CoinMarketCap Wanted to Fix Fake Volumes, CZ Said To Implement a Simple, Short-Term Fix

  • Once again, Binance founder and CEO, Changpeng “CZ” Zhao, is trying to clarify that CoinMarketCap works independently of the leading spot exchange.
  • Binance and Zhao have received a lot of new flak over the acquisition of crypto data site CMC in a $400 million deal a month back.

Just last week, as Bitcoin Exchange Guide reported, in an attempt to address wash trading, CMC completely removed a metric that highlighted the discrepancy between published and real volume to focus on traffic volume.

This new metric provided Binance with 1000 points and the first position followed by Coinbase, BitMEX, and Kraken.

Ciara Sun, Head of Global Business and Markets, Vice President of the competing exchange, Huobi, which is now ranked 18th on CMC, also shared her displeasure with the new ranking system.

Get Over it, Binance Bought it!

Yes, the company has bought CMC, making it the latest “part of the Binance ecosystem and family.” But like other teams, they make their own decisions and work towards their own goals “fairly independently,” explained CZ in a post today.

And unlike many, CZ doesn’t have a “binary interpretation” of words like decentralization and independence. Instead, he perceives them on a “gradient scale,” and when it comes to autonomy, Binance offers a lot of it to its users.

CZ also cleared that he has regular meetings with the CMC team and provides them with his suggestions but does not “dictate them.”

But if you think he won’t be tweeting about CME, the business he recently acquired, then you have something else coming. CZ said,

“Should I not tweet about CMC to be seen as more distant or “independent”? Well, get over it. We bought it. You can safely assume I will continue to tweet heavily about CMC, just like I will continue to do so for Binance, BNB, Trust Wallet, WazirX, and all of the teams and projects in the Binance ecosystem.”

He further shared how, based on twitter feedback, they decided to go with the simple metric as a short-term fix rather than going with CMC team’s initial plan to “fix the exchange ranking and fake volumes issue in one month.”

The plan was to have a combination of updated liquidity metric and web traffic but CZ’s “feedback” was, it’s “too slow” and to “find a simpler way to fix it in a week.”

And here we go.

Unavoidable Conflict of Interest Will Remain

Although Binance has the “largest trading volume on most days” and ranks highest by some metrics while not by others, they will be using a combination of metrics to improve CoinMarketCap in the long-run.

But everyone isn’t happy with CZ’s “Rolling with the punches, but staying transparent,” plan.

Analyst Mati Greenspan, who has been very vocal about his displeasure of CMC’s acquisition by Binance yet again tweeted “Ownership inherently causes an unavoidable conflict of interest.” He added,

“The equivalent of this would be if JP Morgan bought Moody’s rating agency. Then, Jamie Dimon claiming that they’re still independent because he’s not the one making decisions about how they rate things.”

Read Original/a>
Author: AnTy

From the Supply Side, Bitcoin Halving Doesn’t have a “Major Impact” But what about the Demand Side?

The halving is almost here.

Bitcoin block reward halving occurs once every four years. This third such event will result in the bitcoin emission rate cutting in half to 900 BTC per day from the current 1800 BTC a day.

However, there can only be 21 million bitcoin that will ever exist, the only major tradable asset with a supply cap. This helps bitcoin retain its purchasing power especially in a world where fiat currencies with unlimited supply are losing their value fast.

This halving is also the remainder of the leading digital currency’s hard money characteristics.

No major impact from only supply side

But the speculation around price is just as strong with people debating the decrease in emission rates tends to push bitcoin prices up because post halving there will be less sell pressure from miners. BlockTower explained in its latest newsletter.

“While this may have been true in the past due to the large amount of emission relative to outstanding supply, the reality of the current situation is that there is regularly $1b in Bitcoin volume and a decrease of $9m of sell volume is negligible on a day to day basis.”

“From a pure supply side look, the halving doesn’t have a major impact.”

But this reduction in new supply issuance combined with the stability of new demand will lead to “a steady upwards drift on price.”

Search interest on Google for the term “bitcoin halving” has already jumped to its all-time highs.

What happened the last two times?

After leading 2019, the best performing asset class in 2020 with over 30% returns, bitcoin is beating gold and Treasuries that are up an impressive 21% and 13% gains respectively.

