David Dinkins

Leaked: SEC Agreed Not to Pursue Enforcement Action Against Poloniex If Acquired by Circle

With Circle’s acquisition, SEC will not take legal action against Poloniex, according to a leaked slide from a confidential Circle presentation.
Leaked: SEC Agreed Not to Pursue Enforcement Action Against Poloniex If Acquired by Circle

The SEC agreed not to pursue any legal action against Poloniex if the exchange was acquired by Circle, according to a leaked PowerPoint slide. Nathaniel Popper of the New York Times posted a screenshot of the leaked slide on his Twitter feed today, noting:

“Just got this slide from a confidential Circle presentation.”

Unregulated securities

Poloniex has made a name for itself as one of the top markets for altcoin trading, spending much of the first half of 2017 as the top crypto exchange in the world, by volume. That spot has since been taken by Binance, but Poloniex is still relevant, particularly in altcoin trading. Of note is the fact that much of Poloniex’s business comes from the trading of ICO tokens, which according to the SEC, may, in fact, be unregulated securities.

Prior acts forgiven

The leaked slide states, in part:

“Circle has briefed the SEC on the transaction and indicated that upon closing that we will begin the process of registering the new entity with the SEC and FINRA as a Broker/Dealer and in turn as a licensed ATS (electronic trading marketplace).”

The document continues, saying that “the SEC was very favorable on this approach.” Furthermore, the SEC apparently “indicated that they would not pursue any enforcement action for prior activity.”

In a section labeled “The US’s First Regulated Crypto Exchange,” the slide notes that “by becoming the first regulated Crypto Exchange,” Circle will be able to “list and provide a platform” for all sorts of digital tokens, “including tokens that would be deemed securities.”

Commentary

Yesterday, when news broke of the acquisition, Popper asked on his Twitter feed: 

The SEC has said that most ICO tokens are unregistered securities and also suggested that exchanges, such as Poloniex, that trade those tokens, are likely breaking the law against trading unregistered securities. I had assumed that some sort of crackdown was coming.

— Nathaniel Popper (@nathanielpopper) 26 февраля 2018 г.

The SEC has said that most ICO tokens are unregistered securities and also suggested that exchanges, such as Poloniex, that trade those tokens, are likely breaking the law against trading unregistered securities. I had assumed that some sort of crackdown was coming.

— Nathaniel Popper (@nathanielpopper) February 26, 2018

The SEC has said that most ICO tokens are unregistered securities and also suggested that exchanges, such as Poloniex, that trade those tokens, are likely breaking the law against trading unregistered securities. I had assumed that some sort of crackdown was coming.

— Nathaniel Popper (@nathanielpopper) February 26, 2018

Then today, he posted the slide from the leaked presentation, apparently answering his own questions from the day before:

Just got this slide from a confidential Circle presentation. It does more to explain Circle's acquisition of Poloniex than anything I have seen today. pic.twitter.com/gRXxDeXvxl

— Nathaniel Popper (@nathanielpopper) February 26, 2018
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Exchanges Guide George Shnurenko

How to Trade on Binance - Complete Beginner's guide

🎓 Exchanges Guide
Since its launch, Bitcoin has been such a phenomenon in the digital world.
How to Trade on Binance - Complete Beginner's guide

What is Binance?

Binance is a major Hong Kong cryptocurrency exchange which is widely regarded as the most convenient and reputable exchange due to a large number of available altcoins, high speed of transactions and a user-friendly interface which is suitable for beginners who only make their first steps in the crypto world. Despite the fact that this exchange was founded in 2017, it managed to surpass the majority of its competitors having the 4th largest trading volume as of June 2018. That’s why it is important to learn how to use Binance.   

NB! Binance only offers its users C2C exchange, so fiat money is not accepted here. On top of that, you cannot purchase Bitcoin on Binance.

How to Create an Account on Binance?
Binance: how to use this exchange before registration? The first thing that you have to do before buying any cryptocurrencies on Binance is to create a new account (if you do not have one). Go directly to https://www.binance.com and choose the ‘Registration’ option. Then you have to fill out the required information in order to create an account and verify your e-mail address.  

Binance security features include:

  • 2FA (SMS or Google Authenticator);
  • Anti-Phishing Code;
  • API.
2fa

You will be asked to enable 2FA to enhance the security of your newly created account, but this is an optional feature. 2FA may prevent scammers from stealing your coins. How to use Google Authenticator Binance? In order to log in to your account, you have to type in a unique six digits code from an ordinary SMS or a Google app. There are also some additional safety measures (Anti-Phishing Code and API). Those who take trading seriously have to learn how to use Binance API.

