It was only a matter of time that the biggest and most powerful social media platform would join the cryptocurrency scene. Facebook have unveiled plans to launch their own digital currency known as Libra next year, but are already recruiting partners for the currency, including the likes of Spotify, Uber, Africa’s richest company, Naspers, and other household names. Their reasoning for starting their own cryptocurrency is reportedly to help unbanked people who cannot access financial networks. This is a huge ask considering that is almost two billion people. Many of which are located in Africa, making the announcement of Libra a pivotal moment in the continent’s financial history. Solving Remittance Costs It is not uncommon for Africans to seek a better life in Europe, the US or further afield. People will frequently find work in other countries to better their circumstances and send some of their earnings back home to family in Africa. In fact, these remittances make up a fundamental pillar of some African countries’ economy. Most of the time these remittance payments are completed with fiat currencies, but some Africans do own the likes of a Luno bitcoin wallet and make them using digital currencies. The issue for Africans sending money back to Africa is that they must contend with high transfer costs. Sending $200 to Sub-Saharan Africa can cost almost 10% of the financial gift. The other issue in these scenarios is time. Sending money between continents using conventional means can be costly for the sender. This is where Libra enters the frame. Facebook’s Libra will enable hard-working Africans that are spread across the globe to send money back to family and friends in a convenient, fast and cheaper way. Facebook’s overall plan is for Libra to become the cheapest cross-border transfer currency in the world. So, on paper, even though Africans and their economy may benefit significantly, it will remain a digital currency for the world to cherish. The only companies who will not be celebrating its planned success will be remittance companies who have no got the technology or scope to adapt to cryptocurrency usage themselves. Will Libra be a Success in Africa? It won’t be plain sailing for Facebook’s Libra in Africa. Although the continent is set up to be a strong adopter of cryptocurrency – using technology, apps and smartphones to transfer money are all common – there are some hurdles to be faced. Many governments and central banks are against or actively oppose cryptocurrency, making it hard for some Africans to utilise it. The culture of transferring money with apps has been regulated and adopted by the hierarchy. This is something that cannot be said for cryptocurrency in many African territories.
You may have heard of the decentralised exchange protocol 0x, which has now been suspended by the core developing team after a vulnerability was found in its code. The blog post says that the 0x project was informed about the breach in its exchange smart contract by third-party security - Sam Sun. The contract that was impacted by the contract is responsible for filing and cancelling orders, as well as executing transactions and registering new contracts. The breach on the protocol would have allowed attackers file orders with fraudulent signatures. The team at 0x has immediately halted traded on its platform and released an updated version of the affected smart contracts. The co-founder of the 0x protocol, Will Warren commented on the breach which found that not users funds were affected by the breach. “This vulnerability would allow an attacker to fill certain orders with invalid signatures. This vulnerability does not affect the ZRX token contract; your digital assets are safe.” Will went on to say that after the team found the vulnerability, they decided to shut down the v2.0 Exchange and all AssestProxy contracts to prevent attackers from being able to exploit the vulnerability. As far as the is aware, no hacker, scammer or fraudulent individual has actually exploited the breach on the network but the functionality of the decentralised exchange has been hindered. It’s worth noting that projects which are connected to the 0x protocol will have to update their code in order to point to these updated contracts. The co-founder suggested that the 0x team will be posting a summary of everything that happened after everything is a 100 percent sorted and no smart contracts are at risk. Decentralised Protocol As reported by Be in Crypto: “The project’s team is also looking to discuss the issue with the community to make sure all smart contract security practices for 0x protocol are transparent, rigorous, and community-vetted. The immediate response from the team has helped avert any unpleasant situations for its users, but this particular incident also highlights that decentralized exchange protocols still remain centralized.” There are two ways to look at decentralised protocols like 0x. For starters, they can help prevent failures and breaches with quick fixes or the centralised way of decision making will see protocols fail the censorship and regulation test. Whether projects will be able to find a smart solution to this, isn’t for us to say.
Bitcoin (BTC) has broken the parabolic uptrend which as we have discussed in our last analysis is the end of the bullish advance here. The price is now gearing up to begin its downtrend but it is unlikely to do that without the bulls fighting for control. The most likely scenario is that BTC/USD will find support atop the 50 Day EMA and begin its uptrend past $11,000 from there. At the moment, the probability of a move to the downside remains low because the price has seen serious downside over the past few days. We cannot expect it to keep on falling in this manner. The RSI has plenty of room to go up from here and even the NVT indicator on the daily chart remains hopefully bullish. The reason it remains bullish is because we have yet to see a sell signal and it has yet to break below its RMA. Taking a look at the price again, we see that it has found support not only on the 50 Day EMA but also on the 38.2% fib extension level. This is a strong support zone and the price could use it as a launch pad to shoot towards the trend line resistance that came into effect when BTC/USD formed lower highs and lower lows after it topped out. Most professional traders were waiting for a break of the parabolic uptrend before they made their mind about selling or being bearish. Even if we were to be bullish long term, we would still need to realize that for the price to shoot towards a new all-time high this year it would have to respect the parabolic uptrend. That is what could have provided the momentum for the price to surge past $15,000 and then ultimately to a new all-time high this year. Unfortunately for the bulls, that did not happen and now the price is going to come closer to reality in the weeks and months ahead. Bitcoin (BTC) reached an all-time high of $20,000 and it is still down significantly from there even after the recent parabolic advance. However, it still remains heavily overbought on larger time frames. RSI on the weekly chart shows how the price has topped out and is now eyeing further downside. This large rising wedge that we see on the chart is the only thing between BTC/USD holding its ground and falling below $3,000. We have mentioned in our previous analyses that the first crash is going to be brutal that is going to pull the price below the 50 Week EMA as it did after the price topped out during the parabolic advance of 2017. If it happens this time we will see BTC/USD decline to the key support zone of $6,000. We are likely to see a bounce towards $10,000 from there which will most likely be met with strong resistance and then the actual slow bleed begins that will see the price bottom between $1,800 and $1,200 towards the end of the ongoing cycle.
