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Foundations Behind Ethereum, Stellar, Tezos, Oasis and NEAR To Back Crypto Hackaton

The foundations and companies behind several blockchain protocols have decided to unite in order to create an event: a crypto hackathon. The protocol managers, which include Ethereum, Tezos, Stellar, NEAR and Oasis, are focused on a hackathon that has the goal of making crypto and blockchain considerably more usable and useful for all kinds of […]
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IDEO and CoinList announce hackathon with Ethereum, NEAR, Oasis, Stellar, Tezos

IDEO and CoinList announce hackathon with Ethereum, NEAR, Oasis, Stellar, Tezos » CryptoNinjas Earlier this month, IDEO CoLab announced the launch of its new Startup Studio program to help accelerate blockchain entrepreneurs and startups, in partnership with over 20 leading organizations and protocols and 50+ world-class mentors. Today, IDEO has announced a global online hackathon in partnership with CoinList and the foundations and development teams of five leading blockchain protocols: Ethereum, […] IDEO and CoinList announce hackathon with Ethereum, NEAR, Oasis, Stellar, Tezos » CryptoNinjas

CFTC to Attend Court Sessions in Oasis Forex Scam Case after Court Order

The Commodities Futures Trading Commission of the US was recently ordered by a judge to attend the court sessions of the Oasis FX scam case. The US regulator had charged the company with running a Ponzi scheme through their retail forex platform. The court wouldn’t allow telephonic presence to CFTC The US regulator recently sought permission from the Middle District Court of Florida to let its representatives attend the court proceedings via telephone or video conferencing. However, the court rejected the plea, and a judge ordered the CFTC to send its representatives in person. Now, representatives will have to be in Florida for the next hearing of a case against Oasis Global FX, Limited and Oasis Global FX. The CFTC had brought charges against Michael DaCorta, Francisco Duran, Joseph Anile, John Haas and Raymond Montie for setting up and operating a retail foreign exchange platform between 2011 and 2019. The court order explains that “multiple motions will be discussed at the hearing,” and it will be difficult to do so via a telephonic conversation. The court agrees with the conservation of government resources but also maintains that the presence of CFTC representatives is necessary in this case. Oasis FX Ponzi scheme case According to the CFTC, the defendant cold-called their victims and asked them to invest in the forex markets using Oasis FX’s platform. The fraudsters even created forged performance reports which falsely claimed that their forex pools had earned gross annual returns of 21% in 2017 and 22% in 2018. The platform assured a minimum return of 12 percent annually. In reality, the fraudsters were using money from new participants to pay older investors. Workers at Oasis Global FX even sent fraud account statements to the clients and showed them positive returns when there were none. The platform lost $21 million and misappropriated another $47 million, of the total $75 million they received from investors. To cover up their frauds, the defendants paid more than $28 million to early investors and claimed that they had earned a handsome return via forex trading. The post CFTC to Attend Court Sessions in Oasis Forex Scam Case after Court Order appeared first on FXTimes.com - Daily Cryptocurrency and FX News.

Belizean Regulator Cracks Down on Oasis Global FX, Suspends Company over Fraud Allegations

