Rival To Facebook’s Libra Is Ready!

Binance recently revealed it’s open blockchain project “Venus” focused on developing localized stablecoins worldwide.

In an announcement on Aug 19, Binance argues it is well-positioned to launch such a currency ecosystem in light of its existing public chain technology, Binance Chain, wide user base and already established global compliance measures.

Binance is looking out for partnerships with governments, corporations, technology firms, and other cryptocurrency and blockchain projects in order to develop a new currency ecosystem that will empower both developed and developing countries.

As per the report, Binance’s vision for the project, is to “build a new open alliance and sustainable community” that enlists partners who wield influence on a global scale.

With its choice of name, “Venus,” Binance is also stepping into the astrological waters of both Facebook’s Libra project and the Winklevoss Twins’ Gemini exchange and Gemini dollar.

Bitcoin Is Legal And Taxable In New Zealand!

While Donald Trump is busy bashing Bitcoin, New Zealand’s tax authorities have ruled that income in cryptocurrencies is legal and provided guidance on how exactly it should be taxed.

In a tax information bulletin published on July 4, the New Zealand Inland Revenue Department summarized the provisions of the public ruling, made under s 91D of the country’s Tax Administration Act 1994.

This doesn’t applies to self-employed taxpayers, it only applies to salary and wage earners, covering both remuneration for services and bonuses, commissions and gratuities.

“In the current environment where crypto-assets are not readily accepted as payment for goods and services, the Commissioner’s view is that crypto-assets that cannot be converted directly into fiat currency on an exchange are not sufficiently ‘money like’ to be considered salary or wages.”

As reported, tax authorities and lawmakers globally are increasingly turning their attention to cryptocurrencies. Last week, crypto industry sources claimed that the United Kingdom’s tax authority was allegedly requesting that digital currency exchanges provide it with information about customers’ names and transactions aiming to identify cases of tax evasion.

Bitcoin Miners Income Is Impressively Higher Than BSV & BCH!

Bitcoin miners earned up to four times the revenue accrued by their counterparts on the Bitcoin SV and Bitcoin Cash networks combined in one day!

Bitcoin miners earned $540,000 in transaction fees. This figure is more than four times the $130,000 earned by miners on the BSV and BCH chains combined over the past 12 months, According to August 2, 2019 tweet from “Shakepay.”

BCH miners see under $200 in transaction fees per day and Bitcoin regularly posts $500,000 in transaction fees alone on a daily basis. BSV miners were still running at a loss, five months after the chain split, Back in April 2019.

The top-ranked crypto is still some way off from the likes of Visa in terms of the daily transaction load. Thus, for BCH and BSV, the distance to the pinnacle of global payments appears even more insurmountable.

Majority Of The Investors In US Ready to Invest in Bitcoin.

Bitcoin is one of the most preferred investment options in the world, Bitcoin was intended as currency, rather than an investment tool. As per a new survey by Grayscale Investments, about 36% of the investors in the United States are willing to invest in BTC. That means, despite all the controversies surrounding it, BTC has a potential of over 21 million new investors alone from the US.

The report states “Investors are constantly looking for new ways to diversify their portfolios as traditional assets and markets have begun to move more closely in sync with one another. Increasingly, savvy investors recognize that bitcoin and other digital currencies may have unique investment characteristics that provide diversification far beyond the basic 60% stock/40% bond portfolio allocation.”

At a time when regulators across the globe, including the US President Donald Trump, are criticizing crypto and calling for stricter regulations, the report brings new hope for the US industry stakeholders.

Facebook Onboards Two Former Coinbase Compliance Experts

Here is the latest Cryptocurrency news, social media giant Facebook has hired 2 new compliance experts. Both the experts are ex-employees of the Cryptocurrency exchange Coinbase. Mikheil Moucharrafie worked with Coinbase for almost 4 years before joining Facebook as a compliance officer. At Coinbase, Moucharrafie switched various designations starting from support analyst, quality assurance tester, compliance manager, anti-money laundering (AML) investigator/bank secrecy investigator to risk manager. Another expert, Jeff Cartwright worked for nearly 5 years with Coinbase as a compliance manager, head of internal audit, and director of regulatory risk and exams. As Cointelegraph officially announced, Facebook has been on a consistent mission of hiring PayPal staff or people who have had prior experience of working with the Cryptocurrency industry and dedicated Blockchain staff. Apparently, Facebook has new openings in its Blockchain department.

There is news that Bitmex is selling user’s data! However, Bitmex is denying it.

Bitmex is saying that they are very much transparent on how data is used.There are allegations on Bitmex regarding its new user agreement which will allow it to sell trading data to third-party firms.

On Tuesday, Bitmex announced that it had updated its Terms of Service Agreement, including changes to the intellectual property clause. When the updates go into effect, as of March 6th, BitMEX users will give up any rights of ownership for content posted on the platform.

Clause 3.4 states that HDR Group, which owns BitMEX, “shall be the sole owner of any derivative work produced by the HDR Group based on, or in any way connected with, your content, and shall have the right to use such derivative work for any purpose, commercial or otherwise, without any further obligation to you.”

