Russia’s Central Bank Is ‘Against Legalization’ Of Cryptocurrency

russia central bank crypto bitcoin

The head of the central bank of Russia says she does not want to legalize Bitcoin and other cryptocurrency as a payment method – because of risk and volatility.


Bitcoin Has ‘Big Risks’

Speaking to the country’s parliament, the Duma, about the Bank of Russia’s impact over 2018, Elvira Nabiullina continued an increasingly bearish stance on cryptocurrency.

elvira naibullina russia

“We’re against the legalization of cryptocurrency specifically as a means of payment,” legal magazine Pravo quoted her as saying May 30.

We consider there are big risks here for those who hold cryptocurrency… It’s necessary to protect citizens from risky investments.

Bitcoin and many major altcoins have undergone a price transformation since the beginning of April, with BTC/USD gaining in excess of 125 percent in a fresh bull run.

This volatility is off-putting for Bank of Russia, Nabiullina said, despite the period since 2014 itself seeing the ruble devalue up to 200 percent against the dollar.

As Bitcoinist reported, the central bank had become steadily more ‘risk-averse’ on cryptocurrency in recent times, officials sidelining rumors of a plan to create a stablecoin backed by gold.

In October, Nabiullina had claimed the cryptocurrency “craze” was coming to an end due to the ongoing bear market.

Last week, she continued in a similar vein, repeating long-held arguments from Moscow about the potential role of so-called “money surrogates” in the Russian economy.

“In principle, of course, we’re against cryptocurrency entering our monetary system,” she said.

To all intents and purposes, we do not see the option for cryptocurrency to fulfil the function of money surrogates, and in this instance especially.

Russian Court In Cryptocurrency First

Russia’s largest state-owned bank also poured water on its future interaction with the crypto industry.

At a press conference Thursday, Sberbank’s vice president Andrey Shemetov blamed the aforementioned hawkish stance of the central bank for it icing plans of its own.

“…We were waiting for legal framework which would allow us to trade in cryptocurrency. Since at the present time the regulator views it in a negative light, we decided to halt the cryptocurrency plans,” he said at a press conference.

Russia’s curiously volatile relationship to crypto thus continues.

First Commercial Bonds Transaction via Blockchain is Now in History

In a separate development, a court in the Siberian city of Omsk appeared to set a surprise first this week, becoming what is being claimed as the first court in the world to recognize the validity of a trade deal inked using blockchain and smart contracts.

The transaction involved Russian petroleum firm Petroleum Trading.

“It is evident that the current legal framework is entirely sufficient for allowing introduction of innovation on an industrial scale, while laws on cryptocurrency and blockchain are under development,” general director Maksim Dyachenko commented.

What do you think about Russia’s view on cryptocurrency? Let us know in the comments below!


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Someone in China Just Filed a Copyright for The Bitcoin Whitepaper

china copyright bitcoin

Another person – apparently the second in the world – has submitted a copyright claim on the Bitcoin whitepaper, documents confirm.


Wei Liu ‘Invents’ Bitcoin

In a fresh development noted by a social media user, Wei Liu, a former executive at cryptocurrency exchange Bibox, submitted recognition of ownership May 24.

copyright made in china bitcoin whitepaper

The move comes amid tensions within the Bitcoin community over the latest actions by Craig Wright, the Australian developer who has infamously insisted he created the cryptocurrency.

As various outlets reported, Wright became the first person to attempt to copyright Bitcoin earlier this month, while taking legal action against anyone who disagreed with his claims.

That legal action has piled pressure on both Wright and those he has taken to court, with a judge demanding the former produce proof of all the BTC addresses he owns.

As part of the spat, John McAfee, whom Wright also threatened to sue, recently sparked demands from the Bitcoin community to submit copyright claims en masse in order to humiliate him.

While it remains unknown whether Liu was responding to this call to arms, Twitter commentators reacted with excitement, suggesting it could be the first in a series of such moves.

Copyright does not imply that a claimant invented a specific item; the formality can form part of a legal process, and it has been assumed that Wright initiated the application as part of his various court battles.

Wright Fails To Convince

Liu herself is in fact no stranger to ownership disputes. Last year, she formed the subject of a separate argument over ownership of Bibox, the co-founder of which sued her for false claims and capital worth around $3 million.

Her copyright claim makes specific reference to “Bitcoin: A Peer-to-Peer Electronic Cash System,” while Wright submitted two documents, a second also including the term ‘Bitcoin.’

Due to the documents also referencing a pseudonym – Satoshi Nakamoto – the copyright involves a certain element of doubt, it emerged last week.

In comments to United Kingdom publication the Financial Times, the US Copyright Office stated:

In a case in which a work is registered under a pseudonym, the Copyright Office does not investigate whether there is a provable connection between the claimant and the pseudonymous author.

A spokesman for Wright had stated the opposite view, claiming that “the registrations issued by the U.S. Copyright Office recognize Wright as the author — under the pseudonym Satoshi Nakamoto — of both the white paper and code.”

What do you think about the second Bitcoin whitepaper copyright? Let us know in the comments below!


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Bitcoin Hash Rate Nears All-Time High to Drive Price Higher

bitcoin fundamentals column

Bitcoin price drew closer to $9000 May 30 as fundamentals data revealed the network was nearing new records for hash rate, daily transactions, and block size.


Fundamentals Drive BTC Price Higher

According to monitoring resource Blockchain.com, as of press time, Bitcoin’s hash rate had beaten off its bear market slump from 2018 to approach a new all-time high.

On Wednesday, the overall hash rate reached just short of 58 million terahashes per second, a number surpassed only a handful of times – such as at the beginning of this month.

The impressive performance follows a slow clawback from activity lows, with hash rate ‘bottoming’ around the second week of December last year. At the time, BTC was approaching its bear market low of around $3100.

Now, Bitcoin price 00 has rebounded to $8730, but is still far below levels seen in 2017 – despite that, at the time, hash rate was considerably weaker.

As Bitcoinist reported, such a status quo has given rise to suggestions Bitcoin is undervalued, and that its technical strength is now unsurpassed compared with any point in its history.

While the BTC bull market continued through May, sources further noted hash rate was becoming more distributed among smaller mining participants.

“As Bitcoin’s Hash Power continues in steady growth nearing highs, major pools whose tussle for solving blocks looks all but plateaued month in, month out,” crypto industry newsletter Diar reported.

Smaller mining pools have made significant gains in the past few months as unknown miners either drop off or join a tribe.

