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OKEx is known as a cryptocurrency exchange giant. This crypto-exchange is pushing back against accusations that the exchange is responsible for the manipulation of the market which triggered the price of Bitcoin to drop below $5,000 on its futures exchange last week.

Market Manipulation

A statement was released on Wednesday, in which the Hong Kong-based exchange repudiated allegations about its involvement in the futures market’s manipulation to settle the positions of optimistic traders.

Last week, OKEx got criticized following the Bitcoin price crash as the value of its Bitcoin futures dropped to $4,755, in a fevered sell-off, even with the average price of Bitcoin globally, which flitted around $7,000 during the same time.

The Statement

The statement says:

“OKEx provides a platform to allow customers to trade in our order books, but we are not directly involved in the trades. Moreover, all the transaction details are public. We, as a trading platform, do not make a profit from the price volatility but generate income from trading fees. We have not reasoned to, and have never and will not, manipulate the prices of any of our market.”

Merchants whose positions got settled during the sell-off time were incensed, and one of them was so distressed that he went to the headquarters of the company and even threatened that he would take his own life.

Eventually, during the 90-minute incident, the exchange inverted trades that occurred, mentioning this unconventional movement as a planned attempt to deploy the market, and since then, it has added the price limit rules to help in preventing the manipulation in the future market.

 

Moreover, OKEx warned that it will take legal action against those, who falsely accuse them for the manipulation of the market and disseminate false charts to that effect.

What does the company have to say about it?

The company says:

“We reserve the right to take necessary legal action against any parties who libel our company and reputation by any means.”

However, the event following negative press coverage doesn’t seem to have a constant influence on the popularity of the trading platform of the company, as  OKEx is still on the fourth most popular spot cryptocurrency exchange in the ranking, with almost $750 million, 24-hour trading volume.

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Cryptocurrency Market Continues to Improve as Ethereum Records 6.06% Increase

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Multiple major cryptocurrencies, including Bitcoin and Ethereum, have recorded major gains, as the cryptocurrency market continues to recuperate at the rapid rate over the past 24 hours.

Ethereum’s Hefty Gain:

The native cryptocurrency of Ethereum network, Ether, demonstrated an astounding 6.06% increase in the price over a night and is currently trading at $1,224. The recent surge in the Ether’s price can be attributed to the progress in the Ethereum open-source development community that has directed in scaling the network.

Over 899,005 transactions have been settled by Ethereum within 24 hours, indicating a daily transaction volume that is seven times larger than that of the Bitcoin network.

There’s an increase in the daily transaction volume of the Ethereum which indicates the exponential rate of decentralized applications (launched on the top of the Ethereum Protocol). Over the past few months, applications like CryptoCribs, EtherDelta, Radar Relay and 0x have gained a considerable amount of active users.

Coinbase CEO, Brian Armstrong, also commended CryptoCribs, which is a decentralized Ethereum-based Airbnb like platform with a non-ICO model. It is quite hard to find commercially successful decentralized applications in the cryptocurrency industry, that had not conducted ICOs. This is because ICO has become an easy way of cash grab for the actual developers.

Luis Cuenda, who is a co-founder of Aragon, said in July of 2017, that he literally doesn’t know any Ethereum developer who’s not a millionaire because of the ICO market. Cuende noted manifestly, that there are many developers who are trying to take advantage of this opportunity because they have heard by many that they might make a lot of money from it, and that’s why a large-scale of investors are trying to dive into the Ethereum market.

Furthermore, as we can already see that the scalability of the Ethereum network continues to recover through advanced solutions such as Sharding and Plasma, Ethereum will be able to offer an improved ecosystem and infrastructure for decentralized applications.

The market evaluation and price of Ethereum uniquely depend on the performance and implementation of decentralized applications that are launched on the Ethereum protocol. The price of Ether will imitate the success of decentralized applications if they continue to perform well.

Market Trend:

Over the past week, the cryptocurrency market has shown positive signs of recovery. To bring the market to its previous highs, major cryptocurrencies in the global market like Ethereum, Ripple, bitcoin, Bitcoin Cash, and Cardano will have to record some hefty gains in the upcoming weeks.

However, cryptocurrencies like Bitcoin Cash and Ripple are down by almost 50% from their “all-time highs” and with the exemption of bitcoin and Ethereum, most major cryptocurrencies have not performed so well.

