Justice is served: crypto market shows a significant progress

Justice is served: crypto market shows a significant progress

Tether has enough funds on its accounts to back every USDT token in circulation, controversy talks on BitTorrent's acquisition and SEC froze the banks accounts of a fraudulent PlexCoin ICO.

Tether finally opens the curtain to allow some kind of probe

The report states that it has enough funds on its accounts to back every usdt token in circulation, and it's published by Freeh, Sporkin & Sullivan LLP, the legal firm. Still, it's not a full audit.

A month ago we predicted that the issuance of a new stable coin, TrueUSD by Circle, probably will force Tether to become more transparent about its own funds. TUSD is a serious competitor, and with the lack of trust from the community, Tether may lose its position of the most popular stable coin very easily, if there would be a good and highly liquid alternative. TUSD, backed by Circle and Bitmain, two well-respected companies, can be easily regarded as that alternative.

Thus, we suddenly see Tether bank accounts checked by a law firm. It’s strange that a full audit wasn’t performed, but under pressure from the community, maybe one day a full audit would be possible. This report that we have now is quite good and looks like a significant progress, as this could help stabilize the markets further, return the confidence in Tether and dissolve all that year-long uncertainty. That’s the best news for the crypto market in a very long time.

Tron bought BitTorrent for $140 Million, which sparks controversy talks

The opinions vary, but the overall sentiment is more confused, as the purpose of the acquisition is unknown.

What's the reason behind this acquisition? Certainly, that's an odd move from Tron. Of course, BitTorent is a very popular Peer-to-Peer service with millions of active users, but it's an old technology. The only reasonable explanation comes to mind: Tron tries to shift its focus from blockchain toward some other activities. Many people, including Vitalik Buterin, call it a vapourware project. There might be a certain reason behind this characteristic, as its roadmap includes very complex plans, but their execution is gonna be phased in over the period of many years, and now the company doesn't have any products, except for a blockchain which is being used only to transact TRX coins.

To be honest, we are very dubious about the real possibility to implement all these announced features in one project. The sad example of EOS shows that it's better to lower the expectation about the hype projects. They try to promise as much as possible to get the funding, but they don't have the obligations to fulfill their promises, as everyone is pretty grateful if these projects at least don't disappear with the collected money.

Now as Justin Sun has enough funds to do anything he wants, why not buy as many companies as he can, to legitimize his business? If he fails achieving all set goals with Tron, he could always say: 'Ok, we failed in delivering everything we promised, sorry, in reality it was impossible for us, we didn't expect it when we started the project, but we have BitTorrent, and this company, and that company, and that one company, so we'll continue to run them and operate as a company, but now we shift our focus a bit'. That can be a very good plan. Or they can deliver. But now it looks like they are desperately searching for something that could help them look less vapory.

The SEC has got a court order to freeze the banks accounts of a fraudulent ICO

PlexCoin ICO, organized by Dominic Lacroix, promised its investors more than 1,300 percent return in a month and raised $15 million, but never fulfilled its promises.

Now we see a banking power in its full shine. Is it good that any account can be frozen by someone's decision? In some cases — yes. But generally, it's not. The interest that blockchain technology is sparkling now among people is derived from the fact that no one can take your money from you, and it's your own responsibility to maintain your financial security. Of course, there can be tools for those who aren't willing to do it by themselves, like trusting your keys to the third party to manage your assets with ease or even having someone to do it instead of you, but generally people, especially young people don't trust banks, they want to control their funds by themselves.

In the case of fraudulent ICOs blocking their funds could be a short-term solution, it deals with the symptoms but doesn't cure the cause. In a long-term, it would be better to let them be, as it would serve a vaccine to the crypto community, to retail investors, as everyone is slowly coming to realisation of that not every crypto project is a buy-our-tokens-get-rich scheme, and every investment opportunity must be evaluated. But anyway, punishing fraudsters is also good, bravo, the SEC!


