Bitcoin price gained traction in the past few days and traded to new a new monthly high at $4,132 against the US Dollar.The price corrected lower recently, but it found support near the $4,050 and $4,040 levels.There is a major ascending channel in place with support at $4,070 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).The pair might decline towards the $4,040 support once again before climbing higher in the near term.Bitcoin price is trading in a strong uptrend above $4,000 against the US Dollar. BTC/USD must stay above the $4,040 support to climb further higher above $4,150 and $4,200.Bitcoin Price Weekly Analysis (BTC)This past week, there was a strong upside break above the $4,000 resistance in bitcoin price against the US Dollar. Later, the BTC/USD pair formed a support base above the $3,980 and $4,000 levels for the next wave. Finally, there was a sharp upward move above the $4,040 pivot level. The price gained traction and broke the $4,100 resistance area. A new monthly high was formed at $4,132 before the price started a downside correction.The price traded below the $4,080 level, but it stayed well above the 100 simple moving average (4-hours). There was a break below the 50% Fib retracement level of the last wave from the $3.995 swing low to $4,132 high. However, the $4,040 and $4,050 support levels acted as a strong buy zone. Besides, the 61.8% Fib retracement level of the last wave from the $3.995 swing low to $4,132 high acted as a solid buy zone. There is also a major ascending channel in place with support at $4,070 on the 4-hours chart of the BTC/USD pair.If there is a downside break below the channel support, the price may revisit the $4,040 support area. As long as the price is above the $4,040 support area, there are chances of a fresh upward move above $4,100 and $4,150. The next key resistance above $4,150 is near the $4,200. The main aim for bulls in the coming days could be $4,400.Looking at the chart, BTC price seems to be following a decent uptrend above the $4,000 and $4,040 support levels. In the short term, there could be range moves above $4,040 before a fresh increase. A convincing break above the $4,132 high is likely to set the pace for more gains towards the $4,200 and $4,400 levels.Technical indicators4 hours MACD – The MACD for BTC/USD is slowly moving into the bearish zone.4 hours RSI (Relative Strength Index) – The RSI for BTC/USD is placed well above the 60 level.Major Support Level – $4,040Major Resistance Level – $4,130
Archives for March 30, 2019
ETH price rallied in the past few days and broke the $139 and $144 resistances against the US Dollar.The price is currently correcting lower, but it could find a strong support near the $139 zone.There is a major ascending channel in place with support at $140 on the 4-hours chart of ETH/USD (data feed via Kraken).The pair remains in an uptrend as long as there is no daily close below the $139 support zone.Ethereum price is placed in a solid uptrend versus the US Dollar and Bitcoin. ETH/USD could test the $139 support area before it starts a fresh bullish wave above $144.Ethereum Price AnalysisThis past week, ETH price formed a solid support base near the $137 level against the US Dollar. The ETH/USD pair started a solid upside move and traded above the $139 and $142 resistance levels. There was a successful close above the $139 level and the 100 simple moving average (4-hours). It cleared the path for more gains and the price traded above the $144 resistance area. It traded close to the $146 resistance level and later started a substantial downside correction.The price traded below the $142 level and the 50% Fib retracement level of the last wave from the $137 low to $145 swing high. However, the price found a strong buying interest above the key $139 support area. Moreover, there is a major ascending channel in place with support at $140 on the 4-hours chart of ETH/USD. The 61.8% Fib retracement level of the last wave from the $137 low to $145 swing high also acted as a support. The price recovered, but the $142 area is acting as a hurdle.It seems like there could be another dip in ETH price below the $140 level. However, the $139 support zone is likely to act as a crucial buy zone. As long as there is no daily close below the $139 level, the price is likely to bounce back in the near term.The above chart indicates that ETH price is clearly placed in an uptrend, but bulls need to prevent the $139 support area. On the upside, a break above the $142 and $144 levels is needed for more gains. The next key resistance is near $146, above which the price is likely to test the $150 resistance level.Technical Indicators4 hours MACD – The MACD for ETH/USD is slowly moving in the bearish zone, with a few negative signs.4 hours RSI – The RSI for ETH/USD is currently correcting lower from the 75 level and it could test 55.Major Support Level – $139Major Resistance Level – $144
By CCN.com: Another day, another John McAfee tweet pumping a cryptocurrency project that has alarming red flags. The latest dubious crypto token is called Apollo, an “all-in-one” cryptocurrency with supposedly-private transactions.
