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ICOs Often Fail—But With Orbs, Who Needs Them?

The ICO boom of 2017 won’t be forgotten any time soon. In addition to a wave of valuable (and not-so-valuable) Ethereum-based projects, it also brought failed ICOs and outright scams. At least, that’s the position of Orbs, a new platform for enterprises that want to create blockchain apps. “Most ICOs that raised funds with cryptocurrency were struck hard by crypto winter,” explained Tal Kol, the founder of Orbs. “ICOs failed to prove their token-economic models.” He cited many reasons for ICO failure, such as general misspending, difficulties in attracting users, and the weakness of the crypto market at the time. Many reports indicate that ICOs are indeed a tough sell. One widely cited study from researchers at Boston College found that only about 50% of active ICOs survive for five months. Another study from from Satis Group suggests that 80% of ICOs are outright scams. These are not good odds – but Orbs might be able to do better. A Blockchain Without an ICO Orbs’ founders think that it can succeed where other ICOs failed. Instead of running an ICO, Orbs privately sold tokens to accredited purchasers. They raised $118 million in the process, with a carefully calculated budget: Orbs has enough money to run for eight years, which is “very rare among startups,” according to Kol. Orbs has watched plenty of other ICOs fail. “The most evident failure was the inability of most ICOs to create successful business models,” Kol said. “Orbs learned a lot from this period and shifted its focus from serving dApps to serving applications created by enterprises – traditional for-profit businesses that are not reliant on ICOs for funding.” Not only did Orbs decide against running an ICO, it doesn’t think that enterprise users will need to, either. “Orbs was designed for existing businesses that want to decentralize part of their data and algorithms,” Kol stressed, “not for businesses that are creating new token-based economies.” Ethereum itself allows token creation, so Orbs doesn’t need to. Orbs keeps its own token in the background: it charges a flat monthly fee, allowing enterprises to use the platform without the unpredictable transaction fees that Ethereum experiences when apps go viral. And, unlike Ethereum, Orbs focuses on verifying data for app developers, not on providing token-based interactions with app users. Who Keeps Orbs In Check? The fact that Orbs is turning away from the token craze isn’t a reason to trust it, at least not by itself. That’s why Orbs, as a company, is merely ‘bootstrapping’ Orbs’ decentralized network, which relies on nodes to process transactions and validate data. Node operators are paid from subscription fees, and Orbs doesn’t take any of those fees at all. Orbs also makes use of delegators, who provide staked value, and guardians, elected by delegators to provide security. Rewards for these participants are drawn from Orbs’ long-term token reserve, which will also go toward other purposes, such as funding development, building the ecosystem, and paying various partners. Orbs is also fully transparent: anyone can inspect its validator election process via Etherscan. Additionally, anyone can inspect the source code, smart contracts, and state data of Orbs apps via Prism. Of course, this information doesn’t mean much at a glance – but for those who are using Orbs, it’s a reason to trust the network. Have ICOs Really Failed? Orbs could serve as a case study in how to thrive without an ICO. It launched its mainnet this March, integrated with Celsius in July, and it’s currently heading a new telecom initiative with ConsenSys and IBM. Orbs also has ties to Kin, a project on which Kol originally served as head of engineering. Perhaps Orbs is right that ICOs only hold projects back. But although there are many failed ICOs, they might not be so bad: there’s reason to doubt some negative statistics. Thirty percent of all businesses fail within two years, according to Investopedia – so the failure rate of ICOs isn’t especially terrible. Plus, there’s no way to tell if Orbs’ style of private fundraiser is more successful than average. There’s one other big factor that is affecting crypto startups right now: regulation. The SEC has begun to regulate many new crypto tokens as securities, and it is hard for even the most compliant crypto startups to get off the ground. It’s not clear if Orbs has been affected by this, as Kol declined to comment on Orbs’ relationship with regulators. Still, the fact that Orbs has gotten this far is a good sign for the project. Orbs’ closed approach to fundraising and its disavowal of ICOs in general might be discouraging for those who believe that cryptocurrency investing ought to be open to all – dbut that can hardly be held against Orbs’ other achievements.   The post ICOs Often Fail—But With Orbs, Who Needs Them? appeared first on Crypto Briefing.

