News

Digibyte Founder Calls TRON CEO a ‘Sleazy Con Artist’
January 28, 2020 8:10 am

The founder of Digibyte is still not happy with Poloniex’s decision to delist the cryptocurrency he built. Jared Tate lashed out today on Twitter against the exchange’s owners, including TRON founder Justin Sun.

Poloniex announced that it would be delisting Digibyte (DGB) and a handful of other digital assets in a December 2019 update. The other cryptocurrencies being removed from the exchange are Factom (FCT), MaidSafeCoin (MAID), Omni (OMNI), Primecoin (XPM), Vertcoin (VTC), and Viacoin (VIA).

Poloniex Cleans House

Adding that there may be other factors behind a delisting, the post gives the following criteria for the removal of a digital currency:

  • Low volume
  • Risky network security
  • Poor developer support
  • Expensive upkeep on Poloniex’s part
  • Lawsuits or enforcement actions facing the project

On Jan 25, Poloniex posted a reminder about withdrawals for the delisted digital currencies also going offline. The final day for Poloniex users to take Digibyte and the other aforementioned assets off the exchange is Jan 30.

As far as BeInCrypto is aware, Poloniex has given no indication, outside of the above criteria, that explains the reasoning for the removal of any of the projects. In the case of Digibyte, however, it seems likely that the answer is less related to market or tech concerns and is a lot more personal.

Tate Vs. Sun

Jared Tate, the founder of the Digibyte network, called both Justin Sun of TRON and Changpeng Zhao of Binance ‘crooks’ in December 2019. As BeInCrypto reported at the time, Tate also accused TRON of being centralized and ‘the most blatant con job.’

The announcement of the delisting came swiftly after Tate spoke up about Zhao and Sun. The incident has only served to further outrage Tate.

In a tweet posted today, he describes the delisting as a declaration of war. Tate went on to call Justin Sun, the founder of the TRON blockchain network, a ‘sleazy premining conman,’ in regards to a recently formed partnership with Poloniex in which Sun himself became an investor in the exchange.

Tate’s original criticisms of Sun, TRON, and Zhao come off the back of research for his forthcoming book, Blockchain 2035. During the course of writing, Tate spoke to TRON’s former CTO Lucien Chen. Chen reportedly confirmed his suspicions of centralization on the network.

It’s not clear exactly what Tate means when he says ‘this is only the beginning.’ BeInCrypto will continue to report on the forthcoming developments as more information comes out.

The post Digibyte Founder Calls TRON CEO a ‘Sleazy Con Artist’ appeared first on BeInCrypto.

Ledger Warns Against New YouTube Phishing Scams
January 28, 2020 7:11 am

Ledger, the company behind popular cryptocurrency hardware wallets like the Nano S and the Nano X, has revealed that users are facing phishing attacks that are originating from hacked YouTube accounts. The company urged users not to share their 24-word seed phrases.

Ledger has revealed that it is facing a phishing attack that is stemming from hacked YouTube accounts. Several videos have been posted under the channel names ‘Ledger’ and ‘Ledger Nano,’ urging users to sign up for a compromised web wallet that promises them free funds.

The official statement provides additional words of caution, saying that “Ledger users are continuously targeted by phishing attacks on social media, search engines and via email.”

Hardware wallets are considered to be one of the most secure methods of storing funds and are recommended for anyone holding cryptocurrencies. These wallets require physical keypresses on the device to complete transactions, but this does not seem to have stopped thieves from attempting to lure unsuspecting investors.

Phishing Still One of the Most Common Techniques

Phishing is by far one of the most popular ways attackers steal funds. Unfortunately, many are still uninformed and continue to provide sensitive information to compromised websites, under the impression that they will receive airdrops or free funds.

phishing

Anti-virus and cybersecurity firm Kaspersky reported at the peak of the market’s capitalization that phishing attacks are prevalent, and described how users could prevent falling for increasingly believable phishing attempts.

On Ledger’s part, it has asked users to install the MetaMask browser extension, which warns users when they are visiting a website that has been reported as a phishing trap.

2019 Saw a Reduction in Total Funds Stolen

Earlier this month, BeInCrypto reported that exchange hacks in 2019 had increased but the amounts stolen had reduced considerably. The total stolen in 2019 was roughly $283 million, which is a drastic drop from the $875 million stolen in 2018. Although malicious attacks have grown both in number and sophistication, phishing attacks still remain to be one of the simplest to pull off. The total amount of funds stolen in 2019 totaled roughly $283 million — a drastic drop from the $875 million stolen in 2018.