Crypto Developers Call Out McAfee-Linked Apollo
However, according to crypto development firm Jelurida, Apollo’s so-called privacy features promoted are not so private after all.
— Ardorgate (@Ardorgate) March 28, 2019
Imagine if some company back in the days when you made your antivirus software would have copied/cloned your work, renamed to Mcfluffy, claiming to do tons of stuff and market it as a game changer knowing that actually is just a bad copy without the support of devs that made it!
— Sazan (@AvdiuSazan) March 28, 2019
Apollo’s selling point is quite straight forward: they’re the best cryptocurrency out there – for some unexplained reason.
As stated on their website, cryptocurrency is inaccessible to the majority of the world as it requires a bank account, computer, knowledge, and patience. Their solution to this barrier is to initiate a decentralized network of physical locations allowing anyone to walk in and purchase Apollo, simply with cash. This will allegedly open up cryptocurrency to the vast majority of people without a bank account.
Essentially, the Apollo team wants to create small exchange-like stores where people convert fiat to Apollo, and from there to other cryptocurrencies. Why you would need a coin for that, instead of using Bitcoin or any other major coin, is beyond my understanding. Maybe to fund the project? I really don’t know.
More troublingly, as Apollo states on the one-pager, the coin should have IP masking and public-private transaction options.
However, that’s not the case.
Jelurida: Apollo Deceives Users about Cryptocurrency’s Features
In a blog post, the Jelurida team explained that several of the privacy features promoted by Apollo did not actually help users obfuscate their transaction details.
“After a close examination of the Apollo software, we feel it is necessary to issue a public warning, in order to prevent Nxt users who have accounts on the Apollo blockchain from being misled that the Apollo private transaction feature actually works, and wrongly assume that their transactions cannot be seen by others. The reality is that all transactions on their blockchain, regardless of being labeled private or not, are easily accessible to anyone who downloads the Apollo blockchain, now, and forever in the future, due to the immutable nature of the blockchain”.
To prove their point, Jelurida built the “snake-oil” project – a modified version of the Nxt Blockchain Creation Kit Software adapted to connect to the Apollo blockchain and display all transactions from it, ignoring any misleading “private” flags.
The Jelurida team’s findings weren’t surprising. It was possible to track all information regarding transactions, like addresses and amounts – which clearly shows there are no privacy features within the Apollo coin.
“Since [transactions] are propagated over the network in clear text, stored in the database in clear text, and handled in the server memory again in clear text. The blockchain being an immutable ledger, these “private” transactions are stored in it forever, and anyone can extract them from it, now or in the future, as hereby demonstrated.”
Watch Out for John McAfee Pumps
I would be very wary of purchasing a position in a cryptocurrency being promoted by John McAfee, a person that has been known to promote any project for the right price. Regardless, if the coin does not possess the necessary technology to endow users with privacy, as claimed, that is a huge red flag.
Traders and investors, beware.
