In Latest Research, BitMEX Safeguards Insurance War Chest

BitMEX describes its increasing insurance fund – currently worth over $75 million – as a “needed” reservoir for holding its unlimited upside model of leveraged trading, citing the “unique challenges” related to operating outside the institutional financial system and its safeguards.

CryptoCompare’s most recent exchange review states, the Seychelles-registered exchange hosts the vast majority of the world’s bitcoin perpetual derivatives/futures trading, consistently in the orbit of 90-95% – more than the US-regulated CBOE and CME markets altogether.

Unlimited Upside
BitMEX Research compare their operations to those of their institutional competitors, such as the CBOE and CME also they enumerate several layers of protection available to those institutions, BitMEX must cope to not have.

Emphasizing that solvency is especially important for institutional actors, whose market positions can be so large that failure to support trades could result in a risk to financial/social stability.

Hence BitMEX’s mechanic of reclaiming the entirety of a losing trader’s position after it reaches its margin limit, also know, as “liquidating,” which occurs in lieu of the equivalent “margin call.” BitMEX utilize liquidation to pay winning traders, adding to the insurance fund – if and only if market flow is “tighter than the maintenance margin.”

BitMEX make the case that this 21 thousand bitcoin fund is needed to cover gains owed to traders, pointing out that the fund has been entirely liquidated before and could happen again.

Others perceive this giant fund as excessive, and even as perverse incentive for BitMEX to trade against their own customers – allegations which the exchange denied.

Independent crypto researcher Hasu has in no uncertain terms called the fund “larger than it needs to be” and speculated that BitMEX may use the fund as a “second additional income stream other than commissions.” By way of evidence, he observed that money goes missing from the fund periodically.

While taking issue with the fund’s size, Hasu ultimately considers it a secondary concern. His “main concern” is with the status of the fund’s ownership; namely, the insurance fund is squarely controlled by BitMEX rather than “an external insurer or industry consortium.”

CryptoGlobe reported last month on the possibility that US authorities could shut down the offshore exchange, due to failure of adequate measures in keeping North American users off its platform.

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Testnet Decentralized Exchange launch date out by Binance CEO

Cryptocurrency exchange Binance, CEO Changpeng Zhao tweeted the date of release testnet version of its new decentralized exchange as Feb. 20.
Binance DEX, aims to provide a decentralized basis for Cryptocurrency holders to trade tokens, removing liability and security hurdles related to traditional, centralized platforms.

The testnet release will be public, with Zhao requesting feedback from users in the same tweet.

The date follows previous announcements with more details about Binance DEX, which will include support for Cryptocurrency hardware wallets. This feature will allow users to trade while retaining control of their private keys, says Zhao.

Promises of a testnet had circulated since December, with Binance since launching an over-the-counter desk for large volume traders and other expansion features.

At the time DEX was announced, Zhao added that he anticipated it running either in tandem with the original Binance platform or even replacing it altogether, depending on market reactions.
A company spokesperson confirmed in January, Binance is planning to expand into two new markets as in 2019.

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NEO is a Beneficial Blockchain for Smart Economy Vision

14th January 2019 – Open-source blockchain project NEO is promising an exciting mix of tech, business, and regulatory speakers at its 2019 DevCon event.

Hundreds are estimated to gather at the Hyatt Regency Hotel in Seattle between February 16th – 17th to listen to more than 40 speakers and sight more than 30 projects across 20 separate exhibits.

NEO will be hosting a one-day workshop that will introduce developers to the fundamentals of NEO blockchain development. With support for multiple programming languages such as C#, Python, and JavaScript, NEO aims to be the most developer friendly smart contract platform.

NEO founders Da Hongfei and Erik Zhang will open the event giving visitors insight into NEO’s promise of a Smart Economy and plans for platform growth over the next 12 months.

The rest of the opening day will focus on topics such as platform architecture, innovation, the regulatory landscape, and the transition to a Smart Economy.

Scheduled speakers include Miha Kralj, managing director of the world’s largest consulting company Accenture, who will speak about the big trends in blockchain, and Dr. Chris Berg of the Royal Melbourne Institute of Technology (RMIT), who will discuss crypto-economics and its part in the future of the global economy.