At the same time, mining pools overall saw a sharp decline in 2018, likely due to bear market pressure, with the number of functioning pools dropping 40 percent through the year.

Block Size Challenges 2019 Record

Hash rate is becoming a distinguishing factor for Bitcoin versus altcoins, with Bitcoin Cash’s recent 51 percent attack sparking accusations its lower hash rate made it more susceptible to malicious actors.

Bitcoin’s all-time highs meanwhile saw a mirror move by Litecoin, which hit new records of its own throughout the past several weeks, data shows.  

In other words, economic activity is consistently increasing on the Bitcoin blockchain based on the number of daily confirmed transactions.

As Bitcoinist previously reported, Bitcoin’s economic activity is now over 30 percent higher than it was at its all-time high price of $20,000 in December 2017.

Coming in tandem with hash rate and transaction highs are  also block size highs, Blockchain.com confirms. On Thursday, the Bitcoin network was producing blocks of around 1.25 megabytes each – a phenomenon which only began to appear in 2019.

The largest block ever mined remains that from mid February, which clocked in at 1.305 megabytes, Bitcoinist revealed at the time.

What do you think about Bitcoin’s fundamentals? Let us know in the comments below!


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Consumers In Over 150 Countries Can Now Buy Stocks With Bitcoin

stocks bitcoin

San Francisco-based Bitcoin investment app Abra has released its service to users outside the US allowing 150 countries to buy stocks.


Bitcoin-Collateralized Stocks Arrive For Consumers

Abra, which launched its investing service in February, will now cater to anyone in 155 countries wishing to gain exposure to various assets including traditional stocks and exchange-traded funds (ETFs), using Bitcoin 00.

The move represents a pioneering offer for cryptocurrency holders, with the launch similarly making Abra the first company to offer such options in the US itself.  

abra

“Investing in financial markets is a basic tool to build personal wealth. Yet outside of the United States, most of the world’s population is not invested in financial assets or markets due to issues of access and affordability,” CEO founder Bill Barhydt said May 29 in the press release.

The expansion also involves a change of target audience, with those prospective investors who would otherwise be shut out of the system now forming a focus for onboarding.

In so doing, Barhydt hinted he plans to democratize asset investing, even making it available to new echelons of society.

“Abra is addressing this global inequality by allowing more people to have a stake in financial markets,” he continued.

The focus of this launch is to make financial markets of the developed world more accessible and affordable to those in emerging economies.

CEO: Venezuela On Board

Abra now offers over 50 investment opportunities with Bitcoin, including Tesla, Uber, Apple, Amazon and Google stocks, as well as gold and oil trusts.

As part of the new rollout, the company is offering a referral scheme for new users to gain $25 for free when opening a new account, which includes a non-custodial Bitcoin wallet.  Trading fees will also be kept at zero for the rest of 2019.

According to Barhydt, the international appeal is already tangible, with Venezuelans using the product to invest in stable alternatives to the country’s stricken sovereign bolivar (VES).

Prior to the launch, he further foresaw citizens in Argentina, Turkey, and even Sudan forming a use case, with each economy suffering from increasing difficulties and fiat currency instability.

“Tens of thousands of investors from around the globe signed up for the waitlist to access this revolutionary new product,” Abra vice president of product Willie Wang added.

We’re excited to see which assets are most in demand globally and will continue to add assets as we collect feedback from users.

Will this be a major step in bridging traditional finance and bitcoin? Share your thoughts below!


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BTC Price Up Nearly 50% Since US Congressman Urged to ‘Ban Bitcoin’

brad sherman ban bitcoin price

Bitcoin price came off its more than 12-month high to drop 2 percent May 29 but traders and analysts alike are proving the BTC bull-run is anything but over.


BTC FOMO Signs Pervade Markets

Data from cryptocurrency exchange Bitstamp showed Bitcoin circling $8540 Wednesday, having reached as high as $8908 earlier in the week.

The new heights, even taking into account the more recent leveling off, puts BTC at its highest against the US dollar since mid-May 2018.

Since the start of this month, BTC/USD 00 has gained a giant 65 percent, while three-month yields are topping 125 percent.

btc price

Unsurprisingly, commentators thus remain highly bullish on the near-term future of Bitcoin. Anything – from dissatisfaction with fiat currency to high-profile naysayers calling for a ‘ban’ – could now be having the opposite effect on public sentiment.

In particular, the infamous speech given by Republican senator Brad Sherman on May 9 is now gaining fresh ridicule as his demands for a Bitcoin ban were met with an almost 50 percent price surge.

“There has never been a better bitcoin advertisement than this clip,” developer Matt Odell summarized on Twitter Tuesday.

GBTC Hits $11.5k

Elsewhere, data continues to speak for itself. The Grayscale Bitcoin Trust (GBTC), experiencing a renaissance of its own in the current bull market, currently trades with an implied Bitcoin price of $11,440 – a full 34 percent higher than Bitstamp and other exchanges.

Institutional interest – increasingly referred to as institutional ‘FOMO’ – has formed a major area of interest among the crypto community, with participants querying the full potential of largsescale investment products to boost Bitcoin price.

Some claim that the kind of interaction with the market such investors will mostly have – non-custodial – as more products launch will not present Bitcoin’s values in the best light.

For others, it is just this kind of market expansion which Bitcoin needs to gain leverage with the public and with regulators.

“I think it’s going to be hard, if JPMorgan and Facebook now have a coin, how’s the regulator going to show that JPMorgan we like but Bitcoin 00 and Ethereum 00 we don’t like – and we like Facebook?” BitPay senior executive Sonny Singh told Bloomberg Wednesday.

As Bitcoinist reported, it is not just the US and its regulatory apparatus which is paying attention to Bitcoin again this year.

brazil bitcoin

According to statistics from Google, it is other jurisdictions making up the most avid ‘FOMO’ audience worldwide, as varied as Brazil and Germany.

Overall, however, interest remains low compared to 2017, suggesting that for all the momentum gained in the past two months, the excitement from the mainstream is only just beginning.

What do you think about the Bitcoin price on exchanges and via GBTC? Let us know in the comments below!


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Bitcoin Price ‘Coiling Up’ For $10K, Says Max Keiser As Tether Hits Record $3B Market Cap

Bitcoin industry figures are throwing their weight behind predictions Bitcoin price will reach $10,000 soon as Tether’s market cap passes $3 billion.


$10K BTC Next?

Stablecoin Tether, whose issuing company has continued its activities as normal despite an ongoing US court case, increased its supply by 100 million USDT tokens May 24.

