Unequal chances: new exchanges are popping every day while the mining industry faces problems

Unequal chances: new exchanges are popping every day while the mining industry faces problems

A new decentralized era for NEO, Block.one getting new investments, a lot of talks about Ethereum and the failure of Kodak-associated miner — all in this weekly digest.

  • A large financial group SBI Holdings launches its own crypto exchange. Previously it approved 20,000 pre-registered users for a closed alpha-test, now it's open for everyone. Currently, it has only three pairs — XRP/JPY, BCH/JPY and BTC/JPY.
  • Block.one has announced that it got investments from the new key investors, Bitmain and Peter Thiel. The details of the investment are yet to be disclosed, and it's unclear whether these investors got a share of the Block.one company or just the tokens of EOS. Jihan Wu, Bitmain CEO, called EOSIO ‘a great example of blockchain innovation’ in the announcement.
  • NEO Foundation, the developer of NEO blockchain, announced the beginning of a new decentralized era for the network and the election of the first node. The only problem that puzzled everyone was the fact that this node was elected by the NEO Foundation itself — users will get the ability to vote only in 2019.
  • A new useless token consuming gas on Ethereum network appeared. Its name is World Poker Game Token. For two days it occupies nearly 18% of the whole network. Currently, it’s not announced for any event or airdrop, so its movements seem strange.
  • Vitalik Buterin estimated the approximate cost of the recent Sybil attacks on Ethereum. According to his calculations, it cost roughly $15 million, or 75 lambos, but he said it didn't upset him, as it is a free market, and anybody can do anything with network, as long as he pays miner fees.
  • Another crypto exchange from a giant company is coming. Japanese messaging company Line is going to launch Bitbox. It will have more than 30 cryptocurrencies available for trading, supporting only crypto pairs. Now it's awaiting approval from Japan’s Financial Services Agency.
  • The SEC shut down the miner project by a Kodak-licensed company, Spotlite USA. It had plans to rent the miners to customers, promising a $9,000 return in a period of two years, and to install Bitcoin mining machines in Kodak headquarters, getting access to cheap electricity. But this suspicious project was canceled. Kodak stated that this KashMiner wasn't an officially licensed product, approved by Kodak itself.
  • Binance CEO Changpeng Zhao announced on his Twitter an upcoming BNB token burn. Binance is going to buy back and burn 2,528,767 tokens (equals to $35 million at this moment). CZ also wrote about the listing policy, explaining that listing on Binance doesn’t require paying a high fee, any project could pay the fee it could afford, it’s rather about quality than money.
  • A new CEO of Goldman Sachs will be appointed on October 1st. This role will be filled by David Solomon, who previously held the positions of President and Co-COO. David Solomon has a very positive outlook on crypto, he said once that dismissing Bitcoin would be ‘too arrogant’.
  • Miners in Canada now can be charged the double price for electricity spent on mining. Hydro-Quebec received the approval from Regie de l’energie to raise the tariffs. These new rules don’t apply to current companies, only to new entrants.
  • Charlie Lee explained on Reddit the benefits of the partnership between Litecoin Foundation and TokenPay. He pointed out that that LTC and Litecoin Foundation are the different entities, Litecoin Foundation is an organization, created to spread the adoption of LTC, and does it for free. Being a non-profit organization, Litecoin Foundation didn't pay anything for the stake in WEG Bank. The benefit here is mutual — Litecoin Foundation could issue its crypto card to promote Litecoin, TokenPay can get help with technical integration into the bank.
  • The Financial Stability Board (FSB) creates the structure, that should estimate the risks posed by cryptocurrencies. Recently FSB reported that crypto isn’t a threat to the current financial system, so it has nothing to worry yet. Creating such a structure will help FSB monitor the situation.
  • In a recent interview, Vitalik Buterin talked about two challenges that crypto has to beat before going mainstream, scalability and user experience. Vitalik thinks that user-friendliness is the area that needs a lot more innovation and that innovation is going to happen in a next few years.
  • Jeremy Allaire, Circle CEO, told in a recent interview to CNBC, that blockchain can become as widely used as Internet is now. And one of the networks that can be used to build secure decentralized applications on top of it is Ethereum. He added that Jihan Wu, CEO of Bitmain, agrees with him.
  • Jerome Powell, during a Fed Chair's testimony, said that crypto is great for laundering money. He also claimed that cryptocurrencies have no intrinsic value, and aren't used much for payment, as the normal currency should be, and marked that they are very risky for investors.


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That said, here are some of the telltale signs that can tell you whether or not your Bitcoin trading platform is safe: It Doesn’t Ask For Too Many Fees Here’s the real deal: most Bitcoin trading platforms, such as Bitcoin Rush, offer their services for free. Generally, the only amount that they will be asking from you is one which corresponds to your initial deposit. There are no hidden charges and no add-on fees. Whatever services you want to avail of in Bitcoin trading platforms, you can do so without payment. Most Bitcoin platforms require only the initial deposit of around 250 US dollars, an amount which will form the starting point of creating your Bitcoin wallet. Part of this amount will be used by trading platforms to generate trade and facilitate exchange. If the Bitcoin platform you encounter constantly asks for fees or payment for services, treat it as a red flag. As much as possible, always choose the trading platform that asks for a lesser amount of fees. 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Because Bitcoin trading has little government regulation and security, scammers can trick first-time Bitcoin users into choosing their trading platform, wherein users are exposed to numerous pop-ups and links that bring viruses to their computer. However, while Bitcoins are new and aren’t yet a formal type of currency, this doesn’t mean that its trading platforms do not look or seem professional at all. Tech-savvy individuals in the computer industry made Bitcoins, so you can expect them to have the same expertise in creating professional-looking trading platforms. It Doesn’t Ask For Your Credit Card Details One of the main reasons why a lot of Internet users use Bitcoins for online or digital transactions is that they do not have to key in their credit card details anymore. After you have purchased Bitcoins, you can put all these in your digital wallet. 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Why Should You Day Trade Ethereum?

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