272.72 USD


0.03416 USD


1.00 USD

Related news

How to buy Tether (USDT) with a debit and credit card 

What is Tether? Tether is probably the best-known cryptocurrency pegged to another currency in the market. As a ‘stablecoin’, Tether is associated with the price of the US dollar as it is fixed at a 1:1 ratio to the value of the dollar. This means that it does not face the same volatility as other cryptocurrencies and investors and traders can rely on the price holding a somewhat stable value. Tether has attracted attention as the first stablecoin to have gained attention and adoption into cryptocurrency exchanges but has also faced heavy criticism and controversial opinions about how decentralised and transparent it really is. How to create a Tether wallet Sign up for a free Coindirect account and you will automatically get a free Tether online wallet. You can use your Tether wallet to buy, sell, store, send (withdraw) and receive (deposit) USDT. How to create a Tether address? Once you have signed up for a free Coindirect account all you need to do press the ‘Receive’ button to reveal your Coindirect Tether wallet address. How to buy Tether with a credit card Sign up for a free Coindirect account Find your Tether Wallet and click the  ‘Buy’ button in your Tether Wallet. Select “New VISA Card (EUR)” or “New credit card (NGN)” if you are in Nigeria. Enter EUR value of BCH you want to purchase (more than the minimum limit) or the USDT amount you want to buy and then click ‘Preview Buy’ You will receive a quote, press ‘confirm’ before timer runs out (counts down from 55 seconds) Type in your credit card details and pay You will be taken to a page to verify your transaction Finally you will be redirected back to your Coindirect Wallet once the payment is successful Where can I buy Tether? If you are in South Africa or in Europe in a SEPA country you can deposit ZAR and EUR into your Coindirect ZAR Wallet or Euro Wallet respectively. To fund your account you have to transfer money using bank transfers. To get the funding instructions so that your account is credited: Go to your ZAR/EUR wallet and click the “Fund now” button. Alternatively click the Fund tab in your Coindirect wallet and click on “Transfer Now”. Select the bank to transfer to from the drop down menu to get payment details and the reference you should use (highlighted in blue) Transfer the money from your bank account into the account shown on the screen then wait for the bank transfer to be processed (0-3 business days depending on the bank). Once the funds reflect in your ZAR wallet, go to your Tether wallet and click “Buy” and select “Wallet (ZAR)” or “Wallet (EUR)” as you payment method. Where can I sell my Tether? You can sell Tether from your Coindirect wallet by clicking the ‘Sell’ button in your Tether wallet. If you are in a SEPA region or South Africa. You can sell your Tether and instantly get money transferred to your Wallet (ZAR or EUR). If you are in another region with no local currency wallet. You can sell your Tether by creating a sell offer on the marketplace.  You now know how to buy Tether instantly from almost anywhere in the world. Make sure to download the Coindirect App to trade Tether from the palm of your hands.  Credit card limits Please note that Coindirect has limits for credit card purchases in place. Make sure that your account is verified so that your credit card purchase limits are increased.Currently, the limits for credit card purchases are: Unverified users – R3000/€178 Verified users – R15000/€893 Earn Ripple Introduce your friends to cryptocurrency investment and you can get free cryptocurrency. To earn free Ripple, send a link from the Earn programme. When your referees sign up to Coindirect and make their first transaction on the platform, both you and the friend will receive 5 XRP. The post How to buy Tether (USDT) with a debit and credit card  appeared first on Coin Insider.
Coin Insider

Crypto exchange exec says Bitcoin ban in India not final yet, is there any hope?