The release coincided with Bitcoin price reclaiming its position at $8000, where it has mostly stayed since, reaching local highs of $8170 Friday.

Now, bulls are poised to welcome another significant Bitcoin price barrier returning: $10,000 – a level BTC has not seen since March last year.

Among them was Max Keiser, who linked to a mainstream media analysis suggesting Bitcoin was “coiling up” in order to hit a five-figure price. The wall street veteran previously reaffirmed that BTC is on its way to $100,000, saying it’s inevitable as the BTC still hasn’t reached its full potential.

max keiser bitcoin price prediction

As Bitcoinist has reported, printing of USDT traditionally impacts Bitcoin price, introducing volatility while sustaining BTC/USD 00.

In April, after several weeks of supply inflation, Tether’s $2.83 billion market cap broadly mirrored Bitcoin’s performance through the month. Since April 1, BTC has transformed, going from $4100 to $8100.

Tether Court Case Loses Steam

For Tether, pressure which began later in April with an indictment against both it and sister company, exchange Bitfinex, has also lessened in recent days.

A New York court dealing with accusations of mismanagement from the jurisdiction’s Attorney General appears to be increasingly in favor of the defendants, Bitcoinist reported. Having agreed the charges brought by the AG were overly wide, the presiding judge, Joel M. Cohen, has scheduled a hearing to dismiss the case entirely on July 29.

“We welcome Justice Cohen’s decision, which reflects that our motion raises significant legal challenges to the validity of the Attorney General’s actions,” Tether responded in a statement this week.

This order is another victory in the ongoing defense of our businesses against the New York Attorney General’s overreach, and it comes on the heels of Justice Cohen’s ruling last week granting our motion to significantly narrow the injunction against our businesses obtained by the Attorney General.

Executives have further revealed that as yet unknown “big news” will shortly be made public.

Meanwhile, Bitcoin markets more generally appear less fazed by events from within the ecosystem in the 2019 bull market. Worries over a hack of fellow exchange Binance earlier in May, like the court case, only succeeded in suppressing Bitcoin price for a matter of days before a rebound set in.

What do you think about Tether’s market cap and Bitcoin price impact? Let us know in the comments below!


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Bitcoin Miner Revenue is Approaching Yearly High

bitcoin mining

Bitcoin price regained and held ground above $8000 May 24 as new data showed miner revenues had reached their highest in 10 months.


Mining Reverses 2018 Bear Market Lows

Data from Blockchain.com confirmed miners’ income as the latest in a series of Bitcoin metrics to turn seriously bullish in recent weeks, with rewards now topping $17.8 million daily.

The combined value of coinbase block rewards and transaction fees paid to miners reached an almost annual high of $17.89 million on May 23.

The figures mark a transformation for the Bitcoin mining sector, which less than two months ago saw daily revenue figures barely climb above $7 million.

Market participants had faced extremely challenging conditions after BTC/USD 00 plummeted to lows of $3100 in November last year on the back of the Bitcoin Cash hard fork.

A rout involving individual miners, notably in China, was then followed by major businesses downsizing their operations and cutting staff numbers. Lesser casualties also included related operators, such as hardware manufacturer Nvidia.

As Bitcoinist reported, since BTC entered a surprise bull market at the start of last month, multiple metrics have converged to suggest the cryptocurrency’s bear market, which began in December 2017, is definitively over.

BTC Jumps Hurdles In 2019 Bull Market

Now, analysts and commentators are increasingly eyeing Bitcoin price for a sign that near to mid-term performance will mirror the last bullish stint which took BTC/USD to $20,000.

Uploading a chart of Bitcoin price phases against the 200-week moving average, the Twitter user known as planB suggested this month’s $8000 Bitcoin is already echoing its 2017 self.

planB had previously released data analysis which led to the conclusion BTC/USD could jump as high as $55,000 by next year’s block reward halving event.

Commenting on the latest chart, another notoriously bullish social media personality, Parabolic Trav, explained the quicker return to form for Bitcoin in 2019 compared to the previous bear-bull cycle as being down to overall ecosystem maturity.

“2015 in particular was totally impaired onramping. Gox had imploded, Coinbase launched right when the trend bottomed and turned up. This time around onramping is very healthy. Not surprised we ripped out of the hole,” he wrote.

“I also think the last bear market was distorted due to the (Bitcoin Cash) consortium’s actions. Large amounts of legacy HODLed BTC (from previous cycles) was dumped in support of (Bitcoin Cash). Those BTC cannot be used again in this manner, and are now decentralized.”

At press time Friday, Bitcoin was trading at around $8030 on Bitstamp, having made daily gains of 6 percent.

What do you think about Bitcoin mining revenue performance? Let us know in the comments below!


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No, Bulgaria Did Not HODL Bitcoin Worth $1.6B, Finance Minister Claimed

bulgaria central bank bitcoin

The curious case of Bulgaria’s alleged hoard of 200,000 bitcoins resurfaced again this week as sources claimed the Balkan country was HODLing cryptocurrency.


Report: Bulgaria Sold All Its BTC

Seemingly referencing a press release from May 2017, TrustNodes led the renewed media interest in a story about how Bulgarian authorities confiscated the BTC after taking down an unknown criminal operation.

According to the press release, which came from the Southeast European Law Enforcement Center, the operation focused on an “organized criminal group” including citizens from several nations.

The government seized various assets, including the bitcoin, with the various media publications now claiming Sofia held on to them and could now be the most Bitcoin-wealthy government in the world.

According to Bulgarian media outlets, however, no such BTC reserves exist.

Specifically, local news publication Bivol wrote in April 2018, the government auctioned off its haul in a low-key affair which involved various international buyers.

The sale occurred a matter of months after the crackdown, as Bitcoin price 00 reached its all-time high of around $20,000 in December 2017.

The publication claims that Bulgaria’s finance minister, Vladislav Goranov, told the Prime Minister’s Security Council the sale had taken place, and that the coins were sold piecemeal so as not to crash the market.

“Several sovereign wealth funds and Asian investors” purchased the coins for around €15,000 each, with Deloitte acting as a consultant, Bivol references Goranov as revealing.

Even more curiously, “experts from the US FBI helped to ensure the safety of transactions,” the last of which occurred April 1, 2018, Goranov is reported to have said.

Governments Don’t Like HODLing

As Bitcoinist reported, conspiracies about governments and central banks amassing bitcoin continue to pervade the community.