Why Binance may be undervalued

Hey Disclosure : I have a position in BNB as of writing this. Sharing my thesis around it. Not financial advice by any means. Just want to hear other's thoughts on it. I think today represents a good buy opportunity for Binance due to a number of reasons. We'll head into them in the immediate next paragraph, but lets look at what caused the crash from ~39 to ~21. - BNB supply was largely reduced from the market due to IEOs requiring BNB holding - There was early availability of margin on Binance token. Which meant people took 3x margin to buy BNB as it meant 3x odds of receiving lottery tickets -Other IEO platforms took until may to catch up with Binance's IEO performance levels and similar token structures. Giving them a good 4-5 months of advance for the token to pick up steam (this is when it went from $6 to $16) - The burn mechanism dwindled out in 2018 as volumes dried out, but with the resurgence of IEOs (and thus new volume), the amount of burn increased. -However as the price of the token itself increased, although the dollar value of burn increased, number of tokens being burned didn't reduce. Which was a wrong signalling to the market. - As IEO interest dwindled and the returns produced by them dipped, folks started selling their BNB in large hoardes. Combined with margin liquidations it meant heavy sell pressure. Having said all that - at fully diluted Mcap, Binance token's value today is at around ~$2.5 billion Between June and July, this figure was as high as $4 billion. As a fair floor for this valuation, we can consider $1 billion - since Binance is a unicorn and that's what their latest raise from a SG based entity was. Tokens don't represent legal ownership, but given how these tokens are directly linked to the revenue of the exchange, it is safe to assume there is a strong correlation. Now lets look at what's going on in BNB - Binance has launched in UK, US, Nigeria, Singapore with fiat on-ramps - Binance has launched margin products with upto 500k usdt limits. If even a small share converts to margin users thats a ~3x increase in margin based revenue -Binance is all set to launch its futures tomorrow. At 100x, the platform will compete directly against some of the largest derivatives provider. Want to know what's interesting? They may likely list Binance token there, leading to a new upward pressure for the token - Binance has begun acquiring platforms and reissuing its tokens to the general public. We are seeing the first instance of this with Jex and there will likely be more. Another reason for BNB supply to dry up - The platform has its own lending product, which when you put against BEP32 as a standard could be a pathway to DeFi on BNB. In other words - BNB Burn rate has a strong reason to increase substantially in the coming months. With Bitcoin maintaining an uptrend this quarter, I think much of that value should trickle down to BNB which at these prices makes it an interesting buy for me. Thoughts?

Why Ethereum Might Not Hit A New All-Time High In 2019

Ethereum, the 2nd top cryptocurrency by market capitalization has been way below expectation and has been regarded as a disappointing coin by many, though several experts believe ETH’s price will soar to surpass its all-time high by the ending of the year. In any case, Ethereum began as a revolution, with dApps, smart contracts, and other significant innovations, it was one of the major headlines in the news in Jan 2018 when due to an ICO craze it soared up to an all-time high of about $1433. However, Ethereum has not seen any dominant bull run after its all-time high, although It has been in existence for four years, as July 30th marked the 4th anniversary of the cryptocurrency. Ethereum’s torpid network is one of the biggest worries as its dApps competitors such as Tron and EOS appear to be much faster. There are a lot of other problems facing ETH, and there has been a lot of negativity projected for the cryptocurrency. But, can the digital currency beat all odds to surpass its all-time high by the end of 2019? Taking a critical look, Ethereum might have to endure a similar fate suffered by some altcoins (like NEM in 2018) as there are previous and recent development delays and a lot of high wasted capital. Indeed, this suggests that Ethereum might call for a split before the launch of Ethereum 2.0. Moreover, the ETH/BTC ratio is now, even more, closer to its lowest. It’s no surprise that many analysts go bearish on ETH as they believe the ICO craze that propelled it to over $1k will never come back basically due to the SEC crackdown and the gradual absence of scam victims. The post Why Ethereum Might Not Hit A New All-Time High In 2019 appeared first on ZyCrypto.