 

How to Deposit Funds to Binance?


If you want to deposit money, go over to ‘Funds’ and choose the ‘Deposit’ option. Here you can see all the assets listed on Binance that can be easily deposited (expect for those that have a yellowish exclamation point next to them). Type in any cryptocurrency and click on it to generate a deposit address. As an alternative, you can simply scan a QR-code if you have a mobile wallet. There are no fees when it comes to depositing money to this platform, but Binance charges fees for trading and withdrawals.       

deposit

 

How to Trade on Binance?

As mentioned above, it is relatively easy to start trading on Binance because of its highly convenient interface. Few people find it hard to learn how to use Binance exchange. Here’s a small guide for absolute beginners.

  1. Buy Bitcoin or Ethereum on Coinmama. It’s also worth reading how to use Coinbase and Binance.   
  2. Transfer your funds to Binance with the help of wallet transfer.  
  3. Decide what cryptocurrency you would like to invest in (you have to know how to use Binance to buy Ripple). There’s a plethora of altcoins available on Binance (about 50 and constantly increasing), so your choice is definitely not meagre. Always check coinmarketcap.com to monitor the fluctuation of prices. By the way, you can already see the biggest movers of the day along with the major markets on the Binance front page.
  4. How to use Binance app for trading? In order to start trading, go to the ‘Exchange’ section and choose ‘Basic’ while those users who already have certain trading experience can go with the ‘Advanced’ option. Try not to be confused by all the graphs and trading pairs which may be already familiar to you if ever had any FOREX trading experience.
  5. Your trading pair is displayed in the top left corner of the web-site together with the current price, the latest fluctuations (24h high and 24h low) and the trading volume. Most of the trading pairs involve BTC, but there are also some other alternatives. There is also a wide range of altcoins that you can buy with their local token BNB. The user has to simply pick a pair by choosing the desirable coin which can be traded against Bitcoin/Ethereum/BNB. Now you can a graph which vividly shows the fluctuation of prices.  trading pairs
    There are also to boxes on the left which show people who are currently selling or buying AION with BTC. At the bottom of the first list, the user will see the lowest price available on Binance. The second list shows people who would like to buy AION from you at a particular price.   
    In the middle of the page, you can see the chart which shows what a certain altcoin has been doing for the last timeframe. Different timeframes are available – from one minute to a whole week. Each of the indicators which are called ‘candles’ displays the volatility of price during a defined trading period.charts
         
  6. The next step is actually buying the altcoin of your choice. Go to the ‘Market’ and specify the amount of coins that you would like to purchase. The system also allows to set a specific percent of your active funds that can be exchanged into any altcoins (in this particular case it’s AION).
  7. You can learn how to use stop-limit on Binance and determine at what price you would like to sell or buy AION. If that’s the case, your order goes directly to the aforementioned boxes. Those who know how to use stop limit on Binance, can be very successful traderslimit.     

Binance Trading Fees

When it comes to trading fees, Binance is considerate to be a very reasonable exchange since they charge only 0.1% of what traders make. On top of that, there is also a substantial 50% discount involved if you use their native token. It’s absolutely safe to say that Binance charges the lowest fees on the market. Just go to how to use Binance reddit or how to use Binance site: youtube.com in order to find out more about this special offer.    

How to Withdraw from Binance?

Making a withdrawal from the Binance exchange is as easy as depositing money to your account. You only need to now the address of your wallet, but make sure that it is compatible with the cryptocurrency that you are going to withdraw. The same applies to the situation when you are going to send your funds from Binance to another exchange that doesn’t support the token you are sending. As mentioned above, it is also impossible to trade crypto for fiat money and withdraw it directly to your bank account (for that purpose one can use Kraken).  

Simply click on the ‘Funds’ tab and go to ‘Withdrawals’. In the following menu you can search for any desirable cryptocurrency or choose it from the drop-down list. You can type your wallet’s address and save it, so you can use it for further withdrawals.

withdrawl

Type in the amount of money you would like to send to your wallet in order to see the transaction fee and the final sum that will be withdrawn. Now you are to check your e-mail and open a letter from Binance that contains a verification link. Once verified, it usually takes only a couple of minutes for the transaction to be completed.   

Binance Withdrawal Fees

Unlike trading fees, the price of withdrawal on Binance varies from coin to coin. Some coins are very expensive to withdraw (so it would be cost-effective to leave on the exchange if small sums are involved), but at the same time there are currencies like NEO that are completely free to withdraw. Here’s the table which shows some of the withdrawal fees:

Bitcoin

0.0005

$ 3.06

Ethereum

0.01

$ 4.38

Ripple

0.25

$ 0.12

The full list of withdrawal fees is available here https://exchangebit.info/binance. When you are dealing with large amounts of coins, remember not to leave them on an exchange and withdraw them to a cold wallet where your assets can’t be compromised by hackers.