The International Financial Services Commission Belize (IFSC) noted on Wednesday that it had suspended the Oasis Global FX’s license. The company is facing fraud allegations. Trouble brews up for Oasis Oasis Global FX was named by the Commodity Futures Trading Commission (CFTC) of the US in a recent fraud case. The company was involved in facilitating a Ponzi scheme in Florida. On April 22, the regulator noted that it would start a civil enforcement action in a federal court against Oasis and a host of other companies and individuals involved in this case. It noted that Oasis and other defendants raised about $75 million from over 700 investors and spent at least $47 million of that amount on a large house, big cars and expensive holidays. The perpetrators also promised investors huge returns from FX investment pools. They cold called users and even showed them false performance reports claiming that they had made gross annual returns of 21 percent in 2017 and 22 percent in 2018. They suggest that the defendants invited about $21 million in the forex market but ended up losing everything. Where does Oasis Global FX fit in? One of the forex investment pools where the defendants deposited their money was Oasis Global FX. Just one day after the CFTC announced its enforcement action, the Belizean regulator sent a letter to Oasis and asked it to state why its license should not be suspended. As the company failed to reply to the regulator’s letter, it announced that Oasis’ trade license in financial and commodity-based trading instruments had been suspended until further notice. According to the CFTC investigation, the defendants in the Ponzi scheme not just lost millions of dollars in Oasis trading but also fooled early investors with returns. They used over $28 million to pay older investors from new investors’ money, claiming that they were returns on their forex investments. In reality, all the investment had been lost. The CFTC is taking several steps to ensure that frauds are unearthed in the market. On Monday, it awarded an anonymous whistleblower an amount of $1.5 million for coming forward with information on a case that led to enforcement action. This is the seventh time in the past five years that the regulator has awarded a whistleblower. Legislation regarding the same was passed by Congress seven years ago. At the time, it met significant opposition from corporates who believed that it would hurt their compliance programs. The post Belizean Regulator Cracks Down on Oasis Global FX, Suspends Company over Fraud Allegations appeared first on FXTimes.com - Daily Cryptocurrency and FX News.

IOST OnBlock By Team Oasis Set To Release In Attempt To Lead Mass Adoption Of Crypto Assets

IOST OnBlock May Lead To Crypto Mass Adoption IOST is an “ultra-fast, decentralized blockchain network based on the next-generation consensus algorithm ‘proof- of believability’ (POB).” The Singapore-based company is seeking to resolve the issue of how to get people to mass adopt bitcoin. And now, it has released its solution. The platform is scheduled to […]
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Oasis Global FX Charged by CFTC in A $75 Million Fraud Case

The US Commodity Futures Trading Commission (CFTC) charged the owners of Oasis Global FX, Limited and Oasis Global FX in a fraudulent forex scheme case. The case brings to light a forex scheme that led to a Ponzi-style fraud in which investors were promised exceedingly high returns on their investment. Fraudsters promise high returns According to the CFTC, Michael DaCorta, Joseph Anile, Raymond Montie, Francisco Duran, and John Haas together ran a retain foreign currency exchange trading firm between 2011 and 2019. The company cold-called potential clients, asking them to invest in their forex schemes. The victims were told about investments in Forex markets and were shown false performance reports. These reports claimed that the company’s pool had received gross annual returns of 21 percent in 2017 and 22 percent in 2018. All the new participants in the scheme were assured a 12 percent guaranteed annual return on their investment. However, they were all duped in a Ponzi scheme fashion. Workers of the company sent bogus account statements to their clients and showed them a positive return on investment. In reality, however, they had lost $21 million and misappropriated another $47 million of client funds. Ponzi scheme provided for a high life The operators of the pyramid scheme were enjoying a good life with the clients’ money. They used it to pay for personal expenses that included sports tickets, exotic vacations, loans to family members, pet supplies and even college and tuitions for foreign studies. The CFTC said, “As further alleged, of the approximately $75 million the defendants received from pool participants between mid-April 2014 and the present, the defendants deposited only $21 million into Oasis Pools’ forex trading accounts and lost all of those funds trading.” Almost all of the pool money was lost, and the defendants were accused of misappropriation, fraud, registration violations and issuance of false statements. The defendants operated a Ponzi-style scheme, paying over $28 million to early investors, claiming that it was returned on investments instead of money from new investors. These people will also have to face the consequences of fraud. The complaint requires the nine relief defendants to collectively disgorge the gains they received from Oasis Global FX as they have no legitimate claim over the money. In legal terms, a relief defendant is someone who received illegitimate funds due to the illegal acts of the named defendants. The post Oasis Global FX Charged by CFTC in A $75 Million Fraud Case appeared first on FXTimes.com - Daily Cryptocurrency and FX News.

