The banking regulator of China has offered to license the conduct ICO

Regulatory Commission China banking (CBRC) suggested that the regulators of the country to issue licenses for activities related to cryptocurrency assets, including ICO.

The banking regulator of China has published a document devoted entirely to normative research in the field of cryptocurrency. It summarizes regulatory practices in various jurisdictions for the management of activities related to bloccano, cryptocurrencies, their derivatives, and ICO.

Commenting on where, in their opinion, needs to move China on this issue, the authors of the study wrote:

“Currently, any capital transaction related to distributed accounts, blockchain, cryptocurrency and its derivatives, ICO and stock transactions should be treated as financial services. Therefore, they should be placed in the appropriate financial regulatory framework that could be made on legalized with license grounds”.

Recall that the Chinese authorities have banned the ICO in the country in September last year. A month later followed the actual ban cryptocurrency trading. In April the people’s Bank of China took the regulation of the cryptocurrency among its priorities this year.

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Tweet the cleaning of the subscribers to the accounts of cryptoprocta

Twitter has begun to delete accounts associated with cryptocurrency projects. For example, in the period from 29 October to 1 November, according to SocialBlade, cryptocurrency exchanges Binance and OKex lost almost 3,000 subscribers, Coinbase – 1929, Bitfinex – 1473, Bitstamp – 1247, OKCoin – 511, ICO project Stratisplatform – more than 840, and WePower – 755.

In cryptosuite it was associated with the cleaning bots participating in airdrop campaigns and cryptogamia, vymenivali from Twitter user means under the guise of celebrities, handing out cryptocurrency. However, for certain causes unknown.

We will remind, on November 5, Twitter users have been subjected to a mass attack of cryptogamia who hacked a few accounts and verified on behalf of Elon musk (Elon Musk) and organized a fake “the world’s largest distribution of 10 thousand Bitcoic”. The next day, the operator of crypto Blockchain.com and startup Stellar lumens (XLM) really has announced “the world’s largest distribution of cryptocurrency” – c tokens XLM for $125 million

In August, Twitter revealed a network of 15 thousand cryptogam bots. And in the spring the attackers for half an hour with defraud users of the site about 1 BTC, proposing on behalf of the founder of the messenger Telegram Pavel Durov to participate in the drawing 5000 ETH and 1000 BTC. From the same schema affected readers many other celebrities.

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In new IPO application mining Ebang, the company reported a «significant decrease» in profits

20 Dec largest Chinese manufacturer mining equipment Ebang re-filed for an initial public offering (IPO) on the Hong Kong stock exchange (HKEX). In the document, the company indicated a «substantial reduction» in profits in the third quarter of 2018, according to CoinDesk.

«We are faced with a significant decline in revenue and gross profit in the third quarter compared with the preceding three calendar months,» the document reads.

For the first six months of 2018 Ebang received $304 million in profit, which is eight times more than in the same period of the previous year, and net revenue was $135 million

Ebang did not disclose details of the financial report for the third quarter in the first application. However, familiar with the situation, the source noted that companies should provide this information to the application for the IPO remain relevant next year.

At the moment it is unknown how many Ebang plans to raise an IPO, however a source told CoinDesk that the company reduced the amount by more than half from the time of registration of the first application.

First plans Ebang at IPO became known in may of this year. It was reported that the company plans to raise $1 billion.

ForkLog previously reported that HKEX is in no hurry to approve IPO applications from Bitmain, Canaan and Ebang due to the unfavorable market situation.

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Murom hacker gained 1.8 years in prison for mining in goserver

42-year-old hacker from the Vladimir region received one year and eight months in prison for mining in computing the state integrated system of telecommunications. The verdict was passed Murom city court. About it reported a press-service UFSB across Vladimir region, writes TACC.

He was found guilty under article «Creation, use and distribution of malicious computer programs». So far, the verdict has not entered into force.

In January 2017 with the help of Trojans, a hacker hacked into the servers of state agencies with the purpose of mining. According to the press service of the FSB Department in the Vladimir region, he failed to capitalize on this.

ForkLog previously reported that the Ukrainian students sentenced for selling software to steal cryptocurrency.


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Huobi is able to remove 32 of the token with its platform

Cryptocurrency exchange Huobi has included in a special category 32 token, giving them the label “ST” which could be subject to delisting in the future, says Finance Magnates.