While the value of Bitcoin remains down in the dumps, so to speak, its believers still have stars in their eyes. Many crypto investors are adamant that their holdings will eventually retest their all-time highs, prior to another jaw-dropping rally.And while countless cynics have begged to differ, these hopes were validated recently with an extremely optimistic, yet potentially rational tweet from Ryan Selkis, the chief executive of Messari.“Great Wealth Transfer” To Spark Bitcoin Rally?It isn’t a secret that crypto’s audience is primarily millennial and younger. It makes sense. Cryptocurrencies, namely Bitcoin, are inherently digital, and of the Internet, as Jack Dorsey recently put it.Related Reading: Binance CEO Lauds Jack Dorsey’s Pro Bitcoin Comments On Joe RoganSelkis used this demographic fact to his advantage, recently writing on Twitter that as millennials en-masse inherit $30 trillion from their baby boomer parents over the coming decades, much of the money could find its way into digital assets, meant for the Information Age that society currently resides in.🚀There’s a $30 trillion “great wealth transfer” expected in the next 20+ years (millennials inheriting money from their parents).If 1% of that goes into cryptocurrencies, crypto will be a multi-trillion dollar asset class.That’s the conservative case for $50k+ bitcoin.— Ryan Selkis (@twobitidiot) March 28, 2019Messari’s chief writes that if even 1% of the $30 trillion floods into crypto, which equates to about $300 billion, BTC could find itself conservatively at $50,000. This doesn’t exactly add up, but the call does make sense.As hinted at in a previous NewsBTC report, due to the shallow order books (low liquidity) that are a byproduct of nascent markets, U.S. dollars that enter this market have often had an amplified effect on the value of digital assets. Per analysis compiled by Alex Kruger, a leading markets researcher, JP Morgan claims that for the crypto assets at large, a fiat amplifier of 117.5 is present, as a purported $2 billion in net inflow pushed Bitcoin’s market capitalization from $15 billion to $250 billion But, this isn’t the whole story. Citigroup purportedly estimated an amplifier of 50, while Chris Burniske of Placeholder Ventures calculated the figure out to somewhere between two and 25.Considering a low-end estimate of ten times, that means the “great wealth transfer” that Selkis refers to could boost cryptocurrency’s value by $3 trillion, thus setting the stage for BTC to surmount $50,000. Crypto Cynics Aren’t Too SureAlthough Selkis was fairly convinced that his thesis is entirely probable, some begged to differ. David Silver explained that if his parents left him with money, he would not invest in Bitcoin, explaining that allocating inheretance money to cryptocurrencies “IS NOT AN INVESTMENT STRATEGY.”While @twobitidiot MIGHT be right – this is not a use case investment analysis about why BTC could reach $50,000 – it’s a Suckers Born Every Minute – analysis. If my parents die and leave me money and I invest it in bitcoin I’ll be rich – IS NOT AN INVESTMENT STRATEGY. https://t.co/QlP9lzYmD4— David Silver (SILVER MILLER) (@dcsilver) March 28, 2019Others were less overtly sardonic, and were instead, skeptically optimistic. David Nage explained that while the transfer of wealth could be massive for cryptocurrencies, especially in an increasingly digital world, money won’t flow in on a whim. In other words, if the technology and infrastructure stay stagnant, it is nonsensical to assume that fiat from estates will rush into digital assets, whether it be Bitcoin, Ethereum, or otherwise, without a proper catalyst.Obviously know about the wealth transfer data…agree that it “could” be massive for crypto.However let’s not diminish the incredibly hard work that’s needed from everyone in the ecosystem to make that happen.— David Nage🎯 (@DavidJN79) March 28, 2019Thus, Nage concludes that if the “conservative case” is to come to fruition, industry stakeholders will need to continue putting their nose to the grindstone, so to speak, to create an inviting environment for the mentioned hypothesized wealth transfer.Featured Image from Shutterstock
Facebook is moving into cryptocurrency, aiming to create some type of stablecoin that will make it possible for users within its gargantuan network to transfer value to each other. Why Facebook doesn’t simply use an existing cryptocurrency is, of course, a mystery.
Facebook’s Not Going Full Crypto
Perhaps it fears to open the minds of users too much: from cryptocurrency they might graduate to better social media platforms, like Minds.com.
