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Recently the well known Chinese e-commerce platform Alibaba has sued a Dubai-based ICO for copyright infringement. The dubai ico was functioning by the name of Alibabacoin Foundation and had initially raised $3.5 mln qaccording a Reuters report. The firm was involved in continuous misleading behavior related to Alibaba’s company name. Alibaba clarified that there was no relationship between them and the Alibabacoin Foundation. Furthermore Alibaba also made clear that it had no future intentions to enter the cryptocurrency business.

ico fraud

It was being reported that the Alibabacoin Foundation was aiming to create its own  e-commerce platform by making use of cryptocurrency Alibabacoin which was also generated by the foundation. It introduced itself as a digitally optimized firm which was going to use blockchain technology for various departments such as finance, shopping, security and marketing etc. The firm succeed in generating a handsome amount until it was declared as an ico fraud and a lawsuit was filed against it by Alibaba whose trade name was unlawfully being used by it.

Clarification by Alibaba

Though it was made clear by Alibaba that they had no intention of entering the cryptocurrency business but it should be remembered that it is not the first time that Alibaba has been a part of such rumors regarding its involvement in the crypto industry. It had to eliminate rumours early this year regarding its venture into the cryptocurrency mining industry with the help of its newly developed P2P platform. Alongwith dispelling that rumour the company also announced that Alibaba Cloud had never issued a single fraction of any digital currency from its platform neither it had any intentions to do so in the future.

 

According to a report published last year CEO of Alibaba Jack Ma exclaimed that he had no interest in bitcoin but blockchain technology, which he described as a powerful tool of future technology.

Aftermaths of the Law Suit

After initial hearing the judge issued a short term restrain order against the Alibabacoin Foundation, the lawsuit also circles threefold damages for violations of US and New York law. Further development in the case will be reported after the show cause hearing which will take place on April 11, 2018.

 

However the Alibabacoin Foundation did not pass any comment in this regard. Also, despite the orders issued by the court the company has showed no intentions to roll back its initial coin offering or other related activities.

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Bitcoin Struggles as Ripple Price Drops Once Again!

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Within the past 24 hours, the price of most of the cryptocurrencies has declined significantly in the global market.

Possible Aspects:

Ripple has once again dropped below the $49 billion region and has achieved a monthly low at $1.28. For many bitcoin investors, $10,000 mark was a psychological threshold, but the $1 mark of Ripple is also considered as a significant threshold that has led the price of Ripple to upsurge by 33-fold within few weeks. The market valuation of Ripple could possibly decrease further if the price of XRP or Ripple couldn’t withstand itself above $1. Also, Bitcoin struggles to maintain the gains that it recorded on January 25, although it has shown a 3% decrease in the price and is currently trading at $11,153.

Ripple has a huge following in the South Korean market and the extensive day by day exchanging volumes of XRP on UpBit and Bithumb, two of the country’s major cryptocurrency money exchanging platforms, it is almost impossible that the market valuation of Ripple would fall beneath $40 billion.

bitcoin struggles

Currently, the market cap of Ripple is not as much as half of Ethereum’s. Also, it is not expected that the market cap of Ripple would fall below the current levels unless something unexpected happens within a short period of time.

Ethereum’s native cryptocurrency Ether (with EOS) has recorded the lowest losses from the major cryptocurrencies, demonstrating a minor 2% decrease in market valuation.

The tenth most important and valuable cryptocurrency in the market NEM has experienced a startling 16% decrease in its price. The unexpected drop in the value of NEM was said to be set off by a possible security breach which occurred on a leading Japanese cryptocurrency exchange, CoinCheck.

Local Japanese media released reports on January 26, that all Japanese yen withdrawal and cash outs have been disabled by CoinCheck due to suspicious transactions. Also, some unverified reports as well claimed that $500 million worth of NEM was withdrawn from CoinCheck and it’s still unclear whether it was a group of users or a hacker that stole NEM from the exchange.

The cryptocurrency community is eagerly predicting an official statement from CoinCheck, however, it has not been confirmed yet if the exchange was hacked or not.

An abrupt flow of $500 million from a Japanese cryptocurrency exchange could have caused the market to fall. Many investors have suggested that another reason could be the closing of bitcoin upcoming contracts on CME Group, and institutional investors selling huge amounts of bitcoin to deliberately bring down the currency’s price to cash out short contracts.

Shorting of bitcoin and whales selling the digital currency to cash out short contracts could have persuasively contributed to the decrease in the market cap of bitcoin, and because bitcoin is considered as the reserve currency of the market, it looks clear that the rest of the cryptocurrency market fell with it as well.

Trend:

US-based residents are looking for tax returns and South Korean investors are anticipating the January 31 cryptocurrency exchange recommencement date; the global cryptocurrency market would probably improve instantly within the month February.

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Latest Updates: Google is going to ban all Crypto-Ads

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Google is taking an action against the online advertisements related to cryptocurrencies at the beginning of June.

The company is upgrading its Financial Services Policy to restrain crypto advertisement, including wallets, trading advice and initial coin offerings (ICOs). This means that companies with legal cryptocurrency offerings won’t be permitted to serve ads through any of Google’s advertisement products, which place advertising on its own sites as well as third-party websites.

In another post, Google said that it took down 3.2 billion ads that violated its advertising policies in 2017, nearly double of the ads that it removed, back in 2016.

crypto advertisements

Facebook took the same step in January, the move affected most of the Google’s advertised products, which means organizations won’t have the ability to serve crypto advertisement on the search engine giant’s own sites, as well as third-party sites in its network.

Google’s director of supportable ads, Scott Spencer, told CNBC

“We don’t have a crystal ball to know where the future is going to go with cryptocurrencies, but we’ve seen enough consumer harm or potential for consumer harm that it’s an area that we want to approach with extreme caution.”