The list includes the following digital assets: APPC, BCV, BFT, DAT, DGD, ECO, ENG, EVX, GAS, IDT, IIC, LUN, MDS, MT, MTL, MTN, MTX, OST, PRO, QSP, QUN, RCN, RDN, RTE, SALT, STK, TNT, UTK, WPR, XMX, ZJLT and ZLA.

In the specified category includes tokens that do not provide exchange reports in a timely manner, as well as those trading volumes which for 15 days does not exceed $50 000.

As the reasons for the consideration of the 32 tokens, in this case, the exchange is called insufficient trading volumes. She also noted that it would conduct a re-evaluation of the volumes 26 Dec. If they will continue to remain low, Huobi can make a decision about their delisting.

According to CoinMarketCap, now Huobi is the fourth-largest cryptocurrency exchange with a daily trading volume of $958 million.

In late November, Huobi has received a license to provide services in the field of technology of the distributed registry in Gibraltar.



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Exchange Kraken has returned two types of pre-orders and 10 trading pairs

Cryptocurrency exchange Kraken announced on the re-adding of two types of pre-orders and 10 trading pairs that were previously disabled due to excessive load on the system.

13 Jan Kraken has launched a new trading engine and made a number of upgrades in its infrastructure, thus improving the efficiency of the exchange. These improvements have given the company the opportunity to return the previously disabled options.

In particular, traders now available again two types of pre-orders: Stop Loss and Take Profit. In the coming weeks they are going to be other options for such orders. Now they are tested on the new trading engine.

Among the 10 newly added trading pairs are the following:

  • XRP/CAD
  • XRP/JPY
  • EOS/EUR
  • EOS/USD
  • XLM/EUR
  • XLM/USD
  • GNO/EUR
  • GNO/USD
  • REP/USD
  • ZEC/JPY

Another couple of previously disabled, ZEC/JPY, Kraken is not returned. However, the exchange noted that it plans to add more trading pairs in the future, but exactly what it will be a couple, yet not ready to say. Most likely, one of the first to be added to the XBT/GBP and ETH/GBP.

Recall that due to upgrading the system in January exchange Kraken has been available for more than two days.

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In crypto Ledger is having difficulty with access to funds in Bitcoin Cash

Users hardware crypto Ledger Monday may not carry out transactions with their funds in Bitcoin Cash, including viewing balance and transactions, and cryptosuite there is a rumor that the manufacturer of the device is bad.

Support of the evening of the same day confirmed that the installation of the new version of Bitcoin-ABC prevented the correct display of balance and technical staff started work on fixing this fault. Nevertheless, the situation still it changed. The head of the Ledger Eric Larchive (Eric Larcheveque) advised users to temporarily go to the crypto Electron Cash, to gain access to their funds, but in working with him also found complexity.

Recall that in mid-January Ledger in the funding framework of the series raised $75 million to increase production capacity. And in February in hardware wallets French company was found a vulnerability that allowed hackers to take advantage of the carelessness of the owner of the wallet and replace the code that generates the address of the recipient.

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As for the falling Bitcoin

Article

Bitcoin responds quickly to news of the regulation the ICO, statements by politicians and businessmen. The course of bitcoin is constantly changing, updating the historical maximum, the minimum. We are reminded of the most important events in the background of the falling Bitcoin.

Cancel hard forks SegWit2x

8 November on the news about the cancellation SegWit2x, Bitcoin first has updated the historical maximum, reaching nearly $7,880, but instantly after dropped first to $7,000, and then decreased to $5,605 due to the outflow of investment in Bitcoin Cash. However, for a few days the situation has leveled off. Three days ago Bitcoin reached the price of $8,000, and now analysts are predicting that Bitcoin could reach $10,000.

China collapsed Bitcoin exchange rate

September 1 Bitcoin was worth about $5 thousand. Three days later, the people’s Bank of China announced the illegal operations related to ICO. The regulator demanded to immediately suspend all ongoing ICO and promised in the future to punish the offenders, and threatened fines to those who have spent the ICO. And this despite the fact that since the start of 2017 through the ICO in China and raised about $ 400 million. The cryptocurrency market has reacted instantly — the day Bitcoin price lost 4.87%. After the ban ICO to Chinese business publication Caixin has reported that in the country to ban trade in the local cryptocurrency exchanges. This is confirmed by sources to Reuters. Then the oldest Chinese cryptocurrency exchange BTCC, one of the top 3 in the country, announced the suspension of trading since September 30. Later, another leading exchange, OkCoin, also announced the suspension of trading on 31 October. As a result, 15 September the exchange rate of bitcoin fell to almost three thousand dollars.