Blockchain and Cryptocurrencies Finally Look Ready for Masses

With a total market capitalization of more than 304 billion dollars in June, the cryptocurrency market is getting traction again after a winter suffered in 2018 and the first quarter of 2019. The odds are changing now, and summer may be coming. The value of the largest cryptocurrencies in the market has rocketed in the last months. Let’s talk about Bitcoin, for example. The crypto king is flirting with the 10,000 level for the first time since March 2018. Also Ethereum, which coin has rallied 110% in 2019 to trade at 9-month highs close to $300 for the first time since September 2018. On the other hand, the blockchain industry seems to be also ready to retake technology and ideas that it put on hold after the big collapse of the crypto market at the beginning of 2018. Many well-known voices indeed called for the death of the ICO market, but nothing farther from reality. The ICO market wasn’t dead, but evolving into IEOs; bringing ideas, projects, investors, and money into the same sphere. The bull market has returned to the crypto sphere, and the money is shinning again. Today, people are more confident about blockchain technology as well as more versed and familiar with cryptocurrencies. So it seems that blockchain and it’s crypto related sphere are ready for mass adoption. Why? Because fireworks have just arrived at the neighbourhood.   Facebook to Add Steroids to the Crypto Market After months of speculation, Facebook finally announced the creation of its very own cryptocurrency, the Libra. People will be able to send money or to buy things with nearly zero fees, and, what is more exciting, the coin will arrive to over 2 billion people in any place in the world. Facebook’s coin is called to be the one who will drive the entire cryptocurrency sphere and blockchain ecosystems to the next level. Not because of technology or freedom, but for Facebook, and partners, engines. It will also make the entire crypto market more popular and will also allow small companies and startups to put their business in the global sphere. It will work as a stable coin, but with Facebook’s move, people who don’t know much about cryptos will have their first interaction with a digital currency. Also, as said before, in any place in the world. Just think, besides its base users and partners, Facebook will also provide its relationship with over 7 million advertisers and 90 million small businesses around the world. Do you remember when Bitcoin was about to arrive in the United States back in 2017, opening the crypto market to a population of over 300 million people? Well, think about two more billion people going into the market. The Crypto Summer is Here And now, all ideas are coming up with wider blockchain adoption.   Microsoft is also working on digital payments solutions with global private banks.  Iberdrola, a Spanish energy company, is developing blockchain powered technology to green energies. Portuguese startup MidasCaps is helping top athletes and common people to improve their health and stay in shape while using smart-caps blockchain powered technology. Also, Dreamr, a company that is empowering micro-crowdfunding, will now have more opportunities to expand their ideas. The opportunities are limitless. The cryptocurrency sphere, the money arriving at blockchain projects, global payments and funding will get a new dimension in the new crypto summer. Facebook is just introducing cryptos to over 2 billion base users and over 90 million small business associated, but also other companies that have been developing their ideas are back on track. The future is here, welcome to a global marketplace with mass adoption. Blockchain Investors and Startups Retake Ideas The crypto winter is behind us, and the blockchain market is living something similar to what it happened after the dot com bubble burst. When the dot com bubble hit thousands of people, and they lost money, many technological giants and startups were buying and developing infrastructure like crazy. Companies and people were doing that as they were thinking that the bubble and the industry were only going to get bigger and bigger. But it didn’t. However, that overdone infrastructure and ideas were a big part of why technological adoption grew so fast the years after the dot com collapsed. Facebook was part of that aftermatch irruption, also Paypal, Amazon, and Google. So, today it’s happening again. After a crypto winter with bitcoin and altcoins prices collapsing and blockchain projects on hold due to the reduction in crypto investments. Here we go back. Crypto total market capitalization has risen from 127 billion to 304 billion just in 2019, not yet the peak reached in January 2018, but an outstanding nearly 140% increase in only six months. Both big companies, government institutions, and startups are back on track for their blockchain projects. Today, the IEO market is seeing popularity similarly to ICOs in 2017 with projects quickly raising money. Even central banks are studying about having their own cryptocurrencies. Europe is making laws to promote blockchain initiatives, as Managing Director of the International Monetary Fund Christine Lagarde said months ago. “There may be a role for the state to supply money to the digital economy. The advantage is clear,” Lagarde said, “Your payment would be immediate, safe, cheap and potentially semi-anonymous. And central banks would retain a sure footing in payments.” The post Blockchain and Cryptocurrencies Finally Look Ready for Masses appeared first on Bitcoin Garden.
Bitcoin Garden

