Sequoia-Backed Band Protocol Releases New BitSwing dApp Allowing Bitcoin Binary Options Trading

A new blockchain startup called Band Protocol, which was recently backed by Sequoia India has just released its first decentralized application (dapp): BitSwing. According to the company, the new dapp lets the users trade BTC binary options, which are a derivative based on Bitcoin.

The crypto media outlet The Block reported that the users of the company can decide to take both long and short positions on the BTC/USD market and that they can try to predict how prices will be a minute after the bet.

The creator and CEO of Band Protocol, Soravis Srinawakoon, affirmed that the product has been largely successful so far as over 40,000 transactions happened during the week in which the testnet was online.

To be able to use the dapp, the users need to install Metamask and then use the program, which is based on the Kovan testnet. After accessing the app, a person can use ETH to bet on the price of BTC by taking either a long or short position. If the person is correct, you can double your amount of ETH. if you are wrong, you lose it.

Despite the successful launch, the company was already criticized for the short timeframe of the predictions. A single minute is not a lot of time and the CEO affirmed that more options would be added soon.

According to the company, revenue is already appearing. Since the launch of the testnet, the company was able to raise around $12,000 USD. During a whole year, the team expects to raise around $300,000 USD alone from the program.

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Author: Gabriel Machado

Ravencoin (RVN) To Become ASIC-Resistant via Hard Fork Implementation

The prevention of mining centralization via the use of ASIC miners is becoming more common in the crypto market lately. Now, Ravencoin (RVN) is set to implement a new hard fork that will make the network resistant to ASIC miners.

According to the developers, the main reason to block ASIC miners is to protect the network from a 51% attack. Ravencoin was always designed to keep mining power decentralized, so creating an algorithm that keeps changing to block specialized miners would make them useless, as no one would buy equipment only for it to become unusable a few months later.

The problem was first noted a few months ago when a single miner was able to mine as much as 45% of the blocks. With 51%, he would be able to perform an attack on the network.

X16 version 2, the hard fork, will be implemented on October 1. The goal of the update is to ban ASIC miners and to ensure that only GPU miners can work. This will happen in the 2.5.1 version of the software, so all nodes should be upgraded. Several platforms such as Binance already affirmed that they will support the hard fork.

Obviously, not everybody agrees with the changes. Some small but vocal users believe that the original blockchain should be maintained. This will possibly result in the creation of Ravencoin Classic, a new token that will not be resistant to ASIC miners. Most people believe that a real split during the hard fork is very unlikely, though.

Both the price of RVN and its daily trading volume went up after the hard fork was announced, but they started to normalize again.

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Author: Gabriel Machado

XRP Rated as Security while Bitcoin, Litecoin, & Monero has the Least Score: Crypto Rating Council

  • Crypto exchanges and investment giants come together to rate digital assets

Cryptocurrency exchanges and investment platforms have taken it upon themselves to determine which crypto asset is a security and which isn’t.

Coinbase, Kraken, Bittrex, Circle, Genesis, Grayscale, DRW Cumberland, and Anchorage have come together to create the Crypto Rating Council to decide which digital assets can and cannot trade on their platforms.

The framework results in a score between 1 and 5, with 1 meaning he asset has no characteristics of traditional regulated security and a score of 5 representing that an asset is strongly consistent with treatment as security. As per this framework, Bitcoin, Dai, Litecoin, and Monero has the least score of 1 while on the other end of the scale are Polymath (4.50), Maker (4.50), and XRP (4).

However, this didn’t go well with XRP community.

“The Council’s ratings are performed independently,” and “not endorsed by the SEC, CFTC, or any government agency, developer team, or other third party, and they are not legal advice.”

The council will review more assets and might even develop similar tools for non-US jurisdictions.

The diverse group of leading crypto financial services firms as per the official website, are companies “committed to the responsible growth and maturation of cryptocurrency markets and related financial infrastructure and trading services.”

The members believe “practical compliance tools” can help the market participants support growth and adoption of the digital assets in the US and around the world. While the US SEC’s guidance has been helpful in alerting the crypto industry to complex legal issues, determining which asset is security or not “remains highly circumstantial.”

This complexity, they say has slowed the launch of new crypto assets in the US and as such decided to take matters into their own hands.

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Author: AnTy

Revolut To Add 3,500 People To Its Team, Start VISA Partnership for Market Share Growth

The fintech company Revolut is currently seeking to add 3,500 employees to its staff. The current goal of the company is to expand in both developed and developing markets. To be able to do it, the company wants to upgrade its staff from 1,500 to 5,000 people in a period of one year.