They got quickly criticized for their publication, suggesting that BitMEX would be able to sell users’ data, including trading patterns, onto third-party trading firms. With this news, some Reddit user stated, institutional traders would be able to construct behavioral profiles on retail investors.
In a type of activity known as order flow trading, a firm with access to trading data could accurately determine the levels at which retail investors would buy and sell. A firm can profit from altering market conditions with this information.

For example, if sellers were only prepared to sell Ether (ETH), at $147 (the ETH price was $137 at press time), a firm armed with their trading data might put up a lower offer limit, undercutting the market and pushing other traders to sell for lower prices.

One Redditor, speaking on behalf of the exchange, denied the allegations.
“BitMEX is not selling customer data,” the Redditor commented. “The purpose of this notice is to inform users that we will soon be providing greater transparency about how your data is used within our network and with the services we use (alerting, recapture, Yubico, Fresh desk).”

In traditional markets Purchasing order flow is already common practice. In the early 1980’s, Bernie Madoff, was one of the first traders to pay brokerage firms for the right to execute their clients’ orders, oftentimes a penny or two per share, who is currently serving a life sentence for eleven federal felonies.

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BNB Breaks Records, Scandals of Coinbase and Bitcoin at Starbucks?

This week the market calmed down slightly after last week’s volatility, in spite of the downtrend the market continues.

Very few Alt’s are affected in the same way, and BNB continues get high in complete disregard of market patterns, as a result of the Binance Launchpad, continuing to generate headlines and ICOs, next one already in the barrel.

Raven coin pumped up, and other cryptos showed volatility unseen in the market last year. 2019 began with an optimistic tone and it seems that money is beginning to flow back into the market, although one should tip toe because it is a known practice in the capital markets to enter positions at the beginning of the year reason what builds the support, but is insufficient to keep Bitcoin price above $3,000. In terms of trading, one can see a pattern of recovery that is beginning to lighten and an influx of money going towards inferior Alt’s in what seems like the famous Pump & Dump scene that always finds new victims.

Important note- the trading volume, which ended February as the largest volume since February last year, it is too early to say that this is a true gospel and the market is still post-traumatic.

Sources revealed that Starbucks got a significant share of Bakkt’s futures platforms, in exchange for using its software enabling crypto payments at Starbucks.

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Ripple Combating Coinbase’s Listing Rules

Ripple (XRP) is reportedly violating one of Coin-base’s listing rules, despite the Cryptocurrency exchange added support for the Altcoin on the its Pro platform. Research by firm Diar states that XRP breaks one of Coin-base’s requirements to be listed on the platform.

In its “Digital Asset Framework,” Coinbase states that “the ownership stake retained by the team is a minority stake,” while, according to Diar, Ripple captives 60 percent of the supply in escrow with a release schedule.

Coinbase Pro, the professional offering of United States-based crypto trading platform and wallet service Coinbase, added support for XRP token. Coinbase stated that full trading of XRP will be available to customers in the U.S., Canada, the European Union, the United Kingdom, Singapore and Australia and to other countries soon.

A report by Crypto analytics firm Messari, alleging that XRP’s market capitalization could be overvalued by as much as $6 billion. The report notes that XRP’s liquid circulating supply could be overestimated by 48 percent, putting the “actual” market cap at $6.9 billion instead of the $13 billion that was then reported on CoinMarketCap.

The company sold $535.56 million worth of XRP in 2018. During Q4, 3 billion XRP was reportedly released out of cryptographic escrow, while 2.4 billion were returned. The remaining 600 million XRP not returned to escrow are being used “in a variety of ways to help support the XRP ecosystem.”

Recently, XRP has seen a decrease by 2.48 percent, and is trading around $0.319.

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Coinbase Key backup available on Google Drive and iCloud

Coinbase states allows users to upload their keys to a cloud provides a safeguard against lost keys, helping them to avoid losing funds in case keys are misplaced. The announcement notes:
“The private keys generated and stored on your mobile device are the only way to access your funds on the blockchain. Owners of ‘user-controlled wallets’ like Coinbase Wallet sometimes lose their devices or fail to backup their 12 word recovery phrase in a safe place, thus losing their funds forever.”

Now, users of Coinbase Wallet can store an encrypted copy of the recovery phrase on their cloud accounts. Coinbase notes the cloud services will have access to user funds, as recovery phrase key is unlocked by a password known only to the user. The backup is purportedly encrypted with AES-256-GCM encryption, accessible only through the Wallet mobile app.

Coinbase notes that, in addition to Google Drive and iCloud, giving support to other clouds in the future. The feature is an opt-in service that doesn’t replace or supersede the prime recovery option.

Canadian Cryptocurrency exchange QuadrigaCX filed for creditor protection by the death of its founder Gerald Cotten. He was reportedly the sole executive responsible for the exchange’s keys and cold wallets, and by his death, the exchange has been unable to access $145 million in digital assets it purportedly needs to remain solvent.

The ‘Big Four’ audit firm, which was named an observer to Quadriga’s creditor protection proceedings recovered several electronic devices used by Cotten, including encrypted USB key.

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