This week, the inter-ministerial committee (IMC) of India officially recommended the imposition of what has been considered a blanket ban on crypto assets like bitcoin. According to Reuters, the panel led by finance secretary Subhash Chandra Garg has suggested a fine of $3.63 million and imprisonment for both individuals and businesses that engage in any crypto-related activity including mining, investing, transfers, and issuance. Is there any hope to bitcoin ban turnaround? The official report submitted by the IMC to the finance industry obtained by Inc42 explicitly stated that crypto-assets lack underlying intrinsic value, an argument critics have consistently brought upon to describe the speculative nature of the asset class since the inception of bitcoin in 2009. The document read: “There is no underlying intrinsic value of these private cryptocurrencies. These private cryptocurrencies lack all the attributes of a currency. There is no fixed nominal value of these private cryptocurrencies i.e. neither act as any store of value nor they are a medium of exchange. Since their inceptions, cryptocurrencies have demonstrated extreme fluctuations in their prices. Therefore, the Committee is of clear view that the private cryptocurrencies should not be allowed.” If the report is accepted by the finance ministry and the ban goes through, executives fear it would effectively put an end to the potent crypto market in India, restricting the ability of companies in dealing with crypto assets. Already, most leading crypto exchanges in India have closed operations in India and moved to other markets. Since April 2019, local reports indicated that due to regulatory uncertainty, funding for exchanges in India has started to dry up. Sathvik Vishwanath, CEO of Unocoin, told ET at the time: “We did ask people to leave last week, but our operations will continue for the foreseeable future. We have some amount of reserves to push through for the next couple of months and will wait for the Supreme Court’s verdict.” However, Nischal Shetty, the CEO of WazirX, a bitcoin exchange based in India, said that the ban on crypto has not been finalized yet and that there still is hope that the government could turn around the suggestion of the IMC. He added: “Crypto is not banned in India,” said Nischal Shetty. “Crypto Ban is a suggestion by the IMC report Section 1.1 of the report suggests the government should form a standing committee to revisit this Everyone loves talking the negatives but let’s understand this is not over yet.” Negative sentiment Upon the re-election of Prime Minister Narendra Modi in 2019, many analysts speculated that the government of India could take a tougher stance on the crypto market as the Modi administration has done throughout the past two years. Related: India Stalls Cryptocurrency Regulations, Uncertainty Continues Whether it is a blanket ban or strict restrictions, continued uncertainty in the crypto industry of India is likely to lead to a decline in confidence for investors and an impractical ecosystem for local startups. While industry executives have expressed hope in recent months, Sathvik Vishwanath, the co-founder of Unocoin, one of the biggest bitcoin exchanges in India, said that shall the ban go through as proposed by the IMC, it would result in the crypto sector of India significantly falling behind other leading markets. he said: “If the government decides to take such a drastic step then India will stand to lose out significantly on the technology front.” The post Crypto exchange exec says Bitcoin ban in India not final yet, is there any hope? appeared first on CryptoSlate.

Poll: Majority Of Respondents Would Rather Buy ICON (ICX) Than Ethereum For Long Term Investment

The 2018 bear market has ravaged Bitcoin and altcoins alike. While Bitcoin has made significant recovery from its 2018 low of $3,200, most altcoins are still battling to find their footing. A Twitter poll involving 4 altcoins shows that users are more willing to buy ICX than other three alts including Ethereum. The poll had 1,842 respondents answer the question “if you have to choose ONLY one alt for the long term, with the highest chance to get back the ATH.” Out of the number, 49% indicated optimism that ICX is most likely to get back to its all-time high while the remaining 3 had 51% of the votes to share.  Not very surprisingly, ETH had the second-highest vote of 31% who would go for it in the hope of getting back to its all-time high and making some profits from it. The next was NEO with 14% of the votes while Ontology (ONT) came last with 6% of the votes, with the least chance of ever seeing its all-time high price again. The poll also gave room for those whose favorite coins were not listed to mention them in their comments. Guess what? ICX was still mentioned roughly 99% of the time, which raises the question of why ICX? Well, ICX is the native token of one of the largest blockchain projects in the world, ICON. It’s working towards bringing blockchain application to the real world in all areas including banking, healthcare, and education. It also provides scalability for both public and private blockchains as well as enabling interoperability between chains. There are several other projects with similar goals but ICX seems to have found a place in the hearts of crypto users worldwide. Its price performance is still subpar as it has lost over 8% in the last 24 hours, ICX supporters, however, believe it’s soon going to reach its all-time high once again. Some experts question the possibility of another alt season but with this level of support, who knows what may happen in the future? The post Poll: Majority Of Respondents Would Rather Buy ICON (ICX) Than Ethereum For Long Term Investment appeared first on ZyCrypto.

Hot news

By continuing to browse, you agree to the use of cookies. Read Privacy Policy to know more or withdraw your consent.