Power LedgerPower Ledger POWR news

Energy trading platform that allows for decentralized selling and buying of renewable energy
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0.06801 USD / 0.00001944
0.62% / 0.62%
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939,575 USD
26,698,423 / 0.02%
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Australian City Fremantle Launches Power Ledger’s Blockchain Renewable Energy Platform

Fremantle, a costal city in Australia, has started an exciting endeavor concerning blockchain technology. The city allows residents to trade solar power on a blockchain platform, called the Power Ledger. There will be forty participants in the trial. The trial will allow households to benefit from flexibility. They can determine the price in which they are willing to buy and sell solar power. The transaction is performed on the blockchain. According to the Minister of Finance Bed Wyatt, “The trial represents an innovative solution to virtual energy trading that may have implications for energy utilities working to balance energy supply and demand all over the world. These households are believed to be the first in the world to be taking part in an active, billed, peer-to-peer trading trial that allows them to effectively buy and sell solar energy generated by their rooftop system across the grid.” The trial is a component of the RENeW Nexus Project. Before Fremont, the ledger was established in the wholesale electricity market in the United States. The ledger has also been applied by American PowerNet. CCN reported that American PowerNet will distribute the initiative to businesses using the xGrid Platform. Scott Helm, American PowerNet’s president stated, “Rather than just dump our excess solar power on the grid, we’re thrilled that we can now provide clean, sustainable power to our neighbors.”
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Australia: Power Ledger’s Blockchain Energy Platform Goes Live in Fremantle

Australia’s coastal city of Fremantle has kicked off a trial that will allow some residents to trade solar power on a blockchain-based platform provided by renewable energy-focused crypto startup Power Ledger. According to the Minister for Finance, Energy and Aboriginal Affairs in the government of Western Australia, Ben Wyatt, around 40 households in Fremantle will The post Australia: Power Ledger’s Blockchain Energy Platform Goes Live in Fremantle appeared first on CCN

Crypto Startup Power Ledger Brings Energy Trading To U.S.

The popular blockchain startup Power Ledger is currently launching a peer-to-peer (P2P) product for renewable energy. Power Ledger will be working with the company American PowerNet in Pennsylvania. The information… Continue reading "Crypto Startup Power Ledger Brings Energy Trading To U.S." The post Crypto Startup Power Ledger Brings Energy Trading To U.S. appeared first on UseTheBitcoin.
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Aussie Crypto Startup Power Ledger Brings P2P Energy Trading to Largest US Market

News today sees notable blockchain project Power Ledger launching its peer-to-peer trading product for renewable energy. Power Ledger will launch with American PowerNet at their home base in Pennsylvania. Power Ledger Power Ledger is a blockchain-based solution for renewable and cost-effective energy. (Power Ledger also has their own cryptocurrency – POWR token.) According to their The post Aussie Crypto Startup Power Ledger Brings P2P Energy Trading to Largest US Market appeared first on CCN

