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  President Maduro: Venezuela to Issue First 100 Million Petros
Posted by: admin - 01-08-2018, 09:04 AM - Forum: News From Cryptocurrency Market - No Replies

[Image: 725_Ly9jb2ludGVsZWdyYXBoLmNvbS9zdG9yYWdl...5qcGc=.jpg]
News
Venezuelan President Maduro has ordered the issuance of the first 100 mln Petros, an oil-backed national cryptocurrency. He also indicated that each Petro would have the value of a single barrel of oil. He said:

Quote:“I’ve ordered the issue of 100 million Petros, based on national wealth. Each Petro will have the value of a barrel of Venezuela’s oil.”
The first national meeting of Petro miners will occur on January 14, along with the publication of the whitepaper. The announcement is in line with the previous statements from Maduro that the country would issue an oil-backed cryptocurrency.
The country’s massive hyperinflation problems have led to widespread lack of trust in the national currency, the Bolivar. This has caused much of the population with access to appropriate technology to pursue Bitcoin as a means of stable transactions - called ‘Bitcoinization’ by some economists.
Other countries including Zimbabwe have also seen widespread Bitcoin adoption in the face of financial instability.

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  No New Crypto: Coinbase Squashes Exchange Listing Rumors
Posted by: admin - 01-05-2018, 09:10 AM - Forum: News From Cryptocurrency Market - No Replies

Coinbase announced Thursday afternoon that, for now, it would not be adding any new cryptocurrencies to either its flagship platform or its other digital asset exchange, GDAX.
In a blog post, the company, which currently allows customers to buy, sell, deposit or withdraw bitcoin, litecoin, ethereum, and most recently, bitcoin cash, said it wanted to explain its process for adding new assets.
The post cited last year’s Digital Asset Framework announcement, where GDAX outlined the criteria it would follow when considering whether to add a new token or coin to its exchange. The company then stated:

Quote:“As of the date of this statement, we have made no decision to add additional assets to either GDAX or Coinbase. Any statement to the contrary is untrue and not authorized by the company.”
The update follows rumors that the exchange would add Ripple’s XRP token, and marks the first statement Coinbase made on the matter.
Over the last few weeks, XRP has been on a run, hitting an all-time high of $3.84 on Thursday, according to data site CoinMarketCap. Just three weeks ago the token was trading for less than a dollar.
XRP fell on Thursday to $3.52 at press time, but maintains its position as the world’s second-largest cryptocurrency by market cap.

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  Ethereum Foundation Announces Millions in Grants for Scaling Research
Posted by: admin - 01-03-2018, 09:20 AM - Forum: News From Cryptocurrency Market - No Replies

The non-profit that oversees development of ethereum has officially unveiled two subsidy programs that will support research on how to grow the number of transactions its blockchain can process.
In a blog post published Tuesday, ethereum creator Vitalik Buterin described how the network is beginning to reach 1 million transactions per day. In his view, scaling the network is "the single most important key technical challenge" that developers need to work on before blockchain applications can be widely used.
As such, the subsidy programs are being launched to incentivize developers to implement two proposed solutions for scaling: sharding and layer-two protocols that would be built on top of the blockchain today.
Sharding is a process that requires only a few nodes on the blockchain to verify a transaction, instead of having every node do so. Currently, ether's developers are finishing the specifications for their sharding protocol, and are looking for teams to build implementations and launch them on ethereum’s testnet.
Layer-two protocols, on the other hand, take a different approach by taking transactions off the main ethereum blockchain. The network would allow transactions to move on and off the blockchain in order to be processed, but would not be used to actually process the transactions.
According to the blog post, the subsidies for each program will range from $50,000 to $1 million and are intended to cover development costs. For both solutions, successful teams will also have a hand in implementing the protocols on ethereum’s mainnet as a next phase.
In addition to the research ethereum’s developers are performing, the foundation is looking for third parties to look into the scaling issues.
In his post, Buterin wrote:

Quote:"Independent teams of developers, companies and university and academic groups are all welcome to apply; we recognize that different types of applicants may require different formats and processes and we are willing to be flexible to accommodate individual teams’ needs.”

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  NiceHash CEO Steps Down After $63 Million in Bitcoin Stolen in Cyber Attack
Posted by: admin - 01-02-2018, 12:20 PM - Forum: News From Cryptocurrency Market - No Replies

Marko Kobal, co-founder of NiceHash, the Slovenian startup that serves as a marketplace for matching spare computing power to miners, stepped down from his role as CEO last week. This comes just weeks after NiceHash lost over $60 million to a high profile cyber attack.