Russia cryptocurrency

Most recently, reports from a Kremlin economist surfaced that Russia had bought up BTC worth almost $9 billion via oligarchs and businesses.

At the same time, Venezuela’s administration continues to publicize its dubious state-backed cryptocurrency, Petro, while remaining quiet on its relationship to decentralized cryptocurrencies such as bitcoin.

Over the years, however, governments have set a trend for divesting themselves of cryptocurrency holdings, with the US holding its own auctions in 2014 and 2018 which saw coins change hands for as little as $630.

Among the beneficiaries from the Silk Road sell-off was notoriously bullish VC investor Tim Draper, who has since seen the value of his HODLed coins expand almost 14 times over.

What do you think about Bulgaria’s alleged Bitcoins? Let us know in the comments below!


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Russian Central Bank ‘Would Consider’ Creating Gold-Backed Cryptocurrency

crypto russia gold bitcoin

Russia’s central bank would consider creating a new cryptocurrency backed by gold for international settlements.


Gold-Backed Crypto Could Have Use In Settlements

That was the latest information to come from Elvira Nabiullina, head of the Bank of Russia, speaking to the country’s parliament, the Duma, about current plans involving cross-border finance.

In principle, Nabiullina said in response to a query from one politician present on the Duma’s financial markets committee, the central bank is not opposed to creating a gold-backed cryptocurrency.

Nabiullina russia central bank

This, she said, would be within the framework of international settlements between Russia and elsewhere. Nevertheless, fiat alternatives currently in use still take precedent over crypto.

“As far as settlements are concerned, we will consider your suggestion regarding what a cryptocurrency backed by gold would look like [in this setup],” she told the committee.

In my view, however, it is still more important to develop settlements in national (fiat) currencies.

Stablecoin Doubts

Russia has had a complicated relationship with state-backed crypto. Recent years have seen various plans come and go, with the latest incarnation of the country’s so-called ‘Cryptoruble’ set for launch this year in the form of a stablecoin.

Nevertheless, it now appears the central bank itself is less than keen on a stablecoin forming a specific part of the Russian financial system. Even within the frames of its regulatory sandbox, crypto has little perspectives, according to Nabiullina.

“We don’t see a possibility for cryptocurrency to fulfil the role of a money surrogate… and are practically not considering it within the context of the regulatory sandbox,” she added.

As Bitcoinist previously reported, Russia’s overall attitude to cryptocurrency remains opaque despite promises of regulation to unify the landscape.

Various sources continue to present different views on what cryptocurrency is and how citizens should be able to use it, while a statistics point to a lively P2P exchange market for Bitcoin in particular.

In April, one Kremlin economist foresaw the ineffectiveness of a gold-backed state cryptocurrency, despite the potential benefits in helping the sanctioned Russian economy increase its flow of funds.

Around the same time, the same economist claimed that businesses and the elite were actively accumulating Bitcoin in huge amounts – to the tune of over $8 billion.

“There is no direct involvement of Russian state but some who buy bitcoin are awaiting that the increasing US sanctions will make impossible to do international transactions as usual so they purchase bitcoin as a way to circumvent US sanctions,” Vladislav Ginko said.

What do you think about the Russian central bank’s position on a gold-backed cryptocurrency? Let us know in the comments below!


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Authorities Seize Dutch Bitcoin Mixer in ‘Worrying Precedent’

bitcoin mixer

Cryptocurrency figures have reacted with dismay after authorities in the Netherlands seized and shut down popular Bitcoin mixer Bestmixer.io.


Europol To Bitcoiners: ‘You Are Not Anonymous’

Confirmed in a press release May 22, a joint effort between Europol, the Dutch Fiscal Information and Investigation Service (FIOD) and Luxembourg authorities resulted in confiscation of Bestmixer’s assets, documents, files and web domain.

Internet security company McAfee, the product of now pro-Bitcoin U.S. presidential candidate John McAfee, was also involved in the takedown.

Europol

According to Europol, an investigation into the site, which offered a way for Bitcoin users to increase the anonymity of BTC transactions, began in June 2018.

While multiple so-called coin mixers exist, it appears the focus on Bestmixer came as a result of suspicions about its operations and genesis.

“The investigation so far into this case has shown that many of the mixed cryptocurrencies on Bestmixer.io had a criminal origin or destination. In these cases, the mixer was probably used to conceal and launder criminal flows of money,” the press release states.

A message from law enforcement on the seized domain meanwhile struck a conspicuously more sinister tone, appearing to threaten those who use Bitcoin more generally.

“YOU ARE NOT ANONYMOUS,” one part of the placeholder text reads.

No Arrests Made At Bestmixer Bitcoin Mixer

It remains unknown whether individuals who made use of Bestmixer will uniformally see criminal repercussions. According to Europol, up for vetting will not only be financial records but also other correspondence between the company and its clients.

“The Dutch FIOD has gathered information on all the interactions on this platform in the past year. This includes IP-addresses, transaction details, bitcoin addresses and chat messages,” the release concludes.

“This information will now be analysed by the FIOD in cooperation with Europol and intelligence packages will be shared with other countries.”

Perhaps unsurprisingly, cryptocurrency figures rebuked law enforcement for their handling of the case.

Dutch software developer Sjors Provoost called the takedown a “worrying precedent.”

“Banning mixers is akin to banning cryptography,” he wrote on Twitter after publication of the investigation. He quoted local press reports, which said no arrests had yet occurred as a result.

Kristov Atlas, Bitcoin security and privacy engineer at wallet provider Blockchain, also raised concerns about the safety of open-source non-custodial wallet Wasabi’s developers should they travel to the Netherlands for the upcoming Breaking Bitcoin security conference.

Wasabi had seen the first integration of CoinJoin, a method of increasing BTC transaction anonymity, in an exchange this week via a partnership with Francis Poulliot’s Bull Bitcoin.

What do you think about the takedown of Bestmixer.io? Let us know in the comments below!


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Peter Schiff Believes Gov’t Can Shut Down Bitcoin More Easily Than Gold

peter-schiff bitcoin gold

Veteran gold bug Peter Schiff still thinks gold will win out over Bitcoin – because it is allegedly easier to shut Bitcoin down.


Peter Schiff: Bitcoin Won’t See Use If ‘Illegal’

That was one of the conclusions in a wide-ranging debate Schiff had with ‘The Bitcoin Standard’ author Saifedean Ammous on trader Tone Vays’ YouTube channel May 20.