Blockchain’s Power Ledger Deploys Trading Platform In Pennsylvania

Power Ledger, a decentralized energy trading platform and winner of Richard Branson’s 2018 Extreme Tech Challenge, has deployed its peer-to-peer renewable energy trading platform at licensed retail electric provider American PowerNet’s headquarters in Wyomissing, Penn. American PowerNet’s headquarters will use the xGrid platform to trade 35kW of solar power – garnered from both its office roof and carport – with neighbors connected in its office park to optimize clean energy for both carbon reductions and decreased electricity costs. The deployment furthers Power Ledger’s goal of enabling a decentralized energy structure that allows regular people to actively participate in the growth of the industry and be accountable for the impact of energy on the environment. “We believe the Pennsylvania-New Jersey-Maryland Interconnection is a key market where P2P can become mainstream, and this project illustrates the growing consumer desire to invest in clean, renewable energy,” said Scott Helm, president of American PowerNet. “Rather than just dump our excess solar power on to the grid, we’re thrilled we can now provide clean, sustainable power to our neighbors.” The xGrid deployment is the latest U.S. project from Power Ledger and marks the introduction of its P2P energy trading technology into the Pennsylvania-New Jersey-Maryland Interconnection (PJM), the largest US wholesale electricity market. The deal was made through Power Ledger’s partnership with Clean Energy Blockchain Network (CEBN), who will provide local, hands-on technical assistance with the deployment. Past projects from this partnership include deployments with Silicon Valley Power in Santa Clara, Calif., and Northwestern University in Chicago. American PowerNet plans to commence the deployment this month under the existing deregulation rules with the cooperation of the local utility PPL, utilizing their existing distribution system and connecting the solar assets by utilizing platform data from pre-existing meters without the need for additional hardware, software or engineering fees. “This type of structure can benefit all parties involved,” Helm stated, “and can be recreated in any deregulated territory where a business site has excess solar generation.” “We believe the Pennsylvania-New Jersey-Maryland Interconnection is a key market where P2P can become mainstream, and this project illustrates the growing consumer desire to invest in clean, renewable energy,” said Power Ledger Managing Director and Co-Founder David Martin. “We are appreciative of CEBN for the opportunity to work with American PowerNet, a pioneer in helping customers cut costs and carbon, and a company aiding us in our mission to democratize energy, and provide cheaper, cleaner power.” This American PowerNet deployment comes on the heels of Power Ledger’s recent announcement around its Asset Germination Event (AGE) token, a blockchain-based token that is designed to open up the renewable energy market to retail investors. The AGE token will also open new sources of capital for energy projects and uses blockchain technology to maintain a secure asset and income register, with a view toward developing renewable energy infrastructure across the world.

