CryptoKitties Maker Launches New Competitive Game, Gets Over $200k From First Week Players

CryptoKitties Maker Launches New Competitive Game, Gets Over $200k From First Week Players

Every day, some of the biggest firms in the world come up with new and innovative ways to apply blockchain technology in their everyday functions to better improve their services. Many sectors, in the last year or two, have deployed different blockchain solutions to their core businesses. However, in all this, one sector that isn’t in the news for blockchain innovation is the gaming or recreational industry.

In 2017, one of the first every blockchain based games was launched. The game, Cryptokitties, was based on the Ethereum network and allowed players buy, sell and nurture various types of virtual cats. Cryptokitties became so successful that in December of the same year, the Ethereum network became very clogged and reached its highest ever figure in the number of transactions because of the game. Its popularity during that period affected the Ethereum network, making it very slow.

Cheeze Wizards

Now, Dapper Labs, the same brain behind Cryptokitties has just launched a new game, also based on the Ethereum network. The game, called Cheeze Wizards, involves players using Ether to summon wizards in competition with other players in a large number of fights. Every time a wizard is summoned, the size of the grand prize – known as the Big Cheeze – is increased a little more. After a few weeks, the last wizard standing wins and becomes the Big Cheeze, taking all the money.

Further explaining the game, Bryce Bladon, Head of Communications at Dapper Labs said:

“Players summon wizards, each of which is a non-fungible token (NFT). The winner gets a portion of the losing wizard’s power.… Using rock-paper-scissors logic, a winner is picked for each of the five spells cast.”

Everyone is Playing

In the first week after the game was officially deployed for play, users spent about 1,013 ETH which was roughly $275,000. However, due to unclear regulations in some areas, the game does not allow players from these places to join in the game. Regardless of these restrictions, players in those areas are already making circumventions and creating third party applications that allow them join the game. So far, there have been about five of these applications used by people in these regions. These places include Canada, Kentucky, Arizona, Maryland, Tennessee, Arkansas and South Carolina.

Extensibility

Last year a funding round led by Venrock and also joined by Google’s GV and Samsung Next, successfully raised $15 million for Dapper Labs with the hope that the firm would be able to create other groundbreaking Ethereum based games. Dapper Labs is very particular about doing everything they can to create games that are extensible. This directly refers to the ability to take assets gained from playing these games outside of the game’s specific space and to use these assets elsewhere. This is why the firm has its own Dapper Ethereum wallet which also works with other cryptocurrency wallets.

The Dapper Community

According to Bladon, Dapper Labs is very focused on creating and nurturing a community that will give opportunities to and fully back other creators and developers who hope to create projects that are as fulfilling as Cryptokitties or Cheeze Wizards.

Speaking on Dapper Labs’ focus on the community, Bladon said:

“A lot of blockchain games are trying to appeal to the mass market by sacrificing the decentralization and using side chains or hosted solutions. We want to go to the other side of the spectrum and create a game with the community for an experiment with user behaviour in crypto networks.”

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Author: Tolu

Top OneCoin Leader Pleads Not Guilty to DOJ for Conspiracy to Commit Wire Fraud

Top OneCoin Leader Pleads Not Guilty to DOJ for Conspiracy to Commit Wire Fraud

On May 28th, Konstantin Ignatov attended the preliminary hearing after the Department of Justice (DOJ) had charged him with conspiracy to commit wire fraud in March. Ignatov was charged for his role as the leader on the OneCoin Ponzi scheme. As expected, Ignatov pleaded not guilty.

Ignatov took over OneCoin in mid-2017 after his sister went into hiding. At the time, Ruja, Konstantin’s sister, was the known leader of the defunct fraudulent scheme. US authorities arrested him at the Los Angeles International Airport as he attempted to flee to Bulgaria in March.

The DOJ gathered evidence against Ignatov by working with foreign agencies, relying on information from OneCoin employees, subpoenas and warrants, and the analysis of bank account records. According to the DOJ, Ignatov is the current leader of OneCoin, which defrauded investors of a whopping $3.7 billion between 2014 and 2017.

During the preliminary hearing, Ignatov waived prosecution by indictment, meaning that prosecutors don’t have to get a charge from a grand jury. Many speculate that this decision is linked with the request for a continuance in April, although nobody knows what transpired Konstantin’s lawyers and the DOJ.

In April, the DOJ requested for a 30-day continuance which pushed the preliminary hearing date to May 28th. The prosecution was previously expected to file an indictment against Ignatov by April 26th. However, it emerged that the two parties (DOJ and Ignatov) were discussing a possible settlement of this case.

