Former Employees Call Justin Sun A “Clout-Chasing, Evil Genius,” He Says ‘The Best is Yet to Come’

“I have devoted myself to being a responsible, global citizen throughout my entire life, spending significant portions of my personal and professional life to activities promoting universal values of respect, liberty & equality,” tweeted Tron founder Justin Sun in his response to an article on The Verge that paints him in a really bad light.

The publication interviewed several former and current employees of Tron, one of whom called him “an evil genius.”

Covering Tron, whose whitepaper was “cribbed off” of Ethereum’s and follows the business strategy of “get the pump on the coin,” the article lays down how the free Tron Network’s most successful part is gambling apps in which people lost their “life savings.”

In response, Tron’s San Francisco office also received letters from the Better Business Bureau in “piles.”

And as we all know it, it’s not the technology that’s the cornerstone of Sun’s business but marketing.

“He thrived on just doing anything for attention and clout,” said a former employee about Sun bidding for Warren Buffett’s lunch that he won for $4.57 million. “Clout-chasing, as the kids call it.”

Sun’s first success was an app called Peiwo, which bordered on ‘aural pornography’ and got booted from the Apple and Android app stores and shut down by the Chinese authorities for content that “disrupts socialist values.”

Sun reportedly hit his employees too. The violence led Lucasz Juraszek, a software engineer, to file an IC3 complaint with the cybercrime division at the FBI, for which he never received a response.

“There is no merit to the false claims,” said Sun in his tweet today, adding, “the dispute is currently pending in arbitration. We believe the decision will speak for itself.”

“I take great pride in working with its global team of talented contributors and developers to build one of the greatest decentralized blockchain protocols,” said Sun.

His other product BT Live had been reportedly looking to be “a porn app so it can get around the Chinese censorship laws and Great Firewall.” And for that, Sun wanted to exploit the BitTorrent protocol, which he acquired last year because the peer-to-peer sharing platform is hard to track down and shut down.

“There’s no bottom to how low he’s willing to go to achieve his goals,” a former employee said. “He doesn’t care about anybody. He doesn’t care about anything.”

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Author: AnTy

COVID-19 Had Russians Withdrawing $13.6B in March, Fearing Banks Would Shut Down

While the entire world was panicking that there wouldn’t be enough toilet paper for the coronavirus lockdown, Russians were more interested in piling up on cash.

According to a report released by BNN Bloomberg, banks and ATMs in Russia issued around 1 trillion rubles ($13.6 billion), which is more than was withdrawn for the entire last year, in March this year only. Denis Poryvay, a Raiffeisen bank analyst from Moscow, said:

“People were afraid that banks will be unavailable during the quarantine. They withdrew money for the same reason as people hoarded food.”

More Withdrawals after President Putin’s TV Briefings

Daily cash withdrawals were higher after President Vladimir Putin held his regular TV briefings in which he detailed what measures need to be taken for the global pandemic to be addressed as efficiently as possible within Russia. Even more withdrawals were reported after the President announced the tax on bank deposits of more than 1 million rubles, and especially after the self-isolation measures were extended until May at least.

The US Also Had More Cash Withdrawals

The US has also seen an increase in cash withdrawals during the crisis. Reports from the Federal Reserve Bank of St. Louis say that at the end of March, the US dollar had its largest increase in percentage since the coronavirus started to wreak havoc into the world. As far as the spread of the disease in Russia goes, Moscow Times says this is continuing to grow.

Until now, there have been 47,121 cases reported and 405 deaths in the country. While holding cash can spread the virus, it seems people still prefer it to having their money in the bank or holding digital currency. In the meantime, some voices in the crypto space are sure the world will have to move to digital money as a result of the pandemic. Retailers said the demand for basic groceries has increased in mid-March too.

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Author: Oana Ularu

Ethereum’s Hard Fork ‘Muir Glacier’ Launches In 2 Days, Will The ETH Community Be Prepared?

While the entire world is preparing for the New Year, Ethereum has scheduled Muir Glacier, its long-awaited hard fork, for January 1 of the year 2020.

