Nouriel Roubini Gets Behind the Anti-Ethereum Lashings

  • Nouriel Roubini’s negative stance on irrational economic movement has led him to be referred to as “Dr. Doom.”
  • Ethereum has gained just under 0.5% in the last 24 hours.

Nouriel Roubini is better known by his persona of Dr. Doom, and he’s known for his constant negativity towards irrational bubbles in the economy. He finds cryptocurrency assets unnecessary, stating that they don’t have any value, but his recent comments have seemed to target Ethereum specifically. As Dr. Roubini sees it, Ethereum lacks intrinsic value.

This is one of the few instances that Roubini has chosen to shift his attention away from Bitcoin specifically, though an older tweet includes remarks that Bitcoin is still down significantly from its all-time high. (Bitcoin, at the time of writing, is priced at $7,758.07, rising by over 1% in the last 24 hours.) He also mentioned that altcoins are nothing more than a disaster, and some crypto community members happen to agree.

Ethereum has gotten a lot of criticism for quite a while. Many of the opponents are frustrated with the lack of scaling, as well as how complex it is to use the low-capacity network.

Even with all of the naysaying, the cryptocurrency market appears to be in better shape than it normally is. After the massive rally recorded at the end of 2017, the hashrate of Bitcoin reached about 20 times higher than it had ever been. Trading volumes are starting to increase again, and the altcoins ranking at the top of the market are seemingly turning out more liquidity.

There’s been many failed projects to reach the market, and there’s even assets that have lost nearly 99% of their value multiple times, valued at almost nothing now. Even in the earliest days of being able to trade cryptocurrency, failed coins have managed to accrued.

Despite many setbacks, the market has seen more volume collectively recently. New products and derivatives markets are boosted by liquid coins and tokens. The significance of Ethereum has been rising again as well, after being chosen to run Tether with an ERC-20 version of the token.

The cryptocurrency market has been dealt many blows in its short lifetime, but the current market is more resilient and less likely to break from negative news. Even losses from big exchanges, like the losses faced by Upbit and IDAX, were taken without much attention, and the gloomy statements over the market don’t seem to stick to the optimism at all.

There are extreme predictions of where Bitcoin is going now, and some analysts are proposing levels as low as $1,000, using long-term chart patterns to come to that conclusion. However, Bitcoin seems to be bouncing right now, and there are many traders around to push it to better price levels.

As the thief from Upbit attempts to cash out some of the stolen cryptocurrency from the hack, there’s some fear surrounding the price beating that Ethereum might take during the sale. However, the coin is maintaining some consistency in its stability, as more ETH is moved into collateralized lending and DeFi schemes.

At the time of writing, Ethereum was worth $154.58, increasing by just under half a percent in the last 24 hours.

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Author: Krystle M

Are Lawmakers in the US Allowing Pro-Crypto Bills To Be Written by Insiders?

  • Wyoming is the only crypto hub found in the United States.
  • Companies are still subjected to federal laws, when it comes to launching projects in the states.

With less than 600,000 people in Wyoming, the state has one of the lowest populations in the US. However, the many developments in the cryptocurrency industry locally have made it like a haven for these businesses. So far, there have been 13 separate laws that should help with the development of blockchain technology, introducing businesses from throughout the country.

Unfortunately, this victory comes with a little bit of a downside, as the state pushes quickly to secure their place as a mecca for crypto businesses. The founding member of the Wyoming Blockchain Coalition, Robert Jennings, remarked that many cryptocurrency holders with some kind of stake in the market have been bringing forth bills without any resistance from lawmakers that still don’t understand the technology being promoted. Jennings added,

“There is no dissent or questioning of the ramifications of making Wyoming a so-called ‘cryptocurrency haven.’”

Even though it is clear that Wyoming is setting the bar for other states that may be hesitant to get involved with cryptocurrency, the new laws are still not very significant. A Blockchain lawyer at Kobre & Kim, Benjamin Sauter, stated that the permissive laws make it hard for companies to reap the benefits. Furthermore, the firms are required to follow the federal securities laws already in place. With this small progress, the US Securities and Exchange Commission still hasn’t fully gotten on board with cryptocurrency.

Wyoming established itself as the first US state to decide to consider digital assets to be legal property. Caitlin Long, a veteran of Wall Street, is the current leader of the Wyoming Blockchain Coalition, and she recently stated that a new crypto-focused bill made it possible for state residents to secure 401k services involving cryptocurrency from Fidelity.