It is presumed that Ignatov would have waived prosecution by indictment in exchange for a guilty plea if the two parties had reached an agreement. This is because the effects of an indictment are more dreadful than taking a guilty plea. The not guilty plea is an indicator that the deal between Ignatov and the DOJ might be off, at least for now.

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Author: Lillian P

Samson Mow Shares Steve Jobs’ APPL Stock Analogy, Says Ignore Bad Press and Buy More Bitcoin

Samson Mow Shares Steve Jobs' APPL Stock Analogy, Says Ignore Bad Press and Buy More Bitcoin

Samson Mow: Ignore Bad Press And Buy More Bitcoin

Bitcoin’s recent price surge has fueled substantial speculation and interest in the world first digital currency. During this time, the crypto industry has had to deal with the fear, uncertainty, and doubt (FUD) about the reliability of Bitcoin and the broader crypto market as a whole.

Samson Mow, the CSO of Blockstream, took to his Twitter to tell off the critics who were tarnishing the reputation of Bitcoin. Drawing inspiration from an old Steve Jobs speech, he tweeted that people who listened to the late computer guru at WWDC 1997 and ignored the FUD media gained massive profits. In 1997, jobs advised investors to 100 shares of APPL stock for $1,662; the stocks are currently worth $498,400, which is equivalent of a 300x gain on the initial investment. The tweet encouraged investors to ignore FUD and buy more Bitcoin.

Back then, Jobs argued that the tech industry was struggling with the problem of perception versus reality. He added that Apple would continue developing quality products for is customers, while the press continues doing what they want. Jobs concluded by encouraging people to buy Apple stocks as long the press is shorting them.

Mow believes that the analogy from 1997 is relevant to the current situation in the Bitcoin market. In this regard, he said that investors who follow the media would not gain anything from the crypto industry.

The Steve Jobs analogy makes sense because Apple defied the bad press to become the first company with a $1 trillion value. Although Bitcoin has to do considerable before attaining a similar valuation, the progress made over the past few weeks show that $1 trillion market cap for Bitcoin isn’t an impossibility.

Last month, Bitcoin reached $150 billion for the first time since the beginning of the year. The cryptocurrency had been ranging between $50 billion and $70 billion for the best part of 2019. This surge was boosted by the 11% increase in the price of Bitcoin. As a result, famous Bitcoin proponents have expressed optimism that this bullish run will persist for a long time.

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Author: Lillian P

Decentralized Applications (DApps) On the Rise after BitTorrent File System Launch

DApps-On-the-Rise-after-BitTorrent-File-System-Launch

DApps On the Rise After BitTorrent File System Launch

One wouldn’t be wrong to say that the Cryptocurrency ecosystem is garnering daily adoption across the globe, this recognition is not only because of digital currencies are seamless and more comfortable means of holding assets, but because of the numerous problems that their applications have been able to solve. However, the crypto space appears to have shifted its focus form promoting and giving the impression that crypto assets could help integrate its applications into solving various real world problems.

A major area of concern has been that of Decentralized Applications [DApps] and one of the companies that have been a key advocate of the DApp advancement has been the Tron Foundation.

According to the recently released DApp weekly report by Tron Foundation:

“The number of #DApps on #TRON continued to grow this week. 55 new DApps were added with a growth rate of 14%. The total number of DApps on TRON is 447.”

DApps Dominate

Gambling applications turned out to be the major contributors among all the Decentalized Apps, after moving up by 44 from the last week. The report also indicated that utility DApps came closest to that of gambling after they moved were up by 9.

“Up to 1000 smart contracts have been deployed on Tron and TRX has made it back to top 10 cryptocurrencies by market cap. Let’s look forward to a decentralized network that is more open and reliable.”

Tron, had climbed to the tenth position on the charts at mid-week, however, it dropped out of the top 10 ranking as its prices fell. At present, Tron is holding the twelfth position on the charts. The crypto asset trades for $0.031 with total market capitalization of $2.1 billion. As indicated by Tron, prominent information site Coinstats included exchange pair insights for the TRXMarket while expecting to survey the performance of Tron’s blockchain and its effective utility.

BitTorrent File System Launch

Notably, the Justin Sun owned company recently made the media spotlight when one of its acquisition, BitTorrent, introduced the BitTorrent File System [BTFS].

Sun revealed that BTFS adhered deeply with the essentials of making a decentralized web or Web 4.0 with the goal that every individual across the globe could enjoy the fortune web based commercial trading. According to Sun’s tweet:

“We’re creating a platform with BTFS, BitTorrent Speed blockchain integration and the BTT utility token to let users quickly and privately interact with each other around the world without a middleman or government intervention.”