Joseph Williams, Governor Jay Inslee’s ICT industry sector lead & State of Washington ICT economic development director will give visitors an insight into how regulators view the development of blockchain.

Day two of NEO DevCon will shift gears and take a deep dive into technical blockchain topics such as consensus mechanisms and decentralized storage, as well as explore a range of decentralized application (dApp) use cases, patterns and practices.

Co-founders of the NEO Saint Petersburg Competency Center, Sergei Liubich and Anatoly Bogatryrev, will present research progress on their NEO based distributed decentralized storage platform.


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Fraudulent MetaMask Crypto Malware banned from Google Play

Decentralized app (DApp) MetaMask, faces new problems from Cryptocurrency scammers after malware impersonating the tool appeared on Google Play, Cyber security Company Eset reported Feb. 8.

In November, MetaMask confirmed its plans to launch a mobile app, which ended up being the target of the latest malware issue. MetaMask, which is one of the oldest Ethereum (ETH)-based DApps, has fallen victim to malicious schemes even before.

The malware, which replaces computer clipboard information in an attempt to steal Cryptocurrency, was banned by Google at the beginning of the month after a tip-off from Eset researchers.

Known as a ‘Clipper,’ the malware replaces copied Cryptocurrency wallet addresses with an address belonging to an attacker trapping people’s funds, sending it elsewhere without the user noticing.

The discovery marked the first time such malware had made it past Google’s vetting procedures, the security firm notes.

“The clipper we found lurking in the Google Play store, detected by ESET security solutions as Android/Clipper.C, impersonates a legitimate service called MetaMask,” Eset explained, continuing:
“The malware’s primary purpose is to steal the victim’s credentials and private keys to gain control over the victim’s Ethereum funds. However, it can also replace a Bitcoin or Ethereum wallet address copied to the clipboard with one belonging to the attacker.”

Last year in July, Google developers discarded the app from Google Play altogether, leaving only fake impersonations. A subsequent report from MetaMask revealed the action was unintentional.


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CZ Reveals in Future Binance Wants to Add Ripple’s xRapid as a Partner.

On Feb. 6, revealed in a Periscope live stream by the company’s CEO Changpeng Zhao, A partnership with Ripple is getting considered to use its cross-border payment platform xRapid, by The world’s largest crypto exchange Binance.

Zhao — better known as CZ in the crypto community, Speaking in his first live stream ever, mentioned clearly that Binance is “definitely” looking to partner with Ripple, it’s native currency XRP is currently the largest Altcoin by market cap.

Currently, CZ also confirmed that xRapid is not a priority for the crypto exchange at the moment, also confirming, that there is “nothing going on right now” for the exchange with xRapid, stating:
“We’re focused on launching more features right now, so we are working with a number of other partners. With xRapid, there’s nothing going on right now, but in the future we’ll definitely want to add them as a partner.”

CZ also suggested that the emergence of Bitcoin (BTC) Exchange Traded Funds — a development much-anticipated, doesn’t require for the crypto industry growth, As reported earlier today, during the same live stream.

As more entrepreneurs bring forward real blockchain and crypto applications, the industry will grow more as further mentioned by Binance’s CEO.

Through the Partnership with payment operator Simplex, Binance launched support for credit card Crypto purchases on Jan 31.

According to CoinMarketCap, The coin is trading at $0.292 by press time, with a market capitalization of around $12 billion.

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Cryptocurrency Index is getting launched by Investing App Investor which is the Future of Cryptocurrency and will make trading a lot easier.

According to a press release on Feb 6, A Cryptocurrency index has been launched by Investing app Investor for their platform, allowing users to follow Cryptocurrency markets.

There are many actions that Index can perform and includes certain range of digital asset categories, which includes utility tokens, payment and Asset.

Quarterly the Cryptocurrencies will be reviewed on the app, this review will help and stable the app, which will benefit in addition of newer and stable Cryptocurrencies and from the Index it will remove suspended or unstable crypto’s, which will benefit the traders.

Bitcoin (BTC), Litecoin (LTC), Ethereum (ETH), Bitcoin Cash (BCH) and EOS are some of the Cryptocurrencies available on the Investor app for monitoring.