«Stupid traders»

It is worth noting that the fall in September was not only on the news about banning the ICO in China. On September 13 the head of us Bank JP Morgan Chase Jamie Dimon called cryptocurrency trading «fraud» and promised to fire every employee of JP Morgan Chase, which resolved to trade on the cryptocurrency exchange called these traders «dummies».

Hacking Bitfinex

August 2, 2016, the hackers withdrew from the popular cryptocurrency exchange Bitfinex, BTC 119,756 that at the time of the break-in was $65 million Immediately after the incident became known, the Bitcoin exchange rate fell to 5.5%, and for the next two days — another 13%. This has led to reduced capitalization of Bitcoin is approximately $1.5 billion, the Exchange has offered a reward for helping return abducted in August, and October even declared his desire to reach out and make a deal with hackers, but all efforts were in vain, in January 2017, the stolen funds were already recorded on other exchanges.

Crisis’hearn

In January 2016, former Bitcoin Core developer Mike Hearn said of a systemic crisis in the Bitcoin blockchain and predicted the collapse in the price of the currency in connection with these events. The price then really fell to $40, but only because of the statement’hearn.

The Closing Of MtGox

One of the oldest Bitcoin exchanges MtGox 24 Feb 2014 in one day deleted my website and disappeared, and later declared bankruptcy. On the background of this news, many users started to sell Bitcoin and cryptocurrency rate have fallen sharply from $600-700 to $500.

The Closure Of Silk Road

In early October 2013 on charges of drug trafficking, hacking and conspiracy to commit money laundering arrested Ross Ulbricht — owner anonymous trading platform Silk Road. A report of the arrest led to the collapse of the exchange rate of bitcoin almost doubled — to $70 from $120. However, later, the traders realized that the collapse of the criminal exchange will help not to associate bitcoin with the underworld. During the day, the course of bitcoin again exceeded the $100 level.

Hacking MtGox

19 Jun 2011 for hacking Mt Gox, which was stolen more than $8.5 million, the price of Bitcoin fell within minutes from $32 to several cents, and then a long time recovering. The recovery took several months.

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The vision of Satoshi vs. vision of banks: whose going to win?

Article

Satoshi described bitcoin as «a peer-to-peer version of electronic cash» that allows you to send online payments «directly from one party to another without going through financial institution». «Internet trade was based almost exclusively on financial institutions serving as trusted third parties [who] handle electronic payments. Although the system works well enough for most transactions, however it suffers from weaknesses due to based on trust model. [In this model] is completely irreversible transactions are not possible since financial institutions cannot avoid disputes between brokers. The cost of mediation increases transaction costs limiting the minimum size of the transaction and making it impossible everyday small transactions…» — writes in Satoshi bitcoin white paper. And, as practice shows, in 10 years the banking system has not changed.

In practice

7 APR 2018 bus carrying the players of the canadian Junior hockey team collided with a truck. As a result, 16 people were killed and another 13 were injured. After a few days during the fundraising campaign on the website GoFundMe has managed to raise $15.1 million to help the victims and families of victims. In August, the court found that the payments will amount to $50,000 each of the 29 affected families.

Recently a Reddit user drew attention to the fact that of the $15.1 million of the funds raised $482,712 went to the Commission of operators who carried out the payment processing (2.9% of collected funds and to 30 cents on each donation). «That’s why we need the crypt» — writes user under the name HaterTotsYT. He points out that the organization GoFundMe refused any payments in their favor, «but the payment operators such as Visa and Paypal took 2.9% of all collected funds… almost $500,000 that could go to victims, not payment processors».