A much-anticipated showdown for the cryptocurrency community, Ammous spent 90 minutes trying to argue against Schiff’s position that gold is – and always will be – superior to ‘digital gold.’

“You can’t build a global money transfer system based on gold because governments have confiscated gold in the 1930s, governments still control the majority of gold, governments are able to influence the market for gold through their sales and lending… and governments own a big chunk of the gold,” Ammous said.

Schiff has become an increasingly vocal proponent of the precious metal as Bitcoin advocates increasingly forecast its downfall as a global store of value.

The precious metal’s unwieldiness – and hence lack of security and utility – make it unable to match BTC as one-size-fits-all money consumers can transact in securely and save with confidence, they say.

For Schiff, this is incorrect.

“I can transfer my rights to my gold – I can have gold sitting in a vault in Brinks and I can send my ownership rights instantly for free,” he summarized, adding the electricity cost of the Bitcoin network additionally made it inferior – especially as there was “no value” behind it.

‘Digital Gold’ Should Make Schiff Worried

Ammous contended that this “value” was also missing in items such as computer files, which Schiff would nonetheless pay money to preserve if a hacker seized control of his physical computer.

Gold Litecoin's Charlie Lee: Buy At Least 1 Bitcoin... Before Litecoin

The gold mogul did receive support, even from within cryptocurrency. Barry Silbert, founder and CEO of Digital Currency Group, applauded him for his public dedication to preserving gold’s integrity, even if this was ostensibly misplaced.

“Amazing to me that a $8 trillion asset class has so few public advocates. The bench of informed bitcoin proponents is super deep and growing,” he tweeted following the interview.

Others were less forgiving. A chart of the ratio of gold to Bitcoin disproving Schiff’s vision of decreasing popularity and value is now circulating on social media.

Even for Ammous, however, the end game for the yellow metal at the hands of Bitcoin is not a certainty. Despite its node setup being naturally more resistant to government takeover – even if authorities worldwide deem it illegal – Bitcoin could still become more centralized than is desired.

“My point is that even in the worst case scenario bitcoin can support thousands of final clearance banks, which is thousands more than the single-node USD or gold systems of the last century,” he said on Twitter paraphrasing his interview response.

“It thus has a much better chance at resisting centralization. I can’t promise it will!”

What do you think about Bitcoin vesus the yellow metal? Let us know in the comments below!


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China Unbans Bitcoin? ‘Occasional’ P2P Exchange is Legal, Says Lawyer

china bitcoin

“Sporadic” P2P Bitcoin trading is likely legal in China, a senior lawyer told the national press in unusually optimistic comments this week.


Keep Bitcoin Exchange ‘Occasional’ in China

Speaking to BJ News, Sa Xiao, Council Member at the Bank of China Law Research Association, argued that China’s current regulation of virtual property includes the right to trade it as the owner sees fit.

The perspective runs in sharp contrast to the current mood among authorities in China, who have enacted an official ban on cryptocurrency trading, ICOs and more.

Ownership of crypto, including Bitcoin, has never been illegal as defined by law, meanwhile, something Xiao confirmed.

“Xiao considers occasional exchange of bitcoins between individuals and (other) individuals is legal,” Twitter-based Chinese crypto news resource cnLedger summarized, paraphrasing BJ News.

…Xiao also believes if one runs BTC trading as a business and has caused significant customer losses (with) serious consequences, the possibility of punishment according to criminal law… cannot be ruled out.

For the week ending May 18, Chinese traders transacted just over 32 million yuan ($4.6 million) via P2P trading platform Localbitcoins.

Bitcoin Legal Or Illegal?

While seemingly positive for the average Chinese Bitcoin holder, the mixed messages coming from various niches in the country’s legal framework still constitute more of a headache than relief.

As Bitcoinist reported, the trading ban in 2017 was followed by more sporadic pressure from officials, such as August 2018’s crypto-related commercial activity restrictions.

china great wall regulations bitcoin

In April this year, meanwhile, plans emerged to fully outlaw mining in China, a sector which had already reduced in size due to the Q4 2018 Bitcoin price drop.

As markets picked up again in Q2 2019, however, multiple sources noted renewed interest in China, with traders turning to over-the-counter (OTC) methods for acquiring bitcoins. They even paid a premium in fiat terms, Bitcoinist noted, underscoring the supply-vs-demand imbalance resulting from the official block.

Xiao did not mention what constituted “occasional exchange” between individuals, or how much value such trades could safely involve.

“Xiao’s views were based on current legal framework which protects (people’s) rights of virtual properties (Bitcoin included),” cnLedger added.

Occasional P2P tradings of bitcoin is in nature ‘disposition right’, one of the rights of ‘ownership’. Therefore owning & occasional P2P trading is legal.

Crypto policy aside, China could have in fact sparked a continuation of the industry’s bull market inadvertently, thanks to the ongoing trade war with the US which again escalated this month.

The announcement of fresh tariffs on hundreds of billions of dollars’ worth of goods by president Donald Trump coincided with BTC/USD expanding to yearly highs of over $8300.

What do you think about Sa Xiao’s interpretation of Bitcoin law in China? Let us know in the comments below!


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People Are Flocking to Bitcoin Exchanges Again, New Data Shows

people crowd bitcoin exchange

Bitcoin exchanges are surging in popularity during the 2019 bull-run, with Binance entering the top 1000 most popular websites in the world.


Binance Reenters Top 1000 Websites

Statistics from Alexa.com reveal a renaissance in exchange popularity after a lengthy bear market quashed interest.

This week, Binance rose to position 913 in global rankings, marking its peak in popularity since bitcoin price 00 fell from $6500 to around $3100 in November 2018.

Close behind it were other major platforms, such as Coinbase, which ranked 1258th worldwide, and Bittrex (3128).

Even the embattled Bitfinex, subject to an ongoing lawsuit over $850 million in missing funds, has upped its popularity, currently sitting within the top 5000 sites.

Regardless of the platform in question, the past two months since the price of bitcoin began its surge upwards have cemented a return to form for exchanges – another indicator cryptocurrency markets have definitively reversed their previous decline.

The trend goes beyond exchanges. More broadly, as Bitcoinist reported, search interest in the crypto industry is returning – recently outpacing that in terms including Beyonce Knowles and US president Donald Trump.

Money Pours Into Bitcoin Exchanges

Meanwhile, research suggests the current market leaders in bitcoin exchange fervor are South Korean traders. According to CryptoCompare, local exchange Bithumb is outstripping other platforms’ volume by a significant margin.