At this point, Wyoming seems to be a loner amongst states, since it is the only cryptocurrency hub in the U.S. Still, that doesn’t mean that there’s no one in positions of power in their corner. Warren Davidson (R-OH), a US Congressman, suggested tokenizing the US dollar in remarks made in September. Davidson is known for creating the Token Taxonomy Act.

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Author: Krystle M

Russian Rubles Can Now Be Deposited on Huobi Russia Exchange

  • Huobi Russia is launching a platform for IEOs called Huobi Russia Origin.
  • There will be no fees associated with listing on the Origin platform.

Huobi recently created a franchise of their exchange in Moscow, naming it Huobi Russia. As the exchange launches, users of the new platform will have the opportunity to add Russian rubles to their account with the use of bank transfers as of Thursday. The announcement was made at an event in Moscow this week, stating that the platform will have it’s own exchange for the newly accepted Russian rubles.

A Uzbekistan bank will be used for the processing of these deposits, since the HBRU CIS (Huobi Russia’s legal entity) has already received a letter giving permission from the Justice Ministry in Russia, according to CEO Vladimir Demin. Addressed to HBRU CIS, this document came from the Agency of State Services under the Ministry of Justice of Uzbekistan. Furthermore, it clarifies that the operations planned for the exchange, which includes activity in digital assets, software, and IT consulting, have not been prohibited by the local laws.

Recently, to push for progress in the crypto exchanges in Russia, Uzbekistan has recently taken steps to bring in more business, like tax incentives. Demin explained that Huobi has a relationship already established with InfinBank for their financial needs.

Along with the launch of the rubles deposits, the Moscow office will be creating its own platform, allowing it to establish initial exchange offerings (IEOs). The platform, Huobi Russia Origin, makes it possible for Russian projects to choose a different option from what the Huobi Prime launchpad provides. Previously, any project aiming to launch a new token could only do it through Huobi Prime. A business development lead with Huobi Cloud, Shawn Chong, stated that the new IEO platform plans to have its own token to launch soon, which will be for the fees associated with their service.

Even if a project manages to secure a listing on Origin, it isn’t guaranteed to be listed on Huobi Prime. The tokens established with the new platform will only be available to consumers that are registered on Origin, according to Chong. The Huobi Russia team requested a separate listing services, and their request was fulfilled with Huobi Cloud. Chong commented,

“If it helps the market in a certain region and it’s not illegal, we don’t see any reason for not helping them. The main idea is, we want to grow with these new [local] projects.”

Origin’s launch date has yet to be decided, though the date will likely depend on the size of the demand for the new platform to add listings, says Chong.

Demin stated that the new rules for listing applications are planned to be released on the 30th of December. While Huobi Russia won’t be implementing a listing fee, paid services may be offered, like legal advice and review on projects before they are broadly listed.

Though CoinDesk has contacted the Ministry of Justice and InfinBank for comment, there has yet to be a response.

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Author: Krystle M

IRS is not Infringing Privacy By Requesting Data From Crypto Exchanges, Judge Decides

A federal court from California has recently decided that the requests made by the Internal Revenue System (IRS) to the cryptocurrency exchange Bitstamp in a specific case were not illegal. According to the judge, most of the arguments provided by William Zietzke, who filed a lawsuit against the IRS, lack merit.

Zietzke argued that the IRS is overstepping its bounds by asking crypto exchanges to provide data about the transactions made by their clients. In his case, he asked for a refund after overestimating his long-term gains back in 2016.

During the investigation to see if he was right, the IRS discovered that he had failed to inform about a Bitstamp account that he had at the time. This prompted the government agency to request Bitstamp to give data about Zietzke’s holdings, as well as the public keys related to all of his transactions. The information was deemed important to aid in the investigation of whether he was concealing money or not.

The argument of the investor is that the IRS acted in bad faith and he presented six arguments, five of which were denied. One of them was approved, however. The summons was considered “overbroad” because it looked for both relevant and irrelevant information about the case. The IRS should have only asked for information that could be directly linked to the case.

All of the other arguments were refuted, however, which gives more strength to the IRS in future cases in which the government entity decides to summon crypto exchanges to provide information about their clients.