The Ethereum (ETH) Istanbul hard fork that happened just a few weeks ago didn’t make things easier when it comes to Ethereum’s so-called “difficulty bomb”, so many are expecting Muir Glacier to change everything. As the holiday season is one of the busiest in a year, the hard fork is still waiting on support from the most important infrastructure providers, exchanges and mining pools.

SBI VC Trade to Support the Hard Fork

The Japan-based virtual currency exchange, SBI VC Trade, which is an SBI subsidiary, said it will support the hard fork. Its customers have been informed about the hard fork lasting until January 3, 2020 and being planned to reach the 9,200,000 block height. SBI VC Trade has also cautioned people about the blockchain instability caused by the hard fork by saying:

“If ETH is received by us during this period, we may not be able to confirm it properly due to blockchain stability issues. In that case, please note that we cannot respond at all.”

Bittrex and Bitso Ready for Muir Glacier

The CSO of Blockstream, Samson Mow, has said in a tweet that platforms are not ready for Muir Glacier, while others members in the ETH community have expressed their confusion over the strange choice made by Ethereum Foundation for the hard fork’s date. The only crypto exchanges ready for Muir Glacier seem to now be only Bittrex and Bitso.

The Istanbul Hard Fork Had Some Readiness Problems Too

It looks like the Ethereum project didn’t have enough support from its team of developers, as these were focused on upgrading the ETH 2.0. The Istanbul hard fork had the same problem and updated most of the nodes last minute. However, it still was successful, so Muir Glacier has all the chances to be a hit too.

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Author: Oana Ularu

There’s Never Been This Many Addresses Ever HODL BTC in the History of Bitcoin

  • Do not mistake volatility for meaning
  • ~4.87% of all BTC addresses have a non-zero balance

This entire week Bitcoin has been constantly on the up and down. We started December at about $7,500 only to fall to $7,070 level in the following days.

At the time of writing, BTC/USD has been trading at $7,540 with 24 hours gains of 2.52% as per Coincodex while down by nearly 19% in the past month. Volume, however, is still extremely low just like the rest of the week at $270 million.

The lack of volume behind this surge is why there is no confidence in this move. It also means any large transaction is having an outsize impact on price.

“I get it, price has moved up. But It seems like everyone is immediately hyper-bullish. First 7800, then 8200. Until then you are mistaking volatility for meaning,” says trader Cantering Clark.

~4.87% of all BTC Addresses have a Non-zero Balance

However, while the price may have yet to give any strong bull signals yet, there is one chart that is painting a very bullish picture.

The total number of Bitcoin addresses that hold some amount of BTC, are non-zero, has hit an all-time high at more than 28 million addresses, surpassing the previous record made in early January 2018.

As Glassnode puts it, “There have never been this many addresses holding btc in the history of Bitcoin.”

When non-zero addresses hit ATH, BTC price was around its peak at about $20,000. But in the next two months, these addresses reduced by about 7 million while the price dropped to $8,800 level.

Ever since then, these addresses have been on the rise and hit an ATH recently while the price is trading around $7,500.

“~4.87% ( ~28.3M out of ~586M) of all BTC addresses have a non-zero balance,” notes on-chain data platform TokenAnalyst.

This metric is one of the best ways to provide us with the total number of Bitcoin users. However, it has its limitations in the way that one user can have many wallets, one wallet can hold many addresses, and one address can hold many UTXOs.

Also, many users keep their BTC with exchanges and custodian meaning one single address is holding the funds of many customers.

But they both kind of offset each other because while the first point gives us with more addresses, the second one undercounts the actual numbers.

So, this metric gives us the nearest if not the best idea of the Bitcoin adoption growth.

Addresses with a Balance of more than 0.1 BTC, 1 BTC & 100k BTC Slightly Down

Meanwhile, addresses with a balance of more than 0.1 BTC have are down to 2.817 million from its peak of 2.847 million addresses in mid-October. The same is the case for addresses with more than 1 BTC, they are down to 778k BTC from all-time of 788k from late October, this year.

