#Blockchain BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume

The Blockchain Transparency Institute (BTI) has published its December 2018 “Exchange Volumes Report,” claiming that only two of the top 25 cryptocurrency exchanges by reported volume on Coinmarketcap pairings accurately report their trade volume. The report also asserts that wash-trading is estimated to comprise 99 percent of the purported volume for 12 of the top 25 cryptocurrency pairings by reported volume.

Also Read: Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in Space

BTI Claims Binance and Bitfinex Accurately Report Volume

BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report VolumeAccording to the BTI’s December report, the two largest exchanges by trade volume are Binance and Bitfinex, both of which the report asserts do not distort their volume through wash-trading. According to Coinmarketcap’s reported volume rankings, as of this writing, Binance ranks as the third largest by 24-hour volume, with Bitfinex positioned at 21st place.

The BTI estimates that Upbit is the third largest exchange, despite ranking 39th on Coinmarketcap, followed by 27th-ranked Kraken, 34-ranked Coinbase, 41st-ranked Bitstamp, 54-ranked Bitflyer, 62nd-ranked Poloniex, 50th-ranked Bittrex, and 55th-ranked Gate.io. As such, BTI estimates that only one of the top 20 exchanges by reported volume should be ranked in the top 10.

The report also takes particular aim at Okex, claiming to have found “just about all of their top 30 traded tokens to be engaging in wash trading.”

Wash-Trading Estimated to Comprise 80% of Reported Volume Among Top 25 Crypto Pairings

BTI’s December volume rankings report also analyzed the purported volume of the top 25 virtual currency pairings by reported trade activity, again finding Binance and Bitfinex to have accurately reported trade volume.

Wash-trading has been estimated to comprise 80 percent of reported volume among top 25 crypto pairings. The BTI also found wash-trading forms 99 percent of trade activity for 12 of the pairings, including Coinbene’s top-ranked BTC/USDT pairing, Oex’s fifth-ranked ETH/BTC pairing, Digifinex’s eighth-ranked BTC/USDT pairing, and Coinbit’s ninth-ranked BTC/KRW pairing.

The BTI estimated only one percent of the reported trade volume to be genuine for the top 25-ranking pairings hosted on Coinsbank, Ooobtc, Rightbtc, Dobi trade, Bcex, Simex, and Coinzest.

Of Adjusted Volume Rankings by Crypto Pairing, 30% Found to Engage in Wash-Trading

BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report VolumeBased on BTI’s research, the most-traded cryptocurrencies pairing is Binance’s BTC/USDT pairing, despite ranking third on Coinmarketcap at the time of the report’s publication. The BTI asserts that all of the top five-ranked pairings by adjusted volume to have accurately reported trade activity, with Bitfinex’s then fourth-ranked BTC/USD pairing ranking as the second largest by volume, followed by 33rd-ranked BTC/USD pairing on Coinbase, Bitflyer’s 42nd-ranked BTC/JPY pairing, and Kraken’s 47th-ranked BTC/USD pairing.

Despite the BTI finding only a quarter of the reported volume for the BTC/USDT pairings hosted by Hitbtc and Huobi to be genuine, both pairings retained their rankings as the sixth and seventh most traded cryptocurrency pairings.

Upbit was found to accurately report the volume of its BTC/KRW pairing. According to BTI, the pairing ranks as the eighth-most traded cryptocurrency pairing, despite ranking 60th according to Coinmarketcap. The purportedly second-ranked BTC/USDT on Okex was found to comprise the ninth most traded cryptocurrency market, despite only 11 percent of reported volume having been found to be genuine. BTI found the then 82nd-ranked BTC/USD pairing on Gemini to comprise the tenth most traded market, also estimating reported volume to be accurate.

The BTI warns token projects against paying to list on exchanges suspected of wash-trading, arguing that the tactic is employed to entice aspiring crypto projects into paying exorbitant listing fees.

What is your response to the BTI’s December findings? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2CeyObi BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume

#Blockchain BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume

The Blockchain Transparency Institute (BTI) has published its December 2018 “Exchange Volumes Report,” claiming that only two of the top 25 cryptocurrency exchanges by reported volume on Coinmarketcap pairings accurately report their trade volume. The report also asserts that wash-trading is estimated to comprise 99 percent of the purported volume for 12 of the top 25 cryptocurrency pairings by reported volume.

