New Platform Answers the Question: Who's Really Behind That ICO?

Bitcoin Magazine - Tue, 2018-06-12 17:23

With crypto scams running rampant across the globe, Human Trust Protocol, aka Hub, is joining hands with Civic, a blockchain identification service provider, to verify users via know-your-client (KYC) data gathered from the Civic secure identity platform (SIP). The new project entitled ICO Hub is an algorithmic ICO rating service that adds identity verification as a central rating factor: Hub representatives will now be able to identify ICO project team members and organizers to ensure a platform’s authenticity before investors step in.

Launched by LinkedIn’s original CTO and co-founder Eric Ly, Hub works to establish blockchain histories and reputations by granting users blockchain-specific tokens which they can then add to a platform’s reputation data, thereby building its online market presence.

Civic seeks to grant consumers a say in whether their identities are used in real-time by providing low-cost, on-demand and secure identity verification technology that boosts transparency and legitimacy in the crypto space. Civic uses a decentralized structure with biometrics on mobile devices, and provides multi-factor authentication without usernames, passwords, physical tokens or third-party involvement.

ICO Hub is built on a specific rating system. ICOs will ultimately receive “trust scores” based on the authenticity of their organizers’ claims and users’ outcome predictions.

In a statement, founder and CEO Eric Ly explained, “At Hub, our objective is to help users develop and manage their reputation data and incentivize meaningful and authentic interactions online through our human trust protocol. Civic’s secure and private ecosystem that enables decentralized, reusable KYC is a perfect fit, and gives our protocol users another means to bolster their reputation histories.”

CTO and co-founder of Civic Jonathan Smith told Bitcoin Magazine that the Wall Street Journal recently analyzed over 1,400 digital coin offerings, and found that roughly 20 percent of them engage in some sort of fraud, from plagiarized investor documents to fake executive teams.

“Within the coin offerings analyzed by the Journal, nearly $1 billion was poured into fraudulent investments, and so far, investors have claimed losses of up to $273 million,” he states.

Both Civic and Hub believe their collaboration on ICO Hub will contribute to lasting trust in the blockchain space, boost users’ credentials on neighboring platforms, and improve transaction efficiency.

“ICO Hub is the first algorithmic ICO rating system that, unlike qualitative analysis-based rating systems, will help companies more towards self-regulation,” Smith said. “In a time where crypto projects are under constant scrutiny, it will help users stake tokens and predict the outcomes of ICO projects, instead of relying on social and github signals. Having a strong ID verification service integrated in the algorithmic evaluation will enable Hub to significantly reduce the risks related to impersonation and fake personas that have plagued ICOs and allowed fraudsters to run off with money undetected.”

Regulators have consistently worked to crackdown on fraudulent ICO projects. Last February, the Securities and Exchange Commission (SEC) issued a string of subpoenas to several ICO organizers, believing they were in violation of recent securities laws, and speaking with CNBC last November, Ethereum co-founder Joseph Lubin commented that most ICOs are fake, and have no intention of offering anything valid to their investors.


This article originally appeared on Bitcoin Magazine.

Categories: Bitcoin

What People Are Saying About Coinbase's Surprise ETC Listing

CoinDesk - Tue, 2018-06-12 17:15
Some members of the crypto community were surprised Tuesday when the U.S.-based exchange startup Coinbase announced that it plans to list ETC.
Categories: Bitcoin

Bitcoin Price Analysis: Breakdown of Consolidation Tests Bullish Resolve

Bitcoin Magazine - Tue, 2018-06-12 17:05

In the previous BTC-USD market analysis, we discussed a macro pattern forming, called a “symmetrical triangle.” A symmetrical triangle (shown in red) is a directionally agnostic consolidation pattern. Until this weekend, the market hadn’t decided whether it was going to break up or break down out of the pattern. Over the weekend, the bitcoin market saw a very strong push on very high volume through the bottom support of the triangle:

Figure 1: BTC-USD, 12-Hour Candles, Symmetrical Triangle Breakdown

The implications of this consolidation pattern breaking down have potentially devastating ramifications for the crypto market across the board. With patterns like a symmetrical triangle, there is a measured move that will give insight into a potential price target that will play out upon the breakout. In our case the measured move is a staggering $5,500 move. If the triangle had broken to the top, we could have expected to see a $5,500 move to the top. However, since we broke to the bottom of this pattern, we could potentially be heading for prices ranging from $1,500 - $3,000. Whether that target becomes fully realized remains to be seen, but those prices are not out of the question.

When we look at current support levels that may impede the downward motion, a few tests need to be broken before the full-fledged bearish pressure really begins to manifest in the market.

Our previous low at $6,450 was the lower boundary of an accumulation trading range that caused the market to make a very sizeable rally, testing the $10,000 range. Breaking this price level would undoubtedly send a cascade of stop-market orders, as this is a line-in-the-sand-type of price level: It’s where the bears previously decided they would no longer sell below that range and where the bulls decided it was a good entry point for long positions.

