FIS Global And Boeing Join Hedera Hashgraph’s Governing Council

Many big-name companies are moving into partnerships with blockchain-based firms as the new age technology grows in application and popularity by the day. Many industries consider blockchain technology as the basis for their future operations and ways of doing business.

Hedera Hashgraph is one blockchain company that is attracting the attention of some big-name firms from various industries. Hedera provides a blockchain-based public network for enterprises. The decentralized public network allows any user to create their own cyberspace through which they can perform transactions, create smart contracts, and create a file system among a host of other applications. Each enterprise can create personalized cyberspace through Hedera Hashgraph

Big-name Brands Come on Board

The public network is run by a governing council that is comprised of companies from several different industries. Each of these companies come on board and provide expertise from their field of practice, and this gives Hedera a wide range of applications that it could accommodate.

On the 29th of August, 2019, Hedera announced that FIS Global would be joining the public network’s governing council. The American financial giant becomes the 9th addition to Hedera’s 39 member governing council.

After the announcement of FIS Global’s joining of Hedera’s governing council came that of Boeing. The world’s largest aircraft manufacturer has also joined the blockchain firm’s governing body, becoming the 10th addition to the body.

Some of the other companies that are already on the council include Tata Communications (India), IBM (US), Deutsche Telekom (Germany) and Nomura Holdings (Japan), among other companies on the council. These council members are from different industries and different countries across the world.

Leemon Baird, chief scientist, co-founder and inventor of Hashgraph’s algorithm said that they aim to make sure that the initial members of the council are from different industries and different countries to ensure that there is diversity on the body.

Hedera Hashgraph

The blockchain startup says that have developed a distributed ledger technology which can be used to facilitate micropayments, support smart contracts, and promote the distribution of file storage. Companies that have a private network can connect to Hedera’s public decentralized network and make use of the transaction processing system provided on it. At the network’s launch, Hedera said that their network could process up to 10,000 transactions per second and the file services can take up to 10 transactions per second.

All the council members will be in charge of a node on the Hashgraph network, and they will be responsible for running that node. When the network’s open access is launched in September, each one of the council members will be able to use Hedera Consensus Service, which gives the members access to the public network’s transaction ordering system.

Hedera Token Sale

Hedera plans on distributing its HBAR roles over the course of 15 years. As it stands, the blockchain company has raised $124 million in three rounds of fundraising. Hedera employed a simple agreement for future tokens (SAFT) framework for the three rounds of token sales that have been executed to date.

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Author: Ali Raza

Bitcoin Price to Sell the Bakkt Event and Finally Drop to $8,000?

  • If Bitcoin Breaks Down Here, will Fell to $8,700s
  • “Buy the rumor, sell the news”

Since dropping to nearly $9,300 level yesterday, Bitcoin is back above $9,500.

August has resulted in a red month. However, despite seeing $9,150 this month, Bitcoin is down by just 2.63% from where it started in August.

BTC/USD is still up by 158% in 2019 till date.

Currently, the leading cryptocurrency is trading at $9,600 with 24 hours gains of 1.32% while managing the daily trading volume of $630 million, which has slid down from yesterday’s over $1 billion, as per Messari.

Source: Coin360

Though the flagship cryptocurrency is back in the green and above $9,500, the pain is not over yet.

According to analysts and traders on Crypto Twitter, another drop is coming very soon.

“Here comes the little pump above hunting for some stops and trapping people. Should follow by long upper wick and drop,”

said analyst, The Cryptomist.

If Bitcoin Breaks Down Here, will Fell to $8,700s

Market analyst and trader Benjamin Blunts see the flagship cryptocurrency hitting $9,100 in the coming days before jumping back to $10,000 level.

Crypto trader and investor Josh Rager, however, says if Bitcoin takes a fall here, we are going to $8,700.

“Currently holding above the previous low on the daily close but if price breaks down it’s going to $8,7ks,”

Rager said.

Once we hit this level, Bitcoin he says will head to $8,000 but given the fact that everyone is expecting this level, Bitcoin will either bounce before this or will go through it.

In order to turn bullish, Rager says Bitcoin needs a break back above $10,100 level.

“Buy the Rumor, Sell the News”

Trader Johnny Moe shares the same sentiments but sees a deeper fall in the future.