What Is Power Ledger (POWR)? | The Complete Guide

What Is Power Ledger? Power Ledger, a blockchain-based platform, plans to completely revolutionize the worldwide energy industry by enabling local areas to sell and distribute solar power to their neighbors without the need for a middleman. Imagine a world without reliance on big utility companies or foreign resources for all the energy needed to run your life. That world may become a reality in the near future in thanks to Power Ledger’s decentralized applications.    In a 2015 report, Deutsche Bank stated that at least thirty countries worldwide have already reached grid parity, the state where the price of solar-generated electricity was equal or less than the cost of local retail electricity. Combining innovations in both solar power and blockchain development, Power Ledger offers an unmatchable energy solution that is cleaner, cheaper, and more sustainable than traditional energy alternatives. In this article we will explore how Power Ledger plans to accomplish these goals and more, including: Power Ledger Overview How Does the Power Ledger Ecosystem Work? Power Ledger Token (POWR) Sparkz Platform Products The Power Ledger Team Company History and Accomplishments Achievement Timeline Future Projects and Roadmap Fundraising and Trading Where to Buy POWR Tokens Where to Store POWR Tokens Conclusion Additional Resources Power Ledger Overview The Power Ledger Platform forms peer-to-peer energy transactions by recording both the generation and consumption of all platform participants in real time. Energy generation and use are transacted at predetermined rates. How Does the Power Ledger Ecosystem Work?  The Power Ledger Platform operates on two blockchain layers and uses two coins: The Power Ledger Token (POWR) and Sparkz. POWR and Sparkz are both used with the system and have different functions on both blockchains. The platform uses the public Ethereum blockchain as well as a private consortium blockchain, Ecochain. Power Ledger Token (POWR) Power Ledger Tokens allow application hosts and participants access to use the platform. If an application host does not have a sufficient number of POWR, it will not be able to access the platform. In the system, POWR is traded and put into escrow via an Ethereum Smart Bond exchange for Sparkz. Once an application host has escrowed enough of its Power Ledger Tokens, it can no longer transact on the platform until it obtains a sufficient number of  POWR to provide access. After an application host returns Sparkz to the platform, the Ethereum Smart Bond is unlocked. Then, previously escrowed POWR is returned to the application host. The total amount of POWR equals 1,000,000,000. And, the currently available supply is just under 400,000. Sparkz  You purchase and redeem Sparkz using fiat currencies within individual trading platforms that have closed-loop exchanges for energy and Sparkz. The application host uses Sparkz tokens to onboard its customers. Essentially, customers pay money for Sparkz, which they then trade for electricity. The total amount of Sparkz is unfixed. Sparkz are generated as they are required, used, and then destroyed when redeemed. Sparkz’ price is tethered to a local government’s fiat currency and cost of power. For instance, in Australia one Sparkz would be equal to one Australian Dollar (AUD). The price of Sparkz should remain quite stable as it’s pegged to a government-issued currency. There are different blockchains for each different local currency to allow multiple fiat currencies throughout the world to participate in the Power Ledger ecosystem at different prices. Platform Products Power Ledger boasts five products: xGrid, uGrid, Power Port, C6 and C6+, and Asset Germination, with one still in development, VPP2.0, an expansion of virtual power plants. These products provide different energy solutions, all on the blockchain. With xGrid, users can buy and sell energy on the existing electrical grid through peer-to-peer transactions. uGrid allows users to again buy and sell energy through peer-to-peer transactions but this time on an existing microgrid or embedded network, for example within an apartment building. Power Port brings transparency to electric vehicle charging, allowing users to choose the source for the power that charges their car. C6 and C6+ use blockchain technology to track and validate carbon credits. Additionally, smart contracts facilitate the trading of carbon credits. Finally, Asset Germination provides a platform for the monetization of communities’ excess renewable energy. The Power Ledger Team Power Ledger’s team has immense expertise in both blockchain and electricity markets. Notable team members include Dr. Bill Tai and co-founder and chair, Dr. Jemma Green. Receiving his MBA from Harvard, Tai is a world-renowned venture capitalist. Tai’s experience is quite extensive. He is currently the chairman of Treasure Data as well as a board member of Bitfury and Voxer. Tai has severed as a Board Director for seven publicly listed companies that have grown from startups that he funded. He’s also part of the World Economic Forum’s Technology Pioneer Committee and is an Adjunct Professor at Curtin University. Green provides strategic external relations, risk management, and leadership development for Power Ledger. She has a finance career that spans over fifteen years highlighted with eleven years of investment banking experience. She also has her Ph.D. in Disruptive Innovation. In addition to roles at Power Ledger, Green is also a research fellow at Curtin University Sustainability Policy Institute. Green’s doctoral research ties closely to Power Ledger’s goals to increase multi-unit development participation in the renewable energy economy. Company History and Accomplishments Power Ledger was created to address three major challenges that face the global energy system: Include individuals living in high-density housing in the distributed energy economy. Change electricity networks to make an incentive for the connection of decentralized energy resources (DERs). Mitigate the risk of connecting billions of dollars in network assets. Achievement Timeline Founded in May 2016, Power Ledger has accomplished some significant milestones in a short period. In August 2016, Power Ledger developed and trialed Australia’s first energy trading blockchain network. Shortly after, Power Ledger made its first international deployment by enabling its peer-to-peer blockchain-based energy trading platform across a distribution network in New Zealand. In the 2nd quarter of 2017, Power Ledger developed and deployed a commercial energy management system that allowed the transparent distribution of locally generated renewable energy to tenants in multi-unit departments. Power Ledger has successfully incorporated pay for use solar-powered electric vehicle charging units into various Australian developments. Most recently, Power Ledger has created the first peer-to-peer energy trading trial in Bangkok, Thailand with energy developer BCPG. Future Projects and Roadmap Power Ledger has given a detailed list of goals for the next two years. They have already signed an agreement to bring its technology to Europe in 2019; the Liechtenstein Institute for Strategic Development will become the first European Application Host to use Power Ledger’s peer-to-peer energy trading platform in Europe. Additionally, Power Ledger finished multiple agreements that will bring its platform to Asia in the next year as well. Indian based Mahindra has also closed a deal with Power Ledger to settle microgrid transactions. Fundraising and Trading Power Ledger’s POWR Presale sold out in just three days and raised over thirteen million dollars (AUD) in exchange for 190,000,000 tokens. After the presale, Power Ledger held an ICO to sell the remaining 160,000,000 POWR tokens allocated to Token Generation Event. After both rounds, funds raised totaled thirty-four million dollars (AUD). The Australian Government also awarded Power Ledger a grant for 8 million dollars (AUD) to develop its technology and concept further. Australia has one of the highest costs of electricity in the world and thus has a large stake in the overall success of the company. baseUrl = "https://widgets.cryptocompare.com/"; var scripts = document.getElementsByTagName("script"); var embedder = scripts[ scripts.length - 1 ]; (function (){ var appName = encodeURIComponent(window.location.hostname); if(appName==""){appName="local";} var s = document.createElement("script"); s.type = "text/javascript"; s.async = true; var theUrl = baseUrl+'serve/v3/coin/chart?fsym=POWR&tsyms=USD,EUR,CNY,GBP'; s.src = theUrl + ( theUrl.indexOf("?") >= 0 ? "&" : "?") + "app=" + appName; embedder.parentNode.appendChild(s); })(); After its Token Generation Event, POWR began trading on exchanges November 1st, 2017 for 10 roughly cents. Since hitting exchanges, POWR had an impressive short-term bull run reaching an all-time high of $2.01 in the first week of January. Since reaching its all-time high, the price of POWR fluctuated throughout the rest of early 2018, hitting a couple more peaks, $1.09 and $0.80, and some lows. Recently, POWR has been sitting around $0.15, a significant drop from it’s January high. POWR’s 2018 negative price movement has been highly correlated to Bitcoin’s massive downswing since the new year. If the launch of VPP2.0 is successful, it’s possible we could see an upswing in the value of POWR. Where to Buy POWR Tokens POWR is currently available at Upbit, Huobi, Binance, Digifinex, among others. Where to Store POWR Tokens As an ERC20 Token, you must store POWR tokens in a wallet with ERC20 support. One of the most popular Ethereum software wallets is MyEtherWallet. Providing better security than software wallets, hardware wallets provide the safest method for prudent investors to store owned cryptocurrency. The most two popular hardware wallets are the Ledger Nano S and Trezor. Designed with ERC20 support, both the Ledger Nano S and Trezor can store POWR tokens. Competition This organization is hardly the only blockchain platform tackling the world’s energy questions. From solar power to blockchain energy grids, many companies are creating peer-to-peer energy trading systems. One example, Electron, is a blockchain company based in the UK that aims to help transition the energy industry to a smart grid system and “[use] decentralized technology to advance the shared infrastructure of energy markets.”  Conclusion Power Ledger provides a blockchain-based marketplace that can truly change the world.  Taking power away from large energy companies, Power Ledger gives local communities the ability to sell their excess solar power to neighbors. Power Ledger has created an energy distribution and tracking platform that allows consumers to buy carbonless, sustainable energy at lower prices than what’s offered by traditional electric companies. Power Ledger has plans to expand its operations to three continents worldwide and has amassed an army of powerful strategic partners to help achieve its goals.  With the planned release of multiple applications for its platform in the immediate future, the project has positioned itself to disrupt multiple energy markets throughout the world creating a bright future for all participants involved in this green revolution. Editor’s Note: This article was updated by Rachel Lantz on November 11, 2018, to reflect the recent changes of the project. Additional Resources Twitter Binance Reddit Blog The post What Is Power Ledger (POWR)? | The Complete Guide appeared first on CoinCentral.
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US CFTC Plans to Seek Public Feedback to Better Understand Ethereum Blockchain