All of Today’s TRON (TRX) Price Analysis, Chart Forecasts and Industry News

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: Damola

Bitcoin Parabola Still Intact, Price Explosion to Benefit These Two “Surprising” Additions to Bitcoin Billionaire List

Bitcoin Parabola Still Intact, Price Explosion to Benefit These Two “Surprising” Additions to Bitcoin Billionaire List
  • Interest from institutions and non-crypto pubic growing
  • The short term and parabolic rise still intact, however, each bull cycle keeps on rising

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The Bitcoin rich list led by Satoshi Nakamoto includes Bulgaria and the US government as well. In past 3 days, Bitcoin fell down from going above $9,000 to below $8,000, however, it was just a tiny bump in its way to the moon. Bitcoin bull trend remains unbroken despite the loss of more than $1000 in a few hours seen on May 30.

In the short term, Bitcoin is in a wedge that cryptocurrency trader and investor Josh Rager says could present an opportunity to short. However, with dollar expected to roll over in the next few months, Bitcoin might take an upswing.

Interest from Institutions and Non-Crypto Pubic Growing

May has been without any doubt one of the biggest gainers not just in 2019 or 2018 but since 2017. It is further validated by Binance’s latest report where it states May was “a much more active month in terms of OTC trading” compared to March and April.

Almost 40 percent premium for Grayscale Bitcoin Trust over BTC spot price at the end of last month further means institutional investors are “growing their exposure to digital assets and cryptocurrencies” wrote Binance. The month also saw interest from the non-crypto public and it continues to build.

This interest is building in the expectation of another bull run in the wake of the upcoming halving event in 2020. And the parabolic rise of Bitcoin that leads to such bull cycles is still very much intact.

However, these bull cycles are becoming increasingly longer for Bitcoin. The first one in 2011 was 245 days long while the second one was of 742 days length. The last bull cycle in 2017 was of 840 days long, so the next one is expected to be even longer say 903 days.

Bitcoin Rich List

As Bitcoin goes through its parabolic rise, it is expected to hit $1 million, though there are such bold predictions made by some like John McAfee, it is hard to know yet if we will go that high or even higher.

Whatever may be the price, if we take a look at the Bitcoin billionaire list, the first spot is the most obvious one that is unknown BTC creator Satoshi Nakamoto who owns 1.1 million BTC. However, what’s interesting is the second spot that goes to Bulgaria government that has 213,519 BTC.

The next six positions goes to Winklevoss twins (1,76,000), Roger Ver (50,000), Barry Silbert (48,000), Anthony Gallippi (34,000), Tim Draper (30,000), and Charlie Shrem (20,000).

Another surprising addition is of the US government that has about 10,000 BTC. The US government has actually confiscated 453,000 BTC which is at 2.6% of the total circulating supply that came from Silk road and SELEC.

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Author: AnTy

Coinbase Shares a Deep Dive Look Into the Recent Bitcoin Cash (BCH) Hard Fork

Coinbase Shares a Deep Dive Look Into the Recent Bitcoin Cash (BCH) Hard Fork

According to reports from the Coinbase team on May 15th, the team detected a structural depth 2 chain re-organization which took place within the Bitcoin Cash Blockchain. This particular re-organization specifically targetted Bitcoin Cash funds which were sent to a specific Segwit Bitcoin address.

While these funds were previously unspendable by the community, were since made available through recent update by the core developers behind BCH. So what was it that caused this? According to the Coinbase team, this was made possible due to an internal, hash-based power struggle between two miners on the blockchain.

So, What Allowed This to Happen?

To give some context to how this was made possible, Bitcoin Cash and its network instigates two yearly hard forks in order to implement scheduled upgrades to the underlying protocol. The most recent one of these took place on May 15th, at 12pm GMT, with the update being introduced in two stages:

  • Enabling of Schorr Signatures – This refers to a cryptographic solution for digital signatures.
  • Enable Segwit Recovery – This is one of the critical elements, as this upgrade would allow for previously unspendable assets sent to a BTC address to become spendable again, in some cases.

The Event – Hour to Hour

Between the times of 5:20 to 9:05am (PST), there was a vulnerability discovered within the main implementation of Bitcoin CashBitcoin ABC. This was then exploited in order to created ’empty’ blocks within the network, resulting in the BCH network being backlogged by large numbers of hollow transactions.

From there, a vast range of thousands of transactions, with approximately 29 of them, according to the team, being double spends within BCH.

[Author Alert] The author’s opinions above are solely based on their own self-conducted research. Assume any and all authors are using, holding, trading and/or buying cryptoassets mentioned as a portion of his or her financial portfolio. Use information at your own risk, do you own research, never invest more than you are willing to lose.