According to the chart shared by him with the caption, “sell the event?” Bitcoin could drop to $7,700 level with Bakkt launch on September 23 further triggering the drop.

On August 16, the day Bakkt announce the date for the launch of its physically delivered daily and monthly Bitcoin futures contracts, Bitcoin price went from around $9,800 to $10,500, seeing a surge of more than 7%.

Bakkt is big news for the cryptocurrency market for obvious reasons — being the first one to offer physically delivered bitcoin futures on a regulated platform and a nod from the NYDFS to operate as a trust means the possibility for a variety of financial products and heightened institutional interest.

However, a spike might not happen when Bakkt finally goes live with Bitcoin futures as the crypto market tends to follow,

“buy the rumor, sell the news.”

By the usual market movement to news and developments, it could be expected that Bitcoin will finally see that $8,000 in the coming weeks.

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Author: AnTy

Binance’s Venus will Face the Same Challenges as Facebook’s Libra, says Crypto Researcher

  • Libra to serve as a cautionary tale for Binance’s Venus
  • The exchange is planning to launch an independent association in charge of stablecoin project
  • Instead of Western companies, Venus’ geographic scope aligns with Beijing’s infrastructure initiative

Last week, the world’s largest cryptocurrency exchange Binance announced its upcoming project, Venus.

With that the Mata-based crypto platform became the latest one to join the list of companies coming up with their stablecoin after Facebook’s Libra.

Libra, however, does not paint a picture of confidence as, since its announcement two months back, regulators have shot criticism at the project.

From Bank of England Governor to Federal Reserve Chairman, ECB President, US Treasury Secretary, and other authorities, all have raised concerns including privacy, money laundering, consumer protection, and financial stability.

Facebook has now hired a lobbying firm to help with the regulators. However, Binance has learned from this push back and as such will take a different approach.

“If we want to launch Venus in a country, we’ll make sure it complies with the regulations,” the exchange’s co-founder He Yi told Bloomberg. For this project, Binance drew inspiration from Libra in many ways but resistance from the government will serve as a cautionary tale for the firm.

Binance announced that it is looking for partners to create the stablecoin that will be pegged against a basket of government-issued currencies.

Just like Facebook’s Libra Association for its cryptocurrency, the exchange is also planning to form an independent association in charge of Venus. But the company, He said, will take a “more conservative approach” to push through the project, with a focus on regulatory compliance instead of technological developments.

Notably, Venus will focus on partnering with companies and governments in non-Western companies. The “belt and Road Version of Libra” has its geographic scope roughly align with Beijing’s infrastructure initiative.

China, meanwhile, is ready to launch its central bank digital currency (DC/EP) after five years of research.

“So far regulators around the world can’t gauge precisely the potential risks stable coins will bring to their financial systems, and that’s why they are very careful about Libra-like currencies,” said Hu Tao, founder of Beijing-based crypto researcher TokenInsight. “In theory, Binance will face the same challenges as Facebook.”

At the time of Venus reveal, unlike other times, Binance released two separate announcements and in the Chinese statement, it advises the government to launch a regulatory sandbox that allows private firms to issue their own stablecoins.

“It’s better to embrace the change rather than missing the opportunity,” read the statement.

As for the launch, currently there is no time but in the next few months, more details including partnerships are expected to be released, He said.

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Author: AnTy

Former Congressman Calls for the Return of Non-Monopolized & non-Govt. Controlled Sound Money

Bitcoin skeptic turned bull, Ron Paul is calling for the end of the Federal Reserve.

Former Texas Congressman Paul has long been a critic of the existence of the Federal Reserve and the tax policy. And this time as well, he took a shot at the Fed.

Ron Paul tweeted,

Central planning he said is an “absolute failure,” and it is time to “End the Fed,” and sound money — that isn’t monopolized by the government — to make its return.

And could the decentralized and deflationary Bitcoin and other cryptocurrencies be that sound money?

Paul doesn’t elaborate on that but he is in favor of cryptocurrencies and blockchain technology as just last month, he said that they are a “great idea,” and governments should step in with “least amount of regulation” and that too to prevent fraud.