Also Read: Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in Space

BTI Claims Binance and Bitfinex Accurately Report Volume

BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report VolumeAccording to the BTI’s December report, the two largest exchanges by trade volume are Binance and Bitfinex, both of which the report asserts do not distort their volume through wash-trading. According to Coinmarketcap’s reported volume rankings, as of this writing, Binance ranks as the third largest by 24-hour volume, with Bitfinex positioned at 21st place.

The BTI estimates that Upbit is the third largest exchange, despite ranking 39th on Coinmarketcap, followed by 27th-ranked Kraken, 34-ranked Coinbase, 41st-ranked Bitstamp, 54-ranked Bitflyer, 62nd-ranked Poloniex, 50th-ranked Bittrex, and 55th-ranked Gate.io. As such, BTI estimates that only one of the top 20 exchanges by reported volume should be ranked in the top 10.

The report also takes particular aim at Okex, claiming to have found “just about all of their top 30 traded tokens to be engaging in wash trading.”

Wash-Trading Estimated to Comprise 80% of Reported Volume Among Top 25 Crypto Pairings

BTI’s December volume rankings report also analyzed the purported volume of the top 25 virtual currency pairings by reported trade activity, again finding Binance and Bitfinex to have accurately reported trade volume.

Wash-trading has been estimated to comprise 80 percent of reported volume among top 25 crypto pairings. The BTI also found wash-trading forms 99 percent of trade activity for 12 of the pairings, including Coinbene’s top-ranked BTC/USDT pairing, Oex’s fifth-ranked ETH/BTC pairing, Digifinex’s eighth-ranked BTC/USDT pairing, and Coinbit’s ninth-ranked BTC/KRW pairing.

The BTI estimated only one percent of the reported trade volume to be genuine for the top 25-ranking pairings hosted on Coinsbank, Ooobtc, Rightbtc, Dobi trade, Bcex, Simex, and Coinzest.

Of Adjusted Volume Rankings by Crypto Pairing, 30% Found to Engage in Wash-Trading

BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report VolumeBased on BTI’s research, the most-traded cryptocurrencies pairing is Binance’s BTC/USDT pairing, despite ranking third on Coinmarketcap at the time of the report’s publication. The BTI asserts that all of the top five-ranked pairings by adjusted volume to have accurately reported trade activity, with Bitfinex’s then fourth-ranked BTC/USD pairing ranking as the second largest by volume, followed by 33rd-ranked BTC/USD pairing on Coinbase, Bitflyer’s 42nd-ranked BTC/JPY pairing, and Kraken’s 47th-ranked BTC/USD pairing.

Despite the BTI finding only a quarter of the reported volume for the BTC/USDT pairings hosted by Hitbtc and Huobi to be genuine, both pairings retained their rankings as the sixth and seventh most traded cryptocurrency pairings.

Upbit was found to accurately report the volume of its BTC/KRW pairing. According to BTI, the pairing ranks as the eighth-most traded cryptocurrency pairing, despite ranking 60th according to Coinmarketcap. The purportedly second-ranked BTC/USDT on Okex was found to comprise the ninth most traded cryptocurrency market, despite only 11 percent of reported volume having been found to be genuine. BTI found the then 82nd-ranked BTC/USD pairing on Gemini to comprise the tenth most traded market, also estimating reported volume to be accurate.

The BTI warns token projects against paying to list on exchanges suspected of wash-trading, arguing that the tactic is employed to entice aspiring crypto projects into paying exorbitant listing fees.

What is your response to the BTI’s December findings? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume appeared first on Bitcoin News.

from Bitcoin News https://ift.tt/2CeyObi BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume

#Blockchain BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume

The Blockchain Transparency Institute (BTI) has published its December 2018 “Exchange Volumes Report,” claiming that only two of the top 25 cryptocurrency exchanges by reported volume on Coinmarketcap pairings accurately report their trade volume. The report also asserts that wash-trading is estimated to comprise 99 percent of the purported volume for 12 of the top 25 cryptocurrency pairings by reported volume.

Also Read: Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in Space

BTI Claims Binance and Bitfinex Accurately Report Volume

BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report VolumeAccording to the BTI’s December report, the two largest exchanges by trade volume are Binance and Bitfinex, both of which the report asserts do not distort their volume through wash-trading. According to Coinmarketcap’s reported volume rankings, as of this writing, Binance ranks as the third largest by 24-hour volume, with Bitfinex positioned at 21st place.