The SEC's Case Against Kik Could Have Ramifications For Other 2017 ICOs

As more details have emerged regarding the case the US Securities and Exchange Commission has built against Kik and its Kin token ICO, the odds seem stacked in the agency's favor. A legal win for the SEC could spell trouble for other ICOs that were held around the same time.
Ethereum News

Will Ethereum Surge Back to $1,000? Experts Weigh In

By CCN: Ethereum has had a fantastic – if expected – turn-around the past few weeks, launching the second-largest cryptocurrency above $250. In the glory days of the ICO run, when transaction fees were high – and demand for Ether was also high – the ETH price sailed over $1,000. What are the odds of that happening now, or soon? Ethereum: Can ETH Join Bitcoin in Four-Figure Territory? Ethereum has faced stiff competition from other smart contract platforms, notably Tron and EOS. In the “enterprise” space, there are also several competitors, including NEO, Aelf, and more. Virtually any alternative which The post Will Ethereum Surge Back to $1,000? Experts Weigh In appeared first on CCN

💥Crypto News: Bitcoin Price Crashed By Whale | ETF Approval Odds Increase | Bitfinex LEO Token

😀 Thank You For Watching! :D "Freedom is the right to tell people what they do not want to hear." -George Orwell Please join me in supporting freedom of speech, and anti-censorship, with r/crypt0snews: Put something in there that people don't want to hear In other groups :) ►https://www.reddit.com/r/crypt0snews/ ⭐Support The Channel On Patreon - https://goo.gl/vpX5sW ⭐Support The Channel On YouTube - https://bit.ly/2I4omX2 🚩 Remember to subscribe and hit the bell "🔔" icon, so you don't miss your daily cryptocurrency news! 💥Crypt0's News is now on iTunes! Head here to check it out: https://apple.co/2uJPF18 (Ratings are super helpful, and appreciated!) ► Interested In Sponsoring A Video With Us? Please contact omar@coinscribble.com for details. ► Official Bitcoin Energy Drink Website (Chance of winning a whole BTC...1/10,000 cases) - https://bit.ly/2K2OFj9 -~-~~-~~~-~~-~- 💓Crypto Donations Are Really Appreciated!💓 💎►Donate Ether and Ethereum-Based Tokens: 0x1466032B4F0F13910DA35B16371807428CB40714 💎►Donate Bitcoin: 3JKQycXHdD5yqSRTf5VabM28Ff9AfXYcJD 💎►Donate Bitcoin Cash: qrsq45lsrumctyu98mgjgc0qjaleng2jdgau3qz90x 💎►Donate Dash Xn1sUfFDkZAwArJ6mtJUYVLndnmXctxA1L 💎►Donate Monero 463EDu2cqU4ASxLVVKYkVMbk1Nz6TQyy9Wt8b3D5CdJjZh9JukZNGUyLvbJnXoJNRXTN98cSpLSRVN2bYoDTmsxkJSUKtmy 💎►Donate Using Paypal: https://goo.gl/7m1X4Z -~-~~-~~~-~~-~- MUST HAVE ► The Ledger Nano S Crypto Hardware Wallet - https://bit.ly/2TQG8PZ ►Trezor Hardware Wallet - https://bit.ly/2CPABmM ► Personal Book Recommendations, Crypto Clothing, & More - https://www.amazon.com/shop/obham001 -~-~~-~~~-~~-~- 🎁FREE STUFF ►The Brave Browser (Fast Browser That Will Pay You In Tokens If You Choose To View Ads): https://goo.gl/NpNa53 ►Search Sites Like Google Anonymously To Earn Presearch Tokens: https://bit.ly/2FJ06aa -~-~~-~~~-~~-~- ► Crypt0 Merch - https://bit.ly/2uHudK4 -~-~~-~~~-~~-~- 📬 Mail Me Something! Omar Bham P.O. BOX 451218 Los Angeles, CA 90045 United States -~-~~-~~~-~~-~- STUDIO EQUIPMENT USED FOR LIVESTREAMS ► XSplit Broadcaster - https://bit.ly/1Sjvidj ► Elgato Game Capture Pro 4k - https://amzn.to/2HcDYrf ► Elgato Streamdeck - https://amzn.to/2U8sdFI ► Lumix GH4 (this is the newer version) - https://amzn.to/2XuXN2A ► Panasonic 12-35mm Lens - https://amzn.to/2NBJpkG ► Two Neewer Dimmable LED Lights - https://amzn.to/2H8SQGQ ► Neewer C-Stands - https://amzn.to/2XrX2XX ► Rode NT-USB Microphone - https://amzn.to/2H8IF5m ► Rode Swivel Stand - https://amzn.to/2H8rP6u -~-~~-~~~-~~-~- 🚀FOLLOW US ► Crypt0's News Official Site - https://goo.gl/mnWvPL ► Audio Version On iTunes - https://apple.co/2uJPF18 ► Facebook - https://bit.ly/2HWzOof ► Instagram - https://goo.gl/tV9kZh ► Twitter - https://goo.gl/fY2W2k ► Snapchat - minamarie0012 ► Steemit - https://goo.gl/YNAK2u ► Facebook Group - https://bit.ly/2FSR5gb ► Soundcloud - https://bit.ly/2uGY3hF ► Twitch - https://bit.ly/2FSFu0i -~-~~-~~~-~~-~- *Nothing I state, share, express, or allude to should be considered professional advice or recommendations of action. This channel is intended for educational and entertainment purposes only. All content contained within is all just my own opinion and experience. Consult a professional (or two...or more) for any tax, accounting or legal related questions you may have. #bitcoin #ethereum #cryptocurrency #blockchain #crypto #economics #investing #trading #futurism #cryptonews #btc #eth #eos #litecoin #technology

