Poloniex Goes Into Maintenance Mode Without Notice; Users Getting Aggravated With Repeated Outages

  • Earlier this month, Poloniex had maintenance issue as well
  • Every month of 2019, except for April the exchange went into maintenance mode, at times twice a month
  • Several maintenance issues involved belong to different crypto asset’s wallets

Cryptocurrency exchange Poloniex went into maintenance mode, unannounced on August 18th.

“The site has been placed into maintenance mode temporarily. We expect to re-open markets in post-only mode shortly. We will keep this thread updated,” wrote the exchange on Twitter.

In under an hour, the exchange was back online and the market was open for trading ensuring “funds are safe.”

However, it didn’t go really well with the users as one wrote on Twitter, “not cool with no warning and i have no control over my btc right now not cool at all very unprofessional.”

“More money being stolen from lenders? You need to run database adjustment I guess hence the downtime! To update everyones’ balances and make another haircut,” said another one.

Others had this to say,

Another user just had it enough with repeated maintenance time outs,

This sounds about right.

If we take a look at Poloniex’s 2019 maintenance issues, just this month on August 2nd, the site went into maintenance mode temporarily.

Last time the exchange went into maintenance mode was earlier in July, then June 6, and then on May 21st before that. At that time, the exchange also apologized for a false start.

Before this, the platform had maintenances on March 25, March 1, February 23, then on January 18 because of a network issue with one of its third-party providers. Technical difficulties were also the issue on January 8.

These outages didn’t involve numerous suspensions of deposits and withdrawals during maintenance for particular digital currency’s wallets.

Last month, the exchange also made a data entry mistake in accounting for the distribution of USD as part of USDT-Tron airdrop as well.

Founded in 2014, the exchange also removed 23 trading pairs on August 16 due to low volume, however, “each asset will continue to be independently tradable.”

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Author: AnTy

Newly Proclaimed, Satoshi Nakamoto, Claims to Break the Silence by Revealing Themselves

It seems like a new unknown individual has proclaimed themselves as the creator of Bitcoin [BTC], Satoshi Nakamoto. Interestingly, the official reveal is expected to be made on Sunday August 18 at 4:00 PM EDT, where they plan to expose the reason for not having moved their 980,000 Bitcoins.

The blockchain company that shared “My Reveal” date is Satoshi Nakamoto Renaissance Holdings. Apparently, spokesperson for the proclaimed, real Satoshi, Ivy McLemore, spoke with news outlets and shared that the “break in his silence” will be done in three parts, adding that

“the truth will be known.”

So what types of information will be disclosed in the reveal? In addition to the unmoved BTCs, the individual plans to share more about themselves including their real name, where they were born, educational and professional background and the “rebirth of BTC,” with the latter having to do with a project called ‘Tabula Rasa’ – a clean-slate version of BTC.

Obviously, consumers can expect to learn more about the bitcoin creation process, with emphasis placed on the “Chaldean numerology” and the contributions made by cyphers and encryption.

The three parts will be delivered one after the other, that is, once the first has been completed, the second and third have been scheduled for the same times but on August 19 and 20 respectively.

Given said shocking claims, people are bound to naturally doubt its likes. An example of this is Litecoin’s Charlie Lee, as reported by Daily Hodl, who argued that if the real Satoshi really planned for a reveal, then he would have done so by “sign[ing] a message with the genesis key,” adding that,

“anything short of that is most likely fraudulent.”

August 18 was chosen as a symbolic move, as this was the initial date back in 2008 when bitcoin.org was registered. The revelation would commence as a way to celebrate the eleventh anniversary of bitcoin.org.

So the question is… With Satoshi reveal himself (not likely) or is this some big PR stunt by a blockchain company?

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Author: Nirmala Velupillai

A Break Below $10,100 Means Bitcoin Bulls Are in ‘Big Trouble’ While Above $12k is ‘Hot Air Territory’

  • An upside trap before downward continuation, expected target $9,700
  • Large accumulation happening after big players took profit at 2019 high
  • If Bitcoin breaks above $12,000, bulls will be back into the beast mode
  • The upside is “considerably larger than the downside”

On August 16th, the Bitcoin price broke above $10,000 and since then has remained above this level.

Analysts and traders are still calling out for bears and expecting a drop soon.

TraderX0X0 says Bitcoin monthly is holding well but nothing is clear at the moment. While he is not looking for longs, possible shorts from a break or close below monthly.

Currently, BTC/USD is trading at $10,400 with 24-hours gains of 0.59%. But trading volume is back to falling at $634.5 million, as per Messari.