Christmas came early for many Bitcoin enthusiasts this year, reaping huge gains from Bitcoin’s meteoric price surge in the first half of December. For NiceHash, however, the month of December was anything but merry as the execution of a high profile hack on December 6th resulted in the theft of over 4000 bitcoins worth an estimated $63 million. At press time, those bitcoins have yet to be recovered.
Now, just a few short weeks later, a new development in the NiceHash saga unfolds with last week’s announcement that CEO Marko Kobal would be stepping down to give way to new management. Kobal, who will be replaced by Zdravko Poljašević, has been with NiceHash since 2014 in its early. He stepped down from his role in the Slovenian startup, which lets people rent their computers’ extra processing power to users who want to use it o mine bitcoin and other cryptocurrencies.
Confirming His Resignation
Kobal announced his resignation on LinkedIn last week, stating that he was “incredibly privileged to share in the excitement of growing NiceHash,” and that he “shall now stand aside and allow new management to lead the organization through its next, exciting period of growth.”
As part of the terms of Kobal’s resignation, he has agreed to sell his 45% stake in NiceHash. Part of Kobal’s stake is being acquired by an outside investor, with the remaining balance to be purchased by NiceHash’s majority owner, H-Bit.
Restoring Bitcoin Balances
Understandably, there is concern among NiceHash’s users, however, the company is making great gains toward setting things right. The site is currently back online and users are free to mine and make profits once again. In an announcement posted on its website, NiceHash announced plans to reimburse users for their stolen funds:
Quote:Our community is very important to us and given the loyalty of our users, we want to make sure that everyone is fully reimbursed after what happened. This has been under discussion since the day of the hack.
We have now been able to reserve the funds required to restore balances from a group of international investors in our business. The exact date of reimbursement for old balances will be announced by January 31, 2018. We need this interim period to ensure all legal paperwork is processed correctly, so please be patient while we do this.

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  Venezuela Unveils Mining, Trading, and Launch Details of National Cryptocurrency
Posted by: admin - 01-01-2018, 06:28 PM - Forum: News From Cryptocurrency Market - No Replies

5 Billion Barrels of Oil and Mining Plan
[Image: maduro-1-300x213.png]Nicolás Maduro.
Venezuela’s president Nicolás Maduro has assigned 5.3 billion barrels of crude oil worth $267 billion to back the nation’s cryptocurrency. He first announced the creation of the Petro in early December, as news.Bitcoin.com reported.
During a weekly national radio and TV broadcast, he showed a “document formalizing the provision of the certified Ayacucho oil field, No.1 in the Orinoco Petroleum Belt, for the support of El Petro cryptocurrency,” according to RT. Citing that “every single Petro will be backed by a barrel of oil,” Maduro confirmed:

Quote:
Quote:We will set up a special team of cryptocurrency specialists so they will be engaged in mining in all states and municipalities of our country.
In addition, the president “promised to allocate Arco Minero gold deposits from the Orinoco Belt along with the country’s diamond deposits” to the Petro, the publication noted.
The Cryptocurrency Superintendency and the National Blockchain Observatory will oversee the Petro’s creation and operation, as news.Bitcoin.com previously reported.
Issuance and Trading Plans
The Maduro government has published a Gazette which outlines a decree consisting of 13 parts, referred to as Articles; nearly half of them concern the operational details of the Petro.
[Image: shutterstock_611788541-300x197.jpg]Article 4 of the decree describes the assets backing the new currency, stating that the Petro “is about Venezuelan oil quoted in the OPEC basket, as well as other commodities, including gold, diamond, coltan, and gas.” Moreover, each Petro “will have, as physical support, a purchase-sale contract for one (01) barrel of oil from the Venezuelan crude oil basket or any commodities that the nation decides.”
Article 5 reveals the nature of the wallets holding the Petro, as well as the cryptocurrency’s convertibility, stating:
Quote:
Quote:The holder of the Petro may change the market value of the crypto-asset for the equivalent in another cryptocurrency or in Bolivares at the market exchange rate published by the national crypto-asset exchange house…The holder of each Petro will own a virtual wallet, which will be his [own] responsibility.
[Image: shutterstock_766029841-300x200.jpg]The Gazette also provides some issuance details of the Petro and hints at an initial coin offering (ICO). “The initial placement will be made through auction or direct assignment, made by the Superintendence of the crypto-assets and related Venezuelan activities,” according to Article 8.
Furthermore, the government explained in Article 9, “The custody will be decentralized once the Superintendence of the crypto-assets and related Venezuelan activities has carried out the initial auction and assigned the crypto-assets to investors.”
As for the launch timeframe, Minister of Communication and Information Jorge Rodríguez was recently quoted by local publications saying, “the first issue of the Petro cryptocurrency will be announced within days.” Then, during his year-end speech in a national radio and TV broadcast on Sunday, December 31, Maduro revealed:
Quote:
Quote:In the month of January, I will be presenting all the conditions for the Petro to start operating.