According to Fundstrat’s Tom Lee, the upcoming halving along with the macro investor Paul Tudor Jones buying bitcoin are “a solid set of tailwinds.”

Historically, halving has resulted in bull runs. In 2012, pre-halving, bitcoin price jumped 663% and post halving it gained over 3400%.

Before the second halving, BTC spiked 383% and post halving, the returns were of 4,080%. However, during the last 2016 halving, the price of bitcoin remained steady for over a month which was followed by a strong correction. The bull run didn’t come two months after that.

This time, Bitcoin has rallied over 340% since December 2018 bottom. But these low returns could actually be a good thing as analyst Rekt Capital pointed out, “if bitcoin rallies less pre-Halving, then it will rally more post-Halving.”

Moreover, most of the exponential growth actually occurs after the halving.

“The bitcoin halving is a key catalyst to beginning a new Bitcoin bull market,” and BTC “rallied between 12,000%-13,000% in each of its halvings to date,” noted the analyst.

On the other hand, although the reduction in supply is relatively negligible, halving is working as a strong marketing tool for bitcoin because of being in stark contrast to the greatest monetary expansion experiment in history.

“With much of the world staring down the barrel of potential inflation, currency crisis (such as in Lebanon) and global instability — this becomes an undeniably attractive opportunity to take a look at a truly scarce asset as a hedge.”

Read Original/a>
Author: AnTy

Cash is King in Coronavirus Ravaged Economy But Bitcoin is “Next in Line to the Throne”

Mark Yusko, the CEO at Morgan Creek Capital Management says coronavirus is unleashing a once in a lifetime downturn.

Yusko appeared on CNBC’s “Trading Nation” to talk about how the closest comparison to the coronavirus ravaged economy is the Great Depression. The hedge fund manager on Thursday,

“The economic shock wave that’s coming is going to be like nothing that any of us has ever experienced because it’s going to be very similar to the 1930s.”

Since hitting its all-time highs, S&P 500 has plunged 26% while the Dow is down 28% from its record high. In the first quarter of 2020, both the indexes recorded a negative 23% and 20% returns respectively.

The market is not expected to make a real recovery until the number of coronavirus infections and death peak. The COVID-19 pandemic has infected 1,040,664 people globally and 55,191 people have lost their lives to it.

Yusko is currently short on “a lot of stocks,” he is particularly bearish on retail, consumer stocks, and over-leveraged companies.

Move into Cash, Gold, and Bitcoin

According to Yusko, the market is not showing any signs of recovery and it’s not late to cut losses and go into cash in response to coronavirus.

“Cash is king,” said Yusko, who manages $1.7 billion in assets. “We’re in for a very drawn-out bear market.”

Besides cash, he finds gold miners as an attractive option. Interestingly, gold has beaten other assets by ending the Q1 with a positive 4% returns. Yusko also finds opportunity in Bitcoin, an asset that is part of his investment portfolio.

“Bitcoin is next in line to the throne,” added Yusko on Twitter.

The world’s leading cryptocurrency fell 50% from its mid-February high of $10,500 but since then has recovered 80% of its value as it currently trades at $6,700.

However, given that bitcoin hasn’t decoupled from the stock market yet, it could still be in for some pain as Yusko estimates the negative effect from the global economic shutdown to combat novel coronavirus won’t be limited to just weeks and months but quarters and years.

But quantitative easing by central banks all over the globe will work in Bitcoin’s favor which is “insurance against the collapse of the financial system.” Yusko said,

“The stimulus response from the government is going to have a negative impact on currencies globally, particularly western currencies. So, you want to have something that appreciates in value. Bitcoin is going to do that.”

Yusko is not alone in thinking this, much like the vast majority of the crypto community, Morgan Creek Capital founder Anthony Pompliano also sees central banks printing money to push the price of bitcoin higher by “hundreds of percent.”

Also, while central banks are focused on quantitative easing, bitcoin will go through “quantitative-hardening” next month that will cause miner flow to be halved from 1800 BTC per day to 900 BTC per day and the scarcity, the S2F to double to 54 years.