An Upside Trap Before Downward Continuation

On the initial move, bitcoin is most likely to break to the upside as an ascending triangle but this is expected to be a bull trap, said trader Jonny Moe.

An upside trap means downward continuation that will take us to $9,700.

According to analyst The Cryptomist, Bitcoin has broken down a rising wedge and now we are testing sym triangle resistance.

“If we break below, (approx 10.1k) then bulls are in big trouble,” she said.

The Cryptomist has previously emphasized on the gap left by CME Group’s Bitcoin futures being the force behind Bitcoin’s drop to $8,500.

However, a drop to this level means 50% retracement of 2019 high move.

As for the gaps, they are not meant to be filled, said economist and trader Alex Kruger.

“Even though gaps often fill, gaps are not meant to be filled. Gap filling is a combination of random variations (price moves), self-fulfilled prophecy (traders assign value to gaps), and lack of support/resistance within gaps (i.e. no trades inside),” explained Kruger.

Large re-accumulation Happening

Despite it being a weekend, Bitcoin is doing nothing new.

We are still waiting for a close below $10,025 that would lean to bearish while a close above $10,800 is bullish for the leading cryptocurrency, said crypto investor and trader Josh Rager.

And if Bitcoin breaks above $12,000, bulls will be back into the beast mode.

“Above 12K price enters hot air territory i.e. little resistance. Price will eventually break out and go vertical before starting to fill in,” said Kruger.

In a separate analysis, Rager shared how the current Bitcoin price movement looks like “one large re-accumulation” happening after big players took profits at $13,900, the 2019 high in late June.

According to him, the price could drop down again but “highly unlikely” that it falls below 20 MA, at high $8ks currently.

In the short term, a drop is expected but the bigger picture is much larger.

“$BTC will eventually break through $20K, in 2020 or 2021, and once it does, it should trade $30K, $40K and $50K fast,” Kruger said.

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Author: AnTy

Binance CEO Changpeng Zhao Awarded With The “Dumbest Crypto Tweet” By Community

  • Changpeng Zhao gets trolled for having a conversation with a 14-year old refusing to “discuss numbers in USD” rather insisting on BNB numbers
  • Meanwhile, just a day before this, Binance jersey Twitter got hacked while KYC hacker is “warming up” to release new leaks.

On Aug 17, Changpeng Zhao, the CEO of the world’s largest cryptocurrency exchange Binance got trolled for his tweet that actually sounds “dumb.”

Zhao apparently had a conversation with a 14-year old who is a fan of BNB — Binance’s native digital currency, Binance Coin.

This didn’t go well with the crypto community and they simply refuse to believe anything of this sort actually took place.

Popular cryptocurrency podcaster Dr. Peter McCormack hoped that Zhao referred the “14-year old” to the Binance’ terms of service.

As per Binance terms of use, a user must be 18 years old or of legal age to form a binding contract under applicable law.

“That was a bit forced marketing tweet but hey… Your company, your shills,” said a crypto enthusiast David Miller, former Deloitte executive and currently at PricewaterhouseCoopers.

“I’ll take “things that never happened” for 50 BNB Alex,” trolled Mansa_Godson, Bitcoin accumulator and founder of Mutual Capital.

This has the Dumbest Tweet Hub, a Twitter page featuring the daily dumbest tweets from crypto Twitter nominating Zhao for the “Dumbest Tweet of Crypto Twitter,” that he finally won.

“Had an interesting chat with a 14yr old Today. He refused to discuss numbers in USD, and insisted on Pokémon monster values instead. The next generation will catch them all,” wrote the Dumbest Tweet Hub.

A Series of Hacks

A day before Zhao took to Twitter to share his experience of talking to a 14-year old about BNB, Binance Jersey’s Twitter account was hacked by an anonymous user called @LightningNetwo9.

Per the tweets posted by the hacker, the individual is a security researcher claiming to have done so with altruistic motives.

The Twitter hacks came about three months after the successful hacking of Binance’s exchange that cost them over 7,000 BTC and around 10 days after a hacker exposed KYC images of 10,000 Binance users on Telegram, demanding 300 BTC in exchange.

Binance said in a statement it was false KYC leak and that there was no evidence that confirms the images obtained are actually from Binance.

In the latest series of Tweets, the hacker is “warming up” for another set of KYC leaks.

The hacker with the Twitter account ‘Bnatov Platon’ is preparing to release further material that “will be released day by day” while asking people to “be aware of scammers” as he is not asking for BTC from them.