Those that have over 10 BTC have taken a dive to 152.6k address from 157k in September. There are just over 16k addresses that has more than 100 BTC which is down from 18.5k in July 2017.

Interestingly, addresses that are holding over 100k BTC have risen to its ATH at 2,187 on Sept. 28, 2019, and are currently at 2,135.

The richest bitcoin address — a lot of which are exchanges, custodians, and OTC — that have over 10k BTC is currently at just 107, down from its ATH of 125 in Nov. 2018, from where it took a drop to 97 BTC in mid-December 2018 when the price hit its bottom at $3,200.

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Author: AnTy

dApps on EOS blockchain Looking to Migrate If Severe Network Congestion Is Not Resolved

Since November 1st the issue of congestion has intensified as the EIDOS dapp has blocked the entire network by taking up most of the transaction processing. The network which was known for its seamless flow of transaction requires a minimum of 100 EOS at stake to perform a simple operation. The congestion issue is quite similar to that of Ethereum network where Cryptokitty gaming dapp created quite a similar issue.

In light of increasing conversion, some of the dapps are thinking about migrating from the platform unless the platform find an immediate solution. EarnBet dApp is among the first ones to make the demand and has asked EOS Block Producers (BP) to find a solution in 30 days. Their official tweet addressing the issue read,

“The current 21+ #EOS block producers need to begin governing with the best interests of the blockchain in mind. If these block producers are unable to institute a comprehensive fix in 30 days, we will be leaving the $EOS network.”

EOS was once seen as an Ethereum competitor where it promised faster transactions at no cost, but a malfunction created by a single dApp has brought the network to a sad halt. The issue could have been resolved and still can be resolved since EIDOS dApp does not really serve any purpose on the platform and losing other dapps because of that would be a big mistake.

The EarnBet team called the current state of network as “sad” and wrote a medium post about the declining EOS ecosystem. The blog post read,

“The EOS mainnet is in a sad state. With intense network congestion and spam, users are unable to access their EOS accounts. Currently, the network requires around 30 EOS staked to an account in order to perform a single transaction each day.”

The congestion on the platform is so bad that users cannot access their accounts at the moment and what was proclaimed to be zero fee network currently cost around 100 EOS to initiate any kind of operations.

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Author: Rebecca Asseh

Chinese Company Suning to use Blockchain in Fighting Counterfeits in the Retail Industry

Blockchain can protect the supply chain and combat counterfeits by providing end to end visibility and traceability in the entire supply chain. Suning, a Chinese retailer, has introduced the use of Blockchain for counterfeit protection before the Chinese shopping festival. It will apply to e-commerce platform operators, third party merchants, and online vendors.

How Suning Works

The supply chain participants are all linked to a single data collaboration platform. Every authorized personnel will be able to access Blockchain through a node; the node validator will validate all data before it is appended on the Blockchain. It will ensure traceability, provenance, and authentication in the supply chain.

A digital asset will mirror each trade item and logistic units in the physical chain in the Blockchain, the utility token. The token has a key that allows you to create a new entry into a ledger reassigning the ownership to someone else, to let them confirm and sign token transactions. Blockchain technology can serialize and track every trade item with a unique QR code for each. Once the food lands on a retailer’s shelf, consumers can scan a QR code on the food package with their mobile phones to receive food safety information about the product, including details as to what is in the box and its origin.

Expected Outcome

The aim of the Suning project is counterfeit prevention in China. The innovative technology will improve control over the supply chain by empowering customers to verify products before consumption.

It will improve customer relations and retention, as various brands can provide a higher level of essential data that boosts customer trust. The quality, unique characteristics, and sustainability of a brand can be documented. It also promotes stock control, to prevent stockpiling of unsold items by allowing real-time audits.

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Author: Daniel W

Bitcoin’s Days of $10,000 BTC/USD Price Coming to an End, says Crypto Trader

  • Market divided on the next move BTC will make
  • Upcoming Bakkt an important milestone for the entire industry – Adam White
  • RSI showing momentum, the ongoing “one big consolidation pattern in major uptrend” could end in the next few weeks

This week has been a whirlwind of price movements as first on Sept. 19, in a sudden move Bitcoin went down to $9,600 and then today it climbed right back up to $10,310 just as suddenly.