“South Korea is completely dominating this market,” eToro senior analyst Mati Greenspan said commenting the data.

Bithumb’s operator recently received $200 million in funding from a Japanese blockchain fund, underscoring corporate faith in the exchange sector.

Others in the space have cash to spare, with the parent company of South Korean platform Upbit set to invest around $100 million in blockchain startups through 2020.

TD Ameritrade Starts Trading Bitcoin Futures on Monday

More recently, US broker TD Ameritrade announced it had made an undisclosed investment exchange ErisX.

“As an investor, you’re always looking for opportunities. And as a firm we are, too. That’s why TD Ameritrade Holding Corporation has invested in ErisX,” part of an accompanying statement read.

In terms of enthusiasm about the future of the exchange sector, however, it was US platform Kraken which led the way this week. Launching a $10 million equity funding scheme at the weekend, the San Francisco-based exchange raised almost two-thirds of its target in just under 48 hours.

With €6.275 million ($6.99 million) gathered from 375 investors at press time, the average injection in Kraken – which stipulated a modest €1000 ($1110) minimum investment – currently stands at over $18,650.

What do you think about exchange interest? Let us know in the comments below!


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Bitcoin Exchange Kraken Raises $6M Equity Funding In 2 Days

kraken bitcoin

US bitcoin and crypto exchange Kraken has raised over $6.5 million in a matter of days as part of a new equity sale, data has revealed.


Kraken Fundraiser Hits $6.55M

According to a fundraising page on BnkToTheFuture, which Kraken is using to gather the funds, investors have already contributed €5.87 million ($6.55 million) of the total €9.13 million ($10.2 million) target.

In doing so, Kraken has thus passed its minimum threshold of €5,552,073 as of May 21.

“We are always looking for ways to democratize access to our equity, allowing more of our valued clients to become valued investors,” officials commented on social media.

“To that end, we partnered with (BnkToTheFuture) to create an opportunity to invest in Kraken[.]”

CEO Jesse Powell, who was responsible for the BnkToTheFuture pitch, described Kraken as one of the top 5 exchange platforms worldwide for “legitimate” volume, with a client base of around 4 million.

kraken ceo jesse powell

Its trade volume in 2018 – a bearish year for cryptocurrency overall – totalled $85 billion, while Kraken is “consistently ranked” as the most secure exchange, he added.

A Bitcoin Exchange Renaissance

The move comes as various major exchanges have begun performing fundraising activities of their own, albeit in varying formats.

As Bitcoinist reported, Bitfinex, which lost control of funds worth $850 million last year, since opted to conduct a so-called ‘initial exchange offering’ (‘IEO’), during which it sold its new LEO tokens to private investors.

Despite criticism about its operations and an associated legal case, Bitfinex was also easily able to hit its target, hitting $1 billion in investments in a matter of days.

Blockchain Companies DCORP

Elsewhere, corporate moves are also netting significant capital for the exchange sector. Last month, a Japanese blockchain fund invested $200 million in the operator of South Korean exchange Bithumb.

Meanwhile, Bitstamp and fellow South Korean platform Korbit could soon come under the direct ownership of Disney Corp. should a separate equity deal involving a giant $13.2 billion sum go ahead.

The enthusiasm is unsurprising amid the turning tide on cryptocurrency markets in 2019. While 2018 even produced losses for some exchanges – such as that operated by Japan’s GMO Internet – record on-chain volume in May provides ample opportunity for industry players to expand their profile.

In February, when Bitcoin price 00 still lingered around $3500, statistics nonetheless revealed that the deposits on the five biggest exchanges combined still equalled less than 1 percent of those in JPMorgan Chase.

What do you think about Kraken’s equity fundraiser? Let us know in the comments below!


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Holders Gonna HODL: Most Of Bitcoin Supply Did Not Move Since 2018

bitcoin frozen ice

The Bitcoin bull market is changing investor habits – but the vast majority of the supply has stayed in the same wallet since 2018.


10.5 Million Bitcoins Dormant

Analysis of data from BitInfoCharts and social media transaction monitoring resource Whale Alerts produced some interesting reading this week.

Despite the Bitcoin price rise which began in April, seeing BTC/USD jump from $4,000 to over $8,300, HODLers are still accumulating – while keeping their coins static.

According to BitInfoCharts, around 10.5 million BTC has not left its wallet since May 5, 2018. The figure is just over double the 5.28 million BTC from January 5, 2017, before Bitcoin’s bull run to current all-time highs of $20,000.

Roughly 17.7 million bitcoin out of 21 million have already been mined.

The figure keeps rising – countering the concept that Bitcoin price rises have sparked increased trading activity throughout the community.

Nonetheless, as Bitcoinist reported, last week saw new daily trade volume records for Bitcoin, with two all-time highs back to back as BTC/USD passed $8000.

2 Days, 6 Transactions, $200 Million

The network is still not without its big moves. According to Whale Alerts, May 19 saw a total of 10,500 BTC move between wallets in three separate transactions with a combined total value of $83.4 million.

The trend continued Monday, with three more transactions in quick succession transfering over 16,000 BTC ($127.3 million).

Beyond the whales, however, analysts are still attempting to come to terms with the unexplained enthusiasm which has fuelled Bitcoin’s growth for almost two months.

Republishing a fresh chart from two industry sources May 16, entrepreneur Tuur Demeester reinforced the concept that the May 2020 Bitcoin block reward halving could be influencing markets in advance.

Carrying on a thesis borne out by previous research, Demeester agreed the April to May bull run constituted an expansion phase which would thereafter give way to a brief period of accumulation. A ‘real’ bull market would then take over – mirroring three previous cycles in which Bitcoin price behaved identically.

Though, BitMEX CEO, Arthur Hayes, has already proclaimed that the real bull market is here, given the strong BTC price recovery over the weekend.

With each bull run culminating in a peak price higher than the last, the theory would thus serve to guarantee that a 2020 all-time high would be just that: an order of magnitude higher than the $20,000 of December 2017.

At press time, bitcoin price 00 had begun to challenge $8000 again after fluctuating around the barrier over the past 48 hours.

Local highs came Sunday night, when BTC/USD reached $8279 before retracing, having entirely reversed its previous losses which produced lows of $6740 May 16.

What do you think about Bitcoin HODLing behavior? Let us know in the comments below!


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Scam Alert: Bitconnect ‘2.0’ Claims Binance Listing for July Launch

bitconnect carlos matos

The return of notorious cryptocurrency ponzi scheme Bitconnect is closer than ever, its mysterious organizers claim after revealing a July launch date.