The BTI estimates that Upbit is the third largest exchange, despite ranking 39th on Coinmarketcap, followed by 27th-ranked Kraken, 34-ranked Coinbase, 41st-ranked Bitstamp, 54-ranked Bitflyer, 62nd-ranked Poloniex, 50th-ranked Bittrex, and 55th-ranked Gate.io. As such, BTI estimates that only one of the top 20 exchanges by reported volume should be ranked in the top 10.

The report also takes particular aim at Okex, claiming to have found “just about all of their top 30 traded tokens to be engaging in wash trading.”

Wash-Trading Estimated to Comprise 80% of Reported Volume Among Top 25 Crypto Pairings

BTI’s December volume rankings report also analyzed the purported volume of the top 25 virtual currency pairings by reported trade activity, again finding Binance and Bitfinex to have accurately reported trade volume.

Wash-trading has been estimated to comprise 80 percent of reported volume among top 25 crypto pairings. The BTI also found wash-trading forms 99 percent of trade activity for 12 of the pairings, including Coinbene’s top-ranked BTC/USDT pairing, Oex’s fifth-ranked ETH/BTC pairing, Digifinex’s eighth-ranked BTC/USDT pairing, and Coinbit’s ninth-ranked BTC/KRW pairing.

The BTI estimated only one percent of the reported trade volume to be genuine for the top 25-ranking pairings hosted on Coinsbank, Ooobtc, Rightbtc, Dobi trade, Bcex, Simex, and Coinzest.

Of Adjusted Volume Rankings by Crypto Pairing, 30% Found to Engage in Wash-Trading

BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report VolumeBased on BTI’s research, the most-traded cryptocurrencies pairing is Binance’s BTC/USDT pairing, despite ranking third on Coinmarketcap at the time of the report’s publication. The BTI asserts that all of the top five-ranked pairings by adjusted volume to have accurately reported trade activity, with Bitfinex’s then fourth-ranked BTC/USD pairing ranking as the second largest by volume, followed by 33rd-ranked BTC/USD pairing on Coinbase, Bitflyer’s 42nd-ranked BTC/JPY pairing, and Kraken’s 47th-ranked BTC/USD pairing.

Despite the BTI finding only a quarter of the reported volume for the BTC/USDT pairings hosted by Hitbtc and Huobi to be genuine, both pairings retained their rankings as the sixth and seventh most traded cryptocurrency pairings.

Upbit was found to accurately report the volume of its BTC/KRW pairing. According to BTI, the pairing ranks as the eighth-most traded cryptocurrency pairing, despite ranking 60th according to Coinmarketcap. The purportedly second-ranked BTC/USDT on Okex was found to comprise the ninth most traded cryptocurrency market, despite only 11 percent of reported volume having been found to be genuine. BTI found the then 82nd-ranked BTC/USD pairing on Gemini to comprise the tenth most traded market, also estimating reported volume to be accurate.

The BTI warns token projects against paying to list on exchanges suspected of wash-trading, arguing that the tactic is employed to entice aspiring crypto projects into paying exorbitant listing fees.

What is your response to the BTI’s December findings? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume appeared first on Bitcoin News.

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#Blockchain BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume

The Blockchain Transparency Institute (BTI) has published its December 2018 “Exchange Volumes Report,” claiming that only two of the top 25 cryptocurrency exchanges by reported volume on Coinmarketcap pairings accurately report their trade volume. The report also asserts that wash-trading is estimated to comprise 99 percent of the purported volume for 12 of the top 25 cryptocurrency pairings by reported volume.

Also Read: Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in Space

BTI Claims Binance and Bitfinex Accurately Report Volume

BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report VolumeAccording to the BTI’s December report, the two largest exchanges by trade volume are Binance and Bitfinex, both of which the report asserts do not distort their volume through wash-trading. According to Coinmarketcap’s reported volume rankings, as of this writing, Binance ranks as the third largest by 24-hour volume, with Bitfinex positioned at 21st place.

The BTI estimates that Upbit is the third largest exchange, despite ranking 39th on Coinmarketcap, followed by 27th-ranked Kraken, 34-ranked Coinbase, 41st-ranked Bitstamp, 54-ranked Bitflyer, 62nd-ranked Poloniex, 50th-ranked Bittrex, and 55th-ranked Gate.io. As such, BTI estimates that only one of the top 20 exchanges by reported volume should be ranked in the top 10.

The report also takes particular aim at Okex, claiming to have found “just about all of their top 30 traded tokens to be engaging in wash trading.”

Wash-Trading Estimated to Comprise 80% of Reported Volume Among Top 25 Crypto Pairings

BTI’s December volume rankings report also analyzed the purported volume of the top 25 virtual currency pairings by reported trade activity, again finding Binance and Bitfinex to have accurately reported trade volume.