Binance Chain Is Where Shitcoins Go To “Pump And Dump” One Last Time Before They Die

There is a lot of hype around the Binance Chain mainnet and rightly so. While Binance Chain is the largest mainnet by a cryptocurrency exchange, an observer warns that the platform could become home to shitcoins where pumping and dumping would occur. IEOs Mania Initial Coin Offerings (ICOs) were the rave in 2017 and the early part of 2018. However, the ICO token sale process is no longer preferable within the cryptocurrency community. A report by Diar. Co last year indicated that over 86 percent of the ICOs carried out have failed. Also, the report added that 70 percent of such tokens have less value than the prices at the fundraising stage. Read: Binance Coin (BNB) Price Defies Odds, Up 300 Percent in 2019 The fall of ICOs led to the emergence of security token offerings (STOs) and Initial Exchange Offerings (IEOs). IEOs work similarly to ICOs with the exception that cryptocurrency exchanges host the token sales on their platforms. This process allows projects to access more customers while investors would be able to invest in viable projects from the start. For consumers, IEOs indicate that a crypto exchange vouches for a project. This reduces the possibility of scam projects getting sold to investors. Token developers would also find it easier to list their cryptocurrencies on exchanges following IEOs. Meanwhile, for cryptocurrency exchanges, they could raise money from listing fees However, the IEOs hosted on Binance–and others plan to follow suite–show signs that mania is returning, similar to what was experienced with ICOs. Consequently, Binance Chain and other exchanges may as a result of their initial support host shitcoins on their platform as investors/speculators rush for short-term gains over what the project promise in the long-term. Binance Chain and Shitcoins? James Spediacci, a cryptocurrency investor and a critic, believes that Binance Chain will be home to shitcoins. He says that shitcoins will integrate on Binance Chain and due to the hype around the platform, they could pump and dump one last time before they die. 6/ Binance Chain is where shitcoins go to pump and dump one last time before they die. It’s just a lint trap for all the scams that were on Ethereum. $BNB doesn’t represent equity in Binance. It’s just being pumped by token burns and people using it to gamble on shitcoins.— James Spediacci ⟠ (@JamesSpediacci) April 20, 2019 As noted, Binance is turning its Launchpad into a one-stop shop for token offerings, allowing project developers to raise funds, and start trading on the exchange from the first day. James says that Binance is using the lessons of the last ICO cycle with IEOs, but the process still contains shitcoins. 1/ Binance is doing everything they can to recreate the ICO mania of 2017 to pump and dump shitcoins again. Repackaging ICOs to IEOs, migrating tokens to a new chain, hiring liquidity providers to pump IEO listings, and making everything regulation free by being in Malta.— James Spediacci ⟠ (@JamesSpediacci) April 18, 2019 Participants should be aware that crypto remains unregulated and despite binding laws in some countries, there is irrefutable evidence reveal that some ramps do record fake volumes to entice customers and projects. A report by BitWise Asset Management a few weeks back reveals that 95 percent of Bitcoin’s trading volume on Coinmarketcap is fake. Also Read: Why >9000 percent Increment is Nothing for Binance Coin (BNB) The trend of crypto exchanges recording fake trading volumes will continue with the emergence of IEOs. Already, exchanges like Huobi, KuCoin, Bittrex, Bitmax, and LATOKEN are hosting token sales similar to Binance Launchpad. The cryptocurrency exchanges would most likely falsify data to convince project developers that their platforms are perfect to host token sales. IEO Mania Would Not Stop James Spediacci doesn’t see the craze around the pump and dump projects stopping anytime soon. He stated that “Since the demographics of Binance customers is either clueless investors or shitcoin gamblers interested in pump and dumps, it just shows they understand their customers well.” 4/ We should not support Binance turning the Blockchain industry into a shitcoin casino. An IEO is just a repackaged shitcoin ICO that is currently hot in Asian markets and dominated by clickfarms.— James Spediacci ⟠ (@JamesSpediacci) April 18, 2019 And his views did trigger a debate. According to Crypto Warrior, most investors and traders currently following the Binance Chain and BNB bandwagon don’t care about the shady practices as long as it makes their portfolios bigger. Judging from the comments, you proved your point exactly. Too many people saying "judt buy BNB" or "just ride it" are clearly proving they dont care about shady practices as long as it makes their portfolios bigger. Sheep led to slaughterhouse..and they're smiling about it.— Crypto Warrior (@Rnb010) April 19, 2019 Similarly, Kamonie Williams gives his two cents saying that there will always be people who will buy into a shitcoin because it has a white paper and can do 1 million tps at mainnet that is five years away. There is no way to stop it. There are ALOT more clueless people in the world than smart people. Just let the free market decide. There will ALWAYS be people who will buy into a shitcoin because it has a white paper and can do 1 million tps at main net thats 5 years away.— Kamonie Williams (@KamonieWill) April 19, 2019 The post Binance Chain Is Where Shitcoins Go To “Pump And Dump” One Last Time Before They Die appeared first on Ethereum World News.
Ethereum World News