Bitconnect: Unapologetically Fraudulent

A fresh tweet from the Twitter account of the so-called ‘Bitconnect 2.0’ May 18 confirms the scheme is set to debut – again – on July 1.

Not only that, but true to the style of deception for which the original Bitconnect became known, a fake exchange partnership has already surfaced.

The owner of the Twitter account added prospective investors can purchase tokens on major cryptocurrency exchange Binance – when in fact this is simply a lie.

“Welcome everyone back to Bitconnect 2.0[.] We will launch Bitconnect2.0 on July 1st,” the post reads.

Despite claiming further information is available on its ‘official’ website, the social media activity remains the only hint of the impending plans. The site consists only of a sign-up form for updates, a countdown timer and a duplicate of the Twitter feed.

Beyond the assumed launch date, however, the operations of the latest incarnation of Bitconnect remain a mystery.

As Bitcoinist reported, the original Bitconnect – ostensibly an exchange and lending platform – crashed in January 2018 after it became sufficiently known the company was fraudulent.

Formerly something of celebrity meme in the crypto space, thanks mostly to events speaker Carlos Matos, the mood turned sour as Bitcoin came off its all-time highs of $20,000.

Investors saw the value of their Bitconnect tokens drop to virtually nothing in minutes, with cryptocurrency industry figures lamenting that those without experience were still easy targets for scammers.

Criminal proceedings followed, yet it remains unclear whether Bitconnect 2.0 has any relation to its predecessor beyond sharing a name.

A Scam To Rival OneCoin

On social media, reactions overwhelmingly focused on issuing warnings not to interact with the scheme, even if it should succeed in offering new tokens. Others noted the Bitconnect.io domain name will expire before the alleged launch date.

Binance and CEO Changpeng Zhao (known as CZ) have yet to comment on the Twitter account’s claims of a partnership.

bitconnect

Another entity meanwhile is attempting to gather members for a Bitconnect community on messaging platform Discord, participants already numbering close to 500.

Bitconnect’s resurgence comes in line with the renaissance seen throughout Bitcoin and altcoin markets. Equally poetic is the timing following on from the ‘death’ of fellow ponzi scheme OneCoin, the founders of which spent years accruing around $4 billion.

Now subject to legal action, OneCoin nevertheless succeeded in fooling the public to hand over huge amounts of money, despite warnings from various governments and associated watchdogs.

What do you think about Bitconnect 2.0? Let us know in the comments below!


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These 13 Bitcoin Lightning Network Upgrades Will Solve Its ‘Biggest’ Hurdles

bitcoin lightning network

The Bitcoin Lightning Network will overcome some of its “biggest hurdles to use” in the near future as new features roll out from developers.


From Experiment To Bitcoin Killer App

That was according to Guy Swann, the presenter of the Cryptoconomy podcast, who this week dedicated two episodes to introducing Lightning and analyzing its upcoming changes.

As Bitcoinist has frequently reported over the past year, Lightning represents the ‘next level’ of payments using Bitcoin, and is widely considered to be the way in which the largest cryptocurrency will scale up to meet the needs of billions of future users.

Readers can find more information on the protocol, which debuted on the Bitcoin mainnet at the start of 2018, here.

Looking forward, Swann presented a list of no fewer than thirteen upcoming improvements to Lightning which he says will boost its mainstream appeal.

The basis for the list came from a blog post by Bitcoin business Bitrefill, which offers a range of products and services payable using Lightning.

Top on the list for Swann was Atomic Multipath Payments (AMPs) – or breaking a single payment down into several smaller ones, and sending them over multiple Lightning channels.

“Payments become much more reliable, no longer limited to 1 channel capacity,” he summarized.

[AMP] Removes the biggest (in my opinion) hurdles to payment issues, single channel capacity & liquidity.

Swann is by no means alone in being concerned about those aspects of using the network. As Bitcoinist reported last year, despite its rapid growth, the vast majority of Lightning payments worth more than several US cents failed.

Not Just Lightning Atomic Swaps

Due mostly to its age, Lightning remains a highly-technical tool which lacks a user-friendly interface. Developers are still working on making its base layer suitably robust, themselves stressing the fledgling ecosystem is still an experiment.

Activity is gathering pace, however, and soon for example, Lightning will offer not just major efficiency gains for Bitcoin users, but those of other coins at the same time – via Atomic Swaps.

“Channels don’t have to only send (Bitcoin). Any blockchain… with (Lightning) can connect payments across blockchains. Useful for decentralized swapping of coins, & sending bitcoins to pay invoices in multiple cryptocurrencies,” Swann explained.

Other improvements focus on more specific weak areas in the current Lightning setup. The full list is as follows:

  • Atomic Multipath Payments (AMPs)
  • Atomic Swaps
  • Channel Factories
  • Dual-Funded Channels
  • Eltoo
  • Neutrino
  • Rendezvous Routing
  • Sphinx
  • Splicing
  • Submarine Swaps
  • Trampoline Payments
  • Turbo Channels
  • Watchtowers

As Bitcoinist reported, despite its technical level, Lightning gained significant publicity in 2019 thanks mainly to a public outreach project by Bitcoin user Hodlonaut.

A form of transaction relay, the project, Lightning Torch, raised money for the plight of Venezuela’s citizens using Bitcoin, ultimately seeing participation from well-known figures both within and outside the cryptocurrency industry.

What do you think about the Lightning Network? Let us know in the comments below!


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Louis Vuitton And Dior Slip Into Blockchain With New Microsoft Platform

louis vuitton lv

Louis Vuitton and Dior just some of the luxury brands going Blockchain by partnering with Microsoft and Blockchain startup ConsenSys.


Luxury Brand Louis Vuitton Meets… Ethereum

Announced via a press release May 16, LVMH, the owner of various high-end fashion names, confirmed it was seeking to overhaul its business using the technology.

The plans involve a whole new platform dubbed AURA, built on the Ethereum blockchain and which leverages the Microsoft Azure cloud platform.

Microsoft Consensys

“AURA makes it possible for consumers to access the product history and proof of authenticity of luxury goods — from raw materials to the point of sale, all the way to second-hand markets,” the press release summarized.

The move marks a new frontier for the luxury market, Blockchain participation of which has so far taken a more limited form. As Bitcoinist reported, integrations have included schemes such as art auctions and e-commerce.