Wash-trading has been estimated to comprise 80 percent of reported volume among top 25 crypto pairings. The BTI also found wash-trading forms 99 percent of trade activity for 12 of the pairings, including Coinbene’s top-ranked BTC/USDT pairing, Oex’s fifth-ranked ETH/BTC pairing, Digifinex’s eighth-ranked BTC/USDT pairing, and Coinbit’s ninth-ranked BTC/KRW pairing.

The BTI estimated only one percent of the reported trade volume to be genuine for the top 25-ranking pairings hosted on Coinsbank, Ooobtc, Rightbtc, Dobi trade, Bcex, Simex, and Coinzest.

Of Adjusted Volume Rankings by Crypto Pairing, 30% Found to Engage in Wash-Trading

BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report VolumeBased on BTI’s research, the most-traded cryptocurrencies pairing is Binance’s BTC/USDT pairing, despite ranking third on Coinmarketcap at the time of the report’s publication. The BTI asserts that all of the top five-ranked pairings by adjusted volume to have accurately reported trade activity, with Bitfinex’s then fourth-ranked BTC/USD pairing ranking as the second largest by volume, followed by 33rd-ranked BTC/USD pairing on Coinbase, Bitflyer’s 42nd-ranked BTC/JPY pairing, and Kraken’s 47th-ranked BTC/USD pairing.

Despite the BTI finding only a quarter of the reported volume for the BTC/USDT pairings hosted by Hitbtc and Huobi to be genuine, both pairings retained their rankings as the sixth and seventh most traded cryptocurrency pairings.

Upbit was found to accurately report the volume of its BTC/KRW pairing. According to BTI, the pairing ranks as the eighth-most traded cryptocurrency pairing, despite ranking 60th according to Coinmarketcap. The purportedly second-ranked BTC/USDT on Okex was found to comprise the ninth most traded cryptocurrency market, despite only 11 percent of reported volume having been found to be genuine. BTI found the then 82nd-ranked BTC/USD pairing on Gemini to comprise the tenth most traded market, also estimating reported volume to be accurate.

The BTI warns token projects against paying to list on exchanges suspected of wash-trading, arguing that the tactic is employed to entice aspiring crypto projects into paying exorbitant listing fees.

What is your response to the BTI’s December findings? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


At Bitcoin.com there’s a bunch of free helpful services. For instance, have you seen our Tools page? You can even lookup the exchange rate for a transaction in the past. Or calculate the value of your current holdings. Or create a paper wallet. And much more.

The post BTI Claims Only Two of Top 25 Crypto Exchanges Accurately Report Volume appeared first on Bitcoin News.

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#Blockchain Free Speech Social Network Gab Starts Accepting BTC

Free Speech Social Network Gab Starts Accepting BTC

Gab, a social network dedicated to preserving freedom of speech, has announced that its store now accepts BTC directly after banks and payment processors denied the platform service. “Literally no one can no-platform our new crypto shop,” Gab announced. The platform integrated Btcpay Server after it was refused service by Coinbase and Bitpay.

Also read: Indian Supreme Court Moves Crypto Hearing, Community Calls for Positive Regulations

Gab Begins Accepting BTC

Free Speech Social Network Gab Starts Accepting BTCSocial network platform Gab announced on Thursday that its integration of Btcpay Server has been completed. Its store now accepts payments in BTC and LTC.

Launched as a free-speech alternative to Twitter in August 2016, this fast-growing website is currently used by several alt-right and libertarian personalities who have been censored from using popular social networks. Among Gab’s users are Alex Jones, Ann Coulter, Stefan Molyneux, and Milo Yiannopoulos.

Gab offers free accounts as well as four levels of pro membership, which are three months for $15, six months for $30, one year for $60, and five years for $200. Gab’s store also sells $25 “Make Speech Free Again” ballcaps. Btcpay is now the store’s only checkout option.

The platform tweeted on Thursday, “Literally no one can no-platform our new crypto shop. No one. Not banks. Not the media. Not activists. Not online mobs.”

Free Speech Social Network Gab Starts Accepting BTC

About Btcpay

Free Speech Social Network Gab Starts Accepting BTCBtcpay is a free and open-source payment processor that allows anyone to directly receive payments in several cryptocurrencies “with no fees, transaction cost or a middleman,” its Github page describes. The software conforms to the same invoice API format as Bitpay, allowing merchants to easily migrate from using Bitpay’s paid service to the Btcpay platform.