What will the real value of another token pegged to the US dollar be to the crypto community? We can assume that over such a broad swath of users, the thing is bound to see some real utility. We can expect the same for Telegram, who’ve decided to build a blockchain from scratch – something to compete in the ever-deepening sea of smart contract platforms like Tron and Cardano.
But if the coin is just issued by Facebook, at its discretion, without any real decentralized governance, does it even qualify as a cryptocurrency? That much is debatable. We’ve talked before about the properties of a cryptocurrency, and why JP Morgan’s internal stablecoin just doesn’t fit the bill.
There is some delineation, too, between algorithmic stablecoins like MakerDAO’s Dai, which is a collateralized asset and pegged currencies like Paxos Standard. The Dai essentially relies on the market to determine the validity of its tokens – coins are backed by at least 150% their value in Ethereum, which provides a pretty good cushion to ensure liquidity.
As Minds.com CEO Bill Ottman has said, it’s fabulous that Jack Dorsey and Mark Zuckerberg, proprietors of the tools of mass distraction for a whole generation, are interested in sound money. It’s good that they’re investing resources into blockchain technologies. But if they don’t walk the walk, why should we listen to them talk?
Cool example of #BitcoinTwitter experimenting on the Lightning Network.
— jack (@jack) February 5, 2019
The name Jack Dorsey has gone parabolic in crypto circles recently due to his participation in the Lightning Network torch event and friendship with Elizabeth Stark. Dorsey still supports censoring unpopular speech, though, which Bitcoin and cypherpunks as a whole despise.
Typically, we understand that censorship is the least effective tool for any debate. In too many cases, it provides undue interest and influence to the censored. Most of those trolls banned from Twitter are, in fact, disgusting people. But now they’re all shacked up at Gab, with fewer and fewer people to call them on their sh*t. But Twitter gets it wrong from time to time. See the whole #learntocode debacle:
Facebook’s crypto plans are still pretty unclear. One thing is for certain: the blockchain can be used for anything at all. It can be used to increase personal freedom – or take it away. Blockchains store value, track supply chains, and enable tamper-resistant voting. The technology can probably also be used to successfully launch an uncontrollable version of SkyNet.
Facebook Coin: The Antithesis of a Privacy Coin
Here’s a thought, though. If you think Chainalysis’ analytical tools are scary, imagine what a cryptocurrency built by Facebook might reveal. If it knows, for example, that you held the token, and then someone else held it, and then someone in Iran managed to hold it, would that trace back to you? How much user data will be present in these tokens? Will they have a prayer of being fungible or tradeable on regular crypto exchanges?
Whatever they do, the blockchain natives will continue to do better. That’s my opinion until I see evidence otherwise. Facebook should just create an open money API and let the various players in the blockchain space compete for dominance on it. They’d probably make more money that way and have less need for blockchain engineers.
EOS down 4.7 prices in last day but bullishThree million EOS are missing from BitHumb’s hot wallets.$12.5 million worth of BitHumb’s EOS are missing, but other exchanges are taking assisting in recovery. In response, EOS prices are down 4.7 percent in the last day in an adjustment of Mar 28-29 overvaluation.EOS Price AnalysisFundamentalsFor the second time, BitHumb, the South Korean exchange, which claims to be ISMS certified and applying multi-signature withdrawal scheme is once again a victim of hacking, less than a year after the exchange losing $14 million.Although it says 3 million EOS worth around $12.5 million at current exchange rates and $6.5 million worth of XRP—20 Million XRP– of their stash are missing, users should breathe a sigh of relief because “member’s asset is under the protection of cold wallet.”In an explainer, the exchange said they “detected abnormal withdrawal of the company’s cryptocurrency through BitHumb’s abnormal trading monitoring system.” Unfortunately, internal investigations reveal that the “spill” was an “accident involving insiders” which had a cascading effect, inconveniencing customers since the exchange was forced to “delay the cryptocurrency deposit