What if Bitcoin is manipulated? — Weekly digest, June 18-22 ’18

All in this week’s news digest: Tether’s dollar reserves, Bithumb was hacked, young millionaires invest in crypto, Tron bought BitTorrent, Zilliqa created a fund, Jim Cramer's opinion, Akon launches Akoin, Coinbase is accused of fraud, SEC froze one ICO's account & other news.

  • The news of the week! 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.
  • Bithumb was hacked for $30 million. The funds were stolen from a hot wallet. Bithumb already claimed that all users who lost their funds will be compensated. However, contrary to an ordinary practice, the news about this hack didn't influence the crypto market.
  • A new poll shows that 55,9% millionaires would like to invest in cryptocurrencies at some point. The majority of them are under 40 years old, older millionaires aren’t interested in crypto as much as younger ones.
  • 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.
  • Another man filed a patent to a cryptocurrency-related trademark. He claims that he is the real Satoshi Nakamoto and now he owns the rights for Bitcoin Cash name.
  • Zilliqa created a fund to encourage the development of DAPPs on its blockchain. The fund is equivalent to $5 million and it will be used to finance the selected projects which contribute to Zilliqa ecosystem. Each funding is divided into 3 rounds, depending on the reached milestones.
  • Circle makes clear how does it choose the new assets to add to its platforms. There are five main characteristics to evaluate crypto assets: team, business model, fundamentals, technologies, and market performance. Using these metrics, Circle chooses the worthy projects from many cryptocurrencies and tokens.
  • Jim Cramer, a host of ‘Mad Money’ on CNBS, explains his opinion on cryptocurrencies. He thinks that centralized banks are slowly losing the competition to other financial services and to crypto. The younger generation doesn't trust the banks. Also, cryptocurrencies and PayPal help bank the unbanked, so people can finally control their own money, Cramer says.
  • The famous rapper Akon launches his own coin, called Akoin. For many past years, Akon has been deep into charity, now he wants to build a 2000-acre cryptocity in his homeland, Senegal.
  • The SEC received 115 complaints which accuse Coinbase of fraud. Many complaints mention the unavailability of any support in solving problems regarding the withdrawal of funds or problems with transactions.
  • Mick Mulvaney, the head of the Office of Management and Budget, says that U.S. regulation of cryptocurrencies is necessary to protect investors. However, he says, the over-regulations shouldn’t discourage people from entering the cryptospace, the balance must be found.
  • Microsoft launches a new enterprise blockchain for rights and royalty processing. The new blockchain will be capable of handling more than a million of transactions per day. It has the potential to become one of the largest enterprise blockchains in the world.
  • 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.
  • Volkswagen confirmed that the first product using IOTA's Tangle will be released in 2019. Tangle will be used to update the car's software and will be a part of the Volkswagen Connect system. However, the exact launch date is unclear.
  • The CEO of Nasdaq Adena Friedman is worried that ICOs may harm many retail investors. She said that she basically agrees with the SEC on the topic of ICOs being the unregistered securities offerings and that there must be more transparency in such crowdfunding companies.


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Tron is expected to launch BitTorrent livestreaming feature in 2019, says Foundation

Tron [TRX], the ninth largest cryptocurrency by market cap, continues to strive forward in the market. The Foundation has made another announcement pertaining to their next big plan for BitTorrent, one of the biggest Torrent platform around the globe with over 100 million monthly users. The announcement regarding their next steps was made during the niTron summit 2019, the very first conference hosted by Tron. Justin Sun, the CEO and Founder of Tron Foundation, stated that BitTorrent could launch a livestreaming feature. This could be one of the biggest agenda of the team as this launch would mean going against the biggest tech firms in the world like Facebook, Youtube and Twitch. Tron Foundation said: “If everything goes as planned with #BTT, #TRON is expected to launch BT’s livestreaming feature in 2019.” Moreover, during the summit, Justin Knoll, project lead of Project Atlas, spoke about the BitTorrent protocol. He stated that the BitTorrent token [BTT] complements the BitTorrent incentive mechanism and that BitTorrent’s speed would enhance the BitTorrent protocol by changing the operational principles of the clients. He further revealed that Tron will be playing a key role, connecting BitTorrent protocol and its users, who will be able to download much faster. Knoll also stated that the incentive mechanism would encourage users to seed more on the network. Justin Sun also unveiled BitTorrent speed, a blockchain based application, during the summit. J Walker, a Twitterati said: “Only live streaming app that you can reach large groups with are social media apps. If you can make this with business class moderator features this would be huge. WebEx/ BlueJeans can only do 15,000 live views thats why you have to use periscope. leveraging the P2P network with compute also helps with POPS. The media server would be closer to connect for the most part on such a large network.” Zander Perk, a Redditor said: “This will be an interesting way for artists to get paid. Wonder if it will catch on. If it’s a solid UI that loads quickly and operates as effortlessly as YT, they could have a solid amount of users.” The post Tron is expected to launch BitTorrent livestreaming feature in 2019, says Foundation appeared first on AMBCrypto.