Merchants can use the app to accept direct, peer-to-peer cryptocurrency payments without requiring know-your-customer (KYC) information, the software’s Github page details, adding:

Btcpay is a non-custodial invoicing system which eliminates the involvement of a third-party. Payments with Btcpay go directly to your wallet, which increases the privacy and security. Your private keys are never uploaded to the server. There is no address re-use since each invoice generates a new address deriving from your xpubkey.

Recovering From Censorship

Free Speech Social Network Gab Starts Accepting BTCGab has been a victim of censorship for most of its existence, often resulting from racist views posted by some of its users. The matter came to a head on Oct. 27 when Gab made national headlines after one of its users, Robert Bowers, killed 11 people at the Tree of Life Synagogue in Pittsburg.

Bowers was identified as a neo-Nazi who made anti-semitic threats on Gab, posting that he was “going in” just before the shooting. Paypal, Stripe, Godaddy, and Medium all terminated their relationships with Gab soon afterward, along with Gab’s web hosting provider. The platform was subsequently down for eight days as the company searched for a new web host. For about a month afterward, Gab’s only income was from customers mailing checks to the company’s headquarters.

Free Speech Social Network Gab Starts Accepting BTCDespite the media often painting the platform as an online haven for racists, Gab claims to have staff constantly monitoring all content posted on its platform for violations of its terms of service. Its stated restrictions on expression include threats of violence, promotion of terrorism, child pornography, revenge porn and doxing.

On Nov. 20, the company tweeted, “Gab has been denied by multiple banks during the underwriting process for a new payment processor. Multiple processors supported us, their banks did not.” The platform added, “Gab is the supreme example of why bitcoin exists. We will be integrating @Bitpay asap because @Coinbase already banned us.” However, after Bitpay also rejected the platform, Gab took the suggestion of several Twitter users to integrate Btcpay Server. In another tweet, Gab wrote:

You will never fully understand the power and importance of bitcoin until you go through the underwriting process with banks trying to get approved for online payment processing. They essentially want your unborn child, an arm, and all of your personal data to get an answer.

What do you think of Gab accepting BTC? Let us know in the comments section below.


Images courtesy of Shutterstock, Btcpay Server, and Gab.


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#Blockchain Bitcoin Bull Thomas Lee Claims Market Is Wrong and BTC Should Be Much Higher

Bitcoin bull Thomas Lee continues to be confident in BTC, insisting that its current price is wrong and should actually be closer to the $15,000 mark. Along with a number of other bulls, Lee has made several overly hopeful predictions this year. 

Also read: Markets Update: Bears Continue to Drag Cryptocurrency Prices Down

Fair Value Is Higher Than Current Price

Thomas Lee, the head of research at Fundstrat Global Advisors, is a major BTC bull. Due to the number of active wallet addresses, usage per account, and other factors, Lee has said BTC should be worth around $14,800, rather than the $3,200 at the Bitcoin Bull Thomas Lee Claims Market Is Wrong and BTC Should Be Much Highertime of writing. The executive said: “Fair value is significantly higher than the current price of bitcoin.”

“In fact, working backwards, to solve for the current price of bitcoin, this implies crypto wallets should fall to 17 million from 50 million currently,” Bloomberg quoted him as saying.

Lee, who has been the most bullish of bulls this year, added that BCT’s price will continue to rise next year due to increasing user adoption and acceptance of it as an asset class. He also said that if bitcoin core wallets approach 7 percent of Visa’s 4.5 billion account holders, fair value will shoot up to $150,000.

It’s not the first time the financial expert has been bullish about bitcoin. Lee has said a number of times this year that BTC prices could hit up to $25,000. In November, the crypto bull said BTC would end the year at $15,000.

Bulls Will Be Bulls

Lee is not the only one who has made big claims during 2018. The year has been full of optimists who have predicted that BTC could surpass the dramatic heights it reached in December 2017. One bull who has tried to compete with Lee’s big predictions is Mike Novogratz.

The former Wall Street hedge fund manager who now heads cryptocurrency investment firm Galaxy Digital said in September he thought the cryptocurrency would pick up by 30 percent by the end of 2018 and that it was impossible for the coin not to reach over $10,000. This week the former Goldman Sachs partner – who has lost a fortune in crypto – has continued to maintain that he is undeterred by the recent drop.  Bitcoin Bull Thomas Lee Claims Market Is Wrong and BTC Should Be Much Higher

One of crypto’s loudest voices, antivirus pioneer John McAfee, has been another perma-bull. McAfee said earlier this year that BTC would surpass $15,000 in June. It’s fair to say he was way off the mark.