IEOs Guide Blockchain Through Murky Regulatory Waters

Blockchain entrepreneurs looking to raise capital through token sales are still navigating through a difficult regulatory landscape. Different countries still view cryptocurrencies and blockchain quite differently and finding the right location to capture the most investors is tricky. ICOs have been an undoubtedly positive force for blockchain, giving exposure and capital to projects that have pushed the industry forward. Even so, they have been known to have issues with transparency and security, putting them at odds with regulators. However, crypto exchanges are improving on the original model with the initial exchange offering (IEO). By managing the token sales for projects, exchanges provide greater compliance, and give investors trust that projects are likelier to succeed thanks to extensive due diligence. With more exchanges joining the growing trend, IEOs may be a major influence for crypto adoption. Exchanges Pave The Way Ahead With IEOs In typical blockchain fashion, IEOs are a largely bootstrapped yet functional way to add transparency to the original ICO model. A cryptocurrency exchange shoulders responsibility for vaulting all obstacles in the way of young blockchain projects. Regulations are just one aspect of this battle, as independent ICOs must carefully monitor their marketing language and advertising (the expectation of profit might alter a token’s asset classification). Additionally, they must create and manage an issuing smart contract, host the crowd sale successfully, identify destinations for listing the new token, and then finally manage their growing economy while pushing past technology milestones. As changing trends make this process more difficult to undertake successfully, exchanges have leveraged their role as the primary beneficiary of crypto’s bull markets to use their capital and extensive reach to upgrade the fundraising model. IEOs issue tokens directly to a captive audience (exchange members) using their own user wallets and list the token on the exchange itself for instant liquidity. They also deploy exchange resources to help projects finish their unique compliance checklist for wherever they intend to launch, leaving young blockchain entities to focus exclusively on their solution. New Entrants Help IEO Market Expand The IEO concept was first pioneered by Binance’s Launchpad, which offered a more cost-effective platform for blockchain projects. In the time since, several other major exchanges have launched their own IEO platforms, including Bittrex and Huobi. The newest entrant to the game, BitForex, is quickly catching up with some intriguing IEOs on the docket. The exchange’s Turbo platform has already launched four IEOs and is set to release its fifth with events marketplace Evedo. The company’s EVED coin unlocks a central hub for the various stakeholders in event planning—promoters, talent, caterers, suppliers, events, and sponsors—to find each other and collaborate seamlessly without intermediaries. Evedo has already launched an alpha version and is gaining traction locally in its home country of Bulgaria. BitForex has also recently launched successful IEOs for Adab, the First Islamic Crypto Exchange (FICE), as well as blockchain investment banking platform Azbit, with both showing promise in the early IEO stages. Outside of BitForex, some of the most successful launches so far include BitTorrent Token and Kamari, both of which surpassed $7 million in funds raised. A New Direction For Blockchain Capitalization Even though the regulatory market is still taking shape across the globe, IEOs offer a glimpse into how blockchain can advance its path towards greater compliance and transparency. While ICOs provided the sector the independence it craved from traditional venture capital and lack of control, they left some questions unanswered. The biggest advantage exchanges can deliver to both investors and traders is their reputation and existing regulatory frameworks. Because they depend on their name and image, crypto exchanges are likely to back projects with