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Bitcoin News - FSB Claims Cryptocurrencies Do Not Threaten Global Financial System But Calls For Vigilant Monitoring

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FSB claims there should be a cautious approach to dealing with crypto
FSB Claims Cryptocurrencies Do Not Threaten Global Financial System But Calls For Vigilant Monitoring
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The Financial Stability Board (FSB) claims that digital assets are not going to disrupt the global financial market, according to Reuters. However, it also claims that there is a need to take a harder look at these assets for investor protection.

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Small market capitalization

Despite the fact that digital assets have been on everyone’s lips after the December peak, the scope of the cryptocurrency industry remains rather small compared to other financial markets. As an aftermath of the prolonging bearish trend, the total market capitalization has dwindled to just $217 bln (to put this into perspective, that represents less than three percent of the global value of gold).

Not suitable for payments

The FSB report points out that cryptocurrencies are not suitable to be a mundane payment solution due to their low liquidity and constant price fluctuations. Hence, they lack major attributes of sovereign currencies.

However, as U.Today reported earlier, Bitcoin price volatility has recently reached its lowest level in two years, and that prompted speculations either the flagship currency is becoming boring for investors or the market is simply maturing.

Beyond the disruption of financial stability

In its recent press release, FSB notes that cryptocurrencies do not threaten financial stability. Still, as mentioned above, the rapid growth of this market requires “vigilant monitoring” because of possible risks that include exposure of financial institutions and wider cryptocurrency adoption that would result in using digital assets as a means of payment.

FSB also claims that the rise of digital assets prompts the need for investor protection and ALM regulations. Cryptocurrencies still remain in a legal grey zone, so this market is prone to manipulations. The report also touches upon the issue of funding terrorism, implying that cryptocurrencies perform the role of a facilitator. Meanwhile, one study shows Bitcoin is not popular with extremist groups who still choose cash over crypto.

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Bitcoin News - Craig Wright, the Self-Proclaimed Satoshi, Promises to Swear Oath He Is Bitcoin Inventor, Thus ‘Proving’ His Claims Once and for All

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Replying to the comments of the CFTC, Dr. Craig Wright says he is prepared to give an oath to prove he is the One, Satoshi Nakamoto
Craig Wright, the Self-Proclaimed Satoshi, Promises to Swear Oath He Is Bitcoin Inventor, Thus ‘Proving’ His Claims Once and for All
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In December last year, the Commodity Futures Trading Commission of the US (CFTC) published an RFI (request for input) regarding Crypto-Asset Mechanics and Markets.

Numerous companies from the world of blockchain and crypto gave their response to the regulator, including ConsenSys, the US-based Coinbase exchange, etc. Among those who replied was also the self-proclaimed Bitcoin inventor, Dr. Craig Wright.

“Fake Satoshi” goes with his story all over again

At the end of last week, the controversial personality from the crypto world and the frontman of the Bitcoin Cash SV chain that came to existence in November 2018 repeated his offer to comment, again saying that he is allegedly the Satoshi Nakamoto who has been hiding from the public all these years but has now decided to reveal himself to the crypto world.

This happened just a short while after a few crypto news outlets criticized Mr. Wright for setting up and publishing fake evidence that can supposedly prove he is the mysterious creator of Bitcoin.

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The scratched record of Wright claiming to be Satoshi

For several years now, Mr. Wright has been trying to convince the crypto community that he is indeed the real Satoshi Nakamoto. This started back in 2015, when two news platforms, Wired and Gizmodo, released materials of self-conducted investigations which said that Craig Wright could in theory be the mysterious Satoshi Nakamoto who finally decided to present himself to the world.

Still, several discords and mismatches found in the claims of Mr. Wright strongly suggested that he was nothing but a thimblerigger, setting up a deliberate hoax.

Then, he reemerged in the media in May 2016 and again announced his claim of being Satoshi Nakamoto. The so-called proofs of him being the one have been dismissed since he last published them.

Now, replying to further questions from the CFTC, Mr. Wright has offered to testify under oath that he is the only possible Satoshi Nakamoto on the planet.

“I plan to make myself available for questioning from the CFTC outside of the scope of this response. I note in particular that when I talk of bitcoin and other systems, I reference that which was defined in the original white paper and code release.

I am willing to testify under oath.”

Sceptics believe that this should finally solve the problem and dot all the i’s, as lying while under oath has never been the case in the history of the world.

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Bitcoin News - Ethereum (ETH) Price Spikes More Than 10 Percent, CMC Top 10 in Sea of Green

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Ethereum price reaches its one-month high of $137. Is $140 a possibility?
Ethereum (ETH) Price Spikes More Than 10 Percent, CMC Top 10 in Sea of Green
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Ethereum (ETH), the second biggest cryptocurrency by market capitalization, recently saw its price spike by 10.96 percent, outperforming every other top coin, including Bitcoin (BTC). Meanwhile, the whole cryptocurrency market has been affected by what seems like a precursor to a major bullish trend.

Ethereum (ETH) Price Spikes More Than 10 Percent, CMC Top 10 in Sea of Green

Aiming for the next target

Ethereum was labeled a ‘double-digit’ coin after its painful nosedive to the $80 level back in December 2018. Now, the Vitalik Buterin creation is picking up steam with its price comfortably sitting at $137 at the time of writing this article. Thus, ETH has managed to surpass several important resistance levels while reaching a brand-new monthly high. It seems very likely that Ethereum could now breach the $140 mark.

