A man has created his own version of Coinmarketcap to reveal data discrepancies.
In this article, SFOX CEO Akbar Thobhani explains the inner workings of the crypto OTC market and provides six proven tactics for minimizing OTC trading costs and market manipulation
China has unveiled its public blockchain ratings. Although its impact remains to be seen, the idea seems to be rather solid. One thing to take away from these rankings is how Bitcoin is middle-of-the-pack. Surprisingly, Ethereum is in the lead, and XEM scores the worst of all 28 projects.
The Chinese Public Blockchain Ratings
A few days ago, the Chinese government made it clear they were working on a rating system. That system pertains to public blockchain projects and cryptocurrencies. A top 28 has been put together for the cryptocurrencies earlier this week. The list itself includes all of the well-known currencies, although the rankings look different from what people would expect. Three different key factors are included for every project: technology, application, and innovation.
As some people might expect, Bitcoin has the highest score in the innovation aspect. That is not surprising, as it has the first-mover advantage. Any other currency on this list didn’t exist prior to Bitcoin. However, a strong innovation score doesn’t make Bitcoin all that great. These public blockchain ratings rank Bitcoin 13th out of 28, which is “average” at best.
On the technology front, Bitcoin has the lowest score of the entire top 15. It receives a 39.4 percentile, which is rather shocking. When its scaling solutions come into play, that number may improve. Until then, it is the least technologically-adept project in the top 15, according to the public blockchain ratings. The world’s leading cryptocurrency is also lackluster when it comes to application purposes, although some projects score even fewer points.
Ethereum Trumps Everything
When taking all three sub-factors into account, there is only one project that really matters. Ethereum has the second-highest technology score, the best application rating and a decent innovation score. All of this combined for a total index of 129.4. There are five projects which score more than 100, including Steem, Lisk, NEO, and Komodo. There is a lot more to cryptocurrency than just Bitcoin or Ethereum. These public blockchain ratings clearly illustrate that point.
Other prominent currencies in the cryptocurrency world are not scoring too great either. Ripple’s XRP is ranked 17th, whereas Litecoin is in 21st place. XEM Closes the list in 28th position, which is also somewhat surprising. All of this is in very stark contrast to the market cap of existing cryptocurrencies. Some projects in the market cap top 10 are not on this public blockchain ratings list. Notorious absentees are EOS and Tron. Neither of those has a working public mainnet blockchain, which may explain their absence.
Community members show mixed feelings toward the public blockchain ratings. It is a bit on par with how Weiss Ratings issued their scores earlier this year. Those rankings also made little sense in some cases, yet the firm was convinced this is how the currencies shape up. For the Chinese government to pay some positive attention to cryptocurrency is a big victory in its own way.
The post Chinese Government Praises Ethereum and Ranks it as the Top Blockchain appeared first on NewsBTC.
The French Finance Minister Bruno Le Maire admits he was wrong regarding blockchain and cryptocurrencies. Recently, the powerful minister had a change of heart and is now calling for making France the epicenter for blockchain and cryptocurrency technologies.
French Finance Minister Now Passionate About Cryptocurrencies
Le Maire has become passionate about Bitcoin technology and other cryptocurrencies. According to Alexandre Stachtchenko, President of Chaintech, and Co-founder of Blockchain Partner, Le Maire declared:
I was a neophyte a year ago, but now I’m passionate. It took me a year. Let us show a lot of pedagogy with our fellow citizens to make France the first place of blockchain & crypto-active innovation in Europe.
“J’etais néophyte il y a un an, mais à present, je me suis pris de passion. Mais cela m’a pris un an. Faisons preuve de bcp de pédagogie avec nos concitoyens pour faire de la France la première place d’innovation Blockchain/cryptos en UE” @BrunoLeMaire ce matin. Il se passe qch!
— Alex Stachtchenko (@StachAlex) May 15, 2018
On 15 May 2018, during a breakfast meeting, the French Finance Minister discussed several topics pertinent to the crypto industry with entrepreneurs and representatives of Blockchain Partner. For example, they discussed the banking difficulties facing the sector, cryptocurrency taxation, accounting treatment, legal frameworks for ICOs.
At this event, Le Maire shared his concerns with the participants about the dramatic and alarming situation affecting the cryptocurrency industry. For instance, he concurred that without a bank account, there is no opportunity to create businesses.
In this regard, Bitcoin.Fr reported, Le Maire emphasized that between the government on one side and the crypto community on other “the interests are aligned.”
Le Maire also outlined his plans to back the French blockchain and crypto industry, assuring his “total and determined support.”