bigger chances of success while meeting more stringent regulatory and compliance standards. There are already an impressive number of IEOs in various states of progress, but it’s clear that this is definitely a new trend to keep an eye on. As blockchain finds new ways to add legitimacy and transparency to projects and capital raising, it’s also likelier to find greater mainstream respect and adoption. Most importantly, IEOs reflect a conscious effort by an industry that has largely fought against regulation in the past to finally accept that it must meet regulators halfway to ensure its longevity. As more exchanges come around, IEOs could become the key way for retail investors to safely back promising projects and participate in the blockchain sector with greater assurances. The post IEOs Guide Blockchain Through Murky Regulatory Waters appeared first on Bitcoinist.com.

What Winter? Binance Defies Odds to Post a 66% Rise in Q1 Profits

Binance has always been one to defy expectations. The exchange hit the ground running in mid-2017. At the time, some exchanges had been running for years already. This didn’t stop Binance from becoming the largest crypto exchange by daily trading volume. And in the spirit of defying expectations, the exchange has now posted a 66 percent quarter-on-quarter increase in its profits. Announcing the profits in a blog post, the CEO Changpeng Zhao revealed the exchange had burned 829,888 Binance tokens (BNB). Binance uses 20 percent of its profits to buy back BNB tokens which it destroys in the coin burns. This was its seventh coin burn, destroying BNB tokens worth $15.6 million. This translates to $78 million in overall profits for the first quarter of this year. In the previous quarter, the exchange burnt 1.6 million BNB tokens. At the time, the price of BNB tokens was much lower and thus Binance had to burn more tokens. With the profits in Q4 last year having stood at $47 million, the exchange registered a 66 percent increase in its profits. The achievement is even more significant given that the first quarter of the year was quite slow for the crypto industry. Since shedding almost half of its market capitalization in November last year, the market was extremely slow in the first three months of 2019. However, this didn’t deter Binance. CZ further pointed out the breakaway that BNB had registered when the rest of the market was still going through bearish times. The token started gaining way before the rest of the market caught up. In January alone, BNB registered a 75 percent gain as it burst into the top ten cryptos by market cap. The Success Story So, why did BNB gain rapidly when the other cryptos were trading sideways? CZ explained: Well, I don’t really know. Our mantra has been quite simple, to keep our heads down and focus on building. We kept building all throughout 2018, and 2019. I think that’s really it. We build products that people use and we never stop trying to improve ourselves and our products. Price will eventually catch up to the value you create. The CEO, who has a cult following especially on social media further attributed Bitcoin’s comeback to Binance. According to CZ, the successful token sale of BitTorrent tokens on Binance’s Launchpad went a long way in reviving people’s faith in the crypto market, he wrote. CZ further explained why his company brought Launchpad back to life at a time when the market was at its bottom. While the platform helps projects raise funds, it goes beyond just that. It helps raise awareness about a product, introducing it to millions of users whom it would have otherwise missed out on. It leverages the trust people have placed on its brand to bring in not just investors but also some of the first users. Perhaps the best reflection of Binance’s great performance is the progress that the BNB token has been making. The currency started the year at $6. Two months later it had doubled and as it stands, it has tripled its price, currently trading at $19.5. Image(s): Shutterstock.com The post What Winter? Binance Defies Odds to Post a 66% Rise in Q1 Profits appeared first on NullTX.

