Bitcoin Cash: Roger Ver’s tweet highlights governments’ double standards

Bitcoin Cash: Roger Ver’s tweet highlights governments’ double standards

                              

 

India’s proposed “draft bill” that was released by Bloomberg Quint

earlier this week had caused a massive uproar in the crypto community. The lack of clarity and ambiguous cryptocurrency climate drove Zebpay, an app-enabled crypto exchange, from the country to Malta. The current version of the ‘draft bill’ renders mining, generating, holding, buying, selling or dealing in cryptocurrencies both “directly or indirectly” illegal in the country. This could potentially be a huge blow to the growing Asian cryptocurrency adoption.

The crypto regulatory climate in another Asian country, Indonesia is fairly better than India after the former announced rules which made it mandatory for the cryptocurrency futures exchange to be registered an approved before operating, thus, bringing clarity to the table. However, Roger Ver, the CEO of Bitcoin.com and a prominent face in the crypto realm, cited a banner which read “Use Rupiah in every transaction in Indonesia” and violation of which is a punishable offense,

A Twitter user, Lutfi, commented on the above thread,

“the point is because rupiah in indonesia more low rate than dollar us.. so much fear when bitcoin uptrend in 2017 until the bubble explode, bank indonesia makes announcement about regulation digital asset not to use as transaction and then investor take down the asset..”

Article Produced By
Chayanika Deka

Chayanika holds a Journalism degree and is currently working with AMBCrypto. She is inquisitive about everything that the Blockchain Technology has to offer.

https://ambcrypto.com/bitcoin-cash-roger-vers-tweet-highlights-governments-double-standards

 

Vitalik Buterin appreciates Bitcoin Cash for scheduling implementation of Schnorr signatures ahead of Bitcoin

Vitalik Buterin appreciates Bitcoin Cash for scheduling implementation of Schnorr signatures ahead of Bitcoin

                                

Vitalik Buterin, the brainchild of the second largest cryptocurrency,

Ethereum, spoke at ETH Cape Town on April 2019. Speaking about the forks of Bitcoin, Buterin said that Bitcoin Cash SV was overrated and considered Bitcoin Cash to be underrated.

Buterin said:

“I think BSV is like still overrated for as long as the market cap has multiple digits; In Bitcoin cash, I think it’s actually underrated at this point.”

He added that Bitcoin Cash community has become “sane”, as the recent fork of Bitcoin Cash [which split into Bitcoin Cash ABC and Bitcoin SV] “expunged” the Bitcoin SV community. Specifically,

he stated:

“If you actually follow the community, they’ve just become considerably more sane ever since they’ve expunged the Bitcoin SV people”

The fork of Bitcoin Cash into Bitcoin Cash ABC and Bitcoin SV took place in November 2018, which, at the time, was the center of attention in the crypto community. The ABC faction of the fork, supported by Roger Ver and Jihan Wu, performed considerably better than the faction supported by Craig Wright and Calvin Ayre. Ever since the fork, Bitcoin Cash has performed better than Bitcoin SV, both in terms of price and community adoption. The price of Bitcoin Cash [formerly Bitcoin Cash ABC], at press time, was $288 and had a massive market cap of $5.11 billion compared to BSV’s numbers that were relatively lower. Bitcoin SV, at press time, was $53 and had a market cap of $945 million. In terms of the ranks of the two coins, BCH was the fourth largest cryptocurrency, however, BSV was the fifteenth largest cryptocurrency.

Buterin further added:

“… they’re [Bitcoin Cash] getting Schnoor signatures ahead of Bitcoin like that’s yeah they’ve got like real technical talent in there.”

Bitcoin Cash announced recently that they would be implementing Schnorr Signatures on the mainnet and they’ve also added the same on the testnet, where users can test the feature. According to the announcement, Schnorr Signature will be implemented on May 15, 2019. Bitcoin developers have not quite mentioned the implementation of Schnorr Signatures and other privacy/security additions to the Bitcoin blockchain. However, there have been discussions about implementing the same.