While no time frame has been provided for the KYC release, the hacker also shared records of Telegram chats, with a user described as a member of Binance’s customer service team.

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Author: AnTy

Why is Bakkt Important For Mainstream Adoption of Bitcoin (BTC)?

  • Bakkt get green light from CFTC, to launch Bitcoin futures contracts next month
  • Bitcoin Futures, Custody, Payments, & Compliance by Bakkt
  • One-day physically delivered BTC futures contracts traded on registered exchange big for Bitcoin

After a year of repeated postponements, we are finally going to have physically-delivered Bitcoin futures.

September 23rd is the day when Bakkt is launching its physically-delivered Bitcoin futures contracts after receiving the green light from the CFTC.

“Transparency and trust to digital assets,” is what Bakkt vows to bring to the cryptocurrency industry which is still in its early stages.

The digital asset platform launched by Intercontinental Exchange, a US company that operates 12 regulated exchanges and marketplaces is expected to be the beacon for the institutional investors.

Bakkt: Bitcoin Futures, Custody, Payments, & Compliance

In the decade long history of Bitcoin, one of the most concerning issues with the crypto industry is the wild swings in prices of crypto assets.

This kept the institutional investors at bay though they have started to make their way in crypto space. But with ICE backed Bakkt making its way into the market while adopting practices employed in the global futures market, more interest from institutions is expected.

Bakkt is partnering with ICE’s leading futures exchange and clearing infrastructure to bring its physically delivered futures contracts to market participants in more than 30 countries. These participants will undergo AML/KYC rules consistent with CFTC-regulated markets.

In addition, “Bakkt will routinely participate in financial and security audits, as well as regulatory compliance reviews.”

As for the custody, it provides secure storage backed by insurance for digital assets held in frozen wallets. Moreover, they are working with leading merchants who recognize the potential of crypto-assets as these new global currencies evolve beyond speculative assets and or a store of value.

A way for large, risk-averse institutions to buy & custody bitcoin

Crypto market is largely designed to serve retail customers rather than institutional participants and Bakkt is bridging the gap — concerns related to lack of regulation, liquidity, market quality, fees, and operational risks — to access this market.

“It offers a way for large, risk-averse institutions to buy and custody bitcoin through an end-to-end regulated system approved by the CFTC and NYDFS, and backed by the sterling reputation of ICE,” said Jake Chervinksy, General Counsel of Compound Finance.

Most notably, these bitcoin futures are physically settled contracts, unlike 98% of futures in the finance industry.

Bakkt is offering an innovating one-day futures contracts, traders will thus take delivery meaning it will be similar to trading spot, as explained by economist and trader Alex Kruger.

The fact that these futures will be traded on a fully regulated exchange, is huge to attract institutions and:

“could thus be an extremely bullish development IF demand is there.”

Bitcoin price meanwhile reacted somewhat positively to the news as we went above $10,500. But BTC/USD is yet again in the red by 0.54% while trading at $10,345.

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Author: AnTy

Decentralize Crypto Keys? One Non-Profit Company is Proposing Exactly That

There are plenty of interesting blockchain ideas out there. Each one proposing to disrupt some small or substantial part of the industry they’ve set their sights on. But a brand new proposal is actually thinking of taking the whole process of decentralization even further.

How? By decentralizing the very private keys that these solutions commonly use.

A Matter of Trust – How a Trustless Bot Could Handle You Crypto Keys

Far from being some kind of fringe company, Tide is one of the more better-known non-profits advocating for greater personal privacy for users online. According to the team, it has developed a brand new kind of decentralized technology – this allows for the provision of a completely trustless bot to be made responsible for the provision of codes for users.

Otherwise referred to as a Delegated Automated Trustee (DAT), this solution effectively aggregates and decentralizes the whole process of obtaining private keys.

According to a further announcement from early-August, this Delegated Automated Trustee can operate as the custodial solution of a crypto-key, this allows for users to manage access to personal data, or even enable a wider array of automated trading bots that can access funds without the use if a full key.

So what does this process entail for those using it? The key protecting the data or various range of crypto assets are divided a number of pieces, which are then split between a collection of nodes. These keys are split across nodes in order to ensure that no single node has full access or knowledge of the whole key. And even if one of these nodes did, they wouldn’t have the authority to unilaterally use it.

It’s because of this system that DAT represents, not only an autonomous solution, but also prevents malicious access to your key pretty much impossible.