Commission for Bank transfers

The fee that banks charge for incoming and outgoing transfers can be several tens of dollars, while the fee for international transfer is typically more than two times higher compared with domestic (within one country), and the fee for an outgoing transfer is higher than for incoming. On the example of Sberbank and several large American banks, the system of commissions is:

«Sberbank»

Internal transfers

Outgoing

Inside «Savings»:

Without opening an account: 1.75% (minimum 50 roubles, maximum — 2000 rubles)

From account: 1.5% (minimum of 30 rubles, maximum — 1000)

Transfers within the same tariff zone (usually one town).

To the account of another Bank:

Without opening an account

Out of office: 2% (minimum 50 roubles, maximum — 2000 rubles)

Via ATM: 1.5% (minimum of 30 rubles, a maximum of 1,000 rubles)

From the account

Out of office: 2% (minimum 50 roubles, maximum — 1,500 rubles)

Online: 1% (maximum is 1000)

Inbox: 0 rubles

International transfers

Outgoing (inside the «savings Bank»): 0.7% (maximum $100) for translation of a branch Bank; 0.5% (maximum $50) for online translation.

Outgoing (to another Bank):

1.5% (minimum $15, maximum $250) — without opening an account

1% (minimum $15, maximum $250) — to the account upon transfer from the Department

0.5% (maximum $150) — from the account in the translation online

Incoming: 1% (maximum Commission for transactions in rubles — 3,000 rubles, for transactions in foreign currency — $500).

Bank of America

Internal transfers

Incoming: $15

Outgoing: $30

International transfers

Incoming: $16

Outbound: $35 — foreign currency, $45 — dollars

JPMorgan Chase

Internal transfers

Incoming: $15

Outgoing: $25 for online transfers and $30 for transfers from a Bank branch

International transfers

Incoming: $15

Outgoing: $40 for online transfers and $45 for wire transfers from Bank branch

Citibank

Internal transfers

Incoming: $0 or $15 (depending on type of account)

Outbound: $12.5−$25 (depending on the type of account; free — for clients of Citi Private Bank in the translation online)

International transfers

Incoming: $0 or $15 (depending on type of account)

Outgoing: $20−$35 (depending on the type of account; free — for clients of Citi Private Bank in the translation online)

Wells Fargo

Internal transfers

Incoming: $15

Outgoing: $30

International transfers

Incoming: $16

Outgoing: $30−$45

An alternative to the banks in the world of traditional Finance act payment operators. And, while some of them do provide benefits in remittances, while others act as another mediator, this time between you and the Bank.

For example, TransferWise allows for multi-currency transfers, charging a relatively small Commission 0.6% + $1 per transaction up to $135,000. A large operator of MoneyGram, declared in the winter of partnership with Ripple, is almost on a par with the banks: to send $6000 (the limit for online translation), you will need to pay a fee of $35 per transfer to a Bank account (and it will take up to 4 business days) and $195 for the transfer to Visa or Mastercard. To send the same amount on the same terms, for example, in the US, California, will cost slightly cheaper — $50 and $99.99, respectively.

Time

In General, internal transfers (within the same country) are processed faster and require less of a fee, since they are in one payment system. Even so, the period of the execution of such a transfer may take several working days (for example, transfer from account to account via Sberbank may take up to two days if the transaction occurs between customers of the Bank, and longer — when transferring to another Bank). International transfers require even more time, because they involved a greater number of parties, including the Central Bank, a foreign Bank and payment systems of both countries. Thus, the timing of implementation of the international transfers through JPMorgan Chase are 3-5 days.

«That’s why we need the crypt»

If to compare Bank fees with fees for cryptocurrency transactions, the latter will be lower in the hundreds, and sometimes hundreds of thousands of times.

So, now the average fee for a bitcoin transaction is $0.25, which is exactly 100 times less than $25 for the outgoing online transfer within the United States through JPMorgan Chase. The timing of transaction processing significantly less than when dealing with banks: from August to November, average transaction confirmation in the bitcoin network ranged from 8.8 to 14.3 minutes. And this despite the fact that bitcoin is not the most significant example, and it may not be is the perfect cryptocurrency for daily small transfers.

One of the most «impressive» — that is, the lowest — Commission looks for the translation in the Ripple network: today, it is on average $0.0004. And 3 December, a Twitter user noted a low Ripple for large Commission payments: «the Commission 0.005 XRP per transaction $175,334,767. This is the road to heaven.»