French Finance Minister Now Defends the Crypto Industry
Last year, Le Maire had negative views about Bitcoin and other digital currencies. For example, in December 2017, he proposed to President Mauricio Macri, who was to host the 2018 G20 in Buenos Aires, that member countries should discuss how to regulate Bitcoin because it conveyed risks of speculation.
However, at the G20 meeting, Le Maire reversed course and underscored the prominent role the cryptocurrency can play in the global economy. Now, the minister continues his enthusiastic support of the crypto community, and promises them:
You have with me a total and determined support to make change things.
What do you think about French Finance Minister Bruno Le Maire’s support of cryptocurrencies? Let us know in the comments below!
Images courtesy of Bruno Le Maire/Facebook, and Wikimedia Commons
The post French Minister Urges France to Become Leader in Blockchain and Cryptocurrencies appeared first on Bitcoinist.com.
Why do small businesses start accepting crypto? Are they, as enthusiasts would have us believe, fed up with credit card fees and prefer the settlement speed of new currencies like bitcoin and bitcoin cash? Or are they already enthusiasts themselves, who want to create a new economy? We sat down to chat with Mike Verweyst, owner of the Two Dogs Taproom in central Tokyo, to ask about his decision-making process.
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Do Small Businesses Really Like Bitcoin?
Two Dogs Taproom is a restaurant and craft beer bar in Roppongi, one of Tokyo’s liveliest entertainment districts. It’s also in a small strip that was frequented and targeted by bitcoiners in the earlier years in an effort to create a district where visitors could choose a variety of establishments within a small area to spend their BTC.
Bitcoin’s fortunes in the area (like in the wider world) have ebbed and flowed since then. Four businesses there have hosted various kinds of bitcoin ATMs over the years, though unreliable technology and new regulations have put a damper on that trend in Japan. Verweyst initially used Coinkite point-of-sale machines, and was forced to change processors when that company “pivoted” away from selling and supporting them.
We hear of many (perhaps too many) businesses who announce they’re accepting bitcoin payments, only for disappointed punters to turn up months later and find it ended long ago.
Verweyst still accepts bitcoin and bitcoin cash, and does a roaring trade when Two Dogs Taproom hosts either the BTC or BCH meetup nights. Watch the full interview above to hear the whole story.
Are cryptos still useful for daily purchases like this? How often do you pay for meals with bitcoin? Tell us about it in the comments.
Images and video via Bitsonline
The post Why Do Small Businesses Accept Bitcoin? What’s It Like? appeared first on Bitsonline.
Andrea Villa and Dyrell Chapman have joined IOTA’s ranks.
Key Points Bitcoin price found support above $8,000 and recovered nicely against the US Dollar. There is a breakout pattern forming with resistance near $8,500 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair has to move above the $8,500 resistance the 100 hourly simple moving average to gain momentum.
Bitcoin price is struggling to break the $8,500 resistance against the US Dollar. BTC/USD may trade in a range above $8,200 before the next move.
Bitcoin Price Analysis
After forming a base around the $8,080, bitcoin price started an upside recovery against the US Dollar. The BTC/USD pair managed to move above the $8,200 resistance level to post intraday gains. It also broke the 23.6% Fib retracement level of the decline from the $8,854 high to $8,080 low. There were a few positive signs above the $8,200 level, but the price struggled to break a major barrier at $8,500.
The 100 hourly simple moving average at $8,500 prevented gains. There were two attempts by buyers to break the stated $8,500 resistance, but they failed. Moreover, the 50% Fib retracement level of the decline from the $8,854 high to $8,080 low also acted as a resistance. It seems like there is a breakout pattern forming with resistance near $8,500 on the hourly chart of the BTC/USD pair. The pair is currently declining and testing the triangle support at $8,200. Should it break the triangle support, there could be a downside move towards the $8,080 low.
Looking at the chart, the price is clearly struggling near $8,500. A proper break above this is needed for a push towards the $8,750 level. On the flip side, the $8,080 low is a decent support followed by the $8,000 handle.
Looking at the technical indicators:
Hourly MACD – The MACD for BTC/USD is moving back in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI has moved back below the 50 level.
Major Support Level – $8,080
Major Resistance Level – $8,500
The post Bitcoin Price Watch: BTC/USD Struggling Near $8,500 appeared first on NewsBTC.
French and American lawmakers have made positive comments about cryptocurrency this week.
Binance postpones planned listing of TrueUSD soon after the stable currency price spiked to $1.30 USD, begging the question, what does stable mean?
TrueUSD Listing Postponed
TrueUSD launched by San Francisco based TrustToken in March is a so-called stable coin which is purportedly pegged to the US dollar similar to Tether. According to TrustToken the difference is that TrueUSD is fully backed one to one with US dollars. The fiat is in numerous escrow accounts held by third-party partners. These accounts are audited monthly and the results are published publicly says the company.