Currently, BTC/USD is trading at $10,179 with 24 hours gains of 3.15%, as per Coincodex.

Next Move: Up or Down?

The market now is back to guessing the next move Bitcoin is going to make.

Analyst The Cryptomist is expecting another drop but after making one leg up.

“We have a falling wedge here. I am looking for one more leg up before a bigger drop. Looking for this upward move to put in a double top on larger time frame RSI, before testing the 10k region once more.”

Meanwhile, trader Scott Melker states,

“BTC Hourly: The world’s skinniest bull flag. Confirmed hidden bullish divergence (signals likely continuation) on the line chart. Odds are in favor of a break up in the coming hours.”

Meanwhile, an Important Milestone for the Entire Industry

What’s interesting is the upcoming launch of Bakkt.

Next week, Bakkt will launch physically delivered daily and monthly bitcoin futures. This first fully regulated marketplace, Adam White, COO at Bakkt, says

“is an important milestone for the entire industry.”

As for price-wise, it is hard to say whether Bitcoin will go up or down.

On Sept. 6, the day Bakkt started accepting Bitcoin deposits for its warehouse, protected by a $125 million insurance policy, Bitcoin price took a drop of almost $700.

Would it be another buy the rumor, sell the news situation for BTC price, that’s to be known!

But the Long Term Parabolic High of Bitcoin Stays Intact

We are, in fact, in a bull market as prominent analyst PlanB shares,

“When RSI enters the RSI 50-80 zone (green), bitcoin bull market starts and RSI stays in that range for 3+ up-moves. In bear markets it oscillates in a lower range.”

Currently, RSI (relative strength index), the much-used indicator is showing “momentum,” registering a reading of just under 60.

As for the sideways trading the leading cryptocurrency is currently experiencing is as put by trader Bob Loukas, just

“one big consolidation pattern in major uptrend.”

Loukas predicts that after making the October low, Bitcoin might not see $10,000 ever again.

“BTC Cycle Low due early Oct, so still a few weeks left. Post Oct low, once reclaimed, I doubt we ever see $10k again. Ever,”

he said.

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Author: AnTy

Another 100 Million USDT Minted At Tether Treasury as Stablecoin Presence Continues Upward

Another-100-Million-USDT-Minted-At-Tether-Treasury

Bitcoin has been soaring like it is the end of 2017 and now the entire crypto ecosystem wants to keep up. Popular Twitter account Whale Alert that tracks down huge movement in the crypto community noted that 100,000,000 USDT was minted at Tether Treasury.

The cryptocurrency has been sent to Tether’s treasury account and all of the newly printed USDT is based on Ethereum’s blockchain.

Naturally, a move of the kind sparks quite a lot of curiosity amid the cryptocurrency community, with most of the people thinking that there is some sort of a large price move incoming. The crypto community accuses Tether of not having sufficient fiat reserves to back all of the Tether coins that are currently in circulation, posing a threat to the overall market integrity. Fears of Tether being insolvent came to a head in advance of the November 2018 drop to deeper lows.

However, at this point, it’s rather premature to come to any conclusions based on the words of Bitfinex’s CTO. The amount of USDT which has been printed hasn’t hit the market yet and it’s questionable when and if it will do so.

Regarding previously mentioned accusations, Tether had issued a statement saying:

“Every tether is always 100% backed by our reserves, which include traditional currency and cash equivalents and, from time to time, may include other assets and receivables from loans made by Tether to third parties, which may include affiliated entities (collectively, “reserves”). Every tether is also 1-to-1 pegged to the dollar, so 1 USD₮ is always valued by Tether at 1 USD.”

In the past, fast issuances of USDT have been linked to a price climb for BTC, a trend still noticeable in 2019. The fact that Tether has issued over $350 million in a couple of months has some analysts looking at the company very closely.

Latest Tether News and USDT Market Updates

[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: Sritanshu Sinha