Nikolay Storonsky, the co-founder of the company, affirmed that the company is set to expand beyond its current reach of Europe and Australia, which are Revolut’s primary markets. Not only is the company expanding into the United States, but also other countries such as Russia, Japan and Brazil.

Part of the reason why the company is expanding has to do with Visa. The expansion will also expand how people use Visa with 75% of the Revolut-based cards will use this system.

This is a very ambitious plan that has already made the company be accused of an “aggressive expansion”. Part of this is because the company uses a referral link system in which people get bonuses for inviting others to use its services.

Revolut To Offer Limited Access To Crypto

What does Revolut have to do with cryptos? The company currently offers some popular digital coins. The assets include the ones at the top of the market: Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), Bitcoin Cash (BCH) and XRP.

There may be some limitations, though. While the U. S., Brazil and Japan are considered fairly friendly to cryptos, Russia is not so much. Crypto assets can only be sent to other Revolut accounts, though, which diminishes the scope of the service.

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Author: Gabriel Machado

Will the Crazy 4Chan Bitcoin Price Prediction Hodl True for October at $16,000 BTC/USD?

Many crypto enthuasists are banking on the infamous 4chan bitcoin price prediction to be right again for the third time in a row in the 2019 calendar year.

A screenshot of a comment made on January 21, 2019 that correctly predicted bitcoin’s price twice already has been going around and is being hailed as the ultimate shot caller due to being correct time and time again. But will the notorious 4chan forecast actually hodl true in October?

After calling out Bitcoin’s bottom in January 2019, 4chain anon proved right two more times and has been one of the most talked about oddities in the cryptoverse this year.

He or she (or they) said BTC’s price would be $5,300 in April and then $9,200 in July. Despite going to $13,900 in July, BTC crashed to about $9,050.

The next prediction by 4chan is of $16,000 in October 2019.

This means the BTC price would essentially double in the next month to go from today’s current price hovering around $8K.

Currently, bitcoin is trading at $8,020 with 24 hours loss of 1.16 percent, as per Coincodex.

It’s not just 4chan that has predicted this, crypto analyst Crypto Welson is even more bullish as he believes we could see “a new yearly high” in October.

This is because, if we zoom out on the daily charts,

“Bitcoin has seen similar “flash crashes” numerous times during bull runs.”

Crypto trader and investor Josh Rager also points out how in 2013 Bitcoin bull market pulled back 75% over 89 days before registering a 1600 percent run-up to new highs later in the year.

In 2019, Bitcoin has currently retraced 42% over 91 days. Though the price can continue down once pullback is done,

“expect the bull trend to continue.”

However, trader Hsaka says,

“Whenever price breaks a multi-month support or resistance, it usually sees continuation in the direction of the break.”

Q4 historically has been a good quarter for BTC price and whether it is going to be October or the coming months, a surge is bound to come.

Remember, it took just three weeks for bitcoin to boom from $8K to $19,893 USD back in 2017. The “Thanksgiving to Christmas” explosion in the price of BTC was nothing short of amazing and would be a wild scene to see it happen again.

Many question whether or not bitcoin’s USD exchange rate value has found a new floor at $8,000 given how it has fared since its early Q2 rise. What expert Tom Lee had to say was received with great admiration in saying the recent drop of BTC/USD from $11K to $8K was nothing abnormal and is par for the course in bitcoin’s ‘rule of the 10 best days‘ theory he explained.

Regardless of how the price of bitcoin reacts in the short term or hodls true to its $16K milestone in October 2019, many believe what Mark Yusko thinks in that all investors should be buying bitcoin with every chance you get.

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Author: AnTy

Fusion Network Gets Hacked with Nearly 13.5 Million Worth in FSN Tokens Compromised

On Saturday, September 28, blockchain-focused financial platform, the Fusion Network was hacked reports Decrypt.

The Fusion Network was built with the aim of establishing a platform that supports forward-thinking applications or a cost-saving solution for businesses. They have since facilitated token swaps, such as stablecoin swaps among others.

The news was first announced by the CEO of Fusion Foundation, DJ Qian, who disclosed that the token-swap wallet, which swaps ERC-20 FSN tokens for tokens on the FSN MainNet, was compromised. Altogether, 10 million FSN tokens, native to the Fusion Network and 3.5 million ERC-20 FSN tokens were stolen, amounting to roughly 38 percent of the circulating supply.

DJ Qian revealed the news in the Fusion Telegram Group, in which he said:

“At this moment, we need to stand side by side, hand in hand to create a great wall for fusion.”

He also seems to have expressed relief in the fact that the Fusion protocol was not compromised, which is reasons is because of the protocol’s security. He further added that:

“Token stolen happened a lot of times already, we need to be very cautious.”