Read Original/a>
Author: AnTy

Bitmain Releases Antminer E3 Firmware Update to Keep It Mining ETH Till October

Mining hardware firm, Bitmain, set to extend the durability of its once “most powerful Ethash miner” from April to October 2020. The mining firm announced a new firmware that will prolong the Ethereum ASIC miners to the latter part of the year.

The company had previously announced its plan to do away with the Application Specific Integrated Circuits (ASIC) ETH-based mining, Antminer E3 come this April. The miners –which typically lasts for two years – were set to be faced out as the directed acyclic graph (DAG) files on the blockchain increased in size.

A risk to Ethereum’s hash rate?

However, according to reports from altcoin mining pool 2Miners, if the Antminer E3 hardware stopped in April, an extended drop in hash rate may be witnessed. Recent events on the Ethereum Classic and Ethereum networks showed a glimpse of E3 miners stopping in April. The risks have pushed the Chinese crypto mining hardware firm to release a firmware upgrade that will prolong the obsolescence of the miners until fall this year in October.

“This new firmware will expand the usage of Double Date Rate (DDR) Memory, as more space is needed to process DAG files,” the statement reads.

According to calculations the miner is expected to become obsolete at a block height of 11,400,000, which is likely to fall in October.

Read Original/a>
Author: Lujan Odera

Ripple (XRP) Price Analysis (February 20)

Key Highlights

  • XRP’s price strength has once again overpowered by the US dollar market worth.
  • A fiercely breakthrough of a $0.30 mark will portend a decent return of the XRP bullish trading cycle.
  • Investors may consider buying into this crypto-trade now or allow it to dip a bit more.

Major resistance levels: $0.32, $0.34, $0.36
Major support levels: $0.24, $0.22, $0.20

Ripple (XRP) Price Analysis

The XRP/USD market has gone under a depressive price moving force. About few hours in the last trading days, the crypto rallied around a $0.30 resistance line. But, presently, the pair is trading towards a low $0.26 mark.

The US dollar overwhelmed the XRP’s price strength, downward trading around a low critical point that may cause further lowly price movements if a $0.26 line breached southwardly. The base cryptocurrency will have to fiercely breakthrough $0.30 to safely portend a decent return of bullish trading cycle for this crypto-trade subsequently.

Ripple Technical Indicators Reading

The 50-day SMA indicator is located over the 14-day SMA trading indicator. And, Japanese candlesticks now form precipitately downward the south below the SMAs.

The Stochastic Oscillators have traversed southward from range 80 towards touching a lower range at 20. That suggests that the XRP/USD market selling pressure may not have completely exhausted.

Conclusion

The XRP/USD market is again facing another round of recovery trading position, which may not be visibly achieved in the near time. Though, the sellers’ strength has affirmed to a point in the market. And, a breakdown of a $0.26 mark could result in a dicey sustainable trading situation for the XRP/USD sellers. Given that, it could now be one of the best investing times that investors may plug-in.

Disclaimer: The presented information is subjected to market condition and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (bitcoinexchangeguide.com) holds any responsibility for your financial loss.

Read Original/a>
Author: Ben Jordan

Poloniex Exchange Users Urged to Reset Passwords After Email Data Leak on Twitter

The Poloniex crypto exchange is once again in the spotlight after the firm confirmed that the password and email data of their clients had indeed been leaked on Twitter. The exchange has since sent out an email to all its users warning of potential account hacking threats following this incident.

Given the sensitivity of the leaked data, Poloniex has opted to force all current traders to reset their passwords.  According to an email sent out on Dec 30, the U.S based digital currency exchange saw this as the best course of action to protect its users;

“While almost all of the [leaked] email addresses listed do not belong to Poloniex accounts, we are forcing a password reset on any email addresses that do have an account with us, including yours.”

As it stands, the damage caused by this leak has yet to be quantified in terms of any compromised accounts. It seems Poloniex might just be cautious and trying to avoid any real hacks. In addition, Poloniex is still uncertain as to how the passwords and email addresses were posted on Twitter.

The Poloniex customer support team has consequently found itself in a difficult situation as some users of the exchange did not take the warning email seriously. In fact, one user took to Twitter claiming that the email was a scam claiming there wasn’t a need for any actions. This comment was quickly addressed by the Poloniex team who emphasized that the email sent out is real and urged the client to reset their password.