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Akash Girimath

Akash is your usual Mechie with an unusual interest in cryptos and day trading, ergo, a full-time journalist at AMBCrypto. Holds XRP due to peer pressure but otherwise found day trading with what little capital that he owns.

https://ambcrypto.com/vitalik-buterin-appreciates-bitcoin-cash-for-scheduling-implementation-of-schnorr-signatures-ahead-of-bitcoin/?utm_source=telegram.me&utm_medium=social&utm_campaign=vitalik-buterin-appreciates-bitcoin-cash

Investor: Bitmain Firing 80% Workforce is Bad for Bitcoin Cash and Litecoin

Investor: Bitmain Firing 80% Workforce is Bad for Bitcoin Cash and Litecoin

    

According to several reports, crypto mining giant Bitmain is running out of funds.
And it could be bad for Bitcoin Cash and Litecoin.

$315.5 million worth of Crypto-Assets

Kyle Samani, the co-founder of Multicoin Capital, a crypto fund, warned in a Tweet that Bitmain would liquidate its crypto-assets to accumulate fiat-funds for its business operations. The prominent analyst cited recent media reports that have accused the Beijing company of laying off half of its staff. Among the fired – as reported – is a team that was working on the development of a Bitcoin Cash client.

According to a leaked financial document surfaced in August this year, Bitmain currently holds 930,932 LTC (~$28.6m), 1,021,316 BCH (~$176.7m), 22,082 BTC (~$83.3m), 312,424 DASH (~$26m), and 1,097 ETH (~$142k) tokens. At press time, the fiat-equivalent of Bitmain’s entire crypto asset portfolio amounts to be near $315.5 million. Whether or not Bitmain has already encashed some part of its crypto portfolio could not be found. But, according to Samani, the fact that the Chinese crypto mining holds a large number of digital currency reserves itself leads to a possible selling scenario. That, of course, is possible only when Bitmain feels itself running out of cash despite firing half of its workforce.

Is Bitcoin Under Selling Pressure?

Bitmain, like any other retail investors in the crypto space, would be less likely to dump its Bitcoin reserves, mainly because it is among the few crypto assets that are looking at a promising future as the new year kicks in. The same could be told about Bitcoin Cash, which Bitmain whole-heartedly supported during the November “hash war.” But since the firing of Bitcoin Cash development squad, the probability of Bitmain holding its Bitcoin Cash reserves looks meager.

Then again, layoffs itself are a kind of a bullish indicator — a company practices downsizing when it wants to govern its spending against its revenue. Bitmain, like any other crypto company, launched new products while driven the crypto euphoria of late 2017. But as the demand evaporated for its line of products – crypto-mining chips in particular – the company had to restrategize its priorities in hopes to survive the crypto’s most depressive phase.

What’s Next?

Bitmain could also choose to look for additional capital without spending many brains on selling their crypto reserves. The firm has already shared its plans to go public via a $12 billion IPO round in Hong Kong. Just recently, its application to the Hong Kong Exchanges and Clearing Limited (HKEX) met the possibilities of rejection. The company could file another IPO prospectus in the future after fixing its infrastructure, beginning with a layoff that is already taking place.

Bitmain raised $400 million from a pre-IPO funding round led by Sequoia Capital. The company currently holds a 67% share in the market for bitcoin mining equipment, and it provides about 60% of the mining industry’s entire computing power.

Article Produced By
Davit Babayan

https://www.newsbtc.com/2018/12/26/investor-bitmain-firing-80-workforce-is-bad-for-bitcoin-cash-and-litecoin/

Why Employers Can’t Pay You in Cryptocurrency

Why Employers Can't Pay You in Cryptocurrency

With the help from recent news headlines

chronicling the substantial increase of some cryptocurrencies, more members of the public are discovering what people who’ve dealt with digital currencies like Bitcoin already knew. Although volatility is constant, it is possible to become wealthy with Bitcoin and similar non-physical forms of money. So you might be wondering, why isn’t it possible for your workplace to pay your wages in cryptocurrency? Some employers actually do – we’ll cover those later. But first, let’s discuss four barriers that make widespread adoption of that payment method difficult.

