its newly issued UNI token crashed in the market today along with many other DeFi tokens. As of press time (12:02 UTC), UNI traded at USD 4.35, having gone down 23.35% over the past 24 hours. And despite the token soaring more than 186% from the launch price

Here’s how the Norwegian Government now indirectly holds over 570 Bitcoin

Bitcoin adoption has already reached the high coffers of the Norwegian government, albeit in an indirect manner.

Norway now holds Bitcoin

As per a report by on-chain analytics firm Arcane Research, the Norwegian Government Pension Fund, also known as the Oil Fund, is exposed to the Bitcoin market by way of its holdings in enterprise software firm MicroStrategy, which itself holds over $375 million worth of the pioneer digital asset.

Image: Arcane Research

One may ask, “Why does MicroStrategy holding Bitcoin mean the Norwegian Fund owns Bitcoin?,” it’s because before any publicly-listed company pursues an outsized investment such as real estate in foreign lands or the purchase of other assets using treasury funds, an approval from a majority of the shareholders (or all) is required.

Once approved, all shareholders then conduct a strict due-diligence of the asset their money is flowing into, meaning the Norwegian Fund both approved and accepted the decision of MicroStrategy to purchase and hold Bitcoin.

The fund’s not a small one either. The Norwegian Government Pension Fund, also known as the Oil Fund has over US$1 trillion in assets, including 1.4% of all global stocks and shares, making it the world’s largest sovereign wealth fund, said the report.

Norway’s sovereign fund is one of the largest in the world. Image: Forbes

Arcane noted in its blog, “Through its ownership stakes in MicroStrategy (1.51% as of December 31, 2019),  the Norwegian Government Pension Fund now indirectly holds 577.6 bitcoin (~57.5 MNOK, 6.3m USD).”

More Bitcoin?

The metric makes the Norwegian government one of the first developed countries to be exposed to the burgeoning Bitcoin market. It joins fund managers like Paul Tudor Jones and others to turn to the digital asset class as a hedge against global inflation and a bleak economic outlook.

Arcane further noted that the Pension Fund may have additional Bitcoin exposure via other investments, apart from the exposure to Bitcoin via MicroStrategy.

Meanwhile, two of the world’s largest equity and investment funds — Vanguard and Blackrock Advisors — are also now in the ownership of Bitcoin by way of their investments in MicroStrategy, said Arcane:

“BlackRock (5829.3 BTC ~ 63.8m USD) and The Vanguard Group (4482.9 BTC ~ 49.1m USD) holds sizable Bitcoin exposure through their ownership stakes at MicroStrategy.”

The Norwegian Fund’s approval of the purchase of Bitcoin is an extension of the country’s favorable policies around digital currencies and assets.

Norway intends to become a cashless society by 2030. Image: Conseil de l’Europe

Reports suggest Norway is now “effectively cashless” and is pushing for both regulation and infrastructure to become a wholly cashless nation by 2030.

Only now, Bitcoin’s in for that ride.

The post Here’s how the Norwegian Government now indirectly holds over 570 Bitcoin appeared first on CryptoSlate.

Here’s how the Norwegian Government now indirectly holds over 570 Bitcoin

Bitcoin adoption has already reached the high coffers of the Norwegian government, albeit in an indirect manner.

Norway now holds Bitcoin

As per a report by on-chain analytics firm Arcane Research, the Norwegian Government Pension Fund, also known as the Oil Fund, is exposed to the Bitcoin market by way of its holdings in enterprise software firm MicroStrategy, which itself holds over $375 million worth of the pioneer digital asset.

Image: Arcane Research

One may ask, “Why does MicroStrategy holding Bitcoin mean the Norwegian Fund owns Bitcoin?,” it’s because before any publicly-listed company pursues an outsized investment such as real estate in foreign lands or the purchase of other assets using treasury funds, an approval from a majority of the shareholders (or all) is required.

Once approved, all shareholders then conduct a strict due-diligence of the asset their money is flowing into, meaning the Norwegian Fund both approved and accepted the decision of MicroStrategy to purchase and hold Bitcoin.

The fund’s not a small one either. The Norwegian Government Pension Fund, also known as the Oil Fund has over US$1 trillion in assets, including 1.4% of all global stocks and shares, making it the world’s largest sovereign wealth fund, said the report.

Norway’s sovereign fund is one of the largest in the world. Image: Forbes

Arcane noted in its blog, “Through its ownership stakes in MicroStrategy (1.51% as of December 31, 2019),  the Norwegian Government Pension Fund now indirectly holds 577.6 bitcoin (~57.5 MNOK, 6.3m USD).”

More Bitcoin?