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Author: Gabriel Machado

New Cisco Patent To Secure 5G Networks Using The Blockchain Technology

Cisco, a giant from the network technology industry, has recently been awarded with a new patent by the U. S. Patent and Trademark Office. The new patent details how to use the blockchain technology to secure data in 5G networks. According to the document, which was first submitted in June last year, a blockchain platform can be used to integrate wireless networks.

The idea is that Cisco will manage the data sessions between the user’s device and the virtual network. This way, the patent describes how this platform could be used to support “network slices”, which are the architecture that supports several independent networks as they use the same infrastructure simultaneously. According to the filing,

“This service-oriented architecture supports network slices, which employ an isolated set of programmable resources that can implement individual network functions and/or application services through software programs within a respective network slice, without interfering with other functions and services on coexisting network slices.”

Cisco is far from being the first company to explore this niche. Several companies are starting to use the Internet of Things (IoT) technology together with the blockchain. Companies such as Bosch, Chronicled, BNY Mellon and Filament are all using the Hyperledger blockchain in order to protect their IoT products and achieve more decentralization and efficiency.

In related news, Cisco has recently started a new partnership with SingularityNet, an intelligence services provider. The partnership was made to decentralize AI systems and to improve their efficiency using the blockchain.

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Author: Gabriel Machado

Block.One Now Part of EOS Elections as Centralization OF EOS Network Rages On

Block.One revealed that it will become part of EOS election as the issue centralization of the platform emerges yet again. The company behind EOSIO platform now says it will be taking part in all electoral aspects in order to select Block Producers within the EOS blockchain, Cointelegraph reports.

Through a series of tweets one of the EOS Block Producers known as EOS New York revealed that one company was in control of 6 Block Producers which led to intense criticism that EOS blockchain was being centralized.

For months, EOS has always claimed that it is secured via proof-of-stake which is a delegated model and 21 Block Producers have been designated to take over the operations of the EOS token holders with the sole aim of operating the platform’s nodes. Block.One has always insisted that this model is aimed at offering enhancement to proof-of-work model where the highest performance output is achieved utilizing very minimal energy.

Block.One also explains that maintenance, as well as verification of the EOS platform, needs the coordination of just a fraction of nodes which makes the network have the capability to produce blocks in half a second.

In mid November, the company made an announcement saying it will become part of the participants in elections in order to delegate the EOS Block Producers. The company stated that it held a small portion of EOS token and it also looks forward to using the EOS public blockchain. The company also explained that it held not more than 9.5% of the entire supply of EOS token in circulation. The announcement also explained that that Block.One’s participation was helpful in making sure the EOS network hold on to its health.

The current tweets by EOS New York comprised of screenshots from Whois search results which showed that the domains from EOS Block producers, eosunioniobp, stargalaxybp, eoszeusiobp1, eosathenabp1, validatoreos as well as eosrainbowbp came from one identity going by the name ‘fun eos’ located in Shenzhen, China. The revelations led to massive criticism from industry heavyweights ranging from Vitalik Buterin to Larry Sanger.

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Author: Joseph Kibe

Federal Court Lawsuit Says Money From Stox Token Sale Was Used To Buy Soccer Team

A new federal court lawsuit against Stox Technologies in Seattle claims that the proceeds from the token sale of Stox tokens were used to buy a soccer team from Israel and other outside investments. This would be a clear breach of the law, as the money should be used on the project instead.

The lawsuit claims that the execs from Stox Technologies defrauded its investors by lying and using the money in non-related activities. The plaintiff claims that the tokens were purchased reliant on statements that affirmed that the money would be used to develop the project, but they were not used for that.

Investors from all over the world were allegedly defrauded out of millions of dollars in this case, as a very high amount of money was raised.

Moshe Hogeg, the owner of Stox Technologies, is being accused of funding several expensive purchases with the money, including paying around $19 million USD to buy land in the capital of Israel, Tel Aviv, and $7.2 million to pay for Beitar Jerusalem, a local soccer team.

Will this lawsuit hurt Stox Technologies? The Block seems to think so. In a recent article, an analyst from the crypto media outlet affirmed that there is “a lot of smoke” in the lawsuit, but that pleading problems aside, there is a chance that the plaintiff may win the case against the company because it has “an angle”.

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Author: James W

Despite Claims of $150 Million Tagomi Acquisition, Coinbase Denies Purchase

  • The purchase by Coinbase has not been verified by the exchange.
  • Tagomi recently partnered with Binance.US.