Vuitton, for example, which began to increase transparency in its supply chain in 2016, will use AURA as the last step in its traceability efforts.

“During production, each product is recorded on the shared ledger, irreproducible (sic) and containing unique information,” the release continues about how the platform will work.

At the time of purchase, a consumer can use the brand’s application to receive the AURA certificate containing all product information.

AURA ‘Truly Decentralized’

Elements of the operation mirror those currently underway in other industries keen on utilizing blockchain for their supply chains.

Those industries have become increasingly varied, and now include everything from metals to coffee and even lettuce shipments.

While some implementations have attracted criticism given blockchain’s comparatively nascent state, for ConsenSys, the benefits of introducing decentralized architecture make the luxury fashion project worthwhile.

“AURA is a groundbreaking innovation for the luxury industry,” Ken Timsit, managing director of the company’s enterprise blockchain arm ConsenSys Solutions commented.

ConsenSys is proud to contribute and to work with LVMH on an initiative that will serve the entire luxury industry, protecting the interests, integrity, and privacy of each brand, leveraging Ethereum blockchain technology in a truly decentralized way.

So far, Dior and Louis Vuitton are the only participants in the program, with executives revealing discussions to sign up others were ongoing, without naming specific brands.

The unveiling follows news ConsenSys was seeking $200 million in outside funding after a challenging few quarters which saw staff layoffs earlier this year.

What do you think about AURA? Let us know in the comments below!


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Legendary Investor Mark Mobius Now Says Bitcoin Has a Future After All

Mark Mobius bitcoin

Veteran investor Mark Mobius publicly announced he had U-turned on Bitcoin May 15 as cryptocurrency markets continue to boom.


Mobius: Bitcoin Can ‘Transfer Money Easily And Confidentially’

In a fresh interview with Bloomberg, the emerging markets fund manager and founder of Mobius Capital Partners said he saw a global appetite for Bitcoin in particular – and that this would continue.

“There’s definitely a desire among people around the world to be able to transfer money easily and confidentially… and that is really the backing to Bitcoin and other cryptocurrencies of that type,” he told the network.

So I believe it’s going to be alive and well.

His comments run in stark contrast to just eighteen months ago, when Mobius came out highly critical if Bitcoin as it circled its all-time price high of $20,000.

“You’ve got to separate the transmission (from) the value proposition, in other words, ‘Is it really valuable, is it worth something?’ – and that of course is not the case,” he said in a CNBC interview in December 2017.

Even then, Mobius highlighted the demonstrable use case for cryptocurrency: internet-based transfers with higher levels of anonymity and efficiency than that afforded by fiat.

No Personal BTC Holdings

The warning signs of a bubble were inescapable, however, and markets’ return to form in 2019 has still failed to convince Mobius to put some skin in the game.

“Whether I would invest in it is another question – there’s incredible volatility, and at the end of the day you can’t trace one individual or group… one organization that’ll keep track of what’s going on,” he continued to Bloomberg.

He voiced further concerns about security, taking the example of Japanese exchange Coincheck to illustrate the lack of certainty for investors. Coincheck lost over half a billion dollars to hackers in January 2018.

Asked whether he had any funds in Bitcoin at all, Mobius similarly confirmed he did not – but this did nothing to quell the enthusiasm of others.

“Whilst he personally doesnt appear to be a buyer (given vol), supports our thesis that consensus amongst traditional, multi-asset investors has turned significantly bullish,” Richard Galvin, CEO of Digital Asset Capital Management, responded on social media Wednesday.

Warren Buffett Gets Trolled by Crypto Miner for His Negative Bitcoin Comments

For a traditional financial community figure, however, the vision of a healthy Bitcoin in future stands out. Other veteran fiat faces remain steadfastly opposed to cryptocurrency, Bitcoinist reporting on recent comments by Warren Buffett, who referred to Bitcoin as a “gambling device.”

“It doesn’t do anything. It just sits there. It’s like a seashell or something, and that is not an investment to me,” he said.

Since he uttered those words ten days ago, Bitcoin has in fact gained more than 30 percent to hit annual highs of $8321 earlier this week.

What do you think about Mark Mobius’ perspective on Bitcoin? Let us know in the comments below!


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Binance Relaunches With $1.2M Giveaway Following System Upgrade

binance

Cryptocurrency exchange Binance is preparing to leave its $40 million hack behind it, confirming it had relaunched most of its service May 15.


Binance Goes Live (Again)

Only around one week after hackers managed to circumvent security mechanisms in what CEO Changpeng Zhao said was a coordinated attack, Binance is finishing its last checks before going fully live.

According to the latest announcements from developers, trading and deposits will become available first, with withdrawals shortly afterwards.

“Binance has completed its system upgrade and we will resume all trading activity at 1:00 PM (UTC),” a statement reads.

From now until the commencement of trading, users will be able to cancel open orders, process deposits and use other account related functions. Please note that the withdrawal function will be available shortly after trading resumes.

changpeng zhao cz binance

Developers had frozen operations completely earlier on Wednesday in order to conduct the “system upgrade,” about which little is known.

Zhao had given a running commentary to Twitter followers throughout the process, similarly confirming the relaunch.

At press time, trading had resumed, Zhao reporting that remedial measures remained ongoing due to a spike in demand.

“Should be stabilized now,” he wrote in his latest tweet.

Users To Share 50,000 BNB

Binance further announced that users would receive promotional perks as a gesture of thanks for their patience and tolerance of system downtime in the wake of the attack.

Perhaps predictably, that outreach program will involve Binance’s much-promoted in-house token, Binance Coin (BNB), which itself jumped 7 percent following the announcement.

During the promotional period, which will run from the relaunch through May 18, any user trading more than 1 BTC worth of tokens will qualify to share in a jackpot of 50,000 BNB ($1.26 million).

For those holding one of Binance’s various ‘VIP’ status levels, the exchange will offer a free ‘promotion’ to the next level up for free until May 22.

As Bitcoinist reported, despite gaining some negative publicity over a brief plan to conduct a reorg of the Bitcoin blockchain, Zhao and Binance have appeared to succeed in quashing market fears over the robustness of one of its largest exchanges.

Smaller platform Cryptopia, which lost around $16 million in January, conspicuously fared a lot worse this week, with executives confirming they had appointed liquidators who would conduct an investigation likely to last at least several months.

Binance had covered its losses with its own insurance fund, Zhao admitting it was unlikely to recoup the original bitcoins lost.

What do you think about Binance’s relaunch? Let us know in the comments below!


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