The latest report on Ethereum future contract unveiled that the Commodity Futures Trading Commission (CFTC) is looking for an in-depth analysis of Etherum blockchain. In order to improve the commission’s understanding of Ethereum and its underlying technology, the CFTC has announced its intention to publish a respective Request for Information (RFI) with the Federal Register. According to the statement: “The Commodity Futures Trading Commission (CFTC) is seeking public comment and feedback in order to better inform the Commission’s understanding of the technology, mechanics, and markets for virtual currencies beyond Bitcoin, namely Ether and its use on the Ethereum Network.” The Commission has put up a total of 25 questions which include topics such as the impetus for developing Ether and the Ethereum Network, especially relative to Bitcoin; the use of the Ethereum network by the developer community; scalability challenges, if any, of the Ethereum network; proof of work and proof of stake; similarities and differences in the governance of Ethereum and bitcoin networks; introduction of derivative contracts on Ether; and security issues, among others. Notably, one question asks: “How would the introduction of derivative contracts on ether potentially change or modify the incentive structures that underlie a proof-of-stake model?” A number of questions following this go further into detail about how the ether market might impact a derivatives market built on top of it – or vice versa. The CFTC said the comments received will benefit LabCFTC, the CFTC’s Fintech initiative, and help to inform the Commission’s understanding of these emerging technologies.

Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market

Currently, when crypto believers generalize every Wall Street banker to be a Bitcoin critic, a celebrated hedge fund manager and former Goldman Sachs executive changed his perception. Mike Novogratz is a now a name beyond the mainstream finance, and perhaps among the only consistent voices speaking in favor of bitcoin even after its 80 percent-plus drop this year. The 54-year old financial veteran sat before Bloomberg’s Erik Schatzker recently to discuss how the crypto market crash impacted their ventures and how he remains confident about crypto’s long-term potential. Novogratz admitted being on the losing side, stating that his cryptocurrency merchant bank, dubbed Galaxy Digital Holdings Ltd, brought $136 million in losses to its investors when he was raising funds for it. Nevertheless, the crypto crash couldn’t put Galaxy beneath the grounds, and the project was still on its way to – at least – break-even in 2019, he explained. “We’re not nervous; we’re frustrated that our investors have lost money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto.” Digital Gold in Making Analysts have continuously argued whether or not bitcoin has a use-case in the mainstream. A majority of them believes that the digital asset’s lower adoption make it an overvalued bubble similar to the infamous Tulipmania from the Dutch Golden age. Investors have entered bitcoin markets on a promise of getting rich quickly, and it is no more stable than a pyramid scheme, i.e., it is all horns but no product. Novogratz, on the other hand, interpreted bitcoin as a digital gold in the making, counterarguing that it is one of the only crypto assets that “gets to be a legal pyramid scheme.” Because, to him, it is the belief that denotes value to a store of value- nothing more, nothing less. “All the gold ever mined in the history of the world fits in an Olympic-size swimming pool,” reasoned Novogratz. “You’re out of your mind to think that pool’s worth $8 trillion. But it is because we say it is.” As a metal, a store of value asset like gold does have plenty of use cases. Most notably, it is a good reflector of electromagnetic radiation such as radio and infrared rays, as well as visible light. Therefore, gold makes an ideal metal when it comes to protecting artificial satellites, astronauts’ helmets and in electronic warfare planes. But, in reality, only about 17% of the mined gold gets used in industrial applications – minus jewelry – while the rest gets stored inside vaults. That being said, the value of gold bullion itself is 83% speculation and 17% use case. Bitcoin, according to Novogratz, strictly possesses such characteristics. “The fact that David Swensen [Yale University’s chief investment officer] put an investment into Bitcoin, with his reputation on the line, his endowment on the line, tells you something. Some of the smartest people in the investing world think it’s a store of value,” Novogratz asserted. Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market was last modified: December 12th, 2018 by Davit BabayanThe post Unbreakable: Mike Novogratz Remains a Bitcoin Bull in a Bleeding Market appeared first on NewsBTC.