But he hasn’t been all pro-crypto. Back in 2017, he said cryptocurrencies are just another bubble like stocks that has “more threatening” curve.

However, if we look even further, in 2014, though he expressed concern about the backing of crypto, he has been all about an alternative method to fiat money.

Paul also has been bearish on fiat money as he said,

“I just don’t think the dollar is going to last. I don’t think any fiat currency lasts forever. They all self-destruct.”

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Author: AnTy

Former Amazon Employee Hacked Capital One Bank and Used its Servers to Mine Cryptocurrency

In one of the most significant data breaches to ever be documented, former Amazon Web Services representative, Paige Thompson, is thought to be the brains behind the data violation of Capital One bank.

According to the charge sheet leveled against her, Thompson is believed to have not only breached Capital One bank information but also utilized its serves to secretly mine cryptocurrency. Apart from Capital One, Thompson is also being charged for infringing security protocols of other 30 companies where she managed to gain access to user information.

Federal agents arrested the 33-year-old Thompson for the crimes leveled against her, disclosing that the software engineer expert managed to compromise the country’s seventh most significant financial institution to access the private information of millions of applicants and customers.

According to an indictment that was unsealed on Wednesday, Thompson is facing a buffet of allegations leveled against her by the American government. Thompson was arrested Mid-July for her illegal activities that are said to have also affected more than 100 million Capital One customers who had applied for credit cards. The user information is said to have been stored on a defenseless Amazon server that was misconfigured by the bank.

Ex Amazon Employee Allegedly Managed to Hack Capital One

According to media outlets, Thompson was an employee of Amazon who also served as a system engineer for another cloud hosting company that used to service Capital One. While the cloud hosting company remains anonymous, Amazon Web Services representatives came out publicly to confirm the news of Thompson being a former employee of the company. Even though Thompson used to work for Amazon, she left the company three years before executing the hack.

It is believed Thompson managed to gain access to Capital One’s database by taking advantage of a misconfigured web application firewall.

How Thompson Hacked Capital One Bank

According to the government report, Thompson managed to pilfer Capital One’s computer login details from Amazon servers to gain him access to the company’s user information and servers. Thompson would later abuse the administration rights that she had learned over the company’s servers to both steal user information and use up server capabilities to mine virtual currencies. According to the indictment, such mining activities are usually known as crypto-jacking.

If found guilty, the 33-year-old cross-dresser who lived in Seattle’s Beacon Hill neighborhood will be imprisoned for 25 years in prison on one count of computer fraud and abuse and one count of money transfer fraud.

According to the accusations leveled against her, Thompson infringed user information from 30 institutions that include a US state office, an open research college, and a telecommunication combination. This is apart from the accusations of gaining illegal entry to Capital One bank servers and using their computer to mine cryptocurrencies for personal benefit.

Although court records remain dainty on Thompson’s crypto-jacking activities, the amount she earned from her illegal dealing is rumored to be hefty and substantial going by her Slack messages. It appears Thompson was very successful in her crypto-jacking activities going by her boasting cryptographic money messages that have since gone viral.

“I will be in operation soon. In the event I had a helper, I could have allowed them to do the heavy lifting over my crypto-jacking efforts and retire as a stay at home worker,”

Thompson boasted under a nom de plume.

In a move of arrogance and confidence, Thompson posted yet again assuming a different alias on June 26 saying:

“For reasons not known to me, it has come to my attention that I have lost a complete fleet of excavators all simultaneously. Am suspecting one if you guys are onto me.”

After a few weeks, the information hack was noted by Capital One bank prompting them to zero in Thompson’s hacking spectacle.

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Author: Ali Qamar

Canadian Investors Using Bitcoin ATMs to Purchase BTC are Warned of a New Scam by Authorities

In a report released by one of the Canadian dailies, authorities in the country are warning potential Bitcoin investors to beware of the ATM scams, which are becoming more rampant. Winnipeg police brought to light a recent scam intended to part gullible investors with their Bitcoin (BTC) as leaflets spread across Bitcoin ATMs in the state.

“Beware of Bitcoin ATMs scams”

A report from Manitoba Post warns users of an ongoing scam whereby posters and flyers are plastered across Bitcoin ATMs asking users to send their Bitcoin from their address once bought. The leaflets (an example shown below) asks buyers to scan a QR Code and send already bought Bitcoins to an account – “CoinBTC”.