And then there are long-term bulls, such as tech billionaire Tim Draper. The venture capitalist has at times been outlandish but said in September that by 2022, the cryptocurrency would be worth over $250,000 per coin. Only time will tell whether Draper is right.

What do you think about the recent bullish price predictions? Let us know in the comments section below.


Images courtesy of Shutterstock.


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#Blockchain Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in Space

Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in Space

The Orion Span project has plans to launch a space station that will be used as a luxury hotel. Its Aurora space station is set to launch in early 2022 and a 12-night stay on the craft will set you back $9.5 million. The space hotel says it has sold out its first six months of reservations and the project is accepting cryptocurrencies that include bitcoin cash (BCH) for 12-night packages.

Also read: Tipping App Gitcash Returns With Plans to ‘Make It Rain’ BCH on Github

$9.5 Million for a 12-Night Stay in Space

Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in SpaceEver since NASA landed on the moon and other governments launched citizens into space, a number of companies in the private sector have sought to send people into orbit. A project called Orion Span plans to develop a space station and use the craft as a hotel so millionaires and billionaires can spend a few nights outside the Earth’s atmosphere. Orion Span hopes it can bring individuals to the Aurora Station by the year 2022 and is charging a whopping $9.5 million for a 12-night stay. Individuals can reserve their stay for a downpayment of $80,000 and the company is accepting digital assets such as ethereum (ETH), bitcoin cash (BCH), litecoin (LTC), and bitcoin core (BTC).

Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in Space
Cryptocurrency holders who have millions of dollars worth of bitcoin cash, ethereum, bitcoin core, or litecoin can savor a 12-night stay above the Earth’s atmosphere.

Since the project launched in April, Orion Span has garnered 26 reservations from travelers all around the world. Orion Span believes accepting cryptocurrencies is only natural for a forward-thinking project that aims to bring ordinary people into space. According to the project’s creators, the hotel will have 4-6 guests in total at a time and two crew members during the 12-night stay.

“Since opening our hotel reservations in April, we’ve been met with great excitement as space enthusiasts from around the world have moved quickly to secure their reservations,” said Frank Bunger, chief executive officer and founder of Orion Span.

Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in Space
The Aurora Station

Orion Span CEO Sees Market Demand for Passenger Space Flight

Bunger has explained that the team created the Aurora Station project in order to give passengers the experience of a lifetime. Guest will be able to have fun in a zero gravity environment, gaze at the northern and southern Aurora, and participate in space experiments according to Orion Span’s reservation details. The hotel will have virtual amenities such as a holodeck and live streaming wireless internet access.   

“Aurora Station is incredibly versatile and has multiple uses beyond serving as a hotel,” Bunger added. “We will offer full charters to space agencies who are looking to achieve human spaceflight in orbit for a fraction of the cost — and only pay for what they use.

He continued:  

We will support zero gravity research, as well as in space manufacturing — Our architecture is such that we can easily add capacity, enabling us to grow with market demand like a city growing skyward on Earth.

More Private Companies Are Attempting to Send Passengers Into Space

Private companies hoping to send people into space is not unusual in this day and age. A great example of this is Elon Musk’s Space X project which recently launched the Falcon 9 successfully. The Space X passenger flight already has a billionaire signed up to fly around space with his closest friends when the craft is ready. Further, this past weekend Virgin Galactic made great technological strides with the firm’s Spaceship Two entering space for the first time. “Spaceship Two is now the first crewed vehicle built for commercial service to reach space. (With due credit of course to the amazing Spaceship One prototype for paving the way),” Sir Richard Branson exclaimed in his recent blog post. Virgin Galactic will be accepting BTC for passenger space travel as well.

Cryptocurrency Enthusiasts Can Pay $10 Million for a 12-Night Stay in Space

Projects like Orion Span, Space X, and Virgin Galactic seem financially out of reach right now, but they are still a few years away from sending paying passengers into space. “Orion Span is looking towards a bright future of making space more accessible to all,” explains the project’s website.

What do you think about the Orion Span space station hotel idea? Do you think private companies will be successful flying paying passengers into space? Let us know what you think about this subject in the comments section below.

Disclaimer: Bitcoin.com does not endorse nor support this product/service. Readers should do their own due diligence before taking any actions related to the mentioned company or any of its affiliates or services. Bitcoin.com or the author is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. This editorial is for informational and educational purposes only.  