Mike Novogratz: Bitcoin Was a Drug and We’re at the Methadone Clinic Now

CoinSpeaker Mike Novogratz: Bitcoin Was a Drug and We’re at the Methadone Clinic Now A former partner at Goldman Sachs who is popularly called the “pretty face of cryptocurrency” Mike Novogratz, said that he is now the ugly face of the bust. Talking to Bloomberg, he pointed at SEC sanctions on certain ICOs and the uncertainty surrounding Bitcoin Cash’s hard fork as the reasons behind Bitcoin’s drastic fall from $6,200 to $3,400. However, Novogratz remains confident that Bitcoin will make a comeback. “I do believe Bitcoin is going to be digital gold. We have a business that we think can break even next year, if not make money. We’ve got plenty of cash to run the business for a long time. I keep telling my guys we’re a surfer getting ourselves in shape for when the next wave comes, and when the wave comes we’d better be the Laird Hamilton of crypto.” First, says Novogratz, they thought of crypto as of a bear market. “I went into it thinking in the long run crypto is going to be a real structural shift in the world and I can just hedge my portfolio. And to be fair, we did a really great job not losing money the first 60 percent down. What you forget is that a market like Bitcoin that’s down 84 percent has dropped 60 percent—and then another 60 percent. That’s where the pain happens. You start buying Ether again, because it’s only $400 after being at $1,300. But then it drops to $100, and you’ve lost 75 percent of your money. We haven’t done horribly in that context, but we’re still down.” He then explains what he thinks it’s next for crypto-world. He invested in a company called High Fidelity, which is a virtual world. “Me and you, we’ll sit down, and we’ll have virtual beers. People think I’m crazy when I say that, but Second Life does $500 million a year of GDP, real money traded back and forth in a virtual world with old technology. That’ll be the first use case where blockchain really works.” One of Novogratz ventures in the field of digital currency is the cryptocurrency bank Galaxy Digital LP which began trading back on August 1st, 2018. The bank was off to a very slippery start, losing 20 percent per share in a single day, which added to the company’s overall estimated losses of about $134 million in Q1 of 2018. At the time, the former Goldman Sachs partner once again said that he thinks “we’ve pretty much bottomed.” However, the market has plummeted since, as Bitcoin lost roughly another 60 percent of its value. Yet, Novogratz says that the situation is “not as dramatically as one would think.” Bitcoin Price Rise was Like a Drug High Addressing the fears surrounding Bitcoin he explains the price rise as a drug, “an instance of testosterone boiling over and its fall led to pessimism and rampant fear.” He said: “That was a drug, and I don’t say that lightly…there’s the pessimism, and the fear, and the “Oh my God, it’s going to zero.” But it’s not going to zero. We’re at the methadone clinic.” Novogratz had already been saying that the Bitcoin could hold its position till the end of the year and maybe rise, but then disaster struck. He thought Bitcoin, “was going to hold at $6,200…. but then Bitcoin Cash decided to fork again.” He also mentioned that ICO legislation by the SEC increased investor panic: “The SEC came out and sanctioned a few ICOs and said- oh, by the way, your investors can sue for damages. That scared the heck out of a lot of people.” Novogratz further added that “the ICO market is pretty much dead right now,” however, the regulatory body, “doesn’t want to kill this innovation.” Many crypto proponents of Bitcoin have equated the top crypto to digital gold, Novogratz is one among them, he said: “That means Bitcoin is the only one of the coins out there that gets to be a legal pyramid scheme. Just like gold is. All the gold ever mined in the history of the world fits in an Olympic-size swimming pool. You’re out of your mind to think that pool’s worth $8 trillion. But it is because we say it is. While I believe in the underlying technology and believe in the crypto movement, when prices get stupid, I sell. A lot of my friends in crypto just couldn’t let go. They were saying that this is going to change the world. Revolutions don’t happen overnight. I’d be walking down the street, and people would come up to me wanting to take selfies. That’s when I started to think, OK, this is weird.” Always Cautious About Bitcoin as a Currency It’s more than obvious that he is still being cautious. A year ago, he was known as one of the biggest pro-bitcoin advocates but always saying that bitcoin will be difficult for governments to shut down. “I’ve got concern that if price movements go higher we’re going to get more regulation, but I think it’s hard to shut down. I don’t think that’s a probability. Banks will be slow to move into the industry,” Novogratz then said, adding that he “doesn’t see quick adoption of bitcoin as a currency.“ He also said that one of the big risks out there right now is that prices are moving so fast that regulators are going to get nervous. “I could legitimately see bitcoin go $13,000, $14,000, $20,000, $25,000 and see somebody balk.” He also warned on the fact that right now most regulators, including those in the U.S., are working with the digital currency system and are “intrigued” by it. Today, one thing where Novogratz remains firm is that he reiterates his view saying institutional entry is key for the Bitcoin price surge. Unless that happens, a sustainable price surge in Bitcoin seems a distant dream. Novogratz says that perhaps we can see a significant institutional money flow in the first half of next year, 2019. Steady Growth or Nuclear Winter for Crytocurrency? Despite a huge cryptocurrency market crash, VC billionaire Tim Draper believes, the value of Bitcoin will keep going higher in the upcoming years. Speaking to Thiel Macro’s Mike Green earlier this month, the billionaire said he believes virtual currencies will eventually overtake fiat currency, making up two-thirds of the world’s currency value. “Down the road, when we can easily spend, or invest, or do whatever we want with cryptocurrencies—they’re frictionless, they cost you less,” Draper told On the other hand, the billionaire investor and venture capitalist Jim Breyer believes that the promise offered by the technology is too great for it to be permanently buried by short-term market movements. Breyer kept saying that the technology is too big to be dismissed just because of a temporary bear market. He warned that “we’re close to a nuclear winter right now with cryptocurrency.” Mike Novogratz: Bitcoin Was a Drug and We’re at the Methadone Clinic Now