and withdrawal service.” They have since extended their investigation and are collaborating with KISA, Cyber Police Agency, and security companies.Stolen fund flow analysis :Majority of the Bithumb stolen EOS are sent to @Exmo_Com @HuobiGlobal @kucoincom @coinswitch @ChangeNOW_io @hitbtc Changley, and a little bit to @binance @hitbtc and BW pic.twitter.com/shT1Ei4uRC— Dovey Wan 🦖 (@DoveyWan) March 30, 2019So far, fund flow indicates that stolen coins are moving through different exchanges including Huobi, Changelly, and ChangeNOW amongst others. But Changelly is assisting BitHumb publishing a statement that it froze 243,000 XRP ($76,000) and 114,000 EOS ($479,000).Candlestick ArrangementDespite this stain, EOS prices are trending higher, up 13.7 percent in the last week but sliding by 4.7 percent in the previous day. All the same, EOS is trading within a bullish breakout pattern against the USD. At this pace, we expect prices to edge higher and even expand towards $7.However, before that prints out, it is likely that there will be a correction of Mar 28—29 overvaluations and as prices dip mirroring today’s losses. While temporary, risk-off traders should take the opportunity to load up on dips with first targets at $7 as bulls confirm gains of Mar 5 further drifting away from Feb 24 highs as buyers flow back.Nullifying this up-trend are strong prices reversing Mar 27 upswings and even dropping below the middle BB and $3.5. Such a move will trigger liquidation as sellers of Feb 24 flow back with targets at $3 and $2.2.Technical IndicatorsOur anchor bar is wide-ranging Feb 24 bull bar with conspicuous transaction volumes—17 million. Since bulls are yet to reverse Feb 24 losses satisfactorily, any break above Mar 27 must be with high volumes above 17 million validating the double bar bull reversal pattern of Mar 4-5.Chart courtesy of Trading View
Bithumb, the largest bitcoin exchange in South Korea alongside Upbit, has been hacked for around $20 million. The company said that user funds stored in crypto cold storage wallets were not hacked, but corporate funds were moved.
Bithumb Hack Likely an Inside Job
Cold storage wallets refer to offline wallets that are not connected to the internet that major exchanges utilize to eliminate the vulnerability of user funds in potential security breaches.
In a surprising turn of events, Bithumb disclosed that it believes the hack was an inside job and funds might have been moved by individuals associated with the company.
New Threat to Crypto and Bitcoin Exchanges
In its official statement, Bithumb said that the company is conducting intensive investigations with cyber authorities in South Korea, acknowledging the incident as an inside job.
“As a result of the internal inspection, it is judged that the incident is an ‘accident involving insiders.’ Based on the facts, we are conducting intensive investigations with KISA, Cyber Police Agency and security companies. At the same time, we are working with major exchanges and foundations and expect to recover the loss of the cryptocurrency equivalent,” the statement read.
Bithumb said that the exchange has increasingly focused on preventing external attacks and hacking attacks in the past year, which is evident in the exchange ratings released by the Korea Internet & Security Agency (KISA) in August 2018.
Previously, KISA investigated all bitcoin exchanges in South Korea to find potential vulnerabilities and poor security measures on the country’s crypto asset trading platforms.
The agency found most exchanges to have weak security systems in place but cleared Bithumb, Upbit, Korbit, Coinnest, Coinlink, Coinone, Coinplug, and Huobi for having robust security and internal management systems.
“There still exists many cryptocurrency exchanges with subpar security systems and as such, investors are cautioned in investing through unrecognized platforms. The government will continue to monitor and evaluate cryptocurrency exchanges to improve the standard of security employed by trading platforms,” Kim Jeong-sam, the information protection officer at KISA, said at the time.
As explained by Bithumb, the company failed to consider the possibility of insiders including employees and contractors breaching into the system of the exchange to steal millions of funds held by the company.
Crypto Storage Practices Limited the Damage
One positive takeaway from the incident is that Bithumb stored most of the user funds in cold wallets that cannot be accessed by hackers and the damage was limited as a result.