Issuing a digital currency or providing financial services is not a straightforward process in this day and age. Especially for tech companies in the US, this uphill battle will become a lot steeper moving forward. A new legislative proposal would bar major companies from exploring these two business models. This could also spell trouble for Facebook’s Libra plans. A Very Intriguing Proposal Tech companies in the United States have a tendency to grow well beyond the scope of current regulations. That situation becomes even more problematic if those tech companies decide to enter the financial side of the spectrum. A The post US Politicians Aim to bar Tech Companies From Mimicking Bitcoin appeared first on The Merkle Hash.
US authorities are now holding a new bill, according to which large technology companies will be rejected the right to issue their own digital coins. In the US House of Representatives, they are seeking to tighten control over large technology firms that are interested in cryptocurrencies. Here is a part of this bill: “A large platform utility may not establish, maintain, or operate a digital asset that is intended to be widely used as medium of exchange, unit of account, store of value, or any other similar function, as defined by the Board of Governors of the Federal Reserve System.” Note that it is clearly defined in this document, that the asset that was released using the distributed registry technology (blockchain) can be considered a cryptocurrency. The document also states that companies with an annual income of more than $25 billion relate to this category. In case of breaking these regulations, they will be fined not more than $1 million for each day of breaking. Note that at this stage it is only a bill that may not be accepted. We will monitor events, so stay tuned to our site. We want to remind: Bitcoin Is Unaffected – The Market Has Not Responded To Trump’s Negative Tweet
Ethereum is more than a smart contracting platform. It is all encompassing and different assets and features can be built or launch on the platform. The post Ethereum is All-Encompassing, A Platform For All digital Asset, Here’s why appeared first on Ethereum World News.
Ethereum World News: Liechtenstein Financial Market Authority Approves State-of-the-Art Tokenized Real Estate Investment Product
CROWDLITOKEN AG pioneers and starts distribution of a digital bond – European retail investors benefit as well For the first time in Europe, the Liechtenstein Financial Market Authority (FMA) has approved the offering prospectus for... The post Liechtenstein Financial Market Authority Approves State-of-the-Art Tokenized Real Estate Investment Product appeared first on Ethereum World News.
Last week, Donald Trump posted a few tweets which blew up on crypto Twitter as the 45th President said that he isn’t a fan of Bitcoin and the gang. Now, this whole fiasco has brought up an interesting topic for what is to come in the 2020 elections. Now even though he claims to not be a fan of virtual currency, the community should be thanking Trump for bringing up such an issue as it is now officially going to be a talking point in the 2020 election. I am not a fan of Bitcoin and other Cryptocurrencies, which are not money, and whose value is highly volatile and based on thin air. Unregulated Crypto Assets can facilitate unlawful behavior, including drug trade and other illegal activity.... — Donald J. Trump (@realDonaldTrump) July 12, 2019 You can see the rest of the Twitter thread here, as Trump goes onto talk about Facebook’s Libra and makes for an interesting read into the Presidents thought process on crypto. Funnily enough, the President caused Bitcoin to surge just a little following the tweets at the end of last week. The tweets from Trump are believed to be a good sign for cryptocurrency in the long-term as the CEO of Circle Jeremy Allaire said that this is “possibly the largest bull signal for [Bitcoin] ever.” A lot of crypto enthusiasts tried to persuade Trump over to the Bitcoin side. The CEO of Coinbase, Brian Armstrong said in response to the Presidents words: “Achievement unlocked…First they ignore you, then they laugh at you, then they fight you, then you win. We just made it to step 3 y’all.” The senior analyst at eToro, Mati Greenspan said, “Even though Donald says he’s not a fan of Bitcoin, the fact that he’s mentioning it at all is hugely bullish for the entire crypto market.” It will be interesting to see how the issue of Bitcoin is raised during the 2020 elections but only time will tell to how Trump will deal with it when at the podium.
by SmallCapPower | 15 July 2019 | 07:57 EST Today we focus on four Canadian green tech stocks that investors should keep on their watch lists. The post 4 Canadian Green Tech Stocks Set for Sustainable Growth appeared first on The Investor's Podcast Network.
Jon Montrol, the creator of the non-existent cryptocurrency exchange BitFunder and deposit service WeExchange, was sentenced to imprisonment for 14 months. He was convicted of securities fraud and obstruction of the investigation. Montrol will serve a prison sentence for transferring other people’s funds without the knowledge of investors, as well as for lying to FBI and SEC officers. Manhattan U.S. Attorney Geoffrey S. Berman said: “Jon Montroll lied to his investors and, after his lies caught the attention of the SEC, lied to them, too. The sentence he received serves as a reminder that this Office will not overlook those who violate their obligation to be honest with investors and the regulators working to protect them.” Recall that in 2013 it was announced that BitFunder software was hacked, which led to the theft of more than 6000 BTC. Montrol was unable to return the lost funds to investors and begun to lie to them. This attracted the attention of SEC employees, but Montrol continued to stand his ground, but it was soon discovered that he used WeExchange as his personal bank: “Montrol exchanged numerous bitcoins taken from WeExchange into United States dollars, then spent those funds on personal expenses, such as travel and groceries.” We want to remind: Two Priests Became Another Victims of Crypto Fraud