That said, he later shared in the group that the team has been watching ever move of the hacker, noting that they have been,

“moving those stolen FSN in order to wash the address holding FSN and sent part of them to exchanges to sell.”

For support, DJ Qian has reached out to the likes of OKEx, Huobi and Bitmax to store the remaining tokens, with some of them secured in a safe cold storage address.

As for what DJ Qian thinks might have happened, he trusts that someone with access to the foundation wallet’s private keys is to blame, adding that he has the names of the individuals and involving the police will be a consideration. In the meantime, the team is working on a program that could possibly track and trace the stolen tokens.

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Author: Nirmala Velupillai

Iran Cracks Down on Crypto-Miners as the Government Regulates

The Iranian government has steadily been putting pressure on local crypto-miners in the past three months thanks to new legislation in the works that would regulate cryptocurrency mining via licensing.

Without any official legislation put out, crypto-miners around the country with a sense of perpetual fear and paranoia, running the risk of losing all their equipment, being overloaded with incredibly hefty fines, or outright arrested and jailed for the practice.

It’s been estimated that over 80,000 mining machines have been confiscated within the span of the last four months, with one bitcoiner, in particular, losing thousands of machines, and causing the loss of income for 30 households that relied on these mining operations.

The Iranian government isn’t pulling any punches with their fining process. Several bitcoiner’s simply gave up the deeds to their houses, because they couldn’t pay the exorbitant fines, usually more than their annual salaries. The fines can range from $2 000 to $5 000, per machine, several times more than its retail value.

That is usually added to the already steep electricity fines given out. Such fines are four times the annual cost a business has. An example would be if a group mined bitcoins, paying $5 000 for electricity in the span of a year, they would be fined a shocking $20,000 for using subsidized electricity.

Crypto-Miner Smuggling

The legality of crypto-mining within Iran is compounded by, for lack of better words, the fact that the easiest way to gain mining-capable equipment within Iran is through the black market.

Everything from televisions to air conditioning units are bought like this, with official retail outlets in Iran usually selling items of lower quality and higher price compared to foreign grey markets. 

It’s a safe deduction to say if the Iranian government wants to crack down on these smuggled pieces of equipment, they would have to hold almost all of Iran in contempt and fine them accordingly.

The Start of It All

The reason Iran, in particular, is making waves is because of the staggering cheap energy rates within Iran. In some places, the electricity rate is as low as $0.0006, which, understandably, creates an attractive market for an industry that mandates extreme power demand. Crypto-mining is ultimately a game of balancing out the costs compared to the value of the cryptocurrency you get, and one of the major factors of that is the energy consumption costs.

Even outside of Iran, many investors took notice of it, but the same difficulty of smuggling equipment for local miners is the same problem for international investors. Regardless, this new chapter in Iran’s history will undoubtedly have a tremendous impact on the country. If done correctly (and quickly), the new legislation could boost Iran’s economy by an incredible degree.

Or it could ruin an opportunity due to government interests. All we can do is wait and see

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Author: Ali Raza

Overstock And Patrick Byrne Sued For Securities Fraud Regarding Dividend Payouts

Overstock.com, former CEO Patrick Byrne and former CFO Greg Iverson are being sued for securities fraud.

Byrne, the controversial founding chief executive of Overstock who has long been at open war with short sellers and Wall Street at large, left the company last month amid some of the strangest circumstances and stories from a tech executive since John McAfee fled Belize.

The complaint reads:

“While shares traded to a Class Period high of $26.89 each on September 13, 2019, they traded to as low as $15.50 by September 18, 2019, three trading days later, after investors learned that the tZERO dividend was designed to be a short squeeze.”

Like an infomercial for the nascent decentralized, distributed ledger technology that underlies cryptocurrencies like Bitcoin, he waxes poetic about a future in which corruption is wiped out, people are freed from poverty and developing nations can leapfrog ahead by putting government functions like voting, property records and central banking on the blockchain.

The accusers say that the strategy used by Byrne was suspicious, claiming they enabled them to

“sell additional shares of Overstock in the market to create a cash fund necessary to support its crypto projects (in the face of them being abandoned by investment partners.)”

Byrne went on to say that in the event of an economic downturn, the value of crypto assets would rise, and he would be in a position to provide a capital injection to Overstock.

“You will have not just access to capital, you will have access to the friendliest capital imaginable: my own,”

he wrote.

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Author: Sritanshu Sinha

Is NVIDIA Looking to Control the Ethereum Network? Here’s the Problem Regarding ProgPoW

It has been recently revealed that NVIDIA secretly influenced the development of “ProgPoW”, however, there are many allegations regarding it as well reports Decrypt.