More importantly, stolen funds were reportedly sent to other exchanges, which can be recovered if frozen immediately.
But, it remains uncertain how a company could prevent similar incidents from occurring in the future and prevent insiders from engaging in malicious activities.
The company said:
“Bithumb exchange is certified ISMS and applied to multi-signature withdrawal scheme. We constantly monitor and block external hacking. However, it was our fault that we only focused on defense of outside attack and lack of verification of internal staff.”
The exchange said that it would essentially overhaul its internal workforce verification system and restrict the authority employees and contractors have over the internal management system used by the firm.
How Should Bitcoin Exchanges Protect Themselves?
The recent hacking attack suffered by Bithumb is not as serious as previous security breaches because user funds were not lost in the process and the system of the exchange was not exploited.
But, it raises a new threat in the bitcoin exchange ecosystem, and in the near-term, major cryptocurrency trading platforms will have to find solutions to prevent similar incidents from arising.
Ripple prices up 1.3 percentVolumes surge as xRapid benefits flowBitstamp, Bitso, and Coins.Ph XRP related volumes are surging. As a results, it could support Ripple (XRP) prices as xRapid is now commercially available. Now that prices are steady in a bullish arrangement, it is likely that prices will break higher towards 40 cents as our trade conditions come to live.Ripple Price AnalysisFundamentalsWe are in the early stages of a remittance revolution. Banks changing their time-tested systems in response to new technology seldom happen. They need evidence of efficiency, and Ripple Inc is fronting a solution that promises to change status quo and change the lives of the unbanked and those who pay intermediation fees cutting deep into their earnings.Good news is more and more banks are reaping benefits of leveraging xCurrent or xRapid. The latest to join the fray was Federal Bank, the sixth bank from India to upgrade and settle on Ripple solutions. We are yet to determine which of the three options they prefer but should they choose xRapid then XRP prices could increase in response.Some quick stats on Bitstamp -> https://t.co/8ifOy81Qdy over the past week or so. Noticeable jump in transfer frequency and average size pic.twitter.com/t0Jz92uXLc— BehindtheLedger (@behindtheledger) March 29, 2019Already, XRP prices are inching higher, reversing from current lows now that xRapid as a liquidity provider is commercially available. Keen XRP enthusiasts discovered a spike in transaction levels between BitSo, Bitstamp, and Coins.Ph, two of Ripple Inc recommended exchanges. Bitso facilitates transfers between the US and Mexico while Coins. Ph opens up the US—Philippines corridor with Bittrex as well as BitStamp facilitating USD conversion via xRapid.Bitso’s xrp/mxn pair, which was #150 on Coinmarketcap’s volume ranking two days ago, has jumped up to #84 pic.twitter.com/8w3XZwM0mu— BehindtheLedger (@behindtheledger) March 29, 2019Candlestick ArrangementsAt the time of press, XRP is up 1.5 percent from yesterday’s close, inching higher as prices correct Mar 26 under-valuation. All in all, what is apparent is that Ripple (XRP) bulls are once again finding support from Q1 2019 lows and could rally from Jan 30 lows more so if bulls build enough momentum closing above our minor resistance line at 34 cents.Encouragingly, volumes are increasing as prices expand meaning there is a likelihood of this BB squeeze breaking above 34 cents as bulls of Sep 2018 flow cementing our overall bullish stance.Complementing this is the fact that prices are trading within Jan 30 high-lows which from an effort versus results perspective is supportive of our projection.Technical IndicatorLike we mentioned above, bulls are firm, and participation is picking up as prices bounce off from 30 cents, the first level of support. As aforementioned, bulls are technically in control if we consider the relation between bulls and bears off Jan 30 bar. Thirty-two days after printout, price action is concentrated on its lower half as prices consolidate above 30 cents meaning bulls are likely building up momentum in readiness of a lighting breakout above 40 cents.Chart courtesy of Trading View