The metric makes the Norwegian government one of the first developed countries to be exposed to the burgeoning Bitcoin market. It joins fund managers like Paul Tudor Jones and others to turn to the digital asset class as a hedge against global inflation and a bleak economic outlook.

Arcane further noted that the Pension Fund may have additional Bitcoin exposure via other investments, apart from the exposure to Bitcoin via MicroStrategy.

Meanwhile, two of the world’s largest equity and investment funds — Vanguard and Blackrock Advisors — are also now in the ownership of Bitcoin by way of their investments in MicroStrategy, said Arcane:

“BlackRock (5829.3 BTC ~ 63.8m USD) and The Vanguard Group (4482.9 BTC ~ 49.1m USD) holds sizable Bitcoin exposure through their ownership stakes at MicroStrategy.”

The Norwegian Fund’s approval of the purchase of Bitcoin is an extension of the country’s favorable policies around digital currencies and assets.

Norway intends to become a cashless society by 2030. Image: Conseil de l’Europe

Reports suggest Norway is now “effectively cashless” and is pushing for both regulation and infrastructure to become a wholly cashless nation by 2030.

Only now, Bitcoin’s in for that ride.

The post Here’s how the Norwegian Government now indirectly holds over 570 Bitcoin appeared first on CryptoSlate.

Bitcoin price hits 1-week low as US dollar currency index aims higher

Renewed bullish behavior in DXY spells trouble for inversely correlated BTC/USD, underscoring the relationship between the two indices.

Bitcoin (BTC) reacted to fresh strength in the U.S. dollar on Sep. 21 to follow stocks downward and move away from $11,000.

Cryptocurrency market daily snapshot, Sept. 7

Cryptocurrency market daily snapshot, Sept. 7. Source: Coin360

DXY surge spells BTC price weakness

Data from Coin360 and Cointelegraph Markets showed BTC/USD hitting lows of $10,570 on Monday, its lowest in a week.

Sunday saw a rejection of resistance at $11,200, with Bitcoin subsequently shedding around 3% on the day as macro markets wobbled at the open. At press time, BTC/USD hovered at just above $10,600. 

BTC/USD 1-day price chart

BTC/USD 1-day price chart. Source: Coin360

As Cointelegraph reported, a basket of factors — coronavirus, central bank economic policy and a separate scandal involving major institutions — is creating uncertainty this week. 

The $11,200 rejection was anticipated by Cointelegraph Markets analyst Michaël van de Poppe, who warned that Bitcoin was unlikely to find the strength to flip the previous support level back from resistance.

At the same time, DXY edged past 93 on Monday, with Bitcoin’s corresponding fall characterizing continued inverse correlation.

U.S. dollar currency index 1-week hourly chart

U.S. dollar currency index 1-week hourly chart. Source: TradingView

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Ethereum Risks Crashing to $200 as Price Breaks Multi-Week Support

Ethereum is looking to fall towards $200 after breaking a multi-week support level this Monday.

The price floor was a part of a Bear Flag pattern. In retrospect, Bear Flag appears as an asset consolidates in an upward channel following a robust directional move down. The price eventually breaks below the Channel’s lower trendline, a move that signals extension/continuation to the existing bearish bias.

ETH/USD broke below its Bear Flag support on Monday. The pair suffered two days of selling sentiment, falling more than 6 percent as traders failed to break above a crucial technical resistance level of $375.

Ethereum, ETHUSD, ETHBTC, cryptocurrency, crypto

Ethereum breaks out of a Bear Flag pattern to signal further downside moves. Source: TradingView.com

ETH/USD is now testing the intermediary downside target (dashed green; $350) of the same Bear Flag for a sharp pullback. It, nevertheless, risked breaking further to the downside, with immediate short targets lurking insides the $323-310 range.

The entire bottom area between $310 and $350 served as an accumulation range for traders, according to Ethereum’s recent price behaviors. The purple bar in the chart above shows ETH/USD undergoing sharp rebounds.

While the potential of a bullish retracement was high, Ethereum still risked plunging to as low as $200 based on the technical description of a Bear Flag breakdown.

Why $200?

After price breaks below Flag, traders measure the short target by first measuring the distance of the initial decline, i.e., the height of the Flagpole. In the current scenario, the total length of the Flagpole is $178.

At the point of breakdown, which is near $370, traders can use the $178 flagpole to establish a potential price target at $370-$178=$192.

Ethereum, ETHUSD, ETHBTC, cryptocurrency, crypto

Potential reversal levels as ETH/USD eyes $192. Source: TradingView.com

With $192 in view, an overstretched move towards the said target could have traders eye a string of Fibonacci retracement levels. The first in the queue is $315, a support level that should allow traders to accumulate and open a long position towards the $351-355 area.

