Enraged South African Bitcoin Scam Victims Burn Down The House Of Alleged Scammer

Enraged South African Bitcoin Scam Victims Burn Down The House Of Alleged Scammer

You don’t mess with Bitcoin investors from Ladysmith or, maybe, well, you do, but your house gets torched. After several South Africans lost their money to a Bitcoin Ponzi scheme in the rural town of Ladysmith, they decided to torch the house of the alleged mastermind of the crime, Sphelele “Sgumza” Mbatha.

According to reports, a group of angry investors decided to loot and set on fire the house of the man who operated the alleged Ponzi scheme. Some people took electronics from the house, but it was unclear whether they were investors or not. The local firefighters were called to the house and ended the fire, but most of what was there was lost. Other items that were damaged included a luxury car.

According to a local community leader, Mbatha was “unreachable” so they decided to take matters into their own hands.

The crowd of angry protesters included around 1,500 people. Most of them, however, were not directly involved in the fire. The same community leader quoted before also affirmed that these people gathered in front of the Bitcoin Wallet (the alleged scam) office before they decided to torch the house.

These people decided to go to the police because it was falsely reported that the alleged scammer was arrested, but they didn’t find him there, so they decided to leave.

He affirmed that most of these people were very angry because they believed that the scam would make them rich. In fact, the truth could not be more different. The scam promised them a return on investment of 100% in only two weeks but it delivered nothing instead.

As soon as Mbatha ran out of money to pay the investors, he simply decided to shut down the company and they were left without any kind of support. He affirmed that this happened because hackers infiltrated his site and stolen his money, however, this is not very likely.

He was clearly operating a Ponzi scheme with returns that were simply too big to be true. The “hack” was probably just an excuse to run away with the money. Mbatha also lied that he was only an employee in the company when there was proof that he was actually the director of Bitcoin Wallets Achievers, the official name of the company.

The community leader also affirmed that the whole situation was very sad. A lot of people who invested were very poor and lost the little that they had in the shady business. Some people are claiming that Mbatha has decided to run away, but no one has either denied or confirmed that so far.

While Mbatha was still not being chased, he got known as the “Lord of Ladysmith”. People called him that because he was often seen in the streets with an expensive car and living an ostentatious life in the small town.

At the moment, Mbatha is not only being hunted by the mob, as the police are also after him in order to determine if he really robbed the money or not.

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Author: Gabriel Machado

Binance Labs-Backed Marlin Protocol Hoping to Supercharge Blockchain Speeds With $3M Funding

Binance-Labs-Backed-Marlin-Protocol-Hoping-to-Supercharge-Blockchain-Speeds-With-3M-Funding

Thanks to several seed investors, who included Binance Labs, Electric Capital, Arrington XRP and NGC among others, Marlin Protocol has managed to amass a whopping $3 million. But while achieving such a massive amount in seed round is no mean feat, it also explains the amount of confidence the investors have in Marlin Protocol.

Marlin Protocol is a promising startup based in San Francisco and Bangalore in India. The purpose of this company mainly is to create ways and means through which network speeds across various Blockchain is increased. The motivation behind this is because throughput constraints are largely perceived as the largest hurdles impeding fast Blockchain adoption.

Ideally, the startup hopes to overcome the impediments and enhance speeds according to what the company’s CEO, Siddhartha Dutta, terms “bandwidth-sharing marketplace.” According to him, the best way to improve the bandwidth is to use “relayers,” especially because projects such as Algorand are already using them.

Arrington XRP Capital partner, Michael Arrington, also spoke highly of the Marlin. He said that the protocol leads the way among the most recent Blockchain-agnostic infrastructure startups, adding that it will greatly enhance the network’s effectiveness.

However, Dutta’s decision to use relayers seems to make sense. Algorand uses them, even though as Dutta says, the total relayers it uses is in “single digits.” But he believes that if the same ‘single-digit relayers’ were to be “bribed,” the whole network would instantly be more effective. Relayers, according to him, are the real conduits of communication.