A fake Bitcoin ATM poster  

A fake Bitcoin ATM poster  

Posters are plastered across Bitcoin ATMs in Canada to scam gullible investors (Source: Manitoba Post)

While the scam looks obvious for experts in the field, it can easily confuse early adopters of the pioneer cryptocurrency. The instructions look believable such as the statement, “Due to the inconvenience, the commission was temporarily reduced to 3%.”

Investors are cautioned against sending BTC to these addresses as it will result to loss of your tokens.

Regulations against Bitcoin ATM scams

On Aug 15, the state of Nevada official, Julie Hanivold, asked all ATM owners across the state to follow the regulations set for money transmitters. These owners will need to meet all of the statutory requirements that have been publicly posted on the state’s official website to be able to operate within the state.

As the number of Bitcoin ATMs across the globe crossed the 5,000 mark earlier in the year, regulations and vigilance will be needed for these ATMs to flourish.

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Author: Lujan Odera

PlatOn and China’s Mercedes Benz to Integrate Blockchain in the Billion Dollar Used Car Marketplace

PlatOn, a blockchain service company, announced the development of a blockchain platform to record and store data for used vehicles in Beijing’s Mercedes-Benz Sales Service Co. Ltd. (BMBS). The platform uses the data to calculate the residual price of the vehicles before sales. Collaboration will be launched in Beijing to bring greater cost-efficiencies and auditability to Beijing’s billion-dollar used car market.

Vehicle Residual Value Management Platform

The press release on Cointelegraph on August 29 confirms PlatOn is working on a new blockchain based solution – Vehicle Residual Value Management Platform – for its clients in China. The network will collect data across the vehicle industry in China to optimize and automatically calculate the price of used vehicles in the country.

PlatOn’s VRVMP will further integrate more car dealership deals across the country once the integration to BMBS is complete. The platform will further allow users to track the residual value of a used vehicle across its lifetime.

The Chinese billion dollar Used car market

China currently faces a backlog of used cars in the country – and the number is increasing. The influx of new technologies in the country (electric cars and driverless cars) is quickly shaping up the overall automotive industry. Users are buying new tech cars leaving their old used vehicles with a narrow market to sell off the assets.

China currently has a billion dollar marketplace for used vehicles will over six million used cars sold in the first half of 2019 alone. The CSO of PlatOn, Ada Xiao, spoke on the launch of the VRVMP system highlighting the benefits its blockchain system will bring, not only to Beijing’s Mercedes Benz Sale Store but the overall used car market.

He said,

“With over 6.5 million used cars in China traded in the first half of the year alone, we hope that our collaboration with BMBS will highlight the need for more sophisticated data collection systems to accurately monitor the value of the vehicles comprising China’s substantial used car market.”

Vehicle industry in blockchain

The vehicle industry is gradually adopting blockchain technologies to ease production and sales data. On Aug 4, Volvo – the Swedish Car manufacturer – announced the company is integrating blockchain to aid the production of its electric vehicles via recycled cobalt.

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Author: Lujan Odera

Bitcoin (BTC) Price Shows a Potential October Bullish Breakout, or Bakkt’s September 23rd Launch

A multitude of investors and traders are presaging October as the breakout month of Bitcoin (BTC). A possibility of a ”no deal” Brexit is set to happen, bullish technical indicators and the launch of the long awaited Bakkt Futures are all set to converge in the months of September and October – is Bitcoin (BTC) set to break its all-time high price before the end of the year?

Bakkt physical settled futures

Intercontinental Exchange’s (ICE) Bakkt is finally offering its physically settled Bitcoin futures starting September 23rd. The wait is over after several challenges facing the futures contracts including the U.S Securities and Exchange Commission (SEC) regulation challenges.

Speaking on the launch of physically settled Bitcoin futures, the CEO of ICE, Jeff Sprecher, said,

“That infrastructure has attracted a lot of very, very interesting companies that have come—some that have invested in Bakkt, some are just working with Bakkt to try to tap into that infrastructure for some new use cases that will involve blockchain and digital assets and other things that we can provide these people.”