One of the additional features of this is that these various nodes can actually perform functions through the use of the key. The user can then choose to specify the parameters that would otherwise dictate the authority provided.

So What on Earth is DAT?

This same trustless bot solution can actually manage access to a users personal data, perform decentralized authentication solutions, along with password and key recovery solutions. These also include a range of business processes that would otherwise require longer-term access to crypto-assets, can actually be granted to these bots, so long as it falls within specific criteria.

Michael Loewy, the co-founder of Tide, provided a couple of examples of what exactly these kinds of criteria could consist of:

“In the context of the Tide ecosystem those instructions may be a set of rules determining which data fields I’m prepared to trade with certain types of organizations — for example, I don’t want any contact details traded with political organizations. That same concept can also be applied to advanced crypto trading — for example, social trading where my instructions may be to follow or mirror the trades or a peer or expert trader.”

Privacy as a Business Solution

Some of the centralized solutions out there within the centralized world have actually sought to provide a range of solutions that could address some of the issues. The problem is that these same solutions have serious vulnerabilities due to these same centralized architectures.

This architectural flaw limits automated trading bots that are developed by these centralized entities, while providing a more secure solution. However, with the use of a trustless DAT solution, these trading bots can actually operate in a decentralized way on similar kinds of exchanges without giving up any kind of sensitive information.

One of the underlying advantages that comes with the use of a decentralized exchange is that users of them have complete and total control over their funds and private keys. The use of a centralized bot, for example, introduces into this decentralized system a centralized point of attack; putting all of your data at risk. Considering the fact that Bots using DAT are trustless, this risk is significantly lower.

As an investor, holder or enthusiast in the cryptocurrency world, ensuring a continued level of secrecy when it comes to your private keys is critical. Anyone that could get hold of them would effectively get access to your crypto assets. This is one of the underlying issues that face parties seeking to operate as custodians in the cryptocurrency space. With DATs being one of the very real solutions that could keep this information in the hands of the end user.

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Author: James Fox

More Than Five Million Thai Merchants Can Accept Zcoin Payments Now

Zcoin, privacy crypto, can now be used by several merchants in Thailand. With the help of the new QR code system created by the Satang App, these merchants can start receiving the assets.

The announcement was made this week and it will see 50 million the users of the Satang App now connected with these merchants. To use Zcoin, they just need to have it in their balances and then scan the QR codes, meaning that they can make the payments offline as well.

All the transactions settled via this system will be paid in the local fiat currency to the merchants, which makes the life of the people using crypto to buy them much easier.

This, the company believes, solves what is often considered the main problem that merchants have with crypto. They consider these assets to be too volatile and believe that they need something more stable. Some people use stablecoins for that, but Satang App decided to use this system, as it lets people use a privacy coin and the merchants to receive in fiat currency.

In related news, the Zcoin team has recently decided to donate $24,000 USD to the Binance Charity Foundation. The funds will be used in order to support the children and teachers of a school in Kampala. Binance Charity is a program that is used to help children in vulnerable situations in Africa.

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Author: Gabriel Machado

Oracle Software Giant Sues Crypto Startup ‘CryptoOracle’ For Trademark Breach

The practice of adding popular brand names to the name of a startup is a method used to attract clients to a business. The blockchain industry has seen this practice several times over with startups adding popular words such as Bitcoin and Blockchain to their names in a bid to lure customers. Some startups even use parts of popular companies’ names for the same purposes.

CryptoOracle has taken to Court

One blockchain startup, CryptoOracle, has been sued by the software giant, Oracle, for cybersquatting and trademark infringement. The lawsuit claims that CryptoOracle LLC used Oracle’s brand name in a bid to ride on the popularity of the software giant. Cybersquatting is the practice of using an internet domain name in bad faith with the intention of profiting from the goodwill built by another brand or trademark.

CryptoOracle was founded by Louis Kerner in 2017. The blockchain startup is a cryptocurrency advisory firm which serves other blockchain startups and entrepreneurs in the industry. The company sells tickets to events they host at which those interested in blockchain businesses can get the information they need and meet with other players in the crypto space.

Oracle is one of the biggest software firms, and it is famously known for the Java software. They also provide a range of services such as database management and cloud services. Oracle hosts many conferences and educational seminars for different software categories and topics.

Before the lawsuit, a cease and desist order had been issued to Kerner and his brand as Oracle sought to settle the matter out of court. CryptoOracle responded with a filled-in trademark application for their brand name. Oracle said that they could not allow the use of their brand name in the defendant’s business.