Poloniex and Tron 2019 Highlight

This recent threat to the Poloniex exchange is a big deal and could affect the platform’s volume. The firm has made considerable milestones over the course of 2019. Circle let go of the platform and informed US customers to remove funds by Dec 15th. Tron’s founder, Justin Sun became an “investor” and then the exchange has taken a heavy affiliation with TRX products.

Poloniex moved to acquire the TRXMarket as part of an expansion strategy of its line of products. The exchange went on to further add a super representative from the TRON team. Analysts within the industry speculate that their spin-off from Circle and integration with TRX is a step in the right direction for capital growth.

Read Original/a>
Author: Lujan Odera

China Regulators Issue ‘Serious Warning’ On CryptoCurrencies; We Support Blockchain, Not Crypto

China is once again getting worried about the expansion of cryptocurrencies. Regulators have requested authorities to prevent the use of digital currencies by individuals in the country. This is according to a recently released announcement by the China Securities Regulatory Commission (CSRC). In this report, they talk about the risks related to cryptocurrencies and their influence in the financial market.

Chinese Authorities Worried About Crypto Expansion

In the aforementioned announcement, crypto trading activities, digital currency mortgage provision, and other services are a risk for the economy. At the same time, the expansion of crypto assets violates regulations established by the People’s Bank of China (PBoC).

Regulators in Beijing have already called local authorities to combat and fight against these activities that are expanding in the market. China has mostly been against digital assets and their different use cases. Back in 2017, China banned cryptocurrency trading activities causing the whole market to drop.

In addition to that, the Chinese government stated that individuals and institutions cannot be involved in the sale of cryptocurrencies nor invest in them. Users and companies cannot perform transactions or trade digital currencies.

Other countries such as South Korea have also decided to ban Initial Coin Offerings (ICOs) as well. This has also affected the whole ecosystem at the end of 2017 when blockchain projects were expanding in the space.

Despite China’s negative stance towards digital assets and the industry, the government has shown interest in distributed ledger technology (DLT) and how it could be used to improve the economy and its efficiency. However, they stated at that time that their support to blockchain technology shouldn’t be considered an endorsement to cryptocurrencies.

Some reports were also suggesting that miners could also be affected by a government ban. Regarding this issue, a finalized version of the list of industrial activities that the country was planning to eliminate shows that banning Bitcoin mining was not included in their plans.

Read Original/a>
Author: Carl T

Tribe Accelerator, Supported by Singaporean Govt, Allocates $16 Million for Blockchain Startups

Tribe Accelerator was supported by the government of Singapore via Enterprise Singapore and they are in the news once again. Tribe was able to successfully raise an extra $16 million (21.5 million Singapore dollars). The fund is for blockchain startups that have been seen as active.

Brilliant Moves

The funds specifically are for a set of 9 startups from several locations all over the globe. An announcement released on Monday also described these startups as those that are working on solutions. These are solutions are to tackle real-world problems by making use of blockchain technology.

The startups in this regard are Bluzelle, Affle, Torus, Eximchain, Pilab, Aqilliz, AID:Tech, Dimuto, and WhiteCoat. All these startups are related to areas and sectors like social welfare, Issues in data privacy, and in digital retail, cybersecurity, supply chain, and healthcare services.

Aqilliz is a platform that focuses on hybrid advertising and customer loyalty services while Bluzelle is a distributed open-source database service. Then there is Pilab which is responsible for the building of software for the communication and management of data on various networks.

AID:Tech has also been able to work on solutions for aid, social welfare and donations that have been processed using the blockchain technology. Affle on its own is carving its niche as a consumer advertising startup. All these are very active ventures that are believed to perform even better when the proper level of funding is achieved. That is the primary decision behind the support that the government of Singapore is giving via Tribe.

Active Firms Working on Solutions

A good example in this regard is AID:Tech which offers a comprehensive decentralized digital ID protocol. On the other hand, WhiteCoat which offers healthcare services through their blockchain-dependent application. Its purpose is to improve patient identities and reduce the leaks of medical records when there are attacks. All these details were also made public in the release.