In response, cryptocurrency exchanges have poured additional resources into securing funds, and have been urged to continue to do so by cryptocurrency data firm Chainalysis in its 2020 Cyber Crime Report.

The post Ledger Warns Against New YouTube Phishing Scams appeared first on BeInCrypto.

Miners revolt against proposed BCH mining charges  
January 28, 2020 6:56 am

The proposed BCH mining charges have stoked revolutionary voices from the community. Miners have turned furious ever since the CEO of BTC.Top Jiang Zhuoer proposed a rather contentious twelve and a half percent charge on the mining rewards to support the BCH developer community.

The BTC mining charges have left a bitter taste in the mouth, especially for the miner community. It is also seen as an effort to bring taxation clauses at the BTC mining level itself. Now, an opposing mining group has threatened to fork out of BCH if the proposal is stoked any further towards reality.

Miners revolt against BCH mining charges

A group of European and North American miners has opposed the plan vehemently. They collectively represent around one and a half exahashs/ (1.6 exhashs/s) and they claim they will be touching the two and a half mark soon. They have proposed an alternate BCH pool for miners who do not adhere to the BCH mining charges. One percent of their income will be donated to the development support team.

The anonymous group has been classified as a ‘staunch BCH proponents’ ever since the first days of the cryptocurrency. They also mentioned how the lack of community support has ensured huge decisions like BCH mining charges are being proposed without any opposition. They want to remain anonymous since they can face backlash from the four signatories who have proposed the said plan.

Developers need support but not at the cost of miners

The group claimed they are aware of the developers’ predicaments and want to support them. However, the funding mechanism must be developed adequately to address the long-term concerns of both miners and developers.

They have issues with how the proposal is being moved forward to the implementation stage without much debate. Zhouer wants miners to accept the BCH mining charges with no say whatsoever. It is akin to a mining tax since it is mandatory. Such charges on top of the huge service fee charged by the vendors will squeeze the profits of the miners. It can put the entire network in an uncertain position considering the crypto industry is already going through a downturn.

In case the proposal is not withdrawn, they will continue to mine and separate their hard fork to create a separate chain. It will be interesting to see how things move ahead.

Featured Image by Pixabay

Former CFTC Commissioner Mark Wetjen joins MIH
January 28, 2020 6:36 am

Mark Wetjen, former Commodity Futures Trading Commission (CFTC) commissioner, has been roped in by Miami International Holding (MIH). MIH is the famed group behind LedgerX, one of the most popular crypto derivatives exchanges in the world.

Mark Wetjen will be heading the important Miami International Futures Exchange. This vital arm of MIH serves as the epicenter of its U.S. operations. And he doesn’t hold just one position in the renowned exchange. MIH has also given him two more titles, including the ‘executive regulatory liaison officer’ and the executive vice president of innovative and futures products.

Mark Wetjen joining MIH means a lot to the crypto industry

The crypto industry is grappling with regulatory issues across the globe. So, when an important figure like Mark Wetjen, with decades of experience in the government sector, joins the MIH group, it certainly means a lot. He can bring in his vast experience and help contribute to the local crypto industry’s development.

Barbara Comly of MIH says that the strategic and visionary approach of Mark Wetjen will add to the MIH’s wealth of knowledge. They will be able to offer improved investment products and many new asset class offerings.

Financial veterans can help steer the crypto industry

Currently, Mark Wetjen will be joining the board of Ledger Holdings Inc., which is the parent company of LedgerX. He joined the board in 2015 itself which include two more members from the MIH side. It is well-known that the MIH board has always been chaotic and been accused of unethical practices that led to the ouster of two of its founding members. Recently, Zach Dexter joined as the new Chief Executive Officer of LedgerX.

Former President Barack Obama appointed Mark Wetjen as CFTC commissioner and he held the position from 2011 to 2015. Then he went on to play a different role as the managing director of the Depository Trust and Clearing Corporation.

Featured Image by Pixabay

Bitcoin Highlighted as Lebanese Banks on Brink of Insolvency
January 28, 2020 6:18 am

With the global health of banks not in a good space thanks to a potential financial crisis looming, some countries have essentially thrown in the towel sending their economies into a tailspin. Lebanon is one such country that is facing a banking crisis that is not only damaging its economy but also looks as if the only outcome will be total collapse. Bitcoin has been and could continue to serve as an alternative.