Another week, another Crypto Tidbits. In spite of the constant stream of bullish tweets from CNBC’s social media team, the crypto industry steadily chugged higher over the past week. Bitcoin surmounted $4,000, as a number of cryptocurrencies, like Cardano and EOS, posted staggering gains.Fundamentally, the industry was also strong. In fact, Flipside Crypto’s FCAS 25 index, which tracks the health of leading digital assets, neared its all-time high, as we reported previously. Maybe, just maybe, things might be on the up-and-up again.Related Reading: Crypto Tidbits: Square Looks To Bolster Bitcoin, Binance Goes Down Under, SBI Delves Into MiningCrypto TidbitsLittle-Known Singaporean Crypto Exchange Hacked: A little-known Singaporean exchange, DragonEx, was hacked earlier this week for a sum that primarily consisted of Bitcoin (Ethereum, Litecoin, and a mass of other tokens were hacked too though). The company claims it has contacted authorities local and abroad, and will update its clients in the coming week with a full list of the assets hacked, along with how it will be moving forward.Ledger Looks To Bring Bitcoin Custody To Institutions: According to a recent press release, Ledger has partnered with Legacy Trust, a Hong Kong-registered and -licensed public trust company, to provide institutions with a custodial offering for Bitcoin and other digital assets. The two firms are purportedly targeting over-the-counter (OTC) desks, crypto exchanges, and high net-worth individuals with this venture, as it looks to fill a gaping hole in the institutional onboarding process. Ledger will provide its Vault product, a key management solution, and technical expertise, while Legacy Trust will harness its license and industry reputation to secure clients across the board.$105 Million In Crypto Transferred From CoinBene’s Wallet, Skeptics Cry Foul: While CoinBene has denied accusations of a hack, the exchange purportedly saw $105 million worth of Ethereum and ERC-20 tokens flee its wallets earlier this week. Elementus, a blockchain analytics group, reports that the series of events are “consistent with a hack,” meaning that the $70 million worth of Maximine, $15 million worth of CoinBene Coin, and other assets sold on decentralized exchanges for Ethereum may have been stolen. Again, however, CoinBene has denied that it is under attack from any malicious user.Facebook Goes On Blockchain Hiring Spree… Again: According to a report from The Next Web’s Hard Fork column, there are two dozen crypto- and blockchain-related jobs currently listed on Facebook’s official careers portal. The roles listed include two Product Managers, a Finance Analyst, a Data Scientist, a Threat Investigator, and here’s an interesting one, a Director of Technical Account and Securities and Exchange Commission (SEC) Reporting. All roles are either based in the firm’s Menlo Park headquarters, in a Washington D.C. office, or another location in Tel Aviv. This comes as hearsay suggests that the social media giant has entered discussions with crypto exchanges for the listing of the so-called ‘FBCoin.’Coinbase Launches Support For Staking: In a recent blog announcement, Coinbase revealed that it would allow clients of its Custody offering to stake Tezos (XTZ) and Maker (MKR), giving investors access to a broader roster of products. Starting Friday, users of the Tezos protocol, a blockchain that facilitates smart contracts and decentralized applications, that also are clients of Coinbase’s high-ticket products will be able to bake their XTZ on the platform. This makes Coinbase Custody, which holds licenses in notoriously stringent New York State, the first “full-service, regulated, comprehensively-insured, and 100% offline staking provider in crypto.” Users staking XTZ, which is how Tezos funds maintainers of its recently-launched blockchain, will receive approximately 6.6% APR after Coinbase’s cut. Following support for Tezos, the institutional-centric offering will expand its horizons to MakerDAO governance and beyond.Bitcoin ETF Applications Delayed: Bitcoin exchange-traded fund (ETF) applications from two parties — VanEck, SolidX Partners, and the CBOE; Bitwise and the NYSE — have been pushed back by the U.S. Securities and Exchange Commission, who needs to make a final verdict on these proposals by October. The regulatory agency has from now until the middle of May to either accept, deny, or delay these proposals.Messari Unveils Jaw-Dropping Stellar Inflation Bug: In its ongoing quest to offer the crypto community high-quality data, the New York-based Messari has revealed that per its research, 2.25 billion XLM was generated out of thin air during April 2017. The funny thing is, barely anyone knew about this debacle prior to Messari’s recent report. According to the research, the cryptocurrency was generated by an unknown attacker who utilized the “MereOPFrame::doApply” function in Stellar’s protocol, which was once bugged. While the public details about how the bug was harnessed are scant, the economic effect of the sudden attack is known. Messari writes that the tokens created were worth $10 million at the time, and represented upwards of 25% of all circulating XLM at the time. The tokens were purportedly distributed to exchanges and sold. The Stellar Development Foundation has since burned 2.25 billion XLM to “true up” the supply of XLM.Featured Image from Shutterstock
The founder of Omise — the company behind the OmiseGo cryptocurrency — denied reports that his Ethereum-based payments platform was acquired for $150 million by Charoen Pokphand Group, Thailand’s largest private company.