Some laws specify cash or check payments only

One of the main federal regulations that cover employee wages in the US is the Fair Labor Standards Act (FLSA). It stipulates that employers must meet at least some of their minimum-wage requirements by paying workers with cash or checks – as of now, Bitcoin payments don’t apply and the same is true for overtime compensation.

However, outside those federal requirements for minimum wage and overtime, employers and workers can agree on other forms of payment if desired. Employers could theoretically pay employees partially with cash or checks, then give them supplementary amounts made up of cryptocurrencies. The system isn’t so straightforward in certain states, though. For example, Delaware and Texas are two of several states where wages can only be comprised of US currency.

Cryptocurrencies may be deemed securities

The Securities and Exchange Commission (SEC) issued a statement about cryptocurrencies to remind people that investments associated with them can quickly cross into other geographical boundaries without owners’ knowledge, which increases the possible risk. Also, the SEC may ultimately decide some cryptocurrencies are designated as securities. In that case, employers would have to comply with additional laws for securities in addition to the wage-related rules mentioned above.

 Employers could feel wary

The rapid fluctuations in value associated with Bitcoins and other cryptocurrencies may make employers balk at the idea of paying their workers through these non-traditional means. Similarly, they might feel that not enough merchants accept cryptocurrencies as payment yet,  even as the number grows.

However, a BitPay debit card allows people to convert amounts from their cryptocurrency wallets into dollars in minutes. People can then use the more widely accepted currency anywhere that accepts Visa. This capability takes care of the potential issue of someone having cryptocurrency but not being able to spend it. The card also offers a safeguard if cryptocurrency holders learn about market conditions that signal a likely, sudden drop in value. In such a scenario, people could quickly make conversions using the card to avoid holding onto large amounts of cryptocurrency that could lose substantial worth in a few days or less.

The tax implications vary by country

If an employer regularly hires remote workers who are legal residents in one country and pay taxes in other, the different ways countries view cryptocurrencies for tax purposes could also be a barrier to adoption. In Canada, for instance, the country views cryptocurrency earnings as barter transactions. Companies based in the US have to convert cryptocurrency values to dollar amounts for the IRS on the dates payments occur. Similarly, employees must report all earnings in dollars, even when earned as Bitcoins or another currency.

Depending on the respective countries, reporting cryptocurrency earnings for tax purposes could be a straightforward process. However, companies with large percentages of international workers may decide that figuring out the logistics requires too much time-consuming research. If that happens, workers who strongly desire cryptocurrency payments could offer to find out the details and report back to their employers.

Some companies do pay employees with cryptocurrency

Despite the challenges we’ve presented, pioneer companies do exist that pay their employees in cryptocurrencies. Notably, none of the businesses are within the US, so some of the issues you learned about above may not apply to them. Geographical differences aside, if a growing number of companies around the world conclude that cryptocurrency payments for employees make sense, it could encourage other entities to follow suit.

Starting in February, GMO Internet, a Japanese company, will give portions of employee salaries in Bitcoin.  Employees will be able to receive the equivalent of $890 per month in Bitcoins. A representative of the company said the move to offer Bitcoins as salary was intended to make the company at large more literate about how cryptocurrencies work. Another business to consider is Buffer, a company associated with social-media tools that save time and grow traffic. It pays one of its developers, who reside in South Africa, a portion of his salary in Bitcoins. In this case, the employee is a big believer in the potential of Bitcoins. As such, he wanted to receive five percent of his wages in the currency.

The man approached a payment associate that works with Buffer and began a dialogue, later completing research to find a company that specializes in payroll services related to cryptocurrencies. He’s a good example of an employee who was proactive and got positive results even though the company was not offering widespread cryptocurrency payments. If a business is already in the cryptocurrency market, they might even ask employees during the hiring process whether they’ll accept non-physical payments. That situation happened at Bitedge, a sports betting establishment based in Australia. The company’s web developers receive 100 percent of their income in Bitcoins.