Cubits is Bankrupt and Withholding User Funds As OneCoin Ties Exposed

Anger continues to engulf cryptocurrency trading platform Cubits after executives suddenly announced the company was bankrupt, blocking all user funds. Cubits Owner: Funds Recovery ‘Unsuccessful’ In a press release dated December 11, Dooga Ltd., the UK-based entity trading as Cubits, claimed “collusion” which resulted in a “criminal act” involving the loss of €29 million ($33 million) in February 2018 had forced it to shut down. “Since February, Dooga has made every possible effort to recover these funds,” the release reads. Unfortunately – contrary to expectations – these efforts have been unsuccessful up until now. As Bitcoinist reported December 11, officials had told users on Twitter that Cubits was undergoing “maintenance” and would “be right back.” An identical message had appeared on the company’s website, but on Tuesday this changed to a 500 error message and the website went offline. A fresh tweet then confirmed Dooga had entered administration, leaving already frustrated users bewildered at the conflicting official information. Cubits had begun delaying withdrawals by weeks, some said, while another told Bitcoinist he was looking to involve law enforcement as a result of the company withholding his money. Payments Coordinator Endorses OneCoin At the same time, curious activity among senior management revealed the company’s payments coordinator Eloise Debono to be an advocate of OneCoin, a defunct Ponzi scheme, which has attracted warnings from multiple countries’ authorities over illicit practices. “Bitcoin can be bought and sold on many different exchanges, meaning you could be paying or receiving more or less than you should be,” she wrote in a bizarre article in 2016. OneCoin uses one centralised exchange called OneExchange, where there is a fixed rate for buying and selling. I personally think this is more secure and less volatile. COO Max Krupyshev, listed on LinkedIn as Cubits’ “head of crypto business,” left in November, weeks before users began to complain about withdrawal and funds access problems. Liquidator: Cubits Operator ‘Secure’ According to the company’s administrators, users will receive official correspondence about the debacle in the coming days. “Our goal is to achieve the best outcome for creditors generally at the earliest possible date,” Steve Parker from insolvency firm Opus Business Services Group commented. “Dooga’s current position is secure, investigations are proceeding and we will be writing to creditors, formally, this week.” What do you think about the ongoing Cubits debacle? Let us know in the comments below! Images courtesy of Shutterstock The post Cubits is Bankrupt and Withholding User Funds As OneCoin Ties Exposed appeared first on Bitcoinist.com.

Tezos [XTZ] up by 13%; boost comes after Huobi Global teases listing

Tezos [XTZ], the token which ranks on the 20th position on CoinMarketCap’s list, has been going through a rough patch, owing to the strong bear market. However, the time appears to have been changing for XTZ as it has been seen siding the bull. Source: CoinMarketCap According to CoinMarketCap, the coin was valued at $0.41 with a market cap of $252 million, at the time of press. The coin reported a 24-hour trade volume of $2 million and grew by 1.80% in an hour. The maximum trade volume of the coin was registered by Gate.io, with a market cap of $510,404 with XTZ/USDT pair. It was followed by UEX on the second and third position. UEX on the second position registered a trading volume of $398,341 with XTZ/USDT pair and on the fourth position, the market cap was noted to be $394,993 with XTZ/BTC pair. Source: CoinMarketCap This comes after the coin was valued at its lowest at $0.31 recently, with a low market cap of $192 million. The trading volume of XTZ was reported to be $3 million. The rise in the coin’s prices is speculated due to getting listed on Huobi Global. Huobi released a statement informing the crypto world about this. It read: “Tezos (XTZ) will be launched on Huobi Global on December 12, 2018 (GMT+8). Deposits will be available from 14:30, December 12, 2018 (GMT+8). XTZ/BTC and XTZ/ETH trading will be available from 18:00, December 13, 2018 (GMT+8). Withdrawals will be available from 14:30, December 16, 2018 (GMT+8).” Even though the coin is struggling to make over $2 million in trading volume, it has reported an uptrend by 13% over 24 hours. Meanwhile, there have been constant talks about Tezos being listed on Coinbase over the past couple of months and many holders are hopeful about the same. On December 7, Coinbase released a list of potential cryptocurrency list, which may be a part of the new listing. This listing included tokens like Cardano [ADA], EOS [EOS], Stellar [XLM], XRP [XRP], and also Tezos [XTZ]. An update is awaited on Coinbase’s end about the final listing. Tezos seem to be upping its game and fighting the bear head-on. The post Tezos [XTZ] up by 13%; boost comes after Huobi Global teases listing appeared first on AMBCrypto.
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