Inside the country, citizens are being faced with an extreme devaluation of the local currency to its USD peg, $300 weekly cash withdrawal limits, empty ATMs and extreme difficulty accessing their money at the banks. As a total collapse approaches, Bitcoin again shows its value in a destabilized financial system.

Lebanon becomes another example of how people in positions of power have the ability to destroy economies and financial system leaving everyday citizens, who are forced to trust them with their money, in financial ruin. Bitcoin’s decentralized offering and lack of central control shine bright in cases like this, and for the Lebanese people especially, it will begin to look like a lifeline.

Lebanon Bitcoin

Another Failed Financial System

The root cause of the troubles in Lebanon began with mounting debt and then the sudden disappearance of Prime Minister Hariri who emerged in Suadi Arabia and announced his resignation. Bank deposits plummeted and interest rates spiked.

Already heavily indebted to the US, they tried to bolster their dollar reserves by highly subsidizing USD deposits. Cryptocurrency investor Andrew Kang (@Rewkang), in a thread on Twitter, explained the ultimate effect of these policies.

It has now been estimated that the country needs a $20-$25 billion bailout, but this is highly unlikely as the general economic situation in the country is far from favorable for financiers. The knock-on effect of all of this is there is less money for citizens in the street to get their hands on.

In November last year, BeInCrypto reported that the country had limited withdrawals to $1,000 a week. It has now dropped to only $300. The effect of this has driven the citizens to become restless, and violent.

A Need for Bitcoin

Cryptocurrency is certainly an option for some in Lebanon who are using the cash that they can acquire to turn it into Bitcoin or USDT as a way to move capital out of the country. However, the use of digital assets, in this case, is not the final investment. Instead, it is more the method to move money across borders.

Cryptocurrency’s volume correlation in countries with struggling economies is getting hard to ignore. Venezuela has made many more headlines in the last year or two for its strife, and as such, Bitcoin trading volume has been through the roof. Lebanon is in a dangerous place, and its citizens are not only enraged but getting desperate, looking to Bitcoin and others to secure their finances.

The post Bitcoin Highlighted as Lebanese Banks on Brink of Insolvency appeared first on BeInCrypto.

Singapore’s Payment Services Act enters into force
January 28, 2020 6:00 am

Starting 30th January 2020 the Monetary Authority of Singapore (MAS) will enforce the Payment Services Act with an aim to incentivize cryptocurrency-related growth in the region, stated the official media release on Tuesday.

The crypto-friendly initiative called the Payment Services Act was initiated to encourage crypto enterprises to lawfully conduct operations in the country by applying for a license and even get an opportunity to expand their businesses. The move is said to bring Singapore at par with other crypto-favoring countries like Japan, which has already approved over twenty-two licenses since 2017.

Payment Services Act to spearhead crypto growth in Singapore

Once the legislation takes effect on Thursday, it will serve as a comprehensive framework for all crypto-related enterprises engaged in services ranging from cryptocurrency trading to digital payments. It will also offer specifications and legal precepts on how to trade cryptocurrencies lawfully along with details on eWallets and taxation.

And while the growing interest in the crypto domain has proved to be a boon for this small yet powerful economy, the industry has been often put into bad light over its illicit use in money laundering and funding terrorist operations, thanks to its ability to facilitate anonymous and decentralized transactions. Thus, according to the MAS, the new regulation will not only exert supervisory control on the transactions taking place but also curtail wrongdoings to no small extent.

Asia – a hotbed of crypto activities

Meanwhile, among the firms lining up to apply for licenses, is the mobile payment services company named Liquid Group and crypto storage company Luno. Another leading cryptocurrency exchange, Binance Holdings, is likely to seek a license from the MAS, although it has not been officially confirmed yet.

In related news, a recent report from Chainalysis revealed that the Asia Pacific region is the new home to cryptocurrency exchanges as twenty out of the top fifty exchanges hail from this region. In fact, in a series of interviews with top crypto professionals in the industry, conducted by Coinhacko.com earlier this month, suggested that Asia will be the breeding ground of crypto-related activities in 2020, and Singapore’s first grand-scale move is definitely an illustration of that.

Featured Image by Pixabay

BitMEX Research Reports Dominance of Public Channels in Bitcoin Lightning Network (LN)
January 28, 2020 5:35 am
BitMEX Bitcoin Futures BTC

The interest in Bitcoin [BTC] Lightning Network (LN) during early 2019 seemed to be subsiding due to lack of growth and adoption.