The future is bright

If you’re eager to explore the possibility of getting paid in cryptocurrency, it’s crucial to be aware of the volatility associated with cryptocurrency values, as well as the possibility that employers may not be up to speed about digital forms of payment. They might require you to research the specifics and provide guidance. As cryptocurrencies become more prominent, finding ways to overcome these and other challenges get easier. You can strengthen your stance as an early, in-the-know adopter and get involved in what could eventually revolutionize the way employers give compensation.

Chuck Reynolds


Marketing Dept
Contributor

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General Manager of BIS Wants To Prevent Crypto From Joining ‘Main Financial System’/More

General Manager of BIS Wants To Prevent Crypto From Joining ‘Main Financial System’

Augustín Carstens, the general manager of the Bank for International Settlements

(BIS), called Bitcoin a “combination of a bubble, a Ponzi scheme and an environmental disaster”  and asked central banks to more closely regulate cryptocurrencies during a speech at Goethe University on Feb. 6. BIS is known as the “bank for central banks,” for it only provides banking services to central banks and other international organizations. In August 2017, when Carstens was the head of the central Bank of Mexico, he argued that Bitcoin is not a currency but a commodity and warned against its potential use for cybercrime.

Carsten’s recent comments Tuesday morning come after both the traditional and crypto markets have been experiencing a large drop since Monday, Feb. 5. Also this week, several large banks, including Lloyds Banking Group and J.P. Morgan Chase, banned credit card purchases of cryptocurrencies. In Carsten’s opinion, the global interest in cryptocurrencies is just a “speculative mania” and thus strict regulation by

central banks is needed:

“If authorities do not act pre-emptively, cryptocurrencies could become more interconnected with the main financial system and become a threat to financial stability.”

Carsten considers it “alarming” that some banks are releasing Bitcoin ATMs, for he considers Bitcoin’s potential use for illegal transactions too high to allow the currency to be associated with mainstream

financial institutions:

“If the only ‘business case’ is use for illicit or illegal transactions, central banks cannot allow such tokens to rely on much of the same institutional infrastructure that serves the overall financial system and freeload on the trust that it provides.”

The Foundation for the Defense of Democracies and Elliptic, a Bitcoin forensics company, released a report in late January that showed that less than one percent of all Bitcoin transactions represented money laundering.

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UAE Issues Warning On ICOs, Says Investors Should Assume Full Risk

A new document issued by the UAE Securities and Commodities

Authority (SCA) on Sunday, Feb. 4 warns investors about the risks of Initial Coin Offerings (ICOs). In the document, the SCA emphasizes that investors involved in ICO fundraising campaigns have to assume all associated risks, given that digital token-based fundraising activities are not regulated by the UAE, and no legal protection can be provided in cases of fraud.

The major risks, as pointed out by the SCA, include high volatility of ICO tokens on secondary markets, misleading or unaudited details in ICO offerings, as well as common unawareness of potential costs and gains shared by most retail investors. Moreover, the SCA mentioned the risks of investing in foreign ICOs, commenting that it may be difficult to verify the proper regulatory compliance of such fundraisers and track the invested money as it leaves the UAE.

This is the second time that the country’s government warns its citizens about the risks of ICOs as back in Oct. 2017, Abu Dhabi's Financial Services Regulatory Authority (FSRA) issued its guidelines on both ICOs and cryptocurrencies.

Chuck Reynolds

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Bitcoin Not Giving a Big Enough Hit as ‘Gateway Drug’

Bitcoin Not Giving a Big Enough
Hit as ‘Gateway Drug’

Interest in Bitcoin hit its high point leading up to its own high of $20,000

in the middle of December last year. Interest peaked, not only in investing circles, but also in the mainstream as Bitcoin became the buzzword on everyone's lips. This adoption was championed by Bitcoin as it welcomed millions of users to the cryptocurrency community, as expressed in Coinbase’s figures alone. However, in this fast paced ecosystem, Bitcoin is not enough to hold the attention of this vastly diverse community. So, while it may be the ideal coin to get people hooked on cryptocurrencies, once they are in and settled, there is time to seek out a multitude of other coins that are better suited to their needs or beliefs.