Marlin Protocol, therefore, aims to use this idea and introduce a web of relayers, which will collectively secure nearly every Blockchain. This would happen together with ordinary node activities like staking and mining.

A majority of ETH, BTC or pretty much any professional group of miners and staking companies know the importance of maintaining strong, stable bandwidth connections, according to Dutta. He expects nodes to be interested in jointly working with Marlin; after all they’ll be paid for the bandwidth they spend.

Marlin Protocol has reportedly partnered with a couple of projects already, all of them interested to run their services on its ‘private test networks.’ It has WandX, Blockcloud, Murmur and Holochain, even as the list is likely to grow.

Meanwhile, Dutta is optimistic about the planned launch of a public Marlin testnet. The launch date hasn’t been revealed and it could happen in two or three months. The mega launch of the targeted mainnet, according to him, is, however, expected to take place later in 2020.

While speaking to CoinDesk, Electric Capital Managing Partner, Curtis Spencer, was upbeat that the protocol will help enhance the efficiency of the network. He said that Marlin’s long-term vision that’s pegged on privacy-preserving packet delivery is exciting.

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Author: Lillian Peter

Investors Cannot Sell Their Digital Assets Due To Minimum Limits

  • Crypto investors are not being able to sell their virtual currencies due to high minimum limits
  • Blockchain.com says they have increased their limits to remain updated with network fees

It seems that there are several users that cannot sell their digital assets to the market because they are having trouble with the limit imposed by crypto wallets. Many wallets have imposed minimums that are currently close to $100 and small investors would not be able to leave the market if they want to sell.

Should Minimums Be Lowered?

Users that have less than $100 in Bitcoin or other cryptocurrencies might find it difficult to sell or transact their funds due to the minimums imposed by crypto wallets and platforms. According to a recent article released by Telegraph Money, many of those that purchased small amounts of Bitcoin (BTC) in 2017 and are trying to sell they are not able to do it.

Some of these platforms include the popular Blockchain.com wallet that has established very high limits for users to sell their funds. For example, Telegraph Money explains that there is a user that purchased 0.0062 of a cryptocurrency and found out that the minimum amount he could sell was 0.008. After some time, the user checked and the minimum amount moved to 0.01.

According to what Blockchain.com says, these minimums are established taking into account network fees. A spokesperson for Blockchain.com explained that they have evolved minimums to ensure users don’t pay uneconomical fees to move small amounts of money.

A recent analysis released by Interactive Investor shows that the minimums established by Blockchain.com seem very high compared to other companies. There are almost 18 million wallets that hold less than the necessary Bitcoin to reach the limit imposed by Blockchain.com.

In general, cryptocurrency exchanges have larger minimums for users to deal with virtual currencies. Trade and withdrawal limits also have very high limits. That shows that there are many things that companies in the space have to change, improve and enhance if they want to attract more investors to the market.

There are alternatives such as decentralized exchanges (DEX) and open-source wallets that would give users a different alternative to deal with digital assets and cryptocurrencies. However, newcomers tend to go to the most popular and recognized crypto wallets and services rather than using open source and decentralized platforms, which yet need to become mainstream.

[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: Carl T

Bitcoin Price of $100K is Within Reach in 2019, Likely to See $20,000 Within Next Two Weeks: Senior Analyst

Bitcoin Price of $100K is Within Reach in 2019, Likely to See $20,000 Within Next Two Weeks: Senior Analyst

For investors in major cryptocurrencies, this month has seen some of the most febrile activity and best performance from the likes of Ethereum and Bitcoin for a long time. Just where will this ongoing bullish trend take Bitcoin in the near future?

For Simon Peters – who works as an analyst for the online trading platform eToro – it could easily match and break past its all-time high valuation of $20,000 within as short a window as two weeks.