Based on multiple factors like the entrance of institutional investors through bitcoin futures and the acceptance of cryptocurrencies by large-scale financial firms which also includes the Robinhood, analysts are still enthusiastic about the short-term growth trend of the cryptocurrency market.

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US Officials Commend Blockchain Surrounded by ICO Distress

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On Wednesday, a message was broadcasted by U.S. government officials at the DC Blockchain Summit in Washington-even as securities officials cautioned exchanges who offer ICO tokens trading. James Sullivan (Deputy Assistant Secretary of services at the Commerce Department’s International Trade Administration) remarked during his address;

“We cannot make policy in the abstract” and concluded by saying;

“I would welcome all of you in the audience to reach out … and to hear your recommendations”

There’s no doubt that Sullivan showed support for the use of blockchain inside the trade finance chain, especially for smaller companies with hardly any resources, as he stated;

“The companies that are usually hit hardest by that gap of trade finance are small- and medium-sized businesses”

Attendees who talked to CoinDesk, turned out to be more divergent on the question of blockchain’s use in government and also on the the subject of cryptocurrency regulation, which was the greatest concern at the event as well. Scepticism was also expressed by one of the employees of a major blockchain startup that the U.S. officials would seriously obligate to utilize this tech, conflicting that agencies might be served a lot better, seeing at the advances of tokenization.

Chief data architect of OPM (Office of Personnel Management), Marcel Jemio, alongside Mark Fisk, who’s an IBM Public Service Blockchain partner stated that blockchain could be utilized in order to aggregate government employee information in a more efficient and well-organized way.

Fisk stated;

“I think blockchain in a lot of cases is going to be an enabler of solving the problem, but not necessarily with solving the problem only with blockchain”

Jihan Wu, co-founder of Bitmain also revealed that the bitcoin mining hardware giant wants to invest in startups and looking forward  to make a “private central banks” that utilize cryptocurrencies. Wu thinks that tokens on the market today will eventually come to be viewed as securities under traditional meanings.

CoinDesk was told by conference attendees that they’d definitely appreciate regulation, specifically relating to ICOs, whereas others asserted that these emerging regulations at this time would probably lodge businesses into inflexible models ill-suited for such a quick moving situation. Attendees also showed their concern about the unreliable treatment of cryptocurrencies by the U.S. government, specified that the IRS considers bitcoin as property and the CFTC views it as a commodity.

But at the same time, two members from a cryptocurrency services company said that they believed such dissonance could eventually profit the industry, with the lack of agreement by the SEC, the CFTC and the IRS, eventually imposing further discussion on the finest way onward.  Brian Quintenz, a commissioner for the CFTC, was also seen at the event, firmly encouraging more self-regulation in the cryptocurrency space. Quintenz even told the audience that cryptocurrency platforms should come forward and self-regulate.

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What Are Some Easiest Ways to Earn Bitcoin

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Bitcoin is the most popular form of digital currency. The use of bitcoin is increasing each day, and it’s becoming progressively hard to earn them. If you are one of the people who are keen on starting a venture in the world of Bitcoin, and looking for ways to generate your own coins, here are some killer tips that will help you learn how to earn Bitcoin – the most valuable cryptocurrency out there.

The Killer Ways to Earn Bitcoin – Accept It as A Form of Payment:

One of the easiest ways to earn bitcoins. If you own a large corporation, run a small business, are a shopkeeper or just provide your services online, start accepting bitcoins in payments.

To accept bitcoins payment, you will need to follow a few steps. The steps include:

Get a Wallet:

To switch to bitcoin payments, you will need a bitcoin wallet. It’s a virtual wallet which is used to store Bitcoin.

Display “Bitcoin is Accepted Here” Logo:

Once you have the wallet, display the logo that says “Bitcoin is accepted here”. This will help your clients realize that you accept Bitcoin payments.

Check out our guide on how to accept Bitcoin payments here.

Earn by Completing Specific Tasks on Websites:

There are several websites that offer bitcoins for completing certain tasks. Some even offer bitcoins just for visiting their home page. The concept is similar to the good old free TV. You watch numerous ads, and in between these ads, you get to see something that grabs your intention, like a funny clip or a song.

Earn Through Mining:

One of the easiest ways to get bitcoins. In Bitcoin mining, the miners from all across the world connect with each other through mining computers and the internet to form groups. These groups are then given certain problems to solve. Those who successfully solve these problems are rewarded with bitcoins.

