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Miguel Cuneta, the co-founder at Satoshi Citadel, which is a renowned digital money investment firm in the Philippines expressed that the $10,000 hype was produced by the media recently. Minutes after the bitcoin cost crossed $11,000, it dropped to $9,000, and soon after, the predominant press was anxious to publish a progression of articles on the next bitcoin crash.

“News outlets barely had 24 hours to let the ’10k’ news simmer and it has already gone up to $11,500. When they published the ’11K’ piece, it had already dropped to $9,000. And when they entered the last word on ‘Bitcoin is crashing!’ article, it was back at $11,000 per BTC,” wrote Cuneta.

With the cost of bitcoin almost at $12,000, bitcoin is currently the world’s 6th most valuable currency on the planet. Hence, while the majority of predominant press outlets and analysts in the finance sector are focused on the transient value pattern of bitcoin, Cuneta clarified that bitcoin will probably turn out to be significantly bigger than most can imagine.

“Along these lines, we could watch one of the greatest financial rises in history unfurl with this bitcoin insanity. However on the opposite side of the coin, there is additionally the non-trivial possibility that we are seeing something striking happening right in front of us — the arrival of the separation of cash and state,” Cuneta noted.

The Future Beyond $12,000:

Bitcoin has hit the $11,000 mark and is going to cross $12,000 in December, given the entrance of institutional financial specialists and billions of dollars in capital. As institutional cash streams into the bitcoin advertise through bitcoin prospects, the $165 billion market cap of bitcoin will increase quickly, giving greater liquidity.

Cuneta added: “More than one-third of a trillion dollars. That is the aggregate sum of digital currencies on the planet. $165 Billion belongs to the Bitcoin alone, which just shows how overwhelming network effect can be. Due to Bitcoin, the ability to create cash has come into each person’s hand on the planet and detracted from lords and governments.”

For this specific reason, a few renowned financial specialists inside the cryptographic money space have communicated their optimism towards bitcoin price reaching $45,000 before the finish of 2018, accomplishing a $1 trillion market cap.

Story credit: cryptocoinsnews.com

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Why Trump had to ban Venezuelan cryptocurrency Petro in the US?

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An executive order has been issued by the U.S. President Donald Trump to ban the US Citizens from buying Petro cryptocurrency. Petro is first state-issued cryptocurrency developed by the government of Venezuela.

Further more, Trump has issued strict orders to the Treasury Secretary, Steven Mnuchin, to implement this ban. Earlier this year, the Treasury Department also announced sanctions on four Venezuelan government officials.

buying petro

Why was Petro Launched?

The cryptocurrency Petro was launched in February 2018, which could be purchased through US dollars and euros. At the time of its launch, it was claimed to be backed by the oil and mineral reserves of the Venezuelan government. According to some critics, if investors once started buying Petro, it could easily support the official currency of Venezuela, which is steadily falling down mainly due to US-imposed financial sanctions.

Reason for Trump’s Ban on Petro

As mentioned above, the ban was an attempt to put pressure on the Venezuelan President Nicolas Maduro and his undue policies. As a result, the efforts of Maduro’s government to boost their foreign currency reserves have been greatly affected.

US Treasury Secretary, Steven Mnuchin stated that President Maduro destroyed the Venezuelan economy which gave rise to a destructive humanitarian crisis in Venezuela. Instead of improving the present condition of their citizens, the Venezuelan government is trying to bypass the US sanctions through its Petro digital currency. In short, the Venezuelan President is trying to loot the resources of his people.

Effect of Trump’s ban on Petro

According to many critics, it is probably a quiet big blow for the Venezuelan government. Since most of the cryptocurrencies and their present market value is based upon the US dollar, so when we take the role of US out of that scene, the interest and potential rate for any of the cryptocurrency is also automatically reduced.

At a stage when Petro was struggled to create some serious interest among foreign governments, the ban by Trump will be extremely fatal. Earlier this year, Poland had also shown an interest in trading food and medicine with the Venezuelan government for the Petro, which was denied due to the sanctions imposed by the US president.

Let us know your point of view about all this in the comments below!

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Areas That May Require Your Attention in the Crypto-World

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The point of using a digital currency is that it’s completely decentralized and disconnected from any government control. Yet, some exchanges completely defeat the purpose of digital currency by placing it into third-party systems. It is essential to understand that we no longer have to give up our control over our assets and shouldn’t be dependent on governments to protect them.

This is a review of “Tim Swanson’s” – “Eight Things Cryptocurrency Enthusiasts Probably Won’t Tell You.” Read on to know more.

Here are eight areas that require your attention:

crypto world

1. Bitfinex

A Hong Kong-based digital currency exchange that is known to be hacked several times in the past. A little over a year ago, $65 million dollars’ worth of bitcoins were stolen from the exchange. Till now, Bitfinex has failed to provide evidence as to how they were hacked or where those funds led to. Users were fooled by the potential for returns but in turn faced a major loss as their accounts were left empty.

2. Ransomware, Ponzi’s, Zero-fee and AML-less exchanges

A report from Xinhua was released last month that read:

China’s two biggest bitcoin exchanges, Huobi and OKCoin, collectively invested around 1 billion yuan ($150 million) of idle client funds into “wealth-management products.”

In simple words, these exchanges were functioning while charging zero-fees by using customer deposits to invest in other financial products without the customer’s knowledge. According to insiders and reporters that many exchanges in China carried out similar practices. Also, exchanges in developing countries lacking AML and KYC measures majorly benefit from scams and thefts.