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  ATBCoin Hit With Class-Action Lawsuit After $20 Million ICO
Posted by: admin - 12-29-2017, 09:38 AM - Forum: News From Cryptocurrency Market - No Replies

Filed on Dec. 21 in the Southern District of New York, the lawsuit (PDF) alleges that ATBCoin and its operators violated the Securities Act by conducting a securities offering without registering with the U.S. Securities and Exchange Commission (SEC).
From the suit:

Quote:“The ATB ICO was a clear offer and sale of securities because, inter alia, Defendants touted, and Plaintiff and other ATB ICO investors reasonably expected, that the ATB Coins received in exchange for their investments would be worth more than the ETH, BTC, LTC, or other currencies invested. Additionally, as discussed herein, Defendants have explicitly referred to the ATB ICO participants as “investors” and repeatedly stressed the profit potential from holding ATB Coins,” the suit said.
Interestingly, the suit also claims that Herbert Hoover — one of ATBCoin’s co-founders — deceptively claimed that he is a descendant of both U.S. President Herbert Clark Hoover and the Hoover family that founded the Hoover Company.
Quote:“These claims are impossible as these two family trees are unrelated. Moreover, as is evident in a video of Defendant Hoover clearly reading his own “biography” with an accent, it appears highly unlikely that Defendant Hoover is who he claims to be,” the suit said.
Apparently, the developers saw the suit coming. Just three days before the suit was filed, ATBCoin published a statement on their blog claiming that it did not accept investment funds from American citizens.
Quote:
Quote:“We want to remind you that from the very beginning of the project, ATB Coin never accepted investment funds from American citizens. All users of the platform accepted the terms and conditions of our Offer and agreed with the point that they are not residents of the United States. This condition has always been and is mandatory when registering at atbcoin.com,” the post said.
ATBCoin also said that it does not conduct financial activities in the U.S., although its website lists its main address as a co-working space located in the Trump Tower in New York City.
ICO Investors Face Regret, Declining Coin Values
According to an estimate from ICO tracker CoinSchedule, the ATBCoin token sale raised $20.4 million worth of bitcoin, ether, and litecoin during its ICO, which ran from June through September.
[Image: atbcoin-price-dec28.jpg]Source: CoinMarketCap
However, to the chagrin of investors, the value of ATBCoin price has plunged from a high of $1.52 shortly after the ICO to less than $0.48 at the time of writing, even as the values of the coins used to contribute to the ICO have surged.
Consequently, as was the case with Tezos, investors have begun to regret contributing to the ICO and have sought to recoup their funds by having a court rule that the crowdsale violated SEC regulations. So far, no court has ruled on these lawsuits, although SEC Chairman Jay Clayton has stated that most ICOs he has observed should be registered as securities offerings.

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  EU Central Banker: “Stop Calling the Bitcoin a Coin”
Posted by: admin - 12-28-2017, 10:04 AM - Forum: News From Cryptocurrency Market - No Replies

European Union central bankers are becoming increasingly vocal on the subject of the world’s most popular cryptocurrency, bitcoin. Its precipitous price increase this year seems to coincide with wide-ranging statements, including the digital asset’s threat or lack thereof. Recently, the governor of the National Bank of Belgium (NBB) explained that more people should be warned about the decentralized currency and how it isn’t a currency at all.
Also read: Bundesbank Board Member: No Plans to Issue State-Backed Cryptocurrency
Jan is Not a Bitcoin Fan
“We have to embrace the innovations and the efficiency gains that this can generate for the payment system,” NBB governor Jan Smets explained when asked about the possibility of a state-backed crypto for the Union. His answer came after a barrage of disparaging comments regarding cryptocurrencies’ market leader.
The NBB is Belgium’s central bank and part of the of the Eurosystem which comprise members of the European Central Bank. Mr. Smets, 66, has been its governor since 2015 after serving under two prime ministers as a cabinet chief. In addition to his NBB duties he participates in a dozen boards, academic and financial.  
Quoted in De Vrije Markt, Mr. Smets explains, “We need to warn people about the bitcoin, and people who invest in bitcoins can lose a lot.” With its being woven into new financial products, the digital currency could potentially be catastrophic for wider economies due to its volatile nature.  “Even if the risks are small at the moment,” Mr. Smets acknowledges.
[Image: image.jpg]Jan Smets of the EBB
Not a Coin
The last time a memorable statement was made by NBB regarding bitcoin came back in Summer of 2014 during a joint statement with its Belgian Financial Services and Markets Authority. In it, they warned about its not being legal tender, hacking, fluctuations and the usual litany of risks bitcoiners are all too familiar with. Prior to that statement, Belgium was thought to be at the forefront of crypto in Europe, at least in some circles.
Three and a half years laster, Mr. Smets worries about the purchasing power of the decentralized currency, pointing to its lack of stable backing such as that which the euro has with its tether to the European Central Bank. Bitcoin’s price moving from 1,000 USD at the beginning of 2017 to around 15,000 USD only buttresses his argument, he believes.
Finally, the EU central banker urges: “Let’s stop calling the bitcoin a coin. Unlike the euro, the bitcoin is not guaranteed by a central bank or government as a means of payment, so the bitcoin is not a currency,” he explained.