Bittrex fails to obtain BitLicense, New York regulators cite poor internal controls

US cryptocurrency exchange Bittrex had its BitLicense application rejected by the New York Department of Financial Services (NYDFS) after years of scrutiny. The agency rejected the application because of alleged deficiencies in anti-money laundering practices alongside poor due diligence over token launches, among other shortcomings. Explaining the reasons behind the decision in a public notice published on Apr. 10th, NYDFS stated that the exchange did not do enough to address several know-your-customer (KYC) and anti-money laundering (AML) deficiencies. Deficiencies in Compliance According to NYDFS, Bittrex failed to demonstrate compliance with the state’s financial regulations and lack of  a consistent set of criteria for making token listing decisions. The agency claimed that it had issued Bittrex with “several deficiency letters” from the start of the multi-year application. Bittrex was said to have repeatedly violated standards set by the Office of Foreign Assets Control (OFAC) regarding sanctioned territories, such as Iran. NYDFS says that it has evidence that Bittrex repeatedly processed transactions involving individuals from sanctioned territories. This problem was allegedly further compounded by a lack of adequate staff training. An excerpt from the rejection notice reads: “The severity of the deficiencies in Bittrex’s BSA/AML/OFAC compliance program is indicative of a lack of a comprehensive training program. The Department’s concern regarding the lack of training is compounded as recent hires within the compliance team do not have the requisite BSA/AML/OFAC knowledge or expertise.” The NYDFS also accused Bittrex of “lacking adequate due diligence in launching tokens or products.” The statement revealed that some coins were listed despite not having necessary paperwork, which is at odds with the exchange’s own listing policy. In at least one case, the agency found that a token was listed on Bittrex without having a listing application on file. Because of these shortcomings, the regulator asserted: “[Bittrex] has failed to demonstrate responsibility, financial and business experience, or the character and fitness to warrant the belief that its business will be conducted fairly, equitably and carefully….” Bittrex Responds to NYDFS Rejection Bittrex responded that it was “saddened and disappointed” by the rejection, which is the first such action by NYDFS in over two years. According to the exchange, desspite the NYDFS raising multiple concerns about compliance and due diligence, those shortcomings had been worked on and fixed. Statement on the New York Department of Financial Services (NYDFS) Decision. Learn more: https://t.co/BZzwCOWqOd pic.twitter.com/Fths61aiI7 — Bittrex (@BittrexExchange) April 10, 2019 Meanwhile, some experts within the crypto community are outraged by the rejection, especially considering Bittrrex has a reputation as a more “conservative” cryptocurrency exchange in terms of compliance. Bittrex has been waiting for a license from NYDFS for 3.5 years!!! New Yorkers, why do you tolerate this agency? "Bittrex Statement on the New York Department of Financial Services (NYDFS) Decision" https://t.co/g71myl5sTZ — Erik Voorhees (@ErikVoorhees) April 10, 2019 The exchange also contested the terms of a supervisory agreement put forward by the regulator which would only allow Bittrex to offer 10 cryptocurrencies out of its current 200 plus listings. Bittrex claims the agreement would have caused material damage to the exchange’s basic business model. An excerpt from Bittrex’s statement reads: “This would have prohibited Bittrex from listing coins that are offered to New York residents by other BitLicensees. NYDFS reserved the right to order us to withdraw coins at any time. Additionally, DFS would be able to prohibit offering tokens to NY residents, even if other NY BitLicense holders were able to offer the tokens.” Following the rejection,Bittrex now has 14 days to demonstrate to NYDFS that it has fully ended all operations in New York—which cannot be appealed. The exchange has a 60-day window to carry out asset transfers and withdrawals as necessary. The post Bittrex fails to obtain BitLicense, New York regulators cite poor internal controls appeared first on CryptoSlate.
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