3. Initial Coin Offerings (ICOs)

Many investors are chasing quick profits instead of utility. Recently, many firms are aiming towards scamming practices due to which several other legitimate ICOs are suffering. Several ICO boot camps in China were set up with past experience in pyramid schemes, this leads to not just single fraud incidents but very frequent ones as well.

4. VC-backed entities

5. The decline of Maximalism

6. Market caps

We have very little idea of what is really happening with Bitcoin transactions or any cryptocurrency for that matter.  Market cap is based mainly on a company’s assets and future cash flows but with cryptocurrencies, it is completely misleading. Especially, when random meaningless coins sell a small segment of their total supply then, claim a huge market cap.

7. Buy-side analysts and con media

Many big-name media companies practice a biased reporting which mainly focus on the benefits of coins but not equally shed light on the potential risks as well. They cover basically everything and anything regarding market caps, statistics and basic buy/own cryptocurrencies articles. But what if these major companies are funding other odd companies side by side?

The point is, that if these firms want to be taken seriously, they might as well take on the best practices so they support long-term capital inflows.

 

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REPORT: South Korea Is Considering to Reverse Ban on ICOs

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According to the latest report, in the coming months, ban on the ICOs (Initial Coin Offerings) by South Korea could be eased. In September, it was reported that the Financial Services Commission of the country had moved to ban the blockchain funding model. However, the latest report by the “Korea Times” claims that there’s a chance that the ban may get lifted, especially for token sales.

ICOs

From an anonymous source, it’s stated;

“The financial authorities have been talking to the country’s tax agency, justice ministry, and other relevant government offices about a plan to allow ICOs in Korea when certain conditions are met.”

Even with the local ban, a lot of cryptocurrency users in South Korea are still contributing to international ICOs. The official at the FSC (Financial Service Commission), that manages and supervises the cryptocurrency trading rules, Kang Young-soo, has denied to give any statement on ICOs and just said that third-party-view is being considered by FSC.

Moreover, Young-soo has also confirmed that the government is also looking forward to make a whole lot better infrastructure for regulating the trades of cryptocurrency and also to advance blockchain technologies. On the other hand, international cryptocurrency market is presenting new challenges for lawmakers as well.

At this time, there’s a ban on the overseas residents from trading cryptocurrency in South Korea. The main purpose of this ban is to curb money laundering and other cross-border crimes that might be possible. Meanwhile, it’s been reported that the officials of South Korea are having a word with counterparts in China and Japan, in order to discover regulatory collaboration, which at the same time, also means that any final regimes could be settled with those countries.

Right now, the biggest problem that the government is facing with cryptocurrencies is its inability to efficiently control taxes from cities that hold the currency. Though, countries like Japan have shown a way of managing it, by taking each ICO on a case by case method, while other countries like China have chosen a total ban. China is showing no sign of willingness to ease this ban on the ICOs (Initial Coin Offerings), as this is the country’s own ban, which was revealed in early September to South Korea’s announcement. When a ban on ICO was announced by South Korea, it was really discouraging, as this country is best known for accepting and implementing the latest technologies.

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SEC Uncovers A Case Of Fraudulent ICO

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No doubt cryptocurrencies have become notoriously volatile as various governments and financial organisations are imposing restrictions regarding the sale and purchase of fraudulent ico. On the other hand it is also a fact that continuous boom in the cryptocurrency market is the main reason behind the birth of some alarming situations regarding its investment and fundraising options. With an increase in the popularity of Initial coin offering and cryptocurrencies, many top social networking websites have recently banned advertisements related to all sorts of activities related to this specific market. Recently Facebook, Google and Twitter are on the top of the list among the sites which have prohibited ads related to cryptocurrencies. Not only that but the US Securities and Exchange Commission has also issued a strict warning according to which celebrities can no more endorse ICOs without proper announcement. Even a country like India has officially announced that Bitcoin is no more than an illegal tender within its borders.

ico fraud

some massive frauds and illegal activities related to the digital tokens have also become a reason for such restrictions. One of such recent fraudulent activities was reported by the US security exchange commission against two co-founders of a supposed financial services start-up for organizing a deceptive initial coin offering.

Who Was Behind That ICO Fraud?

The names of the two founders are Sohrab Sharma and Robert Farkas who are behind that ICO fraud. They were running of a cryptocurrency firm by the name of Centra Tech which was also authenticated by champion boxer Floyd Mayweather. The US Securities and Exchange Commission charged the founders of Centra Tech for organizing a fraudulent initial coin offering. All that information was made public in a press release dated April 2.

 

Sohrab Sharma and Robert Farkas, were arrested and charged for raising 32 million dollars in an unregistered investment with the help of so called “CTR Token”. Farkas was fully prepared to leave the country, but was arrested moments before he could board his flight.

How Was This ICO Fraud Discovered?

According to the statement issued by US Securities and Exchange Commission, Sohrab Sharma and Robert Farkas offered a number of financial products on behalf of their company Centra Tech which also included a debit card backed by Visa and MasterCard. It was being claimed by Centra Tech that with the help of this debit card users could instantly convert cryptocurrencies into US dollars and other legal tokens. In fact it was all based on a fraud as no such agreement existed between Centra Tech and Visa or Mastercard.

 

Centra Tech was also alleged for creating fictional resumes and biographies in order to promote its fraudulent company. The company also hired celebrities like champion boxer Floyd Mayweather to promote their initial coin offering.

 

According to a warning issued by the US Securities and Exchange Commission in November last year, the ICOs which involved celebrities could be illegal.

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