Gov’t Shutdown Freezes SEC Activity, But Bitcoin ETF Date Unaffected

The US Securities and Exchange Commission (SEC) has frozen all pending administrative proceedings due to the government shutdown. According to a legal expert, however, the Commission is not allowed, by law, to delay the decision on VanEck/SolidX Bitcoin ETF past its current deadline.  No More Delays Despite Government Shutdown The SEC has issued an order on January 16th, putting all pending administrative proceedings on hold because it has “experienced a lapse in appropriations.” According to the documents, all proceedings which have to face a hearing before the Commission or an administrative law judge, are currently frozen. Jake Chervinsky Legal expert Jake Chervinsky said that even though the SEC has been shut down before that order, administrative proceedings were still in motion, hence deadlines were unaffected. Now that the SEC has stayed all administrative proceedings, interested parties may file a motion to dismiss the stay if their proceedings are an exception of the activities stated in the order. Bitcoinist reported that the SEC needs to come up with a decision on the approval of the CBOE-backed VanEck/SolidX Bitcoin ETF by February 27, 2019. Irrespective of the newest order, the SEC isn’t allowed to further delay its decision, the legal expert holds: This does not change anything about the ETF deadline, which is imposed by the statute and cannot be delayed further. This does not change anything about the ETF deadline, which is imposed by statute and cannot be delayed further. I stand by the following:https://t.co/1EpAv1B0Nm — Jake Chervinsky (@jchervinsky) January 17, 2019 The commission has already delayed its decision multiple times, with the last one happening in December. SEC’s shutdown saw mounting rumors that the Bitcoin ETF might get automatically approved if the commission misses the deadline. While this is true in theory, Chervinsky recently dismissed the possibility, saying that “in reality, it would never happen.” It’s true that a proposed rule change is auto-approved if the SEC doesn’t make a decision by the deadline, but in reality it would never happen. The SEC has enough staff to put out a decision, even if it’s a one-pager saying ‘denied for reasons to be explained later. Chervinsky, who’s also a frequent commentator on cryptocurrency-related matters, has previously said that the chances of a Bitcoin ETF approval are down to 10%. What do you think about the chances of a Bitcoin ETF approval? Don’t hesitate to let us know in the comments below! Images courtesy of Shutterstock, Twitter@jchervinsky   The post Gov’t Shutdown Freezes SEC Activity, But Bitcoin ETF Date Unaffected appeared first on Bitcoinist.com.

Tron [TRX]’s Justin Sun: We want to become the most famous brand in the world

In almost a month’s time, Tron [TRX] has managed to grow multifold by doubling its value and become the ninth the largest coin on the CoinMarketCap. At the time of press, the coin was valued at $0.0250 with a market cap of $1.6 billion. The coin has a 24-hour trade volume of $175 million with a growth of over 2% in the past 24 hours. The coin has, however, slipped by 0.10% over the past hour. The Chief Executive Officer [CEO] of Tron, Justin Sun is in the middle of all that the company has to offer, especially its much-awaited niTRON summit, a Tron sponsored conference in San Francisco. The conference begins today and features stars like former NBA star Kobe Bryant as keynote speaker, along with Sun and an executive from Swisscom AG, a $25 billion telecommunications company, reported Bloomberg. Sun, recently bought the file sharing application BitTorrent for $120 million in 2019. The announcement of BTT tokens which runs on the Tron and BitTorrent networks has proved to be beneficial for the company as the demand increased for the coin. The Chief Executive Officer [CEO] at researcher Messari Inc. said to Bloomberg in an e-mail: “A lot of people wrote off Tron as all hype/marketing and no substance, but they made a lot of noise with the BitTorrent acquisition, and now I think it’s an open question of whether they will be one of crypto’s most high profile ‘fake it til you make it’ success stories,” The CEO also added: “It’s been wild to watch.” Along with the company, Justin Sun is becoming popular as the face of the company and increasing following on the social media site, Twitter. Sun told the publication in an interview: “We want to become the most famous brand in the world”. Sun elaborated saying when someone thinks about cryptocurrency, Tron will be the first one, while drawing parallels to the popularity of Bitcoin [BTC]. While the smallest unit of Bitcoin is called Satoshi, after its creator, Tron’s smallest unit is called sun after Justin Sun. As per Sun, Tron had raised $70 million in Initial Coin Offering [ICO] which is largely untouched. Sun shared a similar vision for BitTorrent and so do many others. Justin Knoll, head of the BitTorrent project said to the publication that their goal is to convert all the 100 million monthly users of BitTorrent into cryptocurrency users. BTT could be used to increase the download speed of the movies, and tip the performers, but eventually it will be used for paying for site storage, informed the head of the project. Sun had informed that BitTorrent is profitable and is generating around $25 million in revenue per year. The aim of the company is to increase the number of distributed apps, such as games running on their network. Tron currently has 107 Dapps compare to Ethereum’s 1,374 as per DappRadar. However, this number will increase as Sun recently announced up to $100 million funds for developers who are creating Tron gaming apps. Tron also claims to have much faster transaction times compared to Ethereum as it uses a different mechanism for verifying transactions. Tron’s 27 super representatives produce the blocks that are then voted for by the account holder of the cryptocurrency. Ethereum, on the other hand, uses miners to verify transactions, which also now moving to the proof-of-stake system. Sun said: “Converting to PoS is a huge effort. It’s like moving a building a block away. It might be easier to tear down the building and rebuild it. It doesn’t work that way. For Ethereum, it may cost them a year or two to migrate, and that seems optimistic.” The post Tron [TRX]’s Justin Sun: We want to become the most famous brand in the world appeared first on AMBCrypto.

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