Images via Shutterstock, Orion Span, Aurora Station, and Pixabay. 


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#Blockchain Bahrain’s Central Bank Issues Draft Crypto Regulations

Bahrain’s Central Bank Issues Draft Crypto Regulations

The Central Bank of Bahrain (CBB) has prepared draft rules designed to regulate digital assets and certain aspects of the country’s crypto industry. The move aims to establish Bahrain as a regional leader in the fintech sector and restore its role as a major banking hub in the Persian Gulf.  

Also read: New Bitcoin ATM Tracker Site Launches in Russia

Addressing Market Demand

Bahrain’s Central Bank Issues Draft Crypto RegulationsThe regulations have been released for consultation and the bank has set Dec. 31 as the deadline for providing feedback. The proposals have been published on the bank’s website, local media reported.

The comprehensive rules cover the implementation of a licensing regime for companies operating cryptocurrency trading platforms. A supervisory mechanism for the providers of other services related to crypto assets has been developed as well.

The draft paper addresses the need to introduce measures to safeguard the interests of customers. It also contains technology standards designed to minimize and manage the cyber security risks associated with the nascent industry.

In a statement quoted by the Bahrain News Agency, CBB’s executive director of banking supervision Khalid Hamad explained:

This regulatory framework will address the demand from the market for these services and the need to recognize this financial innovation.

Hamad further commented that the CBB’s experience with the participants in Bahrain’s regulatory sandbox has been “insightful in shaping these rules.” The bank official was referring to Bahrain Fintech Bay, which was established to allow companies from the sector to operate and experiment with new ideas under lighter regulations.

Restoring Regional Leadership

Bahrain’s Central Bank Issues Draft Crypto RegulationsAuthorities in Manama launched the sandbox to boost the development of the fintech industry and increase the number of companies offering related services. At the same time, the initiative was part of efforts to reduce government expenditure through the implementation of new financial technology. In fintech Bahrain sees an opportunity to restore its position as a regional banking and business hub.

Bahrain Fintech Bay, which was set up in February of this year, has become home to around 30 companies working with cryptocurrencies, digital payments, blockchain and financial technologies. Other players in the Persian Gulf, including Abu Dhabi and Dubai, are also investing heavily to support the growth of fintech startups.

But while Bahrain’s CBB is working to adopt regulations for decentralized, private cryptocurrencies, the central bank of the United Arab Emirates and the Saudi Arabian Monetary Authority have announced plans to issue a government-controlled digital currency. The new “blockchain-backed” coin will be used to improve the efficiency of cross-border transactions between the two neighboring countries.

What do you think of Bahrain’s decision to regulate the crypto industry? Let us know in the comments section below.


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#Blockchain SEC Chair ‘Optimistic’ DLT and Crypto Will Drive Investment Opportunities

Speaking as part of a testimony to the United States Senate Committee on Banking, Housing, and Urban Development, the chairman of the U.S. Securities and Exchange Commission Jay Clayton expressed optimism that the distributed ledger technology (DLT) sector will “facilitate capital formation.” Clayton also discussed the enforcement actions taken by the SEC in regulating initial coin offerings (ICOs).

Also Read: New Bitcoin ATM Tracker Site Launches in Russia 

SEC Chair Believes Crypto and DLT Will Generate Capital Formation

SEC Chair 'Optimistic' DLT and Crypto Will Drive Investment OpportunitiesJay Clayton stated that he is “optimistic” that the developing DLT sector will “facilitate capital formation” and provide “investment opportunities for both institutional and Main Street investors.”

The SEC chairman praised the commission’s regulatory apparatus pertaining to cryptocurrencies and DLT, describing it as a “balanced” approach that simultaneously “fosters innovation” and “protects investors.”

Clayton stated that the SEC has used a multitude of channels to convey its “message” to investors, citing the example of the SEC’s Howeycoins.com website. Of the site, Clayton said that the SEC “created a website to educate the public about frauds involving ICOs and just how easy it is for bad actors to engineer this type of fraud,” adding that the website attracted “over 100,000 people” within one week of being online.

Clayton Highlights SEC Oversight of ICO Sector

SEC Chair 'Optimistic' DLT and Crypto Will Drive Investment OpportunitiesThe SEC chair asserted that the commission has been “focusing a significant amount of attention and resources” to the oversight and regulation of cryptocurrencies and ICOs. Clayton emphasized the inter-division and inter-agency collaboration that the SEC has undertaken recently, highlighting the issuance of public statements regarding ICOs and virtual currencies.

