Defending cryptocurrencies against the centralizing forces of ASIC mining chips requires more than coding fixes; human governance is also critical.
Archives for May 1, 2018
The US Federal Trade Commission has announced a free educational forum on avoiding cryptocurrency based fraud to be held in June.
FTC to Hold Crypto Scam Workshop
The “Decrypting Cryptocurrency Scams” workshop will involve law enforcement agencies, consumer advocacy groups, and private sector business will come together to “to explore how scammers are exploiting public interest in cryptocurrencies such as bitcoin and litecoin and to discuss ways to empower and protect consumers.”
The agency announced on Monday that the event will be hosted by Depaul University on June 25, is free to the public, and will also be streamed live on the FTC website the same day.
The FTC posted a statement in relation to the workshop stating
“Reported scams include deceptive investment and business opportunities, bait-and-switch schemes, and deceptively marketed mining machines. The FTC has continued its efforts to educate consumers about cryptocurrencies and hold fraudsters accountable,”
The commission has been focusing more closely on crypto related scams since the value of Bitcoin and most other top-rated tokens skyrocketed in value during the final months of 2017 bringing with it rising interest in raising capital for startups via initial coin offerings which have become fertile ground for scammers. Last month lawyers for the FTC delivered restraining orders to four investment groups in Florida that the agency suspected were promoting cryptocurrency based scams.
These chain referral schemes promised massive returns on small investments of certain cryptocurrencies using Youtube videos and social media. The FTC concluded though that the structure ensured only a few who joined at the very beginning were likely to see any profit and that it was little more than an old-fashioned pyramid scheme with a high-tech spin.
When interviewed by local media after the restraining orders were delivered Tom Pahl, acting director of the FTC Bureau of Consumer Protection, said “This case shows that scammers always find new ways to market old schemes, which is why the FTC will remain vigilant regardless of the platform – or currency used,”
Federal Agencies Going Straight to the Consumer
The FTC isn’t the only federal regulatory body encouraging public awareness of nefarious dealings in the crypto marketplace. Both the CFTC and SEC have made efforts to increase their oversight of ICO offerings and cryptocurrency price manipulation by delivering warnings straight to the public.
The SEC has gone hard after ‘simple agreements on future tokens’ which can allow insiders to buy tokens in private offerings and flip them before an ICO even occurs. The SEC judges the practice to be little different than securities fraud and is pushing for the same kinds of penalties to be applied.
The CFTC meanwhile has been concerned with regulating ‘pump and dump’ manipulation and has issued an official warning to consumers about the practice.
Image from Shutterstock
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Luckchemy, one of its kind, provably fair iGaming platform driven by a unique combination of off-chain cryptography and blockchain technology is looking forward to its upcoming ICO, set to begin on April 30, 2018. The team is all set to capture one of the fastest growing industries in the world i.e. the iGaming industry. Luckchemy aims to provide operators with the best, transparent and scalable solutions for a complete suite of casino and iGaming products, with the initial focus on lottery.
The Industry & Lottery Market at a Glimpse
The iGaming industry is one of the fastest growing markets in the world, with 9% growth rate a year, and reaching almost $5 trillion as annual revenue. There is a huge shortage of quality services for this growing market.
It turns out a staggering 70% of the UK’s over 18s take part in the national lottery on a regular basis, which is close to 45 million people. On top of that at least 50% of the overall population do more than once a month, and on average they buy a minimum of 3 tickets each week. Just under 1/4 of British citizens buy a scratch card at least once a month, while over 50% buy one at least once in a calendar year. 57% of the American population, 181 million people, buys at least one lottery ticket in a year.
The RMG and lottery industries are also faced with various challenges when it comes to the authenticity and fairness of the lottery providers, counterfeit lottery, and other fraudulent behavior on the operators’ part. There are also concerns about the casino games being rigged and issues while one tries to withdraw their winnings from the platform.
These issues combined with the industry’s growth potential has created the need for transparent, easy-to-use solutions.