Omise Founder Demands Retraction
Jun Hasegawa issued an angry denial on Twitter, where he accused the crypto news website The Block of pushing fake news.
Hasegawa also threatened to take legal action if a correction/retraction isn’t issued. Hasegawa has not yet responded to CCN’s requests for comment.
In response to Hasegawa’s volcanic denials, The Block reporter who broke the story says he stands by his reporting and his “extensive sourcing.”
OmiseGo Recently Partnered With Korean Bank
The brouhaha erupted on March 29 after The Block reported that Charoen Pokphand Group had acquired Omise for $150 million, citing “several sources close to the deal.”
The Charawanon family — which owns the Charoen Pokphand Group — has a net worth topping $36 billion, according to Forbes Asia. This makes Charawanon’s the fourth wealthiest family in Asia.
Omise is one of Thailand’s top payment services providers. In April 2018, Shinhan — one of South Korea’s largest banks — entered a strategic partnership with Omise to accelerate the implementation of blockchain technology in South Korea and across Asia.
At the time, Jun Hasegawa said he believed that OmiseGo will revolutionize digital payments and help usher in a decentralized crypto economy.
Crypto Evangelists Slamming News Websites Is Routine
At this point, it’s unclear whether the reports of the Omise buyout are correct. But time will definitely suss out the truth — as it always does.
However, it bears noting that angry denials and Twitter clap-backs from cryptocurrency executives are par for the course in the nascent industry.
Surprisingly critical article from CCN, could this be a (positive) turning point in how the whole cryptocurrency industry is covered? https://t.co/Gfi533Re33
— Ryan Gorman (@GormoExJourno) March 26, 2019
In January 2019, Binance founder Changpeng Zhao torched this website on Twitter.
Specifically, Zhao accused CCN of spreading FUD because we reported on a hacker’s claims that he had hacked customer data from several top crypto exchanges and was selling the data on the Dark Web.
Crypto Industry Has a Credibility Problem
This is a recurring problem in “trade journalism” — where market leaders expect positive coverage all the time. They expect reporters to shill on behalf of the industry instead of doing honest, critical analysis where warranted.
A recent report from BreakerMag noted that CCN was one of the few crypto news websites that refused to take bribes in exchange for positive coverage.
Thank you @BreakerMag for doing this story on the appalling pay-to-play schemes that crypto news outlets are willing to engage in, profiting as their readers unwittingly buy coins that have been misleadingly promoted: https://t.co/YqpACag0c8
— Laura Shin (@laurashin) October 25, 2018
However, sycophantic reporting erodes the credibility of the entire industry.
Bitcoin Adoption Crippled by Public’s ‘Serious Mental Barrier’ https://t.co/4vgEHRTkb3
— CCN.com (@CCNMarkets) March 28, 2019