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  Japan’s Biggest Financial House MUFG Prepares to Secure Bitcoin Adopters
Posted by: admin - 12-27-2017, 01:02 PM - Forum: News From Cryptocurrency Market - No Replies

Japan’s largest financial group, MUFG, is preparing a service that will secure bitcoin adopters’ holdings against any failure or losses suffered by the cryptocurrency exchanges they use.
In what could be the first trust service of its kind anywhere in the world, the Mitsubishi UFJ Trust is preparing to offer bitcoin holders a service wherein their bitcoins are placed in a trust, separate from their cryptocurrency exchange’s assets. Japan has emerged among the world’s largest bitcoin trading markets despite the seismic collapse of Mt Gox in 2014, once the world’s largest bitcoin exchange.
In the event of any failure, mishandling or wrongdoing by the exchange’s operator, the security of holders’ bitcoins will be guaranteed by the trust bank. Mitsubishi UFJ Trust, a member of the Mitsubishi UFJ Financial Group, has already applied for the relevant patent protection, the Nikkeireports.
Bitcoin traders will need to opt-in for the service while trading at exchanges, allowing Mitsubishi UFJ Trust to monitor their accounts. The trust bank will reportedly flag suspicious activity and examine pending transactions. “A late-night sale of a huge amount of bitcoins, for instance, would get flagged for inspection instead of being processed immediately,” an excerpt from the report explains.
Mitsubishi UFJ trust will maintain logs of users’ transactions that used to guarantee will be ‘used to guarantee the safety of holders’ bitcoins’ in the event of any operator-based incident leading to losses. However, holders will not be secured from losses against price volatility.
While the service will entail a fee for users signing up with the financial giant, “customers will feel peace of mind knowing that a trust bank is managing their assets,” explained Noriyuki Hirosue, CEO of Tokyo-based bitcoin exchange.
The trust bank’s service will only be available to bitcoin traders at launch, tentatively in April 2018. Notably, the asset management service will only take shape after Japan’s Financial Services Agency – the country’s financial regulator and watchdog – recognizes cryptocurrencies as an asset akin to real estate or securities that can be placed in a trust.

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  Pandex - Is it a real broker???
Posted by: admin - 12-26-2017, 06:57 AM - Forum: Reviews - No Replies

Quote: David News

Before going into all details about the legend, investment plans, its features and potential to make a profit with this program, I would like to mention about a trading software, which is available on the PANDEX website for anyone interested in trading. It’s built on the MetaTrader4 platform and allows you to analyze stock market prices in the real time, place orders and manager your traders account. I believe that MetaTrader4 is a good tool for traders, but it requires time for education and learning to find out the full potential of such software. In case you are interested in trading, you can download the client version of MetraTrader4 provided by PANDEX and check out its full functionality. However, those not familiar with the MetaTrader4 platform should check out some youtube video tutorials and find out more about it. 

The HYIP itself has managed to survive for 2 months, which at first glance looks impressive but it’s impossible to find out how many active deposits currently are in this HYIP. In fact, age is not always the most important success factor, but it must be considered in combination with a total sum of deposits. Otherwise, we could get impressed by the age and join the HYIP, which is trying to get final deposits and close in a short while. Well, I am not saying PANDEX is such HYIP, but I noticed that all forum threads about PANDEX are almost silent. I would expect more communication regarding a program, which has managed to survive 2 months.

What’s the main target audience of this program? After clicking on the language bar on the website I thought there is no focus on any specific country. In fact, there are 14 language options available. I was reading an English copy of the website and have no idea how correct are other translation and if they have been made by a human. However, feel free to share your experience after reading the website in any other language. According to data provided by Alexa top 5 countries of visitors are Germany, Russia, Spain, Poland, and Kazakhstan.