Crypto advertisement

The company also said that the policy will be executed across its platforms, including Facebook, Audience Network and Instagram. In the beginning of this year, Facebook banned crypto-related advertisements, mentioning the potential for “deceptive promotional practices.” It’s been reported that the crypto advertisements have also been vanishing from the social media sites of China as there’s a ban on ICOs and crypto exchanges in China.

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Bitcoin in Business – What Role Bitcoin May Play in B2B Community

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What Role Bitcoin May Play in B2B Community

Since the introduction in 2009, Bitcoin has been on an incredible rise. The value is always going up, and so is the speculation about BTC’s future.

At the time of writing, Bitcoin had already gone past the $2500 mark – and the trend is still expected to continue. Incredible! Isn’t it?

Considering bitcoin’s popularity, it is clear as rain that this currency is surely going to play a huge role in the B2B (Business to Business) community in future. However, the question is; what role will it play and how will bitcoin affect the B2B community worldwide?

Anyone with the slightest of the knowledge of business community would know that the volume of B2B transactions is way too higher than the volume of P2P (Person to Person) transactions.

Moreover, bitcoin in business has all the potential and tech to replace traditional payment systems – wire transfer being the most common one. In terms of speed, wire transfer is quite slow. The transfer between two countries may take up to a week; which, in business terms, is a waste.

Another traditional payment method used in the business community is ACH (Automated Clearing House). The method is cheaper but slower than the wire transfer, so it needs replacing too.

On the other hand, the client, as well as the merchant prefer instant Bitcoin payments and is a perfect fit for it. The crypto can be used to send/receive payments within a short period of time which may range from one to a couple of hours.

After reading all that, one might wonder: “if Bitcoin is instant and convenient, what’s stopping it from breaking into the Bitcoin B2B community?” It’s the acceptability and lack of usage. Bitcoin payments can only work if both parties are willing to use it – and considering the risks associated with this currency, not many are ready to accept bitcoin as a payment method.

However, if the business community decides to go with bitcoin, here are some benefits that they can enjoy:

Speed:

Compared to conventional payment methods, Bitcoin is super-fast. The ability to complete international transactions within a few seconds/minutes can solve the speed issues.

Cost:

Low transaction cost is another advantage of Bitcoin. Where other methods cost up to 10-40 USD, transactions through Bitcoin only cost a few cents.

Ubiquity:

The majority of the adult population relies on services like Money Gram or the Western Union for money transfer. Services like these follow a set of rules and restrictions imposed by the government; which greatly affects one’s ability to do business.

However, Bitcoin can solve the issue as it is regulated by a third party to impose restrictions on users. It ultimately provides users with more freedom and makes the transfer process simple. Anyone with a regular PC and access to the internet connection can transfer the coins to whichever part of the world they want.

These are some of the pros that Bitcoin brings with it for the business community. However, all is not that simple. Bitcoin adoption in B2B community can also bring about some harms with it – security and price volatility being the most common ones in Bitcoin community.

Security:

One of the biggest issues with Bitcoin is that the security is the responsibility of the individual making payments. For example, if someone is sending a certain number of bitcoins to someone else, the first thing they will need to make sure is to send it to the right address. A slight mistake and the coins are gone forever.

Another issue is that your computer at which bitcoins are stored must not have any spyware and other suspicious programs installed on it. It compromises the security of the bitcoins.

Volatility:

Another issue with Bitcoin is high volatility. The value of Bitcoin changes in a matter of minutes. With such instability, it’s almost impossible for the business community to adopt Bitcoin payments.

Conclusion:

Although Bitcoin is the most popular form of cryptocurrency and allows instant transfers, there some issues with it – stopping it from a wider adoption. Once these issues are dealt with, there is no doubt that bitcoin will rule the business world.

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How to Mine Bitcoins – Getting Started with Making Your Own Bitcoins

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How to Mine Bitcoins

Mining is one of the common ways to generate bitcoins. However, it requires an outrageous level of caution and awareness in order to mine coins. Else, you will wind up losing more cash than you actually mined.

The first and foremost thing to remember is to never use a single PC. This is because mining process requires an extensive amount of processing power and using only a single PC means you will have to wait for several months, if not years just to be able to mine a few coins.

This approach is only valuable when you utilize a PC for which you don’t need to pay the power charges. So, if you are still interested, here are some steps to help you learn how to get bitcoins.

Steps to How to start Bitcoin mining.

A Bitcoin wallet address is similar to having a PayPal account where you can store coins. The wallet can be stored online or locally on your PC.

In order to use a wallet, you will need to download “Blockchain” which is used to store all transaction records. The information is accessible to everyone which makes the process more transparent.

Step 2 – Join A Pool:

Mining through pools is a fastest way to get bitcoins. A Bitcoin mining pool consists of several computers connected through the internet. The network then breaks a fully assembled block into several smaller blocks to share the workload.

However, there is a risk involved in pools regarding payment.

Since a pool has only one owner, the coins are paid to the owner after mining is finished and there is always a danger that he will keep all the money to himself. To avoid this situation, make sure to choose a trustworthy owner.

Step 3 – Bitcoin Miner Installation on Your PC:

Step 3 involves installing bitcoin on your PC. If you are a beginner, it is suggested to install Kiv’s GUI miner.

Learn more about how to set up a Bitcoin miner here.

Step 4 – Logging In:

Once you have set up the Bitcoin miner on your PC, log into your pool account and enter your wallet address.

Step 5 – Worker Registration:

A worker is a sub-account within your primary pool account. You can have more than one workers running on each PC.

Step 6 – Start Mining:

The last step involves entering your worker credentials and Main Pool URL into Bitcoin mining software to start mining.

Good luck with your venture!

Tags: How to generate Bitcoins

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