“Having U.S. dollars as collateralization held in escrow in addition to our regular accounting reports provides traders with reassurance that they can trust in TrueUSD,” Rafael Cosman, co-founder, and CTO of TrustToken, said in a statement reported by Mashable.
The idea of a cryptocurrency paired to fiat may be anathema to many traders in the space but stable coins may be seen as useful for some as a hedge against the volatility of the market without the need to change digital assets back to bank issued currency and incur tax and regulatory consequences.
Binance announced it would begin listing TrueUSD (TUSD) on May 18, allowing traders to exchange it for Ethereum, Bitcoin or Binance coin. Though TUSD has been trading on Bittrex since March, Binance as the second largest market for Tether and having seven times the trading volume as Bittrex, would potentially be a much more important partnership for TrustToken.
What Does Stable Coin Mean
Soon after Binance announced that it would list TrueUSD its value spiked to $1.30 according to CoinMarketCap creating doubt about its stability among investors. As bitcoinist.com wrote “Nevertheless, the 30 percent increase in value against the real US dollar means that TrueUSD has temporarily failed to do the one thing it has set out to do.”
This spike was quickly followed by a notice on the Binance home site which read;
Due to popular demand, the TrueUSD (TUSD) project team requires more time than originally planned to prepare for sufficient liquidity. Binance will therefore postpone the trading start date to 2018/05/22 04:00 AM (UTC). Deposits for TUSD will remain open during this period. Thank you for your understanding.
To date, there are about $12 million TUSD in circulation each represented by its fiat pairing. This amount was expected to increase significantly from the Binance listing which Cosman said would not be problem “The market cap of TrueUSD can grow by millions or tens of millions per day; as soon as the US dollars arrive in the escrow account to collateralize new tokens, we mint those tokens and issue them,” leaving the cause for the postponement up to speculation.
The post Binance Postpones TrueUSD Listing After Stable Coin Spikes appeared first on NewsBTC.
The SEC’s spoof ICO launch, HoweyCoins website breaks down the red flags of fraudulent fundraising to educate potential victims.
SEC Launches Fake ICO to Educate Investors
The Securities Exchange Commission, a US regulatory branch charged with investigating fraudulent ICOs, has created their own ICO web page to show potential investment victims the obvious signs of scam offers. HoweyCoin is presented as a way to invest in the luxury travel market and the ICO promises a 25% discount to gold level investors through the site as reported in the The Wall Street Journal.
ICOs are a popular but still unregulated way for startups to raise funds which according to the SEC have generated $12 billion in revenue so far in 2018. They are also a proven way for scammers to get to non-savvy investors who want to tap into the rumored high returns possible with cryptocurrency.
The SEC’s fake HoweyCoin takes its name from the 1946 four-part Howey test established to determine what qualifies as a security. In the ongoing process of regulating cryptocurrency, the SEC has been recommending that exchanges use this test as a guide for whether a coin falls under the existing securities regulations or not.
In 2017 the regulator established a dedicated cyber unit to combat fintech and cyber-related crimes. Since it’s creation the unit has been actively focusing on ICOs as the largest potential threat to investors.
ICOs Have Raised $12 Billion
The HoweyCoin site seems as legitimate as any other ICO landing page. It features a countdown clock showing how much time is left to get in on the discounts and outlines different levels of investment against images of tropical islands and foaming champagne. When clicking through there is even a white page and a list of (fake) celebrity investors but when the Buy Coins Now button is clicked the user is brought to a page outlining the scam.
Once on the Investor.gov page, the warning signs of a fake ICO are highlighted in red and include particulars like celebrity endorsements, high returns, regulatory compliance and options to pay with a credit card. The top of the page warns: “If You Responded To An Investment Offer Like This, You Could Have Been Scammed – HoweyCoins Are Completely Fake!”
SEC Chairman Jay Clayton said of the site;
“The fact that our staff could put together something that looks just like an ICO in very little time and with very little resources shows how little you have to put into this to market a token,”
He added referring to the big discounts fake ICOs often have on offer to lure in victims; “Buy at a 25% discount today because tomorrow it’s going to be full value? Are you kidding me?”
The SEC’s spoof has been well received even by entrepreneurs in the crypto space who are normally wary of regulatory bodies. “It’s great that they’re educating investors and not just bring (sic) paternalistic, and it’s creative too, which I wouldn’t have expected,” Trevor Koverko, chief executive of Polymath told The Wall Street Journal.
The post SEC Educates Investors by Launching Fake Crypto Site appeared first on NewsBTC.