Artificial regulation of the cryptocurrency market

Our editorial team received a letter from a crypto investor, with an expert evaluation of Foin by the Japanese giant-company. It was interesting to us as the data provided was related to Financial.org — previously our publication wrote about the activity of this company. According to journalistic duties and standards, we find it necessary to publish this examination and display this precedent, as it may have dangerous and even disastrous outcomes. At the end of the article, you will find an attached document of an expert evaluation provided by NOMURA that we are disclosing for our readers.

 

Here is a brief description of the evaluation. CoinMarketCap is a well-known cryptocurrency data authority. Apparently, by means of an informational impact it is possible to label cryptocurrency with a ‘red flag’ on CoinMarketCap. This case is a precedent for us as we haven’t encountered anything like this before. Possibly this may have happened in European or American practice, but for us, this case is unusual and quite disturbing.

 

Our publication covered news related to Financial.org only, and we have not even thought of relating it to the Foin cryptocurrency. According to our information, we do not know if these institutions are affiliated, we do not have evidence to prove that.
But once a specific information field is created, it is possible to create ‘red flag’ on CoinMarketCap, which will unquestionably change the ranking of the cryptocurrency and more importantly it will affect the performance of investors. And if this what has happened to Foin, then it is likely possible to label a large number of cryptocurrencies by means of the organized informational impact.

 

Yet an expert evaluation by NOMURA does not leave room for doubt for the trustworthiness of the organization. Hence, we are inclined to believe that CoinMarketCap may have been misled; and despite the methodology proposed on their site, perhaps certain individuals managed to circumvent these restrictions and CoinMarketCap rules. And now we are witnessing the formation of such a ‘red flag’ which appeared as a consequence of artificial information environment set up. We urge CoinMarketCap to take a look at the information provided by third parties about the relation of the Financial.org and Foin. Please see the text of expert evaluation by the Japanese company NOMURA.

If you have information about financial.org that you believe should be shared with us please email us at info@btimes.my.

dlab announces six new teams for second round of blockchain accelerator

dlab, a startup accelerator and venture studio exploring new topics in decentralization and blockchain technology, has announced the six new teams for the second round of its blockchain accelerator program.

The six companies listed below that dlab has chosen to invest in as part of dlab 02 are a diverse group, whose founders are spread across eight different countries.

dlab 02 cohort includes:

  • Credmark – building the world’s first crypto credit bureau. As cryptocurrency-based lending grows and evolves, the data needed to make the right decisions is critical. With only a blockchain wallet address, Credmark generates a reliable credit score based on a borrower’s financial history and wealth, making crypto loans smarter, safer, and more customer-friendly.
  • Quidli – a SaaS platform for companies to distribute and manage equity and incentives with a dynamic workforce that includes not just employees but also freelancers, business partners, community members, and customers. Quidli makes it easy for you to assign equity to these stakeholders programmatically based on objectives and metrics that are important to your work culture.
  • Diwala – working with educators and employers to combat invalid credentialing, using blockchain-based digital skill certifications. Credentials issued on the Diwala platform are secure, portable, and can be easily verified, enabling global opportunities for youth and displaced communities.
  • Honeycomb – an API marketplace purpose-built for connecting smart contracts to high-quality external data inputs from some of the world’s premier data providers. Smart contracts can query APIs on Honeycomb via decentralized oracles, allowing the contract to execute in a highly reliable secure manner on networks such as Ethereum, Bitcoin, and Hyperledger.
  • Goblin – building the infrastructure for metering, monetizing, and distributing content on the Web. You can use Goblin today as an alternative to paywalls and advertising to monetize web content with a slice of your readership’s compute capacity.
  • Crayonic – enables next-generation security for user authentication, digital asset storage, and electronic signatures. KeyVault, Crayonic’s keychain-sized hardware device, uses a combination of behavioral biometrics, machine learning, and cryptography to achieve unrivaled usability and security, also incorporating their unique proof-of-free-will feature.