Retail investors will be able to examine the impact crypto investments will have on their portfolios through the Index, stated by Derhalli.
He (Derhalli) also mentioned that the traditional indexes doesn’t measure impact on portfolios and only impact on the asset class, hence, no relevant to retail investors.

“Traditional indices measure impact on the asset class not an investor’s portfolio… This is not a relevant consideration for smaller investors who want to know what the impact will be on their portfolios. The Investor Crypto Index addresses this by using weightings that optimize risk-reward based on the volatility of the constituent assets.”

The largest buyers of Cryptocurrency transactions Worth over $100,000 as institutional investors have surpassed high-net-worth individual investors, according to Cointelegraph reported in October.

“The Wild West days of crypto are really turning the corner,” and that the situation shows “the professionalization that’s happening across the board in this space.” was mentioned by The crypto trading arm of DRW Holdings LLC, the head of trading at Cumberland, Bobby Cho.

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Upheaval of Crypto’s After Market rise, Bitcoin hold over $3,600

Saturday, Feb. 9 —Bitcoin (BTC) is holding steady above the $3,600 price point as Coin 360 data shows, major Cryptocurrencies are facing a mix of mild gains and losses, following a major market surge since yesterday.

On Friday, Feb 8. BTC gained over $200 reaching a multi-week high of $3,691 throughout the day. The top currency continued to trade consistent today, before a balance to press time around $3,660.

BTC daily transaction volume is gradually growing. As Cointelegraph reported earlier this week, the past highs are to be seen as of January 2018, when world’s top currency valued to $20,000.

Ripple (XRP), currently the second largest Cryptocurrency, has shed about 1 percent in price on the day and is now trading near $0.31. Its market capitalization is over $12.7 billion — about $260 million bigger than the next largest crypto, Ethereum (ETH).


ETH price is increasing around $119. Week wise the currency mostly traded sideways near $110, falling to an intra-week low of $103 on Feb. 6. Yesterday’s market returned back ETH value as of late January.
Back this day, total market capitalization of all Cryptocurrencies spiked over $122 billion, before taking a fall back down to $121 million later, according to CoinMarketCap. The daily trading volume for the last 24 hours is around $20.2 billion.

Binance Coin (BNB), Maker (MKR) and Litecoin (LTC) are the major gainers on the day. BNB, currently the 10th largest coin by market cap, has gained nearly up to 3 percent, seeing fairly steady growth since Feb. 6. MKR is up 3.2 percent, while LTC is up 3.5 percent on the day. since yesterday litecoin is on a double digit rise, claimed to be 4th largest Cryptocurrency.

Among the top twenty coins, Bitcoin Cash (BCH) and Tron (TRX) is on a loss for the day, with about 2 percent as of press time.

In industry news, Bakkt, the much-certain digital assets platform operated by the Intercontinental Exchange (ICE), has closed its first acquisition. The move marks the finalization of an acquisition of assets in futures commission merchant Rosenthal Collins Group.

In a win for adoption, Argentina’s state public transport card SUBE (Sistema Único de Boleto Electrónico) can now be topped up by using Bitcoin.

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Clients’ £110m goes for a toss with the death of Crypto trading boss.

Gerald Cotten, 30, solely knew the passwords to access customers’ money – after his demise his wife is now receiving threats.

Canada’s leading Cryptocurrency exchange company says it cannot repay $190m (£110m) to clients because its founder died with their passwords.

QuadrigaCX’s founder Gerald Cotten, his wife reasoned his death at age of 30 “due to complications with Crohn’s disease” while travelling in India to open an orphanage in December.

No other members of the team could access the stored funds but only Mr. Cotton had the sole responsibility, his wife states in a sworn affidavit on 31 January as she filed for credit protection.

Ms. Robertson said MR. Cotton or the company held the key to those $190m (£110m) which is safeguarded in ‘cold storage’. he held “sole responsibility for handling the funds and coins” and no other members of the team could access the stored funds, she added.

In spite of his wife having his laptop she failed to break through the passwords even after hiring a technical expert they failed to decode the encryption. Ms. Robertson added in the affidavit that she and her colleagues are being threatened by online Cryptocurrency communities – especially from Reddit users.