Nevertheless, the interest has been spurred again as leading exchanges like Bitfinex and Square Crypto led by Twitter CEO Jack Dorsey are looking to increase adoption.

Moreover, the total number of Bitcoins [BTC] in the lightning channel is closing in on 1000 BTC again. According to a recent estimate by BitMEX research, this only represents part of the total amount transacted via Lightning Network.

The reports by BitMEX Research with combined efforts from leading data analytics firm, Coinmetrics also confirm the growth of the protocol in the second half of 2019.

btc lightning network
Bitcoin Lightning Network (Coinmetrics and BitMEX Research – Source)

The report suggests that about 28% of the channels are private, hence extrapolating the data, the total number of Bitcoin in LN is more than 1050 BTC. Moreover, the total number of public and private channels in Bitcoin is somewhere between 50,000-55,0000. The reports says,

Using the http://1ml.com database of public channels, we checked it against our dataset of channel closures. Based on this, we estimate that around 28% of channels are private

bitcoin lightning
BitMEX Research Comparison of Public and Private Channels in LN

According to their findings, the number of public channels closures have decreased to new lows, as the number openings continue to rise. The blue bars represent the number of closures each month, while the red line represents the number of public channels.

bitcoin ln
Bitcoin Lightning (LN) Public Network Growth

Bitcoin LN’s inclusion is making micro-payments across web applications and social media websites, would open a new world of payment structure. Bitcoin adoption can expect to undergo similar hysteria of the 2013-2014 period which subsided after the rising fees and scalability issues.

Have you used the Lightning Network yet? Please share your views with us. 

The post BitMEX Research Reports Dominance of Public Channels in Bitcoin Lightning Network (LN) appeared first on Coingape.

EOS Seems Poised to Continue Upward Movement
January 28, 2020 5:31 am

The EOS price had been consolidating since reaching a high on January 15. The recent short-term movement suggests that the consolidation phase has ended and EOS will move towards new highs.

EOS Highlights

  • The price broke out from a descending wedge.
  • There is strong support at 4000 satoshis.
  • There is resistance at 4500 and 5100 satoshis.
  • Long- & short-term moving averages (MA) have made a bullish cross.

Well-known trader @damskotrades outlined the EOS price chart stating that the price has broken out from its consolidation phase and will continue moving upward in the future.

How long will EOS continue to increase? Keep reading below if you want to find out.

Previous Breakout

The EOS price moved above the 4000 satoshi resistance area on January 14 and returned to validate it as support five days later. The validation only took the form of a long lower wick and the price moved upwards afterward. This is a bullish development since the lower prices were bought up quickly.

In addition, the price is trading well above the 100- and 200-day moving averages (MAs), which have just made a bullish cross. This suggests that the price has likely begun a new upward move.

The closest resistance area which also acts as the previous breakdown level is found at 5100 satoshis.

EOS Breakout

Current Breakout

After the price breakout, EOS followed either a descending channel or a descending wedge.

The exact price pattern now has been rendered insignificant, since the EOS price has broken out of both and validated them as support afterward. This could indicate that the consolidation phase has ended and EOS will move towards new highs.

We successfully predicted this breakout in our previous analysis.

EOS Wedge Breakout

Similar to the daily chart, the relatively short-term 100- and 200-hour MAs have made a bullish cross and the price is trading above them.

This is a bullish sign that suggests that the price will increase towards the 4500 satoshi resistance area soon.

EOS Moving Averages

Future Movement

In the short-term, the EOS price is trading inside an ascending channel, being very close to its resistance line.

As long as the price stays inside this channel, the future price increases are expected to be gradual. A breakout from the channel would accelerate the rate of increase. We think that the breakout will transpire soon.

Due to the presence of several long lower wicks, we do not think the prudent play would be placing a stop loss below the ascending support line since it runs the chance of the price triggering it and moving back upward.

Rather, the optimal place for stop loss placement would be below the 4000 satoshi area which was now turned to support.

EOS Ascending Channel

To conclude, the EOS price seems to have finished its consolidation and looks ready to resume the movement following the breakout of January 14. We believe it will soon reach at least one of the resistance areas outlined above.

The post EOS Seems Poised to Continue Upward Movement appeared first on BeInCrypto.