“Although each of the startups in this new cohort are very different, they all have a number of obvious commonalities: they’re using blockchain technology to solve a real-world problem, they’re focused on growing the decentralization ecosystem, and they have truly exceptional founders. And we’re excited to be working with each of them.”
– The dlab Team

These six new investments now join the four companies from the first cohort. dlab is already in the process of reviewing new applicants for their third program, which will launch in 2020.

Bitcoin price plummets amid mysterious cryptocurrency market crash

The price of bitcoin and several other major cryptocurrencies have dropped dramatically over the last 24 hours, wiping billions from their value.

Bitcoin fell by more than 10 per cent to take its price below $7,400 (£5,700) for the first time since May, with no sign of the current crash slowing down.

Ethereum, ripple, bitcoin cash and ripple all saw losses of between 5 and 15 per cent over the last day.

Cryptocurrency analysts struggled to explain the sudden crash but said further losses should not be ruled out.

The market movement comes in stark contrast to bitcoin’s generally positive year-to-date, which has seen it rise from below $4,000 in January 2019

Recent positive developments in the cryptocurrency space had some investors hoping that bitcoin would continue to see gains, especially after both China and the EU appeared to endorse the notion of blockchain-backed digital currency.

Last month Chinese president Xi Jinping described it as an “important breakthrough”, prompting a state-run newspaper to publish a front-page story about the success of bitcoin.

It came after years of China taking a hardline stance towards the industry and comes amid rumours that the country is preparing to launch its own cryptocurrency next year.

One possible explanation for bitcoin’s mysterious crash could be further developments in China that saw a fresh crackdown on illegal exchanges.

The country’s public endorsement of cryptocurrency seemed to fuel an increase in trading activity on illicit platforms, resulting in a response from the People’s Bank of China.

“Once it is discovered, it will be stopped immediately,” the bank stated.

BITCOIN PRICE SHOOTS UP $500 IN 10 MINUTES AS CRYPTOCURRENCY PUSHES TOWARDS RECORD HIGH

The price of bitcoin is closing in on its 2019 high, after shooting up by $500 (£400) in less than 10 minutes.

The latest surge in value on Monday follows several months of significant gains for the world’s biggest cryptocurrency, which have seen its price more than treble since the start of the year.

Its current price of $11,800 (£9,400) remains a long way off its all-time high of close to $20,000 (£16,000) that it reached in late 2017, but some analysts believe the record is in sight.

The notoriously volatile digital currency has been boosted in recent weeks by news that Facebook plans to launch its own cryptocurrency.

Interest from the tech giant should push forward much-needed regulation in the space, which should add legitimacy to bitcoin and the exchanges it is traded on.

Cryptocurrency experts have noted some key differences between the remarkable surge of 2017 and the price rally in 2019.

“Bitcoin has reacted much differently in its revival phase this year, after waking up from the crypto freeze of 2018,” Christel Quek, chief commercial officer of blockchain firm Bolt, told The Independent.

“While bitcoin increased by a staggering 215 per cent so far this year, its revival and growth has been quite mature and logical in comparison to 2017.”

Market analysts have described the dramatic price gains of 2017, which saw bitcoin rise from around $1,000 (£800) to close to $20,000 over the course of 11 months, as having the characteristics of a bubble.

This was fuelled by investors seeking to make a quick profit from the market frenzy.

“In contrast, 2019 has seen a more mature movement, while the revival has also been a natural reaction to a changing crypto-friendly atmosphere in mainstream finance,” Ms Quek said.

“For instance, Facebook and JP Morgan’s entry into the space was a major endorsement to the idea of digital currencies.”

Ms Quek predicts that bitcoin’s current momentum will continue, at least in the short term, with the 2017 record the next major milestone to pass.

FACEBOOK’S CRYPTOCURRENCY WILL BE ‘AVAILABLE AT ATMS’

GlobalCoin could do what bitcoin has failed to do in its 10-year history by achieving mainstream adoption.