After this, he is very much of the opinion that it could hit $50,000 and even $100,000 by the end of this year. This is according to a claim made by Peters this week.

According to him, having seen that BTC managed to reach the current stellar performance at $11,800 this week, it is very possible that Bitcoin could reach and even break its peak figure of $20,000.

While he was hawkish on the prospects ahead of Bitcoin, he did provide caution regarding the fact that his predictions are based more on the current assumption that Bitcoin will be able to continue on this current trajectory.

While some investors and crypto enthusiasts remain hesitant at the prospects of this rally going forward; having seen past surges rise and deflate. But Peters is very much of the opinion that this ongoing rally is wholly different when looking at it side by side with previous surges in the market.

One of the examples he provides is the fact that it hasn’t been accompanied by previous increases in consumer-base investment, as was the case with the bullish year of 2017. We can attest to this on account of the side-ways trending of google searches for ‘Buy Bitcoin’ – which gives the indication that investment isn’t coming from grassroots consumers, but far more from over the counter investment as well as institutional investors that have pulled their capital out of Stablecoins and right into BTC.

Going even further, when questioned on whether or not the ongoing surge is sustainable, Peters gave the following statement.

“With the number of sell positions building in the market it’s possible we could see a correction very soon. Even if that was the case though, bitcoin continues to remain on track to close out the first half of the year on a highly positive note. We could see bitcoin reaching $50,000 or even $100,000 this year.”

Going on from this, Peters went on to highlight that the current gains that BTC was experiencing were at the expense of Altcoins; the latter of which serves most commonly as a hedge during times of bad performance from major coins. These same altcoins are currently being “pummeled” as they continue to languish at respective low points.

In stark contrast, Bitcoin has been demonstrating an inspiring parabolic advance, pushing it past $12,000 as of June 26th – the first time that it has managed to do so over the course of a year.

Going even further, the most recent data taken from CoinMarketCap has shown that Bitcoin has successfully managed to pass beyond the 60 percent range in market dominance for the first time in over two years – featuring a total market capitalization of more than $226 billion.

All of Today’s Bitcoin Price Analysis, Chart Forecasts and Industry News

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Author: James Fox

Diar Report Shows How China’s Stablecoin Trading Behavior Affects the Bitcoin and Crypto Markets

Diar-Report-Shows-How-China-Stablecoin-Trading-Behavior-Affects-the-Bitcoin-and-Crypto-Markets
  • Diar shows Chinese investors are demanding and trading with Tether
  • Bitwise data about exchanges could be far from the real numbers

In a recent report released by Diar, the company explains that on-chain data shows that Tether (USDT) volumes are reaching a new all-time high for the second quarter of this year. One of the most shocking things is the fact that trading volumes in China are much larger than trading volumes in Western countries.

Tether Volume Grows In China

Several cryptocurrency exchanges have been accused of having large amounts of the fake trading volume. This is something that is harming the crypto community and market as well. For example, the U.S. Securities and Exchange Commission (SEC) decided not to approve a Bitcoin exchange-traded fund (ETF) because it believes that the market is currently being manipulated by larger investors.

According to data released by Chainalysis, the demand for Tether in China reached $16 billion in 2018. However, this year seems to be even better than the last one. Since January 2019, the number of USDT received by Chinese exchanges surpassed $10 billion. That means that we could be heading towards the best year ever.

Diar shows that Chinese exchanges accounted for 39% of all on-chain transactions value for Tether. This year, things are getting even more interesting. The country is currently responsible for 60% of all on-chain transactions. Moreover, there are other exchanges such as Binance and Bitfinex that currently have 31% of the total Tether volume compared to the 47% share they had last year.

Meanwhile, in the United States, things are getting worse. The demand for stablecoin dropped from 44% in 2017 to less than 10% in 2018.

Diar explains that on-chain transactional volume in 2019 has gone up with the reported trading volumes in the market. The increased demand for Tether in China is related to the fact that there are investors that want to trade with these funds.