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Author: James F

Bitfinex Temporarily Shuts Down Deposits and Withdrawals, Says Exchange Funds are Safe

Bitfinex Temporarily Shuts Down Deposits and Withdrawals, Says Exchange Funds are Safe

The crypto exchange Bitfinex has recently announced that its deposit and withdrawals were suspended. The company used its Twitter profile in order to make the announcement.

According to the exchange’s tweet, this was happened due to some outage on one of the company’s network providers. Therefore, they had to shut down the services temporarily.

They also affirmed that all funds remained in cold storage and that the situation should be restored in around three to four hours. This was pretty much what happened. Around three hours after the announcement, the services were live again.

During the downtime, the CTO of the company, Paolo Ardoino, has posted several links to the hot wallets of the company. He made it in order to show to the community that their funds were safe and that nothing was happening.

Downtime Caused Worries Because Of Recent Controversy

One of the reasons why the downtime was so worrisome for the community was because of the recent controversy that Bitfinex and its sister company Tether faced. The New York Attorney General (NYAG) Letitia James has accused the two companies after Bitfinex lost $850 million USD and Tether used the funds of its stablecoin in order to make up for the money that was lost.

This created a major problem for the companies, which are now facing the NYAG in court. Bitfinex never actually revealed the loss to its investors and used the money of the stablecoin, which was supposed to be backed 1-to-1 with USD. It was a double mistake.

The Community Reacted

The price of Tether has somehow remained stable despite all the trouble, but it is fair to say that the confidence of the investors has been badly shaken by what happened, which is why people were so suspicious today when the downtime happened.

A user called @CryptoFraggle, for instance, has shown a Simpsons gif affirmed that “the end is near”, something that many investors and traders were probably thinking when the company affirmed that the downtime was happening.

Other people, such as @Naji_GK, only affirmed: “Let’s panic”. Others affirmed that the case was very similar to Cryptopia when the exchange was hacked.

Fortunately, most of the users preaching doom were wrong. There was no reason to be so afraid, after all, since the funds were eventually released for withdrawals. It looks like, at least today, people will not have to worry anymore.

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Author: Gabriel M

Craig Wright Takes What Bitcoin Did Podcaster Peter McCormack to Court for Libel

Craig Wright Takes What Bitcoin Did Podcaster Peter McCormack to Court for Libel

Podcaster of ‘What Bitcoin Did’, Peter McCormack has recently revealed that he is being taken to court by Bitcoin SV’s Craig Wright. On Friday, May 31, 2019, McCormack took to Twitter to express the position he is currently in and what he has to do moving forward.

First, he revealed that RPC will be acting as defense on his behalf against Craig Wright, noting that the former is

“the best and most equipped UK firm to defend in cases of libel.” Later on, he expressed his financial concerns. In particular, he shared that he will only be able to cover part of the cost, insisting that he needs help and is “accepting the advice and support of everyone.”

Following this, McCormack plans to create a “trusted group of Bitcoiners” who will help him to decide how to raise the remaining funds needed to strengthen his end of the case, the types of currencies this fundraising will accept, along with other aspects including “management of funds, audit of funds and use of any surplus funds.”

With all that’s going on, McCormack, did not hold back, as he remains firm on the fact that there’s no way Craig Wright is “Satoshi”. Here’s as per his words:

According to crypto news outlet, Craig Wright believes that McCormack’s goal has been to ruin both his and Bitcoin SV’s reputation, hence the initial reason for this lawsuit dated April 17, 2019. Given the reasons, McCormack should hold back his words, as it can work against him (i.e. the aforementioned tweet).

As per McCormack’s claims dated May 29, 2019, the initial defense cost can be anywhere between 25,000 and 50,000 pounds, adding that if this grows out of proportion, he can be sitting at anywhere between 500,000 and 750,000 pounds (which is roughly USD$884,000). He also stressed that if he loses the trial, then he will be left with a total sum of 1.5 million pounds in legal fees (approximately a little shy of USD$1.8 million).

Upon McCormack’s frequent updates on what’s going on, it seems like he has gotten the attention of Binance’s CZ, who has since offered to help with the podcaster’s costs by initiating a Binance Charity program. As seen below, CZ posted a mini survey of sorts in which 65% of voters have recorded that they will donate, with only 35% supporting Craig Wright.

How do you think things will play out moving forward? Who will succeed, McCormack or Wright? Let us know in the comments below!