Facebook is weeks away from launching its own cryptocurrency, with reports suggesting it will be available within its suite of apps, as well as through ATM cash machines.

Rumours of the bitcoin-style currency have been circulating since early last year, when Facebook created a new blockchain division within its company.

The social network, which is used by more than two billion people around the world, is yet to officially reveal any details but various leaks have given an indication of what to expect.

Most recently, TechCrunch spoke with numerous investors briefed on the project, codenamed Libra, about how the cryptocurrency will be rolled out across the technology giant’s social media and messaging apps, which include Instagram, Messenger and WhatsApp.

Users of the apps would even be able to buy the GlobalCoin cryptocurrency, as it is reportedly called, from physical locations like ATMs.

DJ Khaled, Floyd Mayweather Jr. charged with promoting cryptocurrency without disclosing they were paid

Music producer DJ Khaled and boxer Floyd Mayweather Jr. were charged by the Securities and Exchange Commission with promoting investments in initial cryptocurrency coin offerings without revealing that they’d been paid.

The SEC has said that cryptocurrency coins sold in initial coin offerings (ICOs) may be considered securities and subject to federal securities laws.
Both Khaled and Mayweather settled with the SEC and agreed not to promote any securities, even digital ones, for two years and three years, respectively, the SEC said Thursday. They also agreed to give the money they’d received to the SEC and pay penalties and interest.
Mayweather failed to disclose that he’d received $300,000 from three different ICO issuers, including $100,000 from Centra Tech. Khaled failed to disclose a payment of $50,000 from the same company.
Centra has separately been charged by the SEC, which alleged that its ICO was fraudulent.
Centra could not immediately be reached for comment.
Both Mayweather and Khaled promoted Centra’s ICO on their social media accounts. Khaled called it a “game changer” while Mayweather encouraged his followers to get in on the ICO, saying he’d taken part.
Mayweather also commented on another ICO, saying he was going to make a lot of money.
“You can call me Floyd Crypto Mayweather from now on,” he tweeted.
The SEC, which has made it clear that ICOs can be fraudulent, encourages would-be investors to be wary of those ICOs that are endorsed by celebrities.
“With no disclosure about the payments, Mayweather and Khaled’s ICO promotions may have appeared to be unbiased, rather than paid endorsements,” said SEC Enforcement Division co-director Stephanie Avakian.
“Social media influencers are often paid promoters, not investment professionals, and the securities they’re touting, regardless of whether they are issued using traditional certificates or on the blockchain, could be frauds,” said Steven Peikin, another SEC enforcement division co-director.
This is the first time the SEC has brought charges against individuals for promoting ICOs and the investigation is ongoing.

Shops to ignore pound coin deadline

Trade association says shortage of new coins means they will continue to accept existing version.
Thousands of shops are likely to ignore the Royal Mint’s deadline of Sunday to stop accepting old £1 coins.

A trade organisation representing 170,000 businesses has advised its members to continue taking the coins, because the changeover period with the new coins has been so short.

Mike Cherry, the national chairman of the Federation of Small Businesses , said companies had embraced the new £1 as an invaluable way to reduce counterfeiting. Many had modified coin-operated equipment, while others separated out millions of old coins to be melted down.

“But the changeover period has been fairly short,” he said. “While no business is obliged to accept the old coins beyond the deadline, it would help if small firms knew they were allowed a short transition period to collect the old coins if they wish to, and are willing to bank them, but not give out to customers.

“This would provide a useful community service, allowing customers a few weeks to get rid of the final few pound coins in circulation.”

From midnight on Sunday 15 October, the coins will lose their legal tender status. After this date, shops and restaurants should no longer accept them. With a week to go, about 500m are still in circulation.

Poundland said more than 850 of its UK stores would continue accepting the coins until 31 October.

Barry Williams, the discount store chain’s trading director, told the Telegraph it was a “no brainer” to continue to accept the old coins.