Clayton stated that “while some market participants have engaged with our staff constructively and in good faith with questions about the application of our federal securities laws,” some companies have sought to “prey on investors’ excitement about cryptocurrencies and ICOs” and to engage in “fraud” or “other violations” of U.S. securities laws.

Clayton also highlighted the commission’s establishment of a cyber unit last year, stating that “In its first year, the Cyber Unit led investigations that resulted in several emergency actions to stop ongoing alleged frauds against retail investors that involved ICOs, as well as charges against a bitcoin-denominated platform and its operator for running an unregistered securities exchange and defrauding users of that exchange.”

Speaking on the cyber unit’s actions beyond ICOs, the SEC chair asserted that the unit’s enforcement actions led to the regulator returning $1.07 billion to investors during the 2017 financial year, and $794 during the 2018 financial year so far.

Do you think that the SEC’s regulatory approach is balanced? Share your thoughts in the comments section below!


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#Blockchain U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Cubits, a London-based digital asset trading platform, has been forced into administration after fraudsters reportedly stole €29 million (about $32.5 million) from the exchange in February. The company claimed “it fell victim” to an elaborate scam orchestrated in collusion with three of its clients. 

Also read: Former Mt. Gox CEO Could Face 10 Years in Jail Over Embezzlement

Exchange Enters Into Voluntary Administration

The administration means that investors cannot deposit or withdraw funds until further notice. It’s not clear how much worth of bitcoin the exchange was holding on behalf of customers at the time of closure.

Cubits has now appointed Steve Parker and Trevor Binyon of Opus Restructuring & Insolvency as joint administrators. In a statement, the company said it had failed to recover from the “criminal act,” which involved the accounts of three customers.

U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Cubits, the trading name of legal entity Dooga Ltd., said the “serious criminal act” had crippled business operations and “finally led to the difficult decision to place the company into administration.”

Three Chinese traders allegedly purchased BTC through the platform via Pay Secure Online (Paysec), a payment processor based in Malta. However, Paysec never remitted the funds to Dooga, in an alleged scam. Cubits has now filed a lawsuit in Malta to force Paysec to reimburse the €35 million ($39.2 million it supposedly owes the exchange. The reimbursement claim includes funds from the three Chinese accounts and others.)

The company stated:

The criminal act happened in February 2018 and involved the accounts of three clients. Bitcoins with a market value at that time of approximately €29 million were properly delivered and subsequently withdrawn, with the customers apparently colluding with fraudsters. Dooga has never received the equivalent in fiat from the payment processor responsible for carrying out the transaction.

Dooga stated that it had informed the responsible authorities in the U.K., Malta, China and Germany of the scam. It has also filed several criminal complaints, but nothing has materialized, forcing the exchange to file for administration.

Fruitless Efforts

With administration – the U.K. equivalent of bankruptcy – the administrator will seek to restructure the company in financial distress, especially its debt. During this period, investors or creditors cannot make legal claims against the entity, giving it opportunity to recover.

Cubits said it had made “every possible effort to recover” the funds without success. The only other option was to file for bankruptcy.

U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

“This decision secures the current position whilst the administrators seek offers for the business and its assets,” said the exchange. “The role of the administrators will be to work with those who are owed money by the company and to collect monies that are owed. The key objective is to achieve the best possible outcome for creditors and recover as much as possible of the funds owed to the company.”

Parker, who will also be working together with Allister Manson, technology partner at Opus Restructuring & Insolvency, and Nicholas Parton, head of forensic accounting at Opus, said his duties as administrator involve collaborating with those who are owed money by Cubits and to collect money owed to the company. “Dooga’s current position is secure, investigations are proceeding and we will be writing to creditors, formally, this week,” he said.

Cheated?

U.K. Cryptocurrency Exchange Cubits Shuts Down After $33M Scam

Users reacted angrily when the Cubits platform suddenly went offline on Monday. The exchange said on Twitter that the blackout was due to “maintenance.”  Later, the website began producing a general error message before subsequently announcing that the company was being placed under administration.

User Jamil Khadem complained on Twitter: “Have we been robbed by Cubits? I’ve been waiting for a withdrawal since the 6th of December and the company won’t give me a straight answer.”

Founded in 2014, Cubits has allowed customers to buy and sell cryptocurrency like bitcoin. It also claimed to act as a bridge between virtual currency and more traditional forms of payment, specifically to the online gaming industry.

What do you think about the developments at Cubits? Let us know in the comments section below.


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