The Online Casino Developers like Luckchemy Are Changing the Scenario
The developers have understood the players’ busy lifestyles with many different entertainment options at their disposal, so nothing less than a top-class experience is essential. This is what Luckchemy focuses.
With lottery as their initial product, Luckchemy intends to develop and publish products on the platform which is designed by anticipating interactions with many entities, including the 3rd party content provider. Luckchemy has maintained a strict discipline of using blockchain interactions only when necessary. The platform maintains provable fairness through off-chain cryptography and other technologies with minimum usage of blockchain to maximize the scalability and user-experience.
Luckchemy platform provides a wide range of functionalities covering 3 different categories:
- Own games
- Third party game providers
- White Label solutions
The LUK Token
Luckchemy, the fair iGaming platform created with the use of blockchain and off-chain cryptography among other techniques is powered by LUK tokens – its own currency. Tokens grant its holders with the access to special monthly draws. The distribution of tokens goes as follows:
- 70% goes to token sale
- 15% is lottery funds
- 8.85 % is private placement
- 6.15% is going to partners
The LUK tokens come with a variety of added benefits to the users. Apart from trading them against other crypto and fiat currencies on leading exchange platforms, token holders can use it to participate in Holders’ Draw and Feedback Polls. The monthly Holders’ Draw offers a chance for the LUK token holders to win a monthly draw to earn at least 0.5% of total wagers placed on the platform over the previous month.
Also, being the preferred payment method on Luckchemy, LUK can be used to play games, receive payouts and purchase various services offered by the platform. Third-party developers can gain access to the platform’s APIs, exchange services, and other tools against LUK payments
To know more about the platform, its exclusive features for players and benefits for investors, and to participate in its upcoming ICO, please visit Luckchemy You can also access their White Paper or visit their Facebook, Twitter, Telegram, Medium, Instagram and LinkedIn.
The post Luckchemy: Changing the Landscape of iGaming Industry appeared first on NewsBTC.
- Ripple price failed to move above $0.9100 and declined sharply against the US dollar.
- There was a break below yesterday’s highlighted major bullish trend line with support at $0.8450 on the hourly chart of the XRP/USD pair (data source from Kraken).
- The pair may correct higher, but it will most likely face sellers near the $0.8280 level.
Ripple price made a downside move against the US Dollar and Bitcoin. XRP/USD moved into a short-term bearish zone with resistance near $0.8280 and $0.8400.
Ripple Price Resistances
Yesterday, we discussed about a major resistance near $0.9000 and $0.9100 levels in Ripple price against the US Dollar. The price struggled to move settle above $0.9000, which resulted in a downside move. Sellers pushed the price below the $0.8400 support area. During the decline, there was a break below the 50% Fib retracement level of the last leg from the $0.7560 low to $0.9090 high.
More importantly, there was a break below yesterday’s highlighted major bullish trend line with support at $0.8450 on the hourly chart of the XRP/USD pair. It resulted in more declines below $0.8250 and $0.8000. At the moment, the price is trading well below the $0.8400 pivot level and the 100 hourly simple moving average. A low was formed at $0.7806 recently before the price started consolidating losses. An initial resistance is close to the 23.6% Fib retracement level of the last decline from the $0.9093 high to $0.7806 low.
Looking at the chart, it seems like the price may correct towards $0.8250 in the near term. However, the broken support at $0.8280 and the 100 hourly SMA are likely to act as major hurdles. Moreover, the $0.8400 pivot level may also act as a barrier for buyers.
Looking at the technical indicators:
Hourly MACD – The MACD for XRP/USD is now back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for XRP/USD is currently below the 40 level.
Major Support Level – $0.7800
Major Resistance Level – $0.8280
The post Ripple Price Technical Analysis – XRP/USD Bearish Break appeared first on NewsBTC.
Online research marketplace Scientist.com has launched a blockchain-based data verification platform for the biopharma industry.