BEG announced on Aug 28. Bakkt will start custodial services to ensure security of their users’ digital assets through their Warehouse storage starting September 6.

Brexit: A ‘no deal’ to boost Bitcoin

The second factor expected to boost the price of BTC in the final quarter of the year is the possibility of a “no deal” Brexit. British citizens are currently in one of the worst constitutional crisis in the past 500 years, which is pushing investors to look for safe haven assets to hedge against the risks of a failing economy in case no deal is reached.

Brexit uncertainty coupled with the launch of physically settled Bitcoin futures by Bakkt and LedgerX opens up a leeway for Bitcoin’s growth in the coming months.

Technical indicators point to September 23rd

In a post published on CryptoSlate, Bitcoin’s price is forming a symmetrical triangle on the 1 day charts. Such an indicator shows the likelihood of a consolidation phase before a potential bullish breakout at the convergence point. Coincidentally, as seen on the chart below, the symmetrical triangle converges on the 23rd of September. Is the market reacting to Bakkt Futures announcement?

Bitcoin USD price chart

Bitcoin USD price chart

Technical chart showing a potential consolidation of BTC’s price before a bullish breakout on the 23rd September (Source: Trading View)

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Author: Lujan Odera

China’s Love with Tether (USDT) Signals a Bullish Trend in the Cryptocurrency Market

Chinese cryptocurrency traders are building a strong trading relationship with Tether (USDT) as the stable coin remains the best traded asset in the crypto world. According to Coinmarketcap charts, the token holds 33.63% of all trading volume across the cryptocurrency exchanges. Most of this volume seems to be originating from the Asian traders as the ban of on ramp fiat channels persists.

Bullish signs? Chart showing USDT robust market cap growth (Source: Coinmarketcap)

China’s love for Tether USDT trades

Tether (USDT) has recorded its highest market capitalization figure ever during the month of August hitting the $4 billion dollar mark. USDT remains a popular option for investors in China to hold their digital asset value and buy other cryptocurrencies, as the Chinese investors sense a potential bull run in the market.

In an interview, one of the Chinese investors spoke on the effect of USDT in the cryptocurrency industry in the country.

Choosing to speak anonymously, she said,

“Tether has truly good liquidity in China. One of the primary use-cases is a fiat on- and off-ramp for crypto trading. I did also see some people using tether for legit business use-cases like cross-border trading.”

A bullish case for Tether

The increasing love for Tether in China is a result of the investors’ bullish sentiments, rather than the technological developments, regulations or infrastructure.

A trader spoke to Coindesk in an exclusive report,

“Tether is the easiest way to hold a relatively stable volume of value at an exchange that doesn’t accept dollars. It’s much more about that [USDT] network effect than any technology, infrastructure or other advantage.”

With Tether set to release a Chinese Yuan stable coin, CHNT, in the “near future”, China may be setting a trend for a bullish trend in the closing months of 2019.

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Author: Lujan Odera

Can Bitcoin’s Price Go Under $8,000 Again? This Trader Thinks So

After its latest price drop, Bitcoin went from just over $10,270 to under $9,700 USD. The short-term probability is that Bitcoin may go down even more right now. Even the dominance of Bitcoin, which was over 70%, was pushed down to 69% at the moment.

Now, a well-known BTC trader known on the internet as Angelo has affirmed that there is a big chance that the price of BTC may go down to $8,000 USD. According to him, the liquidation of long contracts could have a huge impact on the market.

If the market breaks below the $8,000 mark, some traders may capitulate and this means that the value can drop even more. It looks like the bull run may be over and there’s another bear market just around the corner.

As people are not psychologically prepared to see the market going down so fast, an abrupt change in market sentiment may happen and a huge crisis can begin.

The reasons why the prices are going down are not yet fully known. Some people have claimed that it is related to market manipulation while others believe that it has to do with the U.S.-China trade war. According to the ones who defend this idea, geopolitical risks are making these investors choose gold and U. S. bonds instead of crypto.

While equities are going down in value, gold is going up, which corroborates this theory. In any case, we have to wait before deciding that the bear market is here again. If the coin is able to regain its value quickly, the crisis can be averted.

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Author: Bitcoin Exchange Guide News Team