A request to force CryptoOracle to change its brand name and withdraw the trademark application has been placed before a federal judge. Oracle’s attorney reportedly said that his client might be entitled to the profits CryptoOracle made during the time they’ve been using the name.

Oracle and Blockchain

Oracle has plans to move into the crypto business through its Oracle Blockchain Platform, and this may be another reason behind the lawsuit. If another company with a similar brand name already exists in the crypto space, it might cause confusion among customers because it is easy to mistake one for the other. Such confusion could cost Oracle some business and the software giant is trying to avoid that.

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Author: Ali Raza

Monolith Partners with Digix and MakerDAO to Make Tokens Loadable Visa Debit

On Thursday, August 15, 2019, London-based, Ethereum-powered banking alternative, Monolith reported on its recent partnership with smart asset company, Digix (token: DGX) and stablecoin project, MakerDAO (token: DAO). The reason for said alliance stems from the latter two’s aim of getting their tokens loaded on the Monolith Visa debit card.

Commencing this very same day, Monolith users will be able to load Digix and MakerDAO coins onto their cards via the former’s mobile app. Said loading can be used towards paying day-to-day transactions, whether this is to pay, send or receive funds.

As a way to celebrate the trio’s involvement, Digix is offering the first 1,000 users who activate their Monolith card with 0.1 grams of Gold in DGX tokens. Digix is a firm that used blockchain technology to create DGX, a token that represents 1 gram of gold stored in recognised precious metals vaults in Canada and Singapore.

This move is especially big for Monolith, as the firm can watch its contributions grow within the e-payment space. This is mainly due to its debit card being accepted anywhere Visa typically does, with high anticipation for coverage in the time to come along with newer partnerships.

According to the CEO of Monolith, Mel Gelderman, there has been a “fantastic response from [their] beta users and are now ramping up for growth.” Gelderman further added that

“Rebranding to Monolith helps us achieve our mission of democratizing finance and bringing the Token economy to everyone while providing a unique service to our customers.”

It seems like the reason for picking Digix and MakerDAO stems from their accredited nature. More specifically, he said,

“MakerDAO and Digix are some of the most recognized and earliest Ethereum-based projects. For TKN holders, these partnerships mean that DAI, DGD and DGX are now eligible for usage in the TKN Asset Contract.”

The CEO of Digix, Kai C. Chng mentioned that the partnership was forced by nature, emphasizing that it is due to the commonality between the duo, i.e. bringing together blockchain assets and “democratizing access to cryptos”.

Cointelegraph also reported on this matter, in which CEO of MakerDAO, Rune Christensen’s viewpoint on said endeavor was disclosed. In particular, the CEO was quoted saying:

“Monolith’s solution provides a powerful way for token holders to extend the usefulness of their crypto-holdings […] Their cards create a critical bridge from the world of DeFi (decentralized finance) to the more traditional world of retail.”

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Author: Nirmala Velupillai

US Customs and Border Protection Advisory Group To Launch Blockchain Shipping Proof-of-Concept

An advisory committee for the US Customs and Border Protection (CBP) has revealed that they are intending to launch a live test of its blockchain-based intellectual property rights proof of concept.

The panel is called Commercial Customs Operations Advisory Committee (COAC) and has been monitoring the agency’s blockchain tests and had been expected to submit related recommendations at its quarterly meeting in December. The POC strives to facilitate shipments based on known licensing relationships through the use of blockchain.

Their most recent report says:

“The working group has been active with the current POC on IPR. Since the last in person meeting in March, the working group has progressed through the overall project design, implementation of the initial engineering plan, and integration of Trade and CBP systems. Live testing of the system will start at the end of August and conclude late September.”

The COAC advises the Secretaries of the Department of the Treasury (Treasury) and the Department of Homeland Security (DHS) on the commercial operations of U.S. Customs and Border Protection (CBP) and related Treasury and DHS functions. They are involved in three ongoing proof-of-concept projects involving blockchain technology.

This is particularly a remarkable movement towards blockchain adoption because CBP is the largest federal law enforcement agency of the United States Department of Homeland Security, and is the country’s primary border control organization.

Just last year, the agency launched a live test of a blockchain-based shipment tracking system. While testing, the agency intended to establish standards of interaction between different blockchains to ensure that all firms and software will be easily connected to customs without the need for additional customization.

In similar news, the Department of Homeland Security is seeking from the private sector solutions that use blockchain to digitally issue and verify licenses, certifications, and other documents related to supply chain security and other issues.

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Author: Sritanshu Sinha