Speaking about the attitude of crypto-currencies and the banking system, not to mention Ripple, which mainly develops payment solutions for banks and other financial institutions. «Ripple keeps the token as a settlement asset that is compatible with its payment network. Its great value is that it allows you to make international payments using universal asset for a second,» said master Ripple cryptographer David Schwartz.

Statistics on actual time evidence of transactions in the blockchain Ripple unavailable, but in early December, 2017 — a much more excessive time in the crypto space, rather than now — time transaction processing with the Commission 0.000011 XRP−XRP 0.000019 (~$0.00000264−$0.00000456) was 4-5 seconds.

Average transaction fees for the other largest by market capitalization crypto-currencies:

Ether: $0.06

Stellar: $0.00000114

Tether: $0 if the transfer between purses of the Tether; 0.4%, 1% or 3% when withdrawing to Fiat, depending on the amount (for transactions of $100,000); 0.1% for Fiat deposits (for operations from $100,000).

Bitcoin cash: $0.0045

EOS: $0 (but the device network costs for other resources — network traffic, processor time and RAM)

Litecoin: $0.016

Tron: $0.0000013

Not all is quiet in the Kingdom

Given that this year the first bitcoin was 10 years old, too early to expect from the crypto-space stability or the complete absence of technical problems and limitations. And if the «financial» aspect that is the issue value of transactions, the crypt clearly wins banks, the issue of scale and scalability — not yet.

In particular, the size of the commissions in most of the block chain depends on network congestion. Thus, in the period of abnormal demand for bitcoin in December last year, the maximum Commission is $55, which exceeds even the appetites of banks.

In October 2017, in an interview with CNBC, one of the main haters of bitcoin, JPMorgan CEO Jamie Dimon noted that JPMorgan handles the transfer of $6 trillion per day, while the volume of daily trading bitcoin he estimated at «maybe a billion dollars a day» (in October the rate for bitcoins fluctuated between $1−$2 billion, but in the day of the interview reached $3.6 billion). Today daily trading volume of bitcoin is around $5 billion, which, of course, very far from that of the major banks. And, as shown by December 2017, when the volume of trading increased to $10−$20 billion, bitcoin is not winning from banks for commissions, and can not cope with the processing of transactions.

While the first cryptocurrency to develop their own solutions to these problems, the young cryptocurrency already represent a «new generation», trying not to inherit the deficiencies of their ancestors and to be more flexible, fast and cheap. So, the blockchain Minter to the Commission for the transfer or exchange of any size is a maximum of $0.01 for the throughput of thousands of transactions per second. In addition, Minter is possible to transfer from one cryptocurrency to another without the exchange directly within the network. Such developments allow us to hope that once blackany will overtake the banks in all respects, and will lead users to bezposredniego era, as intended by Satoshi.

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The WSJ study: 19% ICO suspect in scame or fraud

In the Wall Street Journal analyzed nearly 1.5 thousand initial offers of coins (ICO) and came to the conclusion that the 18.6 percent raise suspicion.

According to the results of a study of 1,450 proposals 271 ICO was discovered the characteristics of the use of “deceptive or even fraudulent means”.

They ranged from hiding or providing false location information, the management of the company, the Issuer and financial information to plagiarism technical information.

Of causing according to the analysis of suspected 271 ICO some have already been closed by regulators or through the judicial processes. Investors trying to get back on the proposals of tokens $273 million investment.

Previously, the company ICOrating released the results of its market research ICO in the first quarter of 2018. The base for analysis was less than WCJ — 412 ICO. It was found that in 40% of cases, the issuers of the tokens did not provide any information and even the names of the leaders, and 9% conducted by the ICO was the beginning of business activities.

The growing popularity of cryptocurrencies has led to the increase in both the number of the initial proposals of the coins and the number of people willing to invest in them.

To protect the interests of investors, alarmed regulators in many countries. On one of the largest in 2017 the market ICO — China — the government imposed a ban on this form of raising capital in September last year. Their example was followed in South Korea. Regulators of several countries have issued warnings to investors about the risks of participation in the ICO.

In the United States — a country which is the largest market ICO, — the Commission of the securities and exchange Commission (SEC) had earlier called the prevention of fraud in this area as one of its main tasks. In may, Commissioner, SEC Robert Jackson (Robert Jackson) confirmed that the protection of the interests of investors in cryptocurrency is a priority for the regulator.

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