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Author: Nirmala Velupillai

The Month of May In The Financial World: Bitcoin’s Gain Shines As Wall Street Posts Loses

The Month of May In The Financial World: Bitcoin's Gain Shines As Wall Street Posts Loses

May was a winning month for Bitcoin, there is simply no doubts about that. During the month, the cryptocurrency rose its price in over $3,000 USD and decoupled from the traditional markets, which were not even close to matching all the success the largest cryptocurrency had this month.

At the moment, BTC can be traded at $8,450 USD and it is set to have its fourth month in a row rising in value, this time with gains of 60%, which is a considerable improvement to have right now. This is the longest winning streak that the token had ever since August 2017, so there are plenty of reasons to be excited for the future of Bitcoin right now.

It is also important to see how Bitcoin is heading up despite some Wall Street investments losing their edge in the market. The S&P 500 index, for instance, finished the month 6% down. Other assets which are sensitive to economic growth are also not having the best results right now. For instance, brent oil and copper are down 11% and 9%, respectively. Even the Chinese Yuan is down by 3%.

The bad month is happening because the U. S.-China Trade War is starting to ignite again and several investors are afraid that this might end up leading to a new economic recession, which would be bad for the global markets. Bitcoin, however, would not be affected by this and, in fact, its prices might even be positively correlated with the economy becoming worse.

This made “safe haven assets” such as gold and now Bitcoin goes up. The price of gold was up 1% and the U. S. 10-year treasury yield was down 13% (as the price is higher, the yield is lower). However, these gains obviously appear to be somewhat lackluster when you consider that Bitcoin rose 60% in a single month.

Why invest in gold when you can just use digital gold instead, which is much more valuable and goes up a lot faster? This year, the price of BTC is already 127% up.

While last year the prices of BTC mimicked the difficulties of the equity markets and went down together with it, this year it looks like BTC has decoupled and it is ready to get massive profits again. The year is just beginning, so it is obvious that there is still a lot of road for growth.

This was an important month. It helped to solidify Bitcoin’s leadership as the new digital gold and has made the bull run finally be accepted by almost anyone in the market. Will the next month be even better? We can only hope.

Bitcoin’s price is $8,572.52 BTC/USD exchange rate today. The real-time BTC market cap of $152.02 Billion currently ranks #1 with a chart dominance at 55.80%, daily trading volume of $7.24 Billion and live coin value change of BTC 3.47 in the last 24 hours.

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Author: Gabriel M

International Organization of Securities Commission Looks to the Public Crypto Regulation Suggestions

International Organization of Securities Commission Looks to the Public Crypto Regulation Suggestions
  • IOSCO requested feedback from public in new paper on the concerns of regulating cryptocurrency around the world.
  • Some considerations that IOSCO requests feedback for include the protection of access, price integrity, and the technology of the crypto market.

Determining the best way to regulate the cryptocurrency industry has been a goal of multiple jurisdictions around the world. Now, the International Organization of Securities Commissions (IOSCO) has published a recent consultation paper on the matter, which was published on May 28th. The IOSCO is a standard setter for global securities regulations.

In the news release for this paper, the organization clarifies that they regulate about 95% of the securities markets around the world, while impacts 115 jurisdictions. Within the IOSCO, the organization works towards adherence to a mutual and consistent standard, determining the regulations and how they are enforced in the global securities sector.

The consultation paper is called “Issues, Risks, and Regulatory Considerations Relating to Crypto-Asset Trading Platforms.”

The paper requests feedback from the public that will help the organization understand the risks and other concerns associated with the cryptocurrency industry, as identified by IOSCO. The public will need to submit all of their comments by July 29th this year.

In the report, the company outlines certain considerations, which includes:

  • Access to CTPs
  • Protecting assets
  • Conflicts of interest
  • CTP operation
  • Market integrity
  • Price integrity
  • Technology

This innovative approach follows a G20 2018 communique that was already presented to the various entities that set the standards for regulations. The communique discussed the continuance of regulating cryptocurrencies and addressing their risks, “according to their respective mandates, and asset multilateral responses as needed.”

In some cases, the new release states that the cryptocurrency assets will end up covered by the traditional framework of the securities laws already in place. However, that circumstance will only be implemented if the local regulatory authority in that area has determined that the crypto asset is considered a security that would already be covered by the phrasing in their securities laws.

The fact that CTPs could be regulated brings up another potential issue for the authorities, according to IOSCO. For that reason, the paper states that it may be helpful to use their detailed analysis of considerations as a baseline for regulators, as they determine their revised approach.

The IOSCO established the Initial Coin Offering Consultation Network in January 2018, as a way to learn about the experiences of the ICO market. Some of the issues addressed in the annual conference that year revolved around the challenges associated with this budding asset class. As such, the challenges impacted the approaches that securities regulators worldwide took on in their governance of the industry.

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Author: Krystle M