The company’s board of directors applied for creditor protection, with Ernst & Young expected to be appointed on Tuesday to oversee the proceedings on 31 January.

A statement from the board said: “For the past weeks, we have worked extensively to address our liquidity issues, which include attempting to locate and secure our very significant Cryptocurrency reserves held in cold wallets, and that are required to satisfy customer Cryptocurrency balances on deposit, as well as sourcing a financial institution to accept the bank drafts that are to be transferred to us”.

“Unfortunately, these efforts have not been successful.”
QuadrigaCX customers are flooding the social media complaining they are unable to withdraw their money.

Ally Shapoval wrote: “Hello, Quadriga! I withdrew money from my Quadriga account to my bank more than 2 weeks ago. WHERE IS MY MONEY? STILL NOT THERE.

“I sent you emails; you are not responding.”

Another wrote in French: “I have sent lots of emails, but I just get automatic responses, I’m not even able to get my crypto out.”

Questions about whether or not the news of his death is true or is it all just a scam of the company, people doubt.

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Bitcoin Transactions touches new high on January 2018 Levels.

The daily Bitcoin (BTC) transaction since January 2018 has never been so high, after BTC hit the $20,000 price mark. Industry players believe that it is a sign of the evolution of the Cryptocurrency’s ecosystem and fundamentals.

“The system is improving and growing.” Says Jameson Lopp, chief technology officer at Bitcoin personal key security system firm Casa, Lopp delved into various sources and statistical measurements of Bitcoin’s growth over 2018. Lopp wrote:
“A variety of improvements in block propagation have been implemented by Bitcoin Core over the past couple years and as nodes are upgrading, they appear to be having an effect. There’s also a new highly performant miner relay network.”

According to Lopp, “Lower transaction demand, improved fee estimation algorithms, adoption of segregated witness (SegWit), and transaction batching have resulted in more efficient use of block space and less contention for this scarce resource.” SegWit is designed to reduce processing and wait times, as well as transaction fees.

In the fourth quarter of 2018, the average BTC transaction size found its peak at 750 bytes in February before falling to 450. the percentage of BTC transactions spending SegWit inputs purportedly increased from 10 percent to 40 percent,. This, per Lopp, is a result of increased SegWit adoption.

In 2018, the market dominance of BTC reportedly returned to over 50 percent, after falling to 32.5 percent. lopp explained “The number of reachable nodes didn’t fall much in comparison to the exchange rate  —  my suspicion is that people who run these nodes are highly dedicated to Bitcoin and/or using them for economic purposes, due to exchange rate volatility they are unlikely to turn off the node,”

In November 2018, crypto evangelist Anthony Pompliano stated in a blog post that Bitcoin fundamentals, cost and number of transactions, increased. Pompliano emphasized seven fundamentals of Bitcoin, outlining the increasing number of Bitcoin wallets as well as the growth of the amount of daily confirmed transactions.

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After New Ruling, Charlie Shrem to be Paid $45,000 by the Winklevoss Twins as a Legal Commission.

According to an official document filed on Feb. 7. The Winklevoss brothers Tyler and Cameron will have to churn $45,000 to the Bitcoin (BTC) entrepreneur and advocate Charlie Shrem as part of an ongoing lawsuit.

After serving time in prison for his role in now-defunct marketplace Silk Road, Shrem has returned to the cryptocurrency scene, while the Winklevosses operate their own exchange platform.
There was a legal trail for Shrem put forth by the Winklevoss twins as an investigation and asset freeze after a fallout over money owed from a years-old Bitcoin trade deal.

District Court of the Southern District of New york has been investigating the disputes between the business partners, Although the court’s decision has been heavier on Shrem’s part for the second time since last three months. The court likewise reduced the scope of the Winklevoss’ claims, with the legal fees reimbursement from the process now due as on November.

The lawsuit will now continue covering new ground in June. The current battle is the result of years of suspicion between the Winklevosses and Shrem. The dispute has not been settled since 2013, when Shrem purportedly held back 5,000 Bitcoin owed to the twins, but instead, twins state that he used the money for his personal expenditures, although, Shrem’s lawyer has denied these claim.

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