Exchanges Guide
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🕵️‍ ICO Watch Eric Eissler

Past-ICO Review: Laughing All the Way to the Crypto Bank

👁 ICO Watch
While banks are not really needed for decentralized crypto, this company thinks otherwise, you may need a debit card or two
Past-ICO Review: Laughing All the Way to the Crypto Bank

In the cryptosphere, which pushes for decentralization and independence from large financial institutions, it appears odd that crypto banks, a centralized institution, would appear.  Sure, you have a wallet and you can keep your crypto there, but you will still need exchanges to buy and sell until atomic swap technology is more widespread. But Bankera is offering more than just an exchange, it is offering debit card and real-time transactions. Most traditional banking technology is antiquated, especially in the US. For example, if you make a debit card purchase over the weekend it might take until Tuesday to clear- that is a long time to wait. Crypto-based transactions are instantaneous.

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Financials

Bankera ran a long ICO from Nov. 27, 2017 to March 1, 2018 and raised a massive $150 mln in funding. However, the fundraising goal of $215 was not met. The bar was indeed set high for funding. The token is and ERC20/NEM based-token designed to operate on both Blockchain platforms. Despite the positives that the company touts, not having a market cap defined on CoinMarketCap is a red flag. Its daily trading is around $100,000. The token price is negligible at $0.002402.

Team

Vytautas Karalevičius - Co-Founder (also Co-founder of SpectroCoin)

Vytautas is currently completing a Ph.D. in Cryptocurrencies at KU Leuven University in Belgium. Prior to that, he received an MPhil degree in Finance from Cambridge University. He has interned at Bloomberg.

Mantas Mockevičius - Co-Founder (also Co-founder of SpectroCoin)

Mantas has more than eight years of experience in managing operations and compliance for electronic and digital money exchanges. He holds a Bachelor’s degree in Economics and Master’s degree in Finance.

Justas Dobiliauskas - Not listed (CTO of Spectro Finance)

Justas has nine years of experience in developing software for medium and large financial institutions as well as five years of experience working with Blockchain technology and cryptocurrencies.

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Risks and dangers of the project

Not every team member specifies that they work with Bankera in their LinkedIn profiles. There appears to be strong preference for SpectroCoin over Bankera. Furthermore, the project has no open platform algorithms or open repository, having a public repository is important for building trust with the public in the crypto sphere.

Finally, there is little information and few figures relating to the market in the official documentation. This combined with poor market performance, an undefined market cap and teams preferring more interest in SpectroCoin, make the Bankera project shaky.

SprectroCoin info

SpectroCoin is a partner for process and infrastructure, founded in 2013. It is an active cryptocurrency exchange platform with the facility to order a VISA card that has more than 300,000 users. Bank cards would be issued from this partner, which most of the founders of Bankera are associated with.

There is much work left to be done before most of the product goes live. The exchange is still not operational, slated for the second half of 2018, and the wallet was recently launched earlier this year. However, 2019 and 2020 are some key years for the rest of the components to go online.

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Darryn Pollock

Do Bitcoin and Cryptocurrencies Have a Future?

The cryptocurrency space continues to be extremely polarized with some saying it has no future, but more and more evidence suggesting it does
Do Bitcoin and Cryptocurrencies Have a Future?

The debate continues to rage and shift and change, whether Bitcoin and the general cryptocurrency space has a future or not. Some say it is a bubble, some say that the bubble has popped, others believe it is a hobby, a plaything, a toy.

However, just as sentiment has evolved around this emerging space that has the potential to do some serious disrupting, so has its uptake, perceptions and adoption. There is enough serious evidence to suggest they indeed have a future, and some smart people and companies are trying to be part of that future.

Predicting the future of Bitcoin is as difficult as predicting its price, but, looking at the general trend of understanding and uptake, it is hard to say there is no future. However, there is still a strong point of argument to say that the future is smaller than expected, or even is a short-lived one.

A negative viewpoint

Through Bitcoin’s brief history, and even more so in its recent history and rise to prominence, it has faced a number of detractors. From economists to CEOs and Wall Street types, as well as governments and regulators, Bitcoin has been called everything from a scam to a dead asset.

The most recent attack has come in the form of a full frontal assault from renowned economist ‘Dr. Doom’ Nouriel Roubini. The man who predicted the 2008 economic crisis has again come out harshly against Bitcoin, having called it a scam that would not make anyone any money more than four years ago.