“Providing an extra convenience for shoppers to lighten their pockets while doing the weekly shop, rather than making a separate trip to the bank or post office, will come as good news,” he said.

Advice for retailers on the Royal Mint website says: “You are under no obligation to accept the round £1 coin from your customers and you should not distribute the round £1 coin. Please update your staff on what they need to do.”

A Treasury spokesman said: “We will have received more than 1.2bn round pound coins by the time they cease being legal tender. We have worked with industry for over three years to ensure a smooth transition to the new more secure £1 coin.”

While major banks are encouraging customers to allow enough time to hand in their old coins, they have said they will continue to accept deposits of round £1 coins after 15 October.

The new coin, which resembles the old threepenny bit, entered circulation in March and has security features to thwart criminals.

The production of the new coins followed concern about round pounds being vulnerable to sophisticated counterfeiters. About one in every 30 £1 coins in recent years has been fake.

Arrests made in heist of massive $1M gold Canadian coin

German police arrested at least 2 people, but the coin hasn’t been found.

Hundreds of German special police raided several buildings in Berlin early Wednesday, arresting four suspects in connection with the brazen heist of a 100 kg Canadian gold coin stolen from one of the city’s museums earlier this year.

Heavily armed masked police arrested the suspects, one wearing a hood over his head, in Berlin’s Neukoelln neighborhood. Another nine people are being questioned in the case. All suspects are related to one another and aged between 18 and 20, police said.

The raids of 13 different buildings lasted several hours, but the gold coin was not recovered.

“We assume that the coin was partially or completely sold,” Carsten Pfohl of the Berlin state criminal office told reporters at a press conference. He added that police also confiscated clothes and cars to comb for traces of gold.

​Massive ‘Big Maple Leaf’ gold coin worth millions stolen from German museum

The Canadian “Big Maple Leaf” coin, worth several million dollars, was stolen from the Bode museum in March.

Police say the three-centimetre thick gold coin, has a diameter of 53 cm, and a face value of $1 million. By weight alone, however, it would be worth roughly $5.8 million at market prices.

Experts think the coin may have been melted down already to cash in on the gold. Police also searched a jewelry store in the Berlin neighbourhood, saying they had indications the store may have been involved in the possible sale of the gold.

The thieves were most likely tipped off to the existence of the enormous coin by an acquaintance who worked at the museum as a guard, police said.

THE CURRENT | How did thieves steal gigantic $1M Canadian gold coin from Berlin museum?
At least two burglars broke into the museum at night on March 27, using a ladder to climb to a window from elevated railway tracks. They grabbed the coin, loaded it onto a wheelbarrow and then carted it out of the building and along the tracks across the Spree River before descending into a park on a rope and fleeing in a getaway car.

Police had published footage from surveillance video asking the public for help in finding the thieves.

The coin, which has an image of Queen Elizabeth on one side and maple leaves on the other, was on loan from a private, unidentified person, it has been reported. It’s one of only five that were made by the Royal Canadian Mint.

£1 coin: Everything you need to know about the new pound

Twelve sides, two colours and a “hologram”: everything you need to know about the new pound as it enters circulation.
As the Royal Mint introduces a new £1 coin to tackle forgeries, here are 10 things we know about the pound.

1. The new 12-sided coin has a gold-coloured outer ring and a silver-coloured centre.

2. It features the fifth coinage portrait of the Queen, and is designed by Jody Clark.

:: New high-tech £1 coin to edge out old pound in bid to tackle forgeries

3. It includes a latent image which, like a hologram, changes from a “£” to a “1” when seen from different angles.

4. The design for the new pound coin includes a rose, a thistle, a leek and a shamrock to reflect the four parts of the UK. In the past there have been 25 different designs on the pound coin.

The coin features the fifth coinage portrait of the Queen

5. It is lighter than the old pound coin weighing just 8.75g and is thinner at 2.8mm, but it slightly wider with a maximum diameter of 23.43mm.