Bitcoin Price Analysis: BTC/USD Smashes Past The $9,000 Hurdle, How Nigh Is $10,000?
January 28, 2020 3:54 am
bitcoin $9000
  • Bitcoin jumps above $9,000, scattering the last of the bearish camps.
  • Technical levels have aligned for the rally to $10,000 but Bitcoin must break the resistance at $9,200.

Bitcoin has reclaimed the support above $9,000 after smashing through the resistances I highlighted yesterday at $8,700, and $8,800. It is clear that Bitcoin bulls intend to finish the month of January not only in the positive but also with a bang.

At the time of writing, BTC/USD is teetering at $9,081 following an impressive 2% growth in value on the day. The prevailing strong bullish trend is driving off the last of the bears in the preparation for the next bull-run to $10,000.

A broader look at the cryptocurrency market on a daily basis, it is apparent that Bitcoin’s jump above $9,000 continues to bullishly impact the market. Other cryptocurrencies performing exceptionally well on Tuesday (at the beginning of the European session) include Litecoin which is trading 3.37% higher, EOS and its 2% rise on the day and Bitcoin Cash with its 1.64% rise in value.

BTC/USD 4-hour chart

BTC/USD price chart
BTC/USD price chart by Tradingview

The breakout that emanates from the pennant pattern on Sunday is still largely the driving force for the gains (based on the technical picture). The Relative Strength Index (RSI) return into the overbought region (above 70) suggests that it’s the bulls’ turn. Similarly, the Elliot Wave Oscillator’s continuous bullish session since Sunday cements the buyers’ position in the market. Therefore, I expect Bitcoin to continue with the rally above $9,100 and if the resistance at $9,200 is broken, BTC could eventually forge a pathway to $10,000.

Bitcoin Key Levels

Spot rate: $9,081

Relative change: $185

Percentage change: 2%

Trend: Bullish

Volatility: High

Support: $8,800, $8,400 and $8,200

Resistance: $9,100 and $9,200

The post Bitcoin Price Analysis: BTC/USD Smashes Past The $9,000 Hurdle, How Nigh Is $10,000? appeared first on Coingape.

Bitcoin [BTC] Price above $9000 Drives Away the Last of the Bears
January 28, 2020 3:28 am
bitcoin $9000

Bitcoin [BTC] price broke above $9000 confirming the initiation of the bull market. It marks a series of higher lows without breaking the previous market structure. Currently, the price is en route a new higher high after reversal above $8200.

The price of Bitcoin [BTC] at 3: 15 hours UTC on 28th January 2020 is $9070.

The traders looking for a bearish correction seems to be stopping out above $9000. The break above the 200-Day DMA with $9000 will look to drive out the last of the bears. According to datamish, $50 million in shorts were liquidated in the last 24 hours.

btcusd
BTC/USD 1-Day Chart on Bitstamp (TradingView)

Nevertheless, on lower time frames, the price still needs to break above recent highs around $9190, to move further. The previous range between $9182-$9550 around the Xi pump and the break-out below the descending triangle in October last year will act resistance and consolidation levels.

btcusd 4hour chart
BTC/USD 4-hour Chart on Bitstamp (TradingView)

Moreover, a move below the support around $8100-$8200, could quickly reverse the market sentiments negative as well. However, the probability of that is decreasing.

Strong Fundamentals

Recently, Crypto Capital, a firm led by Twitter CEO, Jack Dorsey, announced their plans with the Bitcoin Lightning Development Kit (LDK). It looks like their vision to facilitate low-cost, instantaneous BTC payments is reviving it’s utility not only as a store of value, but also as money.

Moreover, halving which is due in about 100 days (countdown) has been adding to the bullish sentiments for some time now. As reported recently, the supply-side metrics are leaning towards bullish projections.

In all likelihood, halving is still not priced in with $12000-$13000 being the ideal price for the break-even cost of average miners. The increase in mining difficulty due to increasing hash rate is adding to supply-side pressure.

Last but not the least, the increasing ‘risk-off’ element in traditional investments with a series of bad news since May last year has been positive for Bitcoin.

The narration of correlation with global events and Bitcoin is subjective. However, beginning with US-China trade war, Iran-US conflict and the recent Coronavirus we are seeing startling similarities with price moves in gold.

Do you think Bitcoin will gain mainstream adoption in 2020? Please share your views with us. 

The post Bitcoin [BTC] Price above $9000 Drives Away the Last of the Bears appeared first on Coingape.

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