The draw of big growth

Bitcoin’s biggest draw was the incredible returns it was offering as it rallied from 2,000 percent in 12 months. This phenomenal growth continued to increase interest in the currency, and that sparked even further growth in this massive hype cycle. It has been correlated before that searches for on Google for Bitcoin are closely related to its growth – a phenomenon known as the ‘Satoshi Cycle’. In the lead up to December’s high, the Satoshi Cycle was in full effect as Google trends showed some interesting figures.

Nicholas Colas, a pioneering Bitcoin analyst in the world of traditional investments, has taken this correlation very seriously and states that it plays a big part in his predictions. "Going into December, [searches] skyrocketed," Colas said on CNBC’s Fast Money. He added that the total number of Bitcoin Google searches worldwide

tripled that month:

"You saw that correlates to the total increased number of wallet growth, which doubled in December from approximately 5 percent to 10 percent as Bitcoin rallied.”

Already hooked

However, taking this metric into consideration, it could be argued that the new wave of adopters are now starting to disperse and find their way to other coins that are more suited to their individual needs. It makes sense that as people become educated and learn more about options in the crypto community that they begin to diversify and pick out their favourite coins to invest in. This often leads to money moving away from Bitcoin and into Altcoins. Bitcoin, being the dominant, most adopted and scene-leading coin, will continue to be the ‘gateway drug’ of the community, but it is finding it harder to hang on to total support and dominance. These sentiments are expressed by Colas,

who adds:

"Bitcoin is considered the gateway drug to all cryptos and it has acted exactly that way. Right now [the Google search data] is telling me there's not really that next leg up in Bitcoin because there's not that interest that leads to wallet growth that leads to price appreciation."

Proof?

Colas tries to justify this position by explaining how Ethereum has been the only coin that has fared relatively well in the top echelons of

the CoinMarket Cap:

“Some of the movement in Ethereum, which has traded much better [in January], is just money which is being pulled out of Bitcoin."

However, it is important to note that Bitcoin’s price fluctuations and movements are still heavily linked to all other coins. The saying that: ‘the tide moves all boats’ is still true in the cryptocurrency market with Bitcoin essentially being the tide. When Bitcoin is up, most coins follow, and when it is down, the same red graphs appear to follow suit across the board.

Chuck Reynolds

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Bitcoin’s 2 Month Low – Sign of the Time

Bitcoin's 2 Month Low – Sign of the Time

2018 has been particularly cumbersome for the cryptocurrency markets,

as Bitcoin and its altcoin brethren have endured a bashing. The preeminent cryptocurrency has hit a two month low sitting around $8,800 according to Coinmarketcap data at the time of writing. There are a plethora of reasons why the market has been trampled in the first month of the new year. Much of this has been due to uncertainty over regulatory moves by governments around the world, in reaction to what was a revolutionary year for the cryptocurrency market as a whole.

A couple of weeks of serious uncertainty in South Korea, a tightening of the regulatory belt in massive economies like China and India, and some harsh commentary coming from financial heads and world leaders at the World Economic Forum in Davos have led to a sell-off in the cryptocurrency markets. The overall market capitalization has dipped to $415 bln, with Bitcoin’s market dominance sitting at around 35 percent. Its price drop has been mimicked by almost every altcoin in the top 50, all in all, summing up the current mood in the space.

However, its not all doom and gloom as industry experts, those cryptocurrency gurus who’ve been around since it all started, have seized the moment to highlight vital characteristics that led to cryptocurrencies being adopted around the world. Casting aside fear, uncertainty and doubt, core members of the community believe the very qualities that underpin the revolutionary aspects of Bitcoin and other cryptocurrencies will inevitably be their saving grace from market manipulation and governmental crackdowns.

Shrem’s take

Bitcoin Foundation founder Charlie Shrem posted some insightful comments on Twitter this week, as Bitcoin continued it’s slide to recent lows. In an eight-part series of Tweets, Shrem unpacked the prevailing sentiment towards cryptocurrencies by banks and government institutions. Starting off, he said that “Bitcoin and other privacy-focused and decentralized cryptocurrencies are the biggest innovation of my lifetime. They literally take the power and control of money out of the hands of government and into the hands of people that use it.”