In particular, the accusers are claiming that ProgPoW was built specifically to support NVIDIA’s GPUS. The problem that arises from this is that Ethereum miners will then have to rely on NVIDIA, with the latter possibly taking control over the Ethereum network.

The need for ProgPoW stems from the fact that over the course of years, application-specific integrated circuits (ASICs) have outnumbered the usual use of graphic processing units (GPUs). Unfortunately, those who have been sticking to GPUs were no longer able to mine given the rise in ASIC. Hence, comes ProgPoW, which ensures that miners can make some form of money.

The Evidence

Commenting on this is Kristy-Leigh Minehan, deemed the ProgPoW architect, who has since dismissed the accusations made. She also left her position at Core Scientific, who supposedly commented otherwise. According to the claims made, Core Scientific has been linked to NVIDIA and possibly Calvin Ayre.

What does this Upgrade Mean for NIVIDIA?

Obviously, it would imply an increase in sales in their specific GPUs, but interestingly, at the expense of ASICs and GPUs of its competitor, AMD. This implies that the NVIDIA is trying to secure the company’s monopoly over the network.

Turns out that the connection between Core Scientific and NVIDIA is that the latter is supposed to provide artificial intelligence GPUs that can be adapted to mine either, writes the news outlet. The duo has also come together in Core Scientific’s incubator program, which according to the President of gpuSTASH, Alexander Levin, involves the sharing of ProgPoW-ready mining technology.

As per Levin, ProgPoW’s other creators, Def and Else have been getting paid by NVIDIA. He also accused Minehan as being a “NVIDIA patsy”. However, Minehan affirms that they were changed to dishonestly convict her.

The Chief Administrative Officer of Core Scientific, Matthew Bishop has since denied the connection established above, adding that he doesn’t even know what ProgPoW is and that his clients have not been affected by the proposed Ethereum algorithm change.

Minehan noted that the aforementioned is false, adding that a connection was established. According to the architect, the AI GPUs would help generate a bit of profit from crypto mining, but for sure will positively impact the duo’s GPU sales.

As for Def and Else, Minehan affirmed that it is not true, adding that that the ProgPoW does not favor NVIDIA’s chips over its competitor, AMD. That said, the architect has had links with both NVIDIA and AMD. She said:

“I have worked very closely with NVIDIA and AMD for the majority of my professional life […] NVIDIA keeps an eye very closely on the GPU market.”

As for Calvin Ayre’s role in all this, it has been found that both the CEO of Core Scientific, Kevin Turner, the former and Craig Wright serve on the advisory board for Squire Mining. Apparently, months later, Squire signed a binding letter of intent to Core Scientific to host 41,166 Bitcoin SV compatible ASIC devices. The news outlet questioned whether this was the doings of Calvin Ayre – that way all control over ProgPoW rests in the hands of CoinGeek.

Ethereum Classic’s Cooperative Executive Director, Bob Summerwill has been very vocal about the aforementioned connection arguing that CoinGeek is planning to be NVIDIA’s primary purchaser once ProgPoW is ready. Surprisingly, he affirms that Minehan also has connections with CoinGeek and BSV.

This is what a spokesperson from CoinGeek had to say:

“I can say with some authority that this is a conspiracy theory nonsense.”

Then there’s Minehan who denies everything and while Craig Wright did not comment on the matters, he previously described ProgPoW as being, “dumb as f*ck”.

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Author: Nirmala Velupillai

27-Year-Old Congressional Candidate Raises $1 Million in Bitcoin & Crypto Assets

Agatha Bacelar is running for Congress and aiming to raise $1 million, “equal to the amount of stock Nancy Pelosi has in Facebook,” in cryptocurrency.

She has received $47,681 till now in crypto donation, with the next goal being $75k and ultimately $1,000,000 USD.

For receiving crypto donations, she is using Coinbase and accepts Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and USD Coin.

A Stanford engineer and designer, she is only 3% of Representatives in the House with a STEM background.

She is asking for support to

“help elect someone who understands the importance of this breakthrough technology (crypto), and that the US cannot be left behind.”

Baclear is calling for the need for a future where we are able to use the “incredible people-power” of blockchain technologies to build an innovative, better, and more just society.

“The once-bright future for crypto in America has been dimming,”

she said.

Federal intervention has been pushing innovation out of San Francisco, which she said was once a headquarters for the crypto industry, and out of the country.

Regulatory inaction and policies meanwhile are favoring big tech companies and allowing monopolies that block out competition that “the next web would bring.”

“We need her in Congress creating a viable future for cryptocurrencies and bringing the American crypto industry back home,”

reads her donation page.

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Author: AnTy