Even though we all know that HYIP legends are fiction, some of them just make sense and look more credible. In my opinion, the PANDEX legend is not the best example for two main reasons. First, this legend looks very complicated and it’s hard to understand what is their main approach or message they want to share with the world. Second, it mentions a Japanese billionaire, which has even his own Wikipedia page. I googled his name and couldn’t find any reference to a company named PANDEX. Even though there might be some billionaires in the HYIP world, it just looks too unreal.

PANDEX is another example of a HYIP, which has decided to choose the shortest path in social media marketing approach. Yes, social media profiles are extremely active, but 610 followers on Twitter within 2 months and no likes for the latest tweets. I scrolled down for a while and couldn’t find any liked posts. Sure, social media profile for Russian speaking audience on Vkontakte looks more credible with 1135 followers, a large amount of posts, which have attracted likes. I might be too picky, but something gives me a feeling of a short-cut in the overall social media approach also on Vkontakte. However, we leave it up to the admin of this program.

I believe most of you readers care about investment plans. Therefore, I would like to move on and provide some general information about the investment plans. First, PANDEX is offering 4 investment plans with daily interest rate varying from 0.81% up to 1.99% daily, with investment terms varying from 25 to 50 days. Such interest rates are a signal that this is a HYIP with long-term rates, which are comparably low. However, you must keep in mind that the deposit is returned at the end of the investment term. In case you are checking the investment plan details, I suggest to be careful about a number of investors. Why? The total amount of deposits looks unrealistic. Second, the minimum deposit is starting from $100 for a plan called SGX and $5000 for a plan called XAO. I can already say that the only affordable plan is SGX due to its minimum deposit. Third, minimum withdrawal is $1, and it takes from 1 minute to 3 days – to AdvCash, Payeer, PerfectMoney, BitCoin, Ethereum. Basically, here you can already see all available payment options for PANDEX. I would add that 1 minute to 3 days is a very wide range and I would like to kindly ask you to share your experience with withdrawal times in our chat box. Of course, if you have had any prior experience with this HYIP. The downside of the project is that accruals are calculated only during the business days and payouts are made also only on business days. Read FAQ’s to find out more about it.

So, I have already written all major facts about the investment plans. Let’s move on to the calculations and see how beneficial can be the plan called SGX in the real life. $200 deposited in this plan should make a net profit of 20.25%, which is $40.50. Of course since project shows average income you could make something more or something less, but I believe real-life result must be very close to the one that you will be able to see on the website.

We see a HYIP, which has a focus on marketing activities within various online marketing channels. However, there are many basic things in the core of this program, which might be the reason why there were only a few components on forums about this program. I would say that information on the website didn’t provide much trust and potential profit for the most affordable program seemed low even knowing that initial deposit is returned at the end of the investment term. Sure, I might be mistaken in my assumptions. Therefore, if you ever decide to make any investments, don’t invest more than you can afford to lose! "

You can join here:

[Image: P-468-EN.gif]

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  Official: Russia to Introduce Cryptocurrency Regulation Bill Next Week
Posted by: admin - 12-22-2017, 10:23 AM - Forum: News From Cryptocurrency Market - No Replies

New cryptocurrency laws are expected to be introduced for official consideration to the Russia's national legislature on Dec. 28, according to a senior government official.
Russian media sources RIA and TASS cited comments from lawmaker Anatoly Aksakov, who chairs the State Duma's financial markets committee, that the new rules – which will reportedly formalize rules around the creation and exchange of cryptocurrencies like bitcoin – are likely to be cleared by early next year.

"I expect that the adoption of the draft law on [cryptocurrencies] will be in March... The problem is that we already have a lot of people who acquire [cryptocurrencies] and they are deceived, we need to give people the opportunity to work legally with it, to protect them as much as possible," Aksakov was quoted as saying by RIA.
The comments all but confirm that Russia won't finalize the bill by the end of the year, as Aksakov had previously suggested. In September, the senior lawmaker said he believed the work could be wrapped up before winter. The measure has faced a series of delays due, in part, to conflicting visions over the scope of the proposed laws.

The expected move to submit the bill also comes months after Russian President Vladimir Putin ordered new regulations to be developed around cryptocurrencies and blockchain, including rules specifically aimed at initial coin offerings (ICOs).
As quoted by TASS, Aksakov cited Putin's directives when speaking about the work that is expected to play out over the coming weeks and months.
"We have a deadline designated by the president, and after a week there will be a presentation of the bill that will start to be debated," he told reporters.

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