Established in 2018 by a group of former Goldman traders and Union Square employees, Tagomi is known for its brokerage services, having recently raised $28 million with venture capital funding with Pantera, Morgan Creek, and other firms. However, based on reports from The Block and CoinDesk, sources have suggested that Tagomi has gotten the attention of Coinbase, leading to talks of an acquisition, as of November 15th.

A source that claimed to be familiar with the matter spoke with CoinDesk, saying, “Tagomi and Coinbase were in talks last week – well, Coinbase acquired Tagomi this morning for $150 million.” However, Coinbase has released a statement at the request of Cointelegraph, as the VP of communications for Coinbase – Rachael Horwitz – stated that the claims are “100% false.”

A few days ago, Tagomi collaborated with Binance.US, which is the US-based partner of the Binance crypto exchange, aiming to introduce new liquidity. However, it is notably one of less than 20 companies in the crypto industry to have secured a “BitLicense,” which is a license to operate within New York’s borders.

Last year, Coinbase launched Coinbase Prime, which is an institutional trading platform by the platform to integrate capital from Wall Street to bring into cryptocurrency. By adding Tagomi to their acquisitions, Coinbase may soon seen an influx of new institutional investors that had previously been unreachable.

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Author: Krystle M

Power Ledger Partners With India’s Largest State To Introduce P2P Solar Energy Trading

Uttar Pradesh is poised to become the inaugural Indian state to introduce blockchain-based solar energy trading. This is after Australian startup, Power Ledger inked a deal with two major government-owned companies for a pilot project that will involve blockchain-based solar energy trading, Cointelegraph reports.

In a press release, the two firms Renewable Energy Development Agency, as well as Uttar Pradesh Power Corporation, have entered into an agreement with Power Ledger to roll on a pilot a blockchain-backed solar power trading to analyze whether such a project is viable in the state. As per the statement, the first batch of the project will end before the end of March 2020.

As per the agreement, during the piloting stage, Power Ledger is expected to connect its blockchain-backed system to smarter meter systems which will enable citizens owning rooftop solar equipment to decide on the prices, monitor the power trading as well as clear out excess solar power dealings through the use of smart contracts.

An essential challenge facing renewable power sources is storage of extra energy due to unpredictability of sources such as the sun or wind that generate extra or less energy than is required. Keeping this in mind, the current project is primed to empower small producers to get clients who can utilize the extra power as well as make the generation of renewable energy more viable.

After the completion of the trial stage, Power Ledger is expected to analyze the results and work closely with the government to come up with regulations which will enhance P2P power trading in the state.

This is not the first project to be undertaken by Power Ledger in India as it previously implemented a P2P power trading in Dwarka area located in Delhi. Just like the trial in UP, the company’s pilot project in Dwarka was premised on offering the residents cheaper, safe renewable power and allow solar equipment owners earn from the extra power they produced.

With a population of more than 1b people, India has recognized the power of blockchain technology in various sectors and just recently, the country ministry in charge of IT said it will soon release a countrywide blockchain framework.

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Author: Joseph Kibe

Russian Central Bank Will Support Legislation To Ban Cryptocurrencies Due To Risk

The Bank of Russia, known as the central bank of the country, has recently offered its opinion on banning cryptocurrencies. According to it, a crypto ban is not out of question right now. If the legislative level of the government decided to ban cryptos, the bank would fully support the decision.

At the moment, the situation of cryptos in Russia is still undecided. Legislation that could clarify the status of the assets in the country was passed by legislators months ago, but some decisions are still delayed and there is no timeframe for their decision.

Unfortunately, the Bank of Russia does not view cryptocurrencies in a very positive light at all. The institution justified the idea of supporting the ban by affirming that cryptos can be significantly risky because they are often used to launder money and to finance crime and terrorism.

Also, the bank affirmed that transactions in exchanges are prone to suffer from sharp exchange rate fluctuations. This causes a lot of volatility, a sign of speculative markets, and can threaten financial stability.

In related news, Elvira Nabiullina, the chair of the bank, has recently affirmed that the Bank of Russia doesn’t see any strong reasons for the launch of national crypto like the one that is being planned by the government of China.

According to her, the risks of an asset such as this one are higher than the benefits and cryptos can be compared to gambling in casinos, as money that comes easily can also be lost easily.

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Author: Gabriel Machado