He hit out at recent ICOs that have created ‘a dilution of our beautiful technology’ calling ‘permissioned Blockchains’ and ‘digital ledger technology’ glorified ‘google spreadsheets.’ He also said anything that claims to be Blockchain technology but is controlled by a single entity is not Blockchain. Following that, he explained why this ‘liberating’ technology will be targeted and undermined by established institutions.

“Of course governments are going to do the same. What did you think? They would roll over while we built our alternative financial system and people started using it? Governments don't like competition.” The World Economic Forum in Davos also provided a glimpse of the future, as more governments are likely to follow in the footsteps of Russia and Venezuela, that are issuing state-owned virtual currencies.

Shrem also cautioned against this move, saying we will “see a systemic push for regulated and controlled Blockchains by ‘DLT’ companies, banking consortiums and governments. THESE ARE NOT CRYPTOCURRENCIES. Do not be fooled!” Bitcoin and other privacy focused and decentralized crypto currencies are the biggest innovation of my lifetime. They literally take the power and control of money out of the hands of government and into the hands of people that use it.

Chuck Reynolds

Marketing Dept
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Where Will Bitcoin, Ethereum, Ripple, And Other Cryptocurrencies Be Twenty Years From Now?

Where Will Bitcoin, Ethereum, Ripple, And Other Cryptocurrencies
Be Twenty Years From Now?

Bitcoin, Ethereum, Ripple, Litecoin and other cryptocurrencies

have been on a roller coaster lately. Sharp upturns have been followed by sharp downturns, with each upturn and downturn lasting only a few weeks or a few days. Thus far, the cryptocurrency roller coaster has helped speculators who have been on the right side of the market to amass fortunes. The trouble is that no speculator is smart enough or lucky enough to “time” the market. At least that’s what mainstream financial economics claims.

Sooner or later, speculators who play this game will find themselves on the wrong side of the market, losing the fortunes they have amassed early on and then some. That’s why cryptocurrency investors should look beyond the current roller coaster, and ask where cryptocurrencies will be twenty years from now.

[Ed. note: Investing in cryptocoins or tokens is highly speculative and the market is largely unregulated. Anyone considering it should be prepared to lose their entire investment. Disclosure: I don't own any Bitcoin).“Unfortunately, almost anything connected with the future of bitcoin is speculative right now,” says Jason Labrum, founder and president of Labrum Wealth Management. “When you look at the sophistication level of the average person buying bitcoin, it’s scary. They just see an asset that at times has gone up a whole lot in value, so you get a herd mentality of people wanting to jump on the bandwagon.”

Labrum isn’t clear how things will look in twenty years from now. “It will be interesting in 20 years to look back on the conversations we are having today about bitcoin. By then, cryptocurrency could be a normal part of everyone’s life, or it could be a once-trendy thing that everyone has forgotten about.” Matthew Schutte, Director of Communications at Holo, takes a pessimistic view on cryptocurrencies. “By 2038, the Euro, the Dollar, and other national currencies will be largely extinct, but so will Bitcoin and the rest of the current generation of money-like cryptocurrencies.”

But he’s optimistic on blockchain technology. “They will not have been killed off by some single new token of value – but will instead have been replaced by a vibrant ecosystem of cryptographic currencies — i.e. digitally signed signals — each designed to make particular flows of activity visible, so that the individuals, organizations, and communities that make use of them are better able to sense and steer,” adds Schutte. While it’s still unclear where cryptocurrencies and the technologies behind them will be twenty years from now, one thing is clear: volatility will continue in the cryptocurrency markets – and that is a game for speculators rather than investors.