To do the mining, you will need a powerful computer, fast internet and electricity to keep the computer running 24/7.

Earn Bitcoins Through Tips:

Accepting bitcoin through tips is similar to accepting bitcoin as payment. You will need a wallet, QR code with bitcoin wallet address on it and people who can potentially give tips in bitcoins.

Here are some ways through which you can get in touch with people who deal in bitcoins:

  • If you have a shop, simply display the QR code and keep an eye on what’s coming in.
  • If you don’t own a shop, no worries. You can also accept tips through blog posts. Simply put your QR code somewhere where the users can easily see it and then decide how they want to tip you.
  • Another cool way for getting online tips is Bitfortip. The service directs you to people who are willing to give away bitcoin tips

Conclusion:

These are some easiest ways to earn bitcoins. Putting it in a nutshell, you can earn Bitcoin by accepting it in the form of payment, writing online blogs, visiting different websites and completing specific tasks, and via tips.

Good luck with your venture.

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Throwback to When a Savage Police Chief Asked to Receive his Entire Salary in Bitcoins

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Throwback Thursday: Kentucky Police Chief Asks to be Paid in Bitcoin

Vicco, Ky., is a town that’s known to be one of the smallest of the smallest towns, with a population of just around 330 people. But hey, don’t judge a town by the number of its inhabitants, right? Well in 2013, that was definitely the case here since that did not keep a Police Chief named Tony Vaughn away from the trends of the internet and rising cryptocurrencies.

Considering back then Bitcoin was still gradually growing and beginning to stabilize, it was a story that gave the currency quite a boost and hopes of becoming a payment method one day. Luckily, the city commission approved of this and after standard federal and state reductions in US dollars, Vaughn had received the bitcoins in his personal account.

Fast forward four years and Bitcoin has earned and is still earning a lot of fame and popularity as major investors have accepted the cryptocurrency as a means of payment. Also, let’s not forget the endless amount of altcoins following right behind. One can safely say that we are, as a matter of fact, entering a world of digitization.

 

Story Credits: cnet.com

 

 

 

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An In-Depth Analysis of Blockchain Technology

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The Blockchain is the underlying technology of all the cryptocurrencies – mainly Bitcoin and Ethereum. The technology is full of potential to revolutionize everything that belongs to our daily life: billing systems, contracts to supply chains, and electronic medical records are just a few to name.

Understanding the Concept of Blockchain:

Blockchain primarily comprises of a system of distributed records which helps share information in a peer to peer fashion. The paramount reason behind Blockchain’s growing appeal is its security and verifiability. The system does not allow its users the deletion or updating the items from a Blockchain at later dates which ultimately creates a conclusive environment for digital transactions.

In essence, Blockchain works by allowing the users to add transactions to a block of code. After the addition of each transaction, a temper-proof audit log comes into place using a cryptographic hash. Meanwhile, all the participants at the blockchain network are presented with a replica of that block to help them validate their transactions.

Moreover, the technology also offers its users the automation of process such as payments, receipts, and invoicing for a smooth business process.

The Areas of Growing Interest for Blockchain:

Business interest in Blockchain is growing due to the potential game changing features it offers such as ‘digital mesh’. The Digital Mesh is basically an integration that occurs between individuals, content, services, and devices. The requirement of the new business model is to cope with the world that is tightly connected and Blockchain offers this exact same thing.

Another area of interest is the decentralized business networks. A large portion of the business is the dispersed participants across a network. For a smooth traffic of information from one node to another, we would need to automate the business transactions. Intriguingly, Blockchain can solve this problem for us.

The third most important area of interest is making business transactions more transparent. To achieve this, we need a way where we can conduct the transactions openly and with integrity. The Blockchain is the best option to do so.

What are the Key Areas of Use?

There are a number of areas in which Blockchain technology can help improve the modern business concept.

The ‘Smart Contracts’ of Blockchain allows a transaction to trigger an action within a business system without having the need of human assistance.

Example: Automatic creation of receipts for payments received.

Another area of use is the supporting product provenance. We can use Blockchain to track the progress of a product from delivery of raw materials to its final shape. Such as keeping track of suppliers, manufacturers, distribution, and finally the delivery to the end customer.

In conclusion, Blockchain undoubtedly has much to offer. However, the implementation of it is completely dependent on us. The sooner we find out a way to implement Blockchain, the better it is for our business community.

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