Ng Yi Ming is the managing partner of Tribe Accelerator and he said that one of their aims is to advocate for the inclusion of blockchain at the level of countries like Singapore. Singapore is aggressively pursuing its Smart Nation ambition and what Tribe Accelerator is doing is assisting such countries to achieve their national objectives.

He also clarified further talking about Mighty Jaxx which is one of the participating ventures from the first set. This venture is already working with OpenCerts which is a public venture in Singapore too. This partnership allows for the issue and validation of tamper-resistant digital certificates.

As for the first set of startups, the same program was able to accumulate almost 17 million Singapore dollars (around $12.3 million) in the spring of this year. So with this latest round of funding that a total of about at just over Thirty-Eight million dollars (which translates to around $28 million). Tribe was established in December 2018 and has made swift progress. Of recent, it struck partnership deals with big ventures. These are really solid brands and they include Intel, BMW Group Asia, Citi Bank, Nielsen, and others.

Read Original/a>
Author: Ali Raza

China’s Blockchain Zeal Heralds A New Generation of Altcoins

On the eve of Halloween, the Bitcoin whitepaper turned 11 years old. Quite how a once flippantly ridiculed cypherpunk’s curio journeyed to spook the establishment into embarking on a digital reformation of the monetary system is beyond bewildering.

Chinese President Xi Jinping’s rallying call to the nation, emphasizing the importance of seizing blockchain’s innovation potential across various sectors marked a seminal moment in the global race for blockchain adoption.

He lauded blockchain as an “important breakthrough for independent innovation of core technologies” and noted its potential in, inter alia, “solving the risks of banks.”

“Blockchain will play an important role in the next round of technological innovation and industrial transformation. We must take the blockchain as an important breakthrough for independent innovation of core technologies. We must clarify the main direction, increase investment and accelerate the development of blockchain technology and industrial innovation.”

The speech marked a volte-face in the country’s long-standing disposition towards blockchain. It was also the first time that a leader of one of the major economies publicly endorsed blockchain as pivotal to technological innovation.

Illustrating the exigent intent in this paradigm shift, the ruling Communist Party’s PR wing, Publicity Department of the Central Committee (CCPPD) released numerous instructional videos on the basics of blockchain. The CCPPD, which used to promote anti-blockchain propaganda, was also now actively removing all online content depicting blockchain as a scam.

Just as the bears began snuggling down in anticipation of another crypto winter, a jolt from the East roused the bulls into frenzied action. China’s eternal president had thrown his weight behind blockchain, they all giddily rejoiced. But wait! He pointedly omitted any mention of Bitcoin. Why?

A few days later, likely in response to manic market reaction, the CCPPD advised the Chinese people not to confuse glorious blockchain with bête noire Bitcoin, a purely speculative asset devoid of real value, making it clear that this wasn’t so much blockchain adoption as co-option.

China has little interest in blockchain to the extent that it allows decentralization of wealth creation and distribution. China’s blockchain zeal is limited to blockchain’s ability to enable more efficient capital control and invasive state surveillance.

China is not alone in this Machiavellian pursuit either. Others will likely join this race to co-opt blockchain to perpetuate the ruinous, debt-financed fiat fiasco we’ve been riddled with for nearly five decades.

Lawmakers in the US have been pushing the Federal Reserve to digitize the dollar, with even greater urgency now we should expect. The ECB has dallied with the idea as an alternative to Libra. The world’s fastest-growing economy, India is also mulling over a sovereign digital currency to ward off the threat of cryptocurrencies. A recent UN report speculated that at least 40 member nations were considering state-backed digital currencies.

These large economies, scrambling to preserve their control over the supply and distribution of money in the face of an inevitable digital currency revolution, have resorted to peddling centralized SMART (Surveillance Marketed As Revolutionary Technology) blockchains, marketing them as better iterations of Bitcoin.

Bitcoin currently best serves the interests of lesser nations, the likes of Venezuela, Cuba, Hong Kong, North Korea, Turkey, and Iran, who’re not as pre-occupied with retaining control of monetary supply and surveillance of their citizens as escaping the sharp power of US and China.

Market reaction to the news from China reaffirmed a couple of things. In public perception, the concepts of blockchain and Bitcoin are indistinguishable. Secondly, that an authoritarian central figure with no authority over Bitcoin was able to influence the market shows that Bitcoin’s maturation is far from actualization.