A break below $315 could have traders open a short towards $293 while maintaining extended price targets at $269, 240, and 192.

Meanwhile, a strong bounce back from $350 or $317 could invalidate the Bear Flag overall. Instead, traders would then eye close above $379, $399, and succeeding Fib levels above.

Ethereum Fundamentals

ETH/USD is trading 175 higher on a year-to-date timeframe. Therefore, the pair’s currency downtrend can also be a part of a corrective move. Traders are offloading their medium-term holdings to secure profits. That allows them to repurchase the token again when it hits accumulation-worthy price levels, as discussed above.

Nevertheless, Ethereum’s fall this week also appears in the wake of a massive bearish correction in the decentralized finance sector. As a blockchain project, Ethereum powers some of the leading DeFi projects. Meanwhile, its native token ETH is a part of many yield-generating liquidity pools.

The overblow DeFi sector has also caused a major increase in the fees of the Ethereum network, its second-highest level ($11.61) after setting a record earlier in September ($14.58). That has pushed miners to attract more hash power.

That further creates downside pressure on the Ethereum’s price as miners sell their ETH to buy more electricity.

Banking Giants Laundering Money Is Not Necessarily Good For Bitcoin

Documents uncovered by an investigation conducted by 110 news organizations appears to show global banking giants moving trillions of dollars for clients allegedly involved in fraud, embezzlement, money laundering and more, as the banks defend themselves against the allegations. Meanwhile, the crypto community appears to be divided as to whether it spells good news for

Wisconsin Assembly candidate is accepting Bitcoin donations again

“Cryptocurrency is money,” argues a Wisconsin State Assembly candidate.

A candidate for Wisconsin State Assembly is challenging a state regulator by accepting donations in cryptocurrencies like Bitcoin (BTC).

Phil Anderson, a real estate broker and entrepreneur, now accepts cryptocurrency donations for his Assembly campaign. According to an official statement by Anderson, crypto donations are available via major cryptocurrency payment service provider BitPay.

Anderson said that his campaign is accepting crypto donations despite regulatory uncertainty from the Wisconsin Ethics Commission.

Back in 2018, Anderson accepted Bitcoin donations in his campaign for Governor of Wisconsin despite the WEC finding them a “serious challenge” to compliance with state law. According to the candidate, the WEC failed to arrive at a decision regarding the legal status of crypto donations in the state in 2018.

As such, the Wisconsin Assembly candidate is challenging the regulator again, arguing that the WEC “declined to interpret its own rules competently.” Anderson believes that crypto is a legitimate way to make campaign donations because “cryptocurrency is money.” The candidate promises to “push for the laws to be friendly toward cryptocurrency in Wisconsin.”

“I refuse to give in to ignorance and bureaucratic incompetence [...] People have the choice as to how they contribute, and it’s my intention to honor those choices. If my opponent or the Ethics Commission are interested in challenging me, I’m ready for a fight,” he said.

A number of political candidates for various offices in the United States have been accepting crypto as donations for their campaigns. Andrew Yang, a former presidential candidate, was accepting Bitcoin donations for his political action committee in 2019. In August 2020, Representative Tom Emmer (R-MN) also started accepting campaign donations in crypto via BitPay.

Wisconsin Assembly candidate is accepting Bitcoin donations again

“Cryptocurrency is money,” argues a Wisconsin State Assembly candidate.

A candidate for Wisconsin State Assembly is challenging a state regulator by accepting donations in cryptocurrencies like Bitcoin (BTC).

Phil Anderson, a real estate broker and entrepreneur, now accepts cryptocurrency donations for his Assembly campaign. According to an official statement by Anderson, crypto donations are available via major cryptocurrency payment service provider BitPay.

Anderson said that his campaign is accepting crypto donations despite regulatory uncertainty from the Wisconsin Ethics Commission.

Back in 2018, Anderson accepted Bitcoin donations in his campaign for Governor of Wisconsin despite the WEC finding them a “serious challenge” to compliance with state law. According to the candidate, the WEC failed to arrive at a decision regarding the legal status of crypto donations in the state in 2018.

As such, the Wisconsin Assembly candidate is challenging the regulator again, arguing that the WEC “declined to interpret its own rules competently.” Anderson believes that crypto is a legitimate way to make campaign donations because “cryptocurrency is money.” The candidate promises to “push for the laws to be friendly toward cryptocurrency in Wisconsin.”

“I refuse to give in to ignorance and bureaucratic incompetence [...] People have the choice as to how they contribute, and it’s my intention to honor those choices. If my opponent or the Ethics Commission are interested in challenging me, I’m ready for a fight,” he said.