Plouton Mining Plans for America’s Largest Solar Bitcoin Mining Farm and Tech Oasis in the Mojave Desert

Crypto mining has seen its share of challenges in the last few months as the prices have slid. This has led to cost cutting, the biggest challenge being electricity. Unsurprisingly an American startup is looking to now provide low-cost renewable energy to these mining farms. Revealed on CryptoSlate, Plouton Mining has started works on one of that largest and most ambitious solar farm for Bitcoin mining in the Mojave desert of California. Innovation In The City Of Angels. The Los Angeles start-up has been founded by Samuel Del Real and Cole Walton. With vast experience in real estate, the duo has purchased 50 acres of land and envisioned a future of sustainability for the blockchain industry. The firm has been driven by need as much as it has been by individual passion. In a recent interview, Samuel discussed how his company evolved from selling ASIC machines to their present iteration. “We had the number one store on eBay for selling ASICs S9 Antminers in 2017. After we had gotten involved in the space, we wanted to figure out what other ways we can participate in a more meaningful way. Mining BTC naturally was it.” Since powering the devices at competitive costs was the biggest challenge, they started an analysis of the best ways of crossing that hurdle. The next logical step was to look at renewable sources. And inspiration was not too far, “Mojave CA, happens to be ranked in the top 12 places in the world for solar power due to its placement and overall days of sun.” Thus the company began work towards innovation for a sustainable energy solution geared towards the Bitcoin network. A cancer survivor and an inspirational figure in his neck of the woods, Samuel discussed entrepreneurial challenges. Talking about a start-ups propensity for failure, he feels that mistakes are bound to be made, but people need to be unafraid of failure and second attempts. “Put your money where your mouth is and show up. Work your ass off fail and pick up again fail and pick up again. Life’s not easy and neither are businesses.” Solar energy is a cheap source of renewable energy but by co-locating ASIC miners closer to the source greater efficiencies of harvesting can be utilized. After all Crypto mining has increasingly become a game of hash production using minimal electricity. And as things progress the focus is increasingly on the production of more efficient computer chips and cheaper power. A Decentralized And Renewable Future Plouton mining is not an isolated instance. Increasingly the energy sourced for mining has been coming from renewable sources. In fact, a recent report in this very publication found that as much as 75 percent of Bitcoin mining was done using renewable energy. This is undoubtedly a conscious effort on the part of the community as they are well aware of their social responsibility. Our report had also shed light on the increasing decentralization of mining. Earlier studies had concluded that China was the source of almost 75 percent of Bitcoin mining in the world, a cause of concern, both in terms of the political implications, as well as a risk of a 51 percent attack. However, there has been a recent trend of miners leaving for countries such as Russia, Iceland, and Canada that offer friendlier regulations and cooler climates along with the option of renewable energy. This has led to a decrease of an estimated 15 percent already. In a world where we are increasingly looking to shut ourselves from others, an initiative for the greater good is most welcome. The crypto industry has been making a conscious effort to improve its image in the mainstream media and this is certainly a step in the right direction. Bitcoin (BTC), Ethereum (ETH), XRP (Ripple), and EOS Price Analysis Watch (Feb 7th)
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Maker Liquidity Dries Up After Oasis DEX Closes