Bitcoin has seen off many purportedly better iterations over the past decade. The advent of fiat blockchains ushers in a new era in digital currencies featuring third-generation altcoins. The scale of their threat to Bitcoin can be summed up with two simple words,

“OK, Boomer”.

What are we going to call these new ‘blockchains’? I suppose we need a new term. Bankchain or Boomerchain?

Read Original/a>
Author: Lamps T

CoinBit Pro: Legit Bitcoin and Crypto Trading Education?

The following CoinBit Pro review is subject to change once more details are made available. From the limited information, here is what is known so far.

According to the official website, CoinBit Pro is designed to teach users how to build ‘massive wealth’ with bitcoin using their online marketing system. Is made up by people from diverse fields in the world of business. Some are in sales; others are online marketers, business people, educators, and cryptocurrency traders. They claim the need for reliable knowledge in cryptocurrency field is a big gap that needs filled and intend on doing so with their bitcoin-based business opportunity.

It’s no secret by now, along the way, con artists have made away with their money due to lack of knowledge as the bitcoin scams continue to stack up. As the cryptocurrency industry gains momentum, so do schemers. The CoinBit Pro educational platform founders decided it was time they exposed to the world the signs to look out for in trading to avoid being conned. They have been in the field for a while now and are aware of all the methods that can be used to rob you of your money and joy.

Not only does the platform claim they endow you with the above knowledge but also provides the necessary tools needed to control the outcomes of all the moves you make in the volatile crypto markets.

Coinbit Pro Packages

CoinBit Pro provides everything you need to know about cryptocurrencies in the array of their product packages. From introductory (basic) level to Professional (Advanced) level, you learn what cryptocurrency is and how you make money from it among many others.

Some of the packages are:

  • Crypto Intro: here you get an introduction to the crypto world, taught how to access your personal back office, the marketing system, sales videos, lead capture pages, a license to resell and free support. This package sells for $350.
  • Crypto Pro: This package is for members who have gone through the introduction and completed successfully. By now, they can proceed to advanced training. The package also allows access to personal back office, marketing system, sales videos, license to resell, lead capture pages, free support and take note of Live trading Webinars. This product goes for $1,000.

It looks as though each package, basic ($350) and advanced ($1,000) are standalone products that each offer their own features and benefits.

Is CoinBit Pro Right for You?

There are good reasons to choose CoinBit Pro for all your cryptocurrency trading needs. They include but are not limited to:

Education

On this platform, you are transformed from being an amateur to an expert on all matters concerning cryptocurrency, which in turn enables you to start trading. All this at you own timing and pace. You learn about bitcoins, altcoins, and how they work.

Trading Strategies

CoinBit Pro teaches you the rules of trading from basic to intense. It also provides you with the best platform to start and grow your cryptocurrency trading experience immensely.

Business Opportunity

Since cryptocurrency trading allows you to work at your own timing and pace, making an extra income on the side and exploring new business opportunities is presented to you. You are able to make 100% commission on every new sale you achieve. You also get to earn $250-$800 immediately your sale is done, directly deposited to your Bitcoin wallet.

The official CoinBitPro website does have a video teaser showcasing their bitcoin-centric story and why they exist as a whole.

Owners of CoinBit Pro

While proper due diligence is required on each of the following individuals, kudos to them for posting names and pictures (need verified) on the homepage.

The four names listed on their website are Astone Davis, Luciaan Godfrey, Aaron Civitarse and Bradley Murray. Each have a small bio that needs cross checked, but as mentioned, this is very different in comparison to what you may consider ‘competing’ offers may have.

Latest News

Apart from all the information received from the platform; current and trending news on the crypto world is also available for you to keep you up to speed on the ins and outs of the crypto space.This brief review of CoinBit Pro will be updated once we hear back regarding member feedback and company updates. They do offer a latest news section, bitcoin price chart and BTC coin converter tool on the website.

If anyone has more details on Coin Bit Pro bitcoin business model, please feel free to leave a comment or send us feedback so we can update the review and give the best details available to date.

Read Original/a>
Author: Bitcoin Exchange Guide News Team