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There is no clear indicator of what might have caused such a bullish momentum. However, one should keep in mind that the coin is on the verge of the high-stake Constantinople upgrade that is supposed to solve a lot of technical pain points of the Ethereum network.

Other coins follow the lead

Speaking of the broader cryptocurrency market, the top 10 biggest coins by market capitalization have all experienced price gains. Bitcoin, for instance, has finally rallied above the $3,700 level. Bitcoin Cash (BCH) became the second best performing asset inside the top 10 with a 6.66 percent increase.

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Bitcoin News - Indonesia Sets New Requirements for Cryptocurrency Futures Trading

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While Bitcoin remains banned in Indonesia as a payment method, the country’s regulatory watchdog further stifles the industry
Indonesia Sets New Requirements for Cryptocurrency Futures Trading
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Indonesian regulatory agency Bappebti has just announced that businesses are now required to follow a new set of requirements in order to get approval for trading cryptocurrency futures. In particular, the new regulations deal with minimum capital requirements and numerous safety precautions.  

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What are the requirements?

Thus, the regulatory watchdog is doubling down on its promise to regulate digital assets. Earlier, it was revealed that those who want to engage in the cryptocurrency futures market are required to have paid-up capital of $106 mln and a closing balance of $85 mln.

On top of that, in order to get the green light from Bappebti, these businesses will be required to have ‘a good level of security’ and a team with at least three CISSP-certified workers. They are also supposed to detect any possible AML violations.

Futures traders are also affected

As reported by U.Today, futures traders will be required to have a minimum account of $7.3 mln, which would make the market inaccessible for a lot of them. That move, according to local crypto figures, will further stifle the industry growth in the country, but Rekeningku.com CEO Sumardi Fung is certain that these rules will be revised.  

Bringing legal clarity

There is also a silver lining given that Bappebti brought clarity to the table by reaffirming that digital assets could be traded on the country’s future exchange as commodities. Indrasari Wisnu Wardhana, the head of Bappebti, claims that the purpose of the new regulations is to get cryptocurrencies out of the legal grey zone and protect investors who are willing to dip their toes into the nascent industry.

U.Today reminds readers that Indonesia remains one of the very few countries where merchants are barred from using Bitcoin as a payment method. Indonesia’s economy chief Darmin Nasution recently confirmed that the ban, which was imposed in December 2017, will not be lifted anytime soon.  
 

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Bitcoin News - IOTA and Nova Launch New Program to Fund Startups That Utilize Tangle

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Launching a startup that utilizes the Tangle technology has become much easier because of IOTA’s partnership with Nova
IOTA and Nova Launch New Program to Fund Startups That Utilize Tangle
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According to VentureBeat, the IOTA Foundation has joined forces with startup incubator Nova in order to create a seed fund for startups that are focused on the Blockchain technology. With that help of this initiative, IOTA hopes to encourage more fledgling companies to adopt the Tangle protocol.

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The program’s major features   

Nova is a Liverpool-based company that helps startups during the early stage of their development. Apart from funding projects that are utilizing the Tangle, Nova’s IOTA cofoundery offers these companies access to their mentoring program that will be led by ‘experienced startup experts.’ Moreover, they will assist Tangle-powered startups in technical development, marketing, and design.

Translating ideas into reality

According to IOTA cofounder David Sønstebø, the Tangle is more effective than Blockchain, and it has huge potential for M2M payments. By teaming up with Nova, IOTA wants to see ‘ideas coming to fruition.’

Since its appearance on the market in 2014, Nova has funded more than 80 startups. Nova’s Andrew Dean that IOTA is behind some of the ‘most exciting tech developments’, and their task is to bring them to market.
 

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Bitcoin News - Waves Labs Starts Twitter Contest for Developers, Offering a 1,000 WAVES Reward

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Waves Labs intends to encourage devs to share their ideas for interesting projects, launching a Twitter competition with a crypto prize fund
Waves Labs Starts Twitter Contest for Developers, Offering a 1,000 WAVES Reward
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As the week kicks off, the Waves team has published a post on Medium, saying that Waves Labs is eager to encourage developers working on new ideas.

Therefore, the platform is launching a contest on Twitter, offering a prize of 1,000 WAVES for the best Waves-based idea or project under the tag #BuildOnWaves.

Everything built on Waves matters

The ‘Russian response to Ethereum’ seems to be curious as to how popular it is and what ideas developers are quietly making on the platform.

“We’d like to get updates from projects we already know about, and to find out what new projects have recently been launched”.

The new contest is meant to enable developer teams to bring their Waves-powered projects to light and share the details of their making, purpose, etc.

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Rules to follow

The competition will take place between Feb 18 and March 4. Dev teams must share the details of their projects via Twitter, posts particularly between these two dates, and mark them with the #buildonwaves tag.

They have to mention what Waves solution is used in the project. Apart from the tag above, @sasha35625 and @waveslabs must be mentioned so that the tweet does not get missed.

Prize giveaway

The first prize totals 500 WAVES – it will be given to the tweet which gets retweeted the largest number of times.

The project chosen by the Waves Oracle on a random basis will get 300 WAVES – the second reward.

The team that will receive a prize of 200 WAVES will be decided on by the jury. It will include Waves Labs members, Waves management team folks and some reps of DevRel.

The most interesting messages, from the point of view of the contest organizers, will be retweeted by Waves CEO Sasha Ivanov, Waves Labs or by the Waves platform Twitter account.

Contest results

The results will be published in March, and the Waves team will contact the winners regarding receiving the prize. The company warns that there is no need to provide wallet addresses so far.

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