A number of political candidates for various offices in the United States have been accepting crypto as donations for their campaigns. Andrew Yang, a former presidential candidate, was accepting Bitcoin donations for his political action committee in 2019. In August 2020, Representative Tom Emmer (R-MN) also started accepting campaign donations in crypto via BitPay.

LID Protocol Debuts a Solution to Eliminate Rug Pull Scams Forever

The crypto market bulls have rallied significantly in the past month as speculation overtook fundamentals or what would have otherwise been a fair price valuation for crypto assets. This was majorly fueled by the growth of Decentralized Finance (DeFi), a niche that skeptics are now comparing to the 2017 ICO boom. At the beginning of the year, crypto waters were still calm following the ‘long crypto winter’.  However, the trend changed after Compound protocol launched its liquidity mining in June, triggering a 3-month bull-run for DeFi projects and ultimately the general crypto market.

Since then, DeFi has been a ‘beehive’ of active developments and shilling of crypto assets related to the underlying projects. The current Total Locked Value (TVL) stands at $7.7 billion; a figure that was barely $1 billion before Compound’s liquidity mining debut. While this hype came as a big boost to the growth of DeFi tokens, scammers appear to be getting ahead of the game with ‘rug pull’ exit scams. These types of scams are now prevalent with the latest ‘alleged’ exit scam by Sushiswap founder ‘Chef Nomi’, sparking heated conversations amongst the crypto community.

Basically, rug pull exit scams involve the creation of liquidity pools on decentralized exchanges like Uniswap, after which the developers dump worthless crypto tokens on unsuspecting investors. In the Sushiswap case for instance, Chef Nomi who forked Uniswap and eventually launched a governance token dubbed $SUSHI, ended up liquidating the developer wallet on September 5. The move saw ‘Chef Nomi’ net around $13 million from what some DeFi stakeholders have termed a typical ‘rug pull’ despite efforts by the ‘Master Chef’ to clarify that he would still be part of the Sushiswap initiative.

LID Protocol’s Rug Pull Long-Term Solution

Following these shortcomings, DeFi innovations focused on solving the ‘rug pull’ exit scam challenge have started to come up. One particular project that has dedicated its architecture to improving the quality and trustworthiness of ERC-20 tokens launching on Uniswap, is the LID protocol. This initiative seeks to address the gap when it comes to the creation of liquidity pools and dumping on investors at the most unprecedented times.

Consequently, LID protocol leverages non-custodial liquidity locking for ERC-20 tokens that launch through its platform. This simply means that developers lock their pre-sale tokens through Uniswap in a trustless manner. As per the prevailing dynamics, most ERC-20 token creators are flexible on the determination of pre-sale tokenomics. While this approach is a fundamental pillar of decentralization, recent rug pull exit scams have made it inevitable to integrate ‘countercheck’ solutions on the implementation.

Based on its licensing and certification business model that charges a 5% fee, LID protocol eliminates rug pull exit scams by making it impossible for malicious actors to take advantage of the uninformed token investors. The locking of ERC-20 liquidity tokens with LID protocol ensures that no sell action can be executed outside the pre-coded smart contract tokenomics. In doing so, the protocol makes it trustless for investors to join the booming DeFi space with much less uncertainty on the future of a given project.

Social Staking Incentives on LID’s Tokenomics

To further boost its value proposition, LID protocol’s embedded native token ‘LID’ provides an avenue for the platform’s community to vote on developments. Some of the incentives currently run under this token include doubling of rewards for LID stakers that have participated in over 50% of the DAO votes within a particular month. Other than that, LID staking referrals attract up to 50% fee cuts with half of the discounted funds allocated to the referrer. Last but not least is a 2% tax exemption for LID staking and Uniswap buys; this incentive, however, does not apply to Uniswap sells.

Conclusion

The rise of DeFi protocols is definitely a game-changer for the crypto industry although challenges like rug pull exit scams appear to have slowed down the hype. Nonetheless, the DeFi community is still excited about the possibility and potential of decentralized protocols. A project like LID has already run three successful pre-sales in a matter of two months, totaling around $195,000 worth of ETH. This financing is just but a tip of the iceberg given the growing liquidity prospects in DeFi.

With funds flowing voraciously into this space, it comes as no surprise that DeFi is now the hotbed for rug pull scamming in crypto. Like previous hypes on ICO’s and STO’s, the DeFi market is more likely than not to end up in a bubble. Well, things don’t have to be so bad for prospective investors should this market crumble as per the skeptics ICO ‘repeating’ narrative. This is because of the upcoming solutions like LID protocol which eliminate due diligence risks associated with investing and launching ERC-20 tokens, while incentivizing community voting to uphold decentralization. 

The post LID Protocol Debuts a Solution to Eliminate Rug Pull Scams Forever appeared first on NullTX.