A lot of his vitriol is based around poor sentiment from regulators, the fact that it is not centralized and that the ecosystem is full of scams and scammers. However, the sentiment is changing, the ecosystem is changing, and even the regulators are making progress with their understanding of the space and how it fits into the system.

Essentially, most of the negativity is based around a perception or a viewpoint. Currently, the cryptocurrency market falls from its highs of December to now being touted as the death knell, but, again, that is merely a perception.

In fact, if one takes a step back, that perception is also flawed as the Bitcoin market is still up in a big way over the last five, even two years.

Positive evidence

On the other hand, when looking at the potential future of Bitcoin, cryptocurrencies, and even Blockchain, there are plenty of recent developments that are hard to argue against. These advancements are suggestive of a more mainstream level of adoption that includes people like Bill Gates, Richard Branson, Jack Dorsey, as well as companies like Amazon, Starbucks, Goldman Sachs and Fidelity.

In a Medium article titled ‘Why Bitcoin and Crypto Have No Future’ a list of 40 pieces of positive evidence are put forward and suggest the future is, in fact, quite bright for the space.

Finance

The NYSE is creating the cryptocurrency trading platform Bakkt in collaboration with Microsoft and Starbucks with physically backed Bitcoin futures contracts.

Fidelity is offering crypto to its clients and has been mining it since 2015.

Jamie Dimon tells all that it Bitcoin is a “fraud” and that if he catches any employees who own it, he would fire them, while in the background JP Morgan and Morgan Stanley bought Bitcoin ETNs on the dip.

George Soros initially bashed cryptocurrencies only to later buy a stack of Bitcoin at the $6k low.

Goldman-Sachs backed Circle launched a crypto finance company.

Square’s Cash App allowed users to buy and sell Bitcoin.

Organizations

Rockefeller-owned Venrock is investing in cryptocurrency.

Overstock.com is going full-on crypto.

Coinbase is valued at $8 bln.

The founder of YouTube and the founder of Twitch are advising Theta Token (THETA).

Bitmain is on track for $10 bln in revenue this year after around $4 bln last year.

Binance made more in profit in Q2 2018 than Deutsche Bank.

Alibaba and IBM have the most Blockchain patents in the world.

Yale’s endowment invested $400 mln in cryptoasset funds.

Blockchains, LLC bought 60,000 acres for their company that will incubate and innovate Ethereum-based Blockchain ventures.

Plastic Bank is helping those in developing countries earn cryptocurrency while also curing plastic ocean pollution — I know you’ve seen those IBM commercials.

Robinhood offers the purchase of cryptos commission-free.

Pop-culture

Katy Perry’s Instagram had her showing of cryptocurrency nail art

The MLB is launching a crypto-based game on the Blockchain using the ERC-721 standard for non-fungible tokens.

The NFL purchased a stake in Blockchain startup SportsCastr.

The NBA has gone crypto as the Sacramento Kings mine Ethereum, Bitmain sponsors the Houston Rockets, and former commissioner David Stern backs FanChain.

Powerful people

Steve Wozniak is co-founding a cryptoasset investment firm.

The Bill & Melinda Gates Foundation is utilizing Ripple’s interledger protocol to help with payment services for the financially impoverished and unbanked.

The Winklevoss twins took $11 mln of their Facebook money and put it into Bitcoin in 2013 when it was $120 each.

John McAfee bets his manhood that Bitcoin is going to the moon.

Jack Dorsey, CEO of Twitter and Square, thinks Bitcoin is the currency of the future.

Richard Branson thinks Bitcoin will bring an economic revolution.

Reddit co-founder Alexis Ohanian is betting on Bitcoin as a hedge to economic crises.

The co-founder of Wikipedia is now working on its decentralized counterpart Everipedia (IQ).

Akon is launching his own cryptocurrency Akoin to help bring security to the currency system in Africa.

Ashton Kutcher donated $4 mln in XRP to Ellen DeGeneres’ charity by transferring it to her in a matter of seconds.

Chamath Palihapitiya, co-owner of the Golden State Warriors, invested early in Bitcoin and thinks it’s going to $1 mln per coin.

Steve Bannon is betting on Bitcoin and launching his own cryptocurrency.

Bill Clinton spoke at the Swell Conference in support of Ripple and Blockchain technology.

Former Trump aide and Goldman Sachs exec Gary Cohn is joining a Blockchain startup.

Technology

Brendan Eich, creator of JavaScript and Mozilla, started Brave Browser with a built-in ad-blocker and Basic Attention Token (BAT) to reward content creators.