“Even a single rade of Tethers moved onto Chinese exchanges would equal daily volumes equivalent to $215 million for the month of April, which is three times as much as Coinbase and on par with Binance,” Diar wrote.

The report concludes that the report released by Bitwise, an asset management company that informed that 95% of crypto trading volume is fake, is likely to be far off the mark.

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Author: Carl T

Delphi Digital: Bitcoin Reigns Supreme in 2019, is the King of the Asset Class Hill

When it comes to any and all kinds of assets available to investors across the world, Bitcoin has managed to surpass in performance, any other kind of asset. according to the financial performance of BTC over the course of May, its value rose more than 60 percent – making for the highest monthly return in more than a year.

This increase of 60 percent represents the single greatest performance from the world of assets in the world over 2019 so far.

These statistics come from the speciality analytics firm – Delphi Digital – which went on to give the Bitcoin the honorary title as ‘the king of Asset Class Hill,’ a fitting description for a digital asset class which is constantly maligned by more mainstream individuals within the marketing world. Made even more of an apt description thanks to its consecutive months of solid returns.

Graph and Bitcoin performance relative to other asset classes and stocks courtesy of Delphi Digital. According to the team responsible for this research within Delphi Digital:

“The acceleration in BTC’s performance comes at a time when conventional risk assets, notably global equity markets, continue to see selling pressure […],” the team continues on to explain.

“May’s outperformance has been especially important given the broader weakness across many other asset classes.”

Investment Flight Takes Shape From Riskier Assets While Bitcoin is Unperturbed

The current landscape for mainstream investment markets as well as public equity are undergoing a phase of anxiety amid some continually bad news internationally. It’s because of this that it, the team concludes, is “riddled with concerns.” One of the more prominent examples that we have for this would be the New York Stock Exchange.

The ‘concerns’ and bad news in question is pretty ubiquitous whether you’re paying attention on the radio, TV or newspapers – with earnings expectations for workers remaining relatively stagnant, continuing macroeconomic concerns relating to the ongoing trade disputes between China and the United States as well as a broader discontent over the rate of economic growth has since resulted in investors retreating from more ‘risky’ assets in exchange for what we refer to as ‘safe haven assets’ such as US Treasuries, government bonds and Precious Metals.

Even with this investment ‘flight’ which takes place in a bearish climate, even against ‘safe’ assets like Gold, Japanese Yen, and WTI Crude, Bitcoin still managed to more than trounce these tenfold over May along.

Courtesy of Delphi Digital

Within the body of its research, Delphi Digital went on to explain that, while Bitcoin had managed to take some serious ground compared to its conventional rivals, investors cannot rest on these digital laurels.

“Contrary to its recent history, Bitcoin has remained largely unaffected by the sell-off in risk assets, though expectations for market volatility are trending higher,” its analysts continued. “It is still too early to claim victory yet, but BTC’s uncorrelated nature has so far proved true.”

The analysts of the team have since determined that, even if investors were to allocate small volumes of BTC within their more conventional investment portfolios – such as one made up of 60 percent stock assets and 40 percent fixed income) over the course of three years, served to dramatically boost the kinds of annual returns obtained by the investor.

When we take this into consideration, it makes a great deal of sense, especially when looking at the kind of Bullish charge that Bitcoin underwent over the course of 2017.

“Just a 3-percent allocation (which we acknowledge is still a sizable position for most conservative investors) would have generated a compound annual growth rate of 12 percent over the last 36 months, without raising the portfolio‘s volatility or maximum drawdown by much,” said the firm.

Bitcoin’s price is $8,193.17 BTC/USD exchange rate today. The real-time BTC market cap of $145.34 Billion currently ranks #1 with a chart dominance at 55.91%, daily trading volume of $6.62 Billion and live coin value change of BTC -6.56 in the last 24 hours.

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Author: James F