Maker (MKR) tokens experienced a price spike at the beginning of the week, as trading fell throughout the DAI ecosystem. The sharp movement follows the closure of the popular OasisDEX last week. Maker tokens had gradually gained value since Thursday, rising from approximately $365 per coin to around $377 by Sunday close. Although the trend continued incrementally on Monday morning, MKR price leaped to $397  at around 09:00 GMT. A surge in orders on Bitinka caused MKR to peak above $500 on the small-scale exchange, while prices on other markets remained lower, oftentimes below the $400 mark. A recent increase in selling pressure with Bitcoin (BTC) and Ether (ETH) pairs means the MKR price has since decreased. Average prices had fallen back to $389 by the time of writing.   The OKEx MKR-ETH market. Dampened MKR token price follows increased selling pressure. Source: CryptoCompare What’s making MKR move? The recent MKR token price trend broadly coincides with the closure of Maker’s own decentralized exchange, OasisDEX, on Thursday, January 31st. A popular trading platform, Oasis was the first venue to trade MKR and a key source of liquidity. In a Medium blog post published on January 14th, the Maker team announced the DEX would temporarily be taken down in order to create a trading platform for collateralized assets and security tokens. It’s not clear how long the closure is expected to last. “On January 31, 2019 we are going to take down the OasisDEX and Oasis.Direct front ends to completely rebuild the solutions based on a new strategic direction,” the team wrote. “We believe there is a critical need for a place where people can trade Multi-Collateral Dai and the multitude of collateral assets backing Dai, including security tokens, while also conveniently accessing CDP [collateralized debt position] features for all of these assets.” Launched in Q1 2017, OasisDEX was the first Ethereum-based decentralized exchange to work completely on-chain. Although MKR tokens are also tradeable on some centralized exchanges, including Coinbase, the temporary loss of a popular trading platform may have had a knock-on effect on the MKR price, causing subsequent liquidity issues. The 24h trading volume for Maker tokens has floated in and around the $400,000-$500,000 mark for the past few days, far below January’s normal trading volumes. Last Thursday, when OasisDEX closed, trading volume peaked at $3.2M. Although volumes ranged significantly in the weeks prior to the closure, this is still a low point. The closure of MKR’s main market is having an effect through lower-than-usual volumes on the remaining exchanges.   MKR token trading volume peaked at the closure of OasisDEX. Source: CoinMarketCap. When liquidity is low, buy and sell orders have a bigger impact on market prices. In the case of MKR today, an increase in buy orders on the Bitinka exchange caused a larger-than-normal surge in the price at the start of the working week. A corresponding boost in sell orders – as shown in the graph above – caused prices to drop back down again. Maker established a replacement exchange, eth2DAI, but this is exclusively for Wrapped Ether (WETH) and the stablecoin DAI. That’s unlikely to make up the shortfall in trading; in the meantime, Maker is likely stabilize soon enough, provided other exchanges can pick up the slack. The author is invested in digital assets, including BTC and ETH which are mentioned in this article. Join the conversation on Telegram and Twitter! The post Maker Liquidity Dries Up After Oasis DEX Closes appeared first on Crypto Briefing.

Brazilian Supermarket Oasis Supermercados Chain now Accepts Bitcoin Payments

Oasis Supermercados, a supermarket chain set in the Brazilian state of Rio de Janeiro, has started to accept crypto payments recently. You can pay the company with Bitcoin (BTC), Bitcoin Cash (BCH) and Litecoin (LTC). Starting this week, the supermarket decided to accept the three cryptos as well as payments with fiat currency, debit and credit cards. According to reports from local media outlets, the company will use Coinwise as a payment processor. In order to avoid volatility, all payments are processed as soon as they are made. The client pays with crypto but the supermarket receives the money in fiat currency, which is sent in real (BRL) to the market in about three days later. As expected from most of the places that are already accepting cryptocurrencies as payment, the owners of the supermarket chain are Bitcoin enthusiasts. The owner Douglas Andrade and his brother, the co-manager Thiago Andrade, picked up the idea from a video they had found online and took it to a crypto brokerage firm to see if it was a feasible idea. The brothers were already Bitcoin investors, having learned how to invest from a former employee some time ago, and they both think that using crypto is very much like using a simple credit card. According to them, the payment process is actually very simple. People only need to tell which crypto they want to use, they use a QR code and then it’s done. The annual revenue of the supermarket chain is about $25 million BRL (around $6.45 million USD) and they operate two stores with 90 workers in total, which have been prepared to deal with crypto payments. More and More Businesses Now Accept Cryptos In Brazil While cryptocurrencies are not as prominent in Brazil as they are in some other countries like the United States, Japan or South Korea, some establishments are already starting to offer a growing number of services and letting the clients pay using Bitcoin. A bike shop called Las Magrelas was a pioneer in crypto payments and it accepts payments in cryptos since 2013, way before Bitcoin was popular. There are many others, though. For instance, Viação Garcia, a Brazilian road transport company, has also started to accept payments in the same three cryptos as Oasis Supermercados. Initially, only Bitcoin was accepted there, but the company decided to expand the offering to other similar tokens. Other places that now accept crypto payments include Metrô Brasília, the subway system of the country’s capital and Tecnisa, a major construction company that gives the clients a discount of 5% if they make their payments using BTC. Nobile Plaza Hotel, the ecommerce site Fasttech.com and Imperius Food are also companies that are currently accepting payments.
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High ETH Prices Are (Finally) Good For Ethereum