Chuck Reynolds

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Major Banks Ban Buying Bitcoin With Your Credit Card

Major Banks Ban Buying Bitcoin With Your Credit Card

 

Most major U.S. credit card issuers have now banned

the use of their cards to buy Bitcoin or other digital currencies, in a move intended to decrease both financial and legal risk. Bank of America began blocking cryptocurrency purchases on Friday, according to Bloomberg. JPMorgan did the same on Saturday. Citigroup also says it is halting cryptocurrency purchases on credit, and Capital One and Discover had already enacted their own bans. That means all of the top five credit card issuers have announced or implemented bans.

The moves are above all in the banks’ self-interest. As Fortune previously reported, the mania surrounding cryptocurrency late last year appears to have motivated many retail investors to use credit cards as leveraging tools, buying more cryptocurrency than they could afford. With Bitcoin down roughly 50% from December highs, many of those investors are likely underwater right now, and may not be able to pay off their initial Bitcoin purchases soon, if ever. Further, as Bloomberg points out, banks may be responsible for monitoring customers’ behavior to prevent money laundering after they make a credit-backed Bitcoin purchase, a tough standard for them to comply with.

The bans — or more to the point, the news of the bans — may exacerbate ongoing declines in cryptocurrency prices. After a hefty bounce Saturday morning, crypto markets broadly retreated on Sunday. Bitcoin is now trading at around $8,500 from a December high near $20,000. In the longer term, however, tighter cryptocurrency investment controls, whether from regulators or lenders, seem likely to help mitigate the consequences of both hype and scams. For much of 2017, those threatened to overshadow the underlying promise of blockchain technology, which is still in the very early stages of evolution.

Chuck Reynolds

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Unconfirmed: Circle In Talks To Acquire Crypto Exchange Poloniex

Unconfirmed: Circle In Talks To Acquire Crypto Exchange Poloniex

According to an exclusive report on Blockchain technology

blog Modern Consensus, Circle, a multi-currency money-sending app, is reportedly in the works to acquire Poloniex, a major US-based cryptocurrency exchange. Modern Consensus cited two unnamed sources that had information about the potential deal. However, when asked about the reported acquisition of Poloniex, Raj Date, a board member of Circle, told Modern

Consensus:

“I can’t comment on anything like that. I’m actually in Europe right now. Thanks for the reach out.”

Ari Paul, the CIO at digital currency hedge fund BlockTower Capital, denied the legitimacy of any deal on Twitter, citing his own source at Circle and calling

the Modern Consensus article “fake news”:

I just posted a link to an article asserting that Circle was acquiring Poloniex. Someone helpfully replied that the article was fake news. I confirmed with Circle that the article is not correct. Circle is not acquiring Polo (according to my circle source.)

Modern Consensus is a blog founded by Ken Kurson, former editor-in-chief at the New York Observer, that covers technology news in the cryptocurrency and Blockchain spheres. Another twitter user responded to Paul casting doubt on his alleged Circle source, given that Kurson put his reputation at stake in

publishing the news:

Do you think there is any possibility that your source at Circle is wrong or intentionally denying? Asking because the post on modern consensus is by Ken Kurson, who appears to be someone who would care for their reputation.

Kurson cited one of the sources, who he referred to as “highly placed”, with apparent access to the acquisition discussions

as saying:

“Circle and Poloniex agreed to terms and Circle has already approached the regulators. The regulators came back with a list of KYC demands [Know Your Customer] and Circle has agreed to meet all the conditions.”

Both Circle and Poloniex did not respond to Cointelegraph’s requests for comments on the pending deal by press time. Circle, which received $50 mln from Goldman Sachs in a funding round in 2015, contains Circle Pay for fiat transfers, Circle Trade as a liquidity provider of cryptocurrencies, and soon will add Circle Invest, an app allowing retail customers to invest in crypto markets.

Poloniex is currently the 14th largest crypto exchange by 24-hour volume on CoinMarketCap, trading a total of almost $300 million on the day to press time. The exchange allows users to trade in 68 different coins, a huge number as compared to Coinbase's popular crypto exchange platform GDAX, which offers only four, but is in 7th place by trading volume. The Poloniex exchange faced problems this year with incorrect user balances and a very slow withdrawal waiting period.

Chuck Reynolds


Marketing Dept
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