Amazon Web Services partnered with QTUM.

IBM is partnering with Stellar Lumens (XLM) for cross-border payment solutions.

Is there a future?

It is easy to debate against sentiment and opinion, especially in the future, but a lot harder when there is groundwork being put in across the globe and across different sectors to suggest there is indeed a future.

People can bash Bitcoin because it is easy. The cryptocurrency space is very new and is still finding its feet, but its grounding seems to be getting bigger with more and more well-known people, organizations and businesses getting involved.

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Darryn Pollock

Will Gemini Dollar Calm the Wild West of Cryptocurrencies?

The Winklevoss Twins have introduced a stablecoin that has all the regulatory tick marks and none of the controversy, but is this what the market needs?
Will Gemini Dollar Calm the Wild West of Cryptocurrencies?
Contents

Monday saw the launch of a very interesting digital currency that could have a big say in the way the market is heading. It is called the Gemini dollar, and is the brainchild of the Winklevoss Twins, who are in charge of the Gemini exchange which aims to be as compliant as possible.

The Gemini dollar also brings with it a big regulatory tick, but it is a coin which is pegged to the USD in a similar way in which Tether is. However, the Gemini dollar has a lot less controversy around it, despite it only just launching.

The question is, will this coin be the answer to some of the problems that have stymied the cryptocurrency market in recent times. The cryptocurrency space has reached a point where regulatory pressure is dictating its movement and adoption, and that pressure is causing unnecessary volatility.

Will a full regulated coin, with zero volatility, be the answer to adoption of cryptocurrency as it will become a situation where the USD is digitalized entirely with the properties of Bitcoin, but without any volatility, or worries about regulators and lack of auditing.

What the twins have to say

Cameron and Tyler Winklevoss, who have been trying to push the envelope for the cryptocurrency market for some time now, including applying for ETFs, believe that this coin will be a bit of the best of fiat and digital currency.

We have been thinking about the stable-coin idea for over a year now,” Tyler Winklevoss told Business Insider. “The thing that is attractive about the concept is that is does something different than any other digital asset. When we think about the first-ever digital asset, Bitcoin, which is a virtual commodity, it took years for the market to sort out the broad understanding of what Bitcoin is.”

“The legal precedent and the use case is definitely coming down as a virtual commodity. And Ether is the same. Those are very cool use cases. Ether as a digital oil. And Bitcoins as a digital gold. The idea of a digital commodity is there and well understood.”

However, there is now a move in the cryptocurrency back towards digital currencies. The digital commodity has hit its ceiling if Vitalik Buterin is to be believed, but there is a lot of room for digital cash to grow, especially digital cash that has evolved a bit.

“There was a time in this world when people didn't know if Bitcoin would kill fiat or the financial system or both,” The twins continued. “And some people tried to live off Bitcoin for a month. As it turns out people generally don't believe Bitcoin will be used to buy Starbucks or a Happy Meal.”

“The question is actually does it disrupt gold or exist side-by-side precious metals in a portfolio? The beauty of a stable coin is you don't need to worry about spending it. And groups don't need our permission to use it. Starbucks could accept it if they wanted to. And we will be open to those conversations.”

Is this needed?

On the surface, before the coin has had time to be tested and explored fully, the idea seems sound. Stablecoins are becoming more and more popular because of their ability to halt the infamous digital currency volatility.

The issue has long been that as a digital currency, things like Bitcoin and others are too volatile to use on an everyday basis, or for companies to adopt. The fact that a coin can be worth 20 percent more or less in 24 hours will direct people to either want to keep it and not spend it or not bother at all because of the loss.

So stablecoins have the ability to instantly take away this issue, thus the adoption of them in the needs of digital currency should be right up there? The next problem is the controversial nature of the stable coins that are out there currently.

The stablecoin market is famously made up of names like Tether and the Petro. Both these coins have been taken through the ringer for issues such as poor auditing techniques and transparency, as well as centralized corruption and propaganda, in the case of the Venezuelan oil-backed coin.

But, the Gemini Dollar is also fully compliant and regulated, having received approval from the New York Department of Financial Services. It is also being audited by a batch of third-party auditors to ensure no chance of double spending.

A new frontier?

This form of stablecoin could be a fresh direction for the cryptocurrency market to take. Its initial sell was this idea of a digital and borderless currency which could be sent easily and cheaply, and now that could be returning.

Across Twitter, the general reaction has been positive, but cautiously so, as there is still a road to travel to see how this coin is received.

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Crypto Gags Heewon Jang

It Happens Every Week ????

Crypto Gags
What's your prediction for Bitcoin price next week ??
It Happens Every Week ????

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