Things are looking pretty bullish for Ethereum (ETH). The Ether price has surged by over ten percent in the past couple of days, and crossed above the psychological $200 barrier earlier this afternoon. That could be a strong buy signal for technical traders, as Crypto Briefing analysts reported yesterday.   Source: CoinMarketCap How High ETH Prices Harm Ethereum But what does a high Ether price mean for the smart contract network? There’s an obvious benefit for speculators and miners. But past experience has shown that anyone seeking to build dApps or just use the network could be severely hampered when markets turn bullish. That’s because the higher ETH prices get, the more expensive it is to use the platform. Users have to pay for everything they do on the network, from smart contract computations to token transfers. Rising gas fees could push end-users onto cheaper alternatives, like EOS or TRON, which offer similar functionality with lower fees. At least, that’s the received wisdom, which so far seems to be supported by experience. And it’s still technically true today: when it comes to using the ETH network, the downsides of a high Ether price tend to outweigh the advantages. Does Expensive ETH Mean A Stronger Network? However, Ethereum is (eventually) transitioning towards a Proof-of-Stake consensus model, which will require a financial commitment in order to participate. Instead of mining blocks through proof-of-work, block-producing nodes will have to stake ETH tokens as collateral in order to validate the network. That could have a significant impact on Ether’s market dynamics. Stakeholders will risk losing their hodlings if they fail to maintain connected and up-to-date node software. An expensive ETH would provide a strong disincentive to malicious or careless actors on the network. “If the chain is going to be secure, then there are inherent benefits from having high-valued Ethereum,” explained Nic Carter, Partner at Castle Island Ventures, in an interview with Laura Shin. A high Ether price, he added, would also provide “high-powered collateral, for DeFi applications for instance.”  Carter also pointed out that most networks have become too preoccupied with one or two “glamour metrics,” which may burnish their credentials but do not represent credible advantages. EOS, for example, has focused solely on scalability at the expense of decentralization. One tradeoff of those high speeds is that EOS relies on a small group of validators, which could present a systemic risk if they decided to collude or otherwise abuse their privileged positions. Ethereum’s key advantage is that it is the only platform with a vibrant community, Carter added, which comes with an “organic groundswell of usage and development.” Because of that organic usage, investors may be attracted to hold ETH for the long-term. “I think we noticed a little bit of a recalibration where initially [Ether] was computational gas,” Carter went on to say. “More recently, certain high-profile Ethereans have been saying, ‘well actually Ethereum itself is money.'” A strong Ether price could still push people off the network, but the community has been exceptionally resilient to market volatility and rival platforms over the past two years. The burgeoning DeFi space, and the added security after transitioning to Proof-of-Stake, could make high prices a net positive for the Ethereum network. The post High ETH Prices Are (Finally) Good For Ethereum appeared first on Crypto Briefing.
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