If the $6,450 price levels fail to hold up the market, the next immediate test will be the v-bottom we saw back in February that tested the lower $6,000s. There was a very high level of buyer interest at that level, and it was a level where aggressive short sellers covered and caused a rally. If we manage to break that level, we enter a high likelihood of deeper tests of market support where we will need to zoom out even further on our market view:

Figure 2: BTCUSD, 1 Day Candles, Fibonacci Retracement Values

If we draw out the Fibonacci retracement set for this entire parabolic run-up, we see a potentially strong level of support around the 78% retracement (the $4,500 range). Historic parabolic run-ups have, at maximum, retraced to the 78% range before ultimately bottoming. To me, this area is a strong zone of observation and not necessarily a zone of action as the price target of the aforementioned symmetrical triangle is well below that.

It’s very important to keep in mind this is all hypothetical and contingent upon the market response to the various support levels. At the time of this article, we are currently testing the strength of the first, initial, crucial support level.

Summary:

  1. Bitcoin broke down out of a large, multi-month symmetrical triangle.
  2. The measured move of this breakout lies roughly between the $1500 - $3000 range.
  3. There are various levels of support outlined in this article that all need to considered and analyzed on a case-by-case basis, as they potentially could result in a cryptomarket-wide, devastating downward continuation.

Trading and investing in digital assets like bitcoin and ether is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Media related sites do not necessarily reflect the opinion of BTC Media and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.


This article originally appeared on Bitcoin Magazine.

Categories: Bitcoin

Bitcoin's Price Slides Below $6.5K to Hit 70-Day Low

CoinDesk - Tue, 2018-06-12 16:08
The price of bitcoin, the world's largest cryptocurrency by market capitalization, fell to its lowest point since April 1 on Tuesday.
Categories: Bitcoin

Colombian Banks Shut Down Buda Crypto Exchange Accounts

Bitcoin Magazine - Tue, 2018-06-12 15:02

Colombian banks have closed all the accounts of South American cryptocurrency exchange Buda.com without warning or explanation.

The company experienced a similar issue in Chile some months back, where several banks decided to close its account along with those of several other exchanges.

According to local news, the move by the Colombian banks was unexpected, and the banks didn’t disclose why it was closing the accounts. Buda.com sent an email to its customers where it explained the problems it was facing which were affecting withdrawals.

The exchange said the closure of its accounts was sudden which affects the company’s operations and its users seeking to access their funds in Colombian pesos.

Buda.com CEO Alejandro Beltrán said the closed accounts were domiciled with Bancolombia, BBVA and Davivienda.

Buda.com started noticing irregularities on the Bancolombia platform before bank officials told the exchange its account had been closed.

The move by the banks might be linked to an internal circular from the Colombian Financial Superintendent wherein banks were advised not to interact with crypto platforms.

Beltrán, however, believes the circular was a recommendation to the banks, not an order.

Other Colombian exchanges such as BitINKA and Panda Exchange haven't reported any issues with the banks.

A day before the banks closed Buda.com's accounts, the Colombian Senate held a session on the potential of cryptocurrency and blockchain technology.

Senator Navarro Wolff, who convened the Third Senate Committee, stated that blockchain technology can be beneficial to the country in the areas of finance, electoral systems and management of public contracts. But Wolff also stipulated, "Regulation is required to protect the consumer and the user."

This article originally appeared on Bitcoin Magazine.

Categories: Bitcoin

Congressional Bill Calls for Study of Crypto Use in Sex Trafficking

CoinDesk - Tue, 2018-06-12 14:35
The House of Financial Services Committee is introducing a bill that would launch an investigation into how cryptocurrencies enable sex trafficking.
Categories: Bitcoin

India's Central Bank Stays Mum on Crypto Ban Reasoning

CoinDesk - Tue, 2018-06-12 13:30
The RBI has responded to a query about why it moved to block banks from dealing with crypto businesses earlier this year.
Categories: Bitcoin

Apple Blocks Crypto Mining Apps On Its Products

CoinDesk - Tue, 2018-06-12 12:10
In a recent update, Apple expanded their initial guidelines on cryptocurrencies to include policies on wallets, mining, exchanges, ICOs, and more.
Categories: Bitcoin

UN Trade Body Examines Blockchain's Potential in Supply Chains

CoinDesk - Tue, 2018-06-12 11:35
A United Nations body that facilitates global trade is examining blockchain and smart contracts to see if they could play a role in its mission.
Categories: Bitcoin

Merge pull request #175 from karalabe/geth-1.8.11

GitHub-brew - Tue, 2018-06-12 10:22
Merge pull request #175 from karalabe/geth-1.8.11 Update go-ethereum to v1.8.11
Categories: Ethereum

Update go-ethereum to v1.8.11

GitHub-brew - Tue, 2018-06-12 10:21
Update go-ethereum to v1.8.11
Categories: Ethereum

VERSION, params: begin v1.8.12 release cycle

GitHub-go - Tue, 2018-06-12 10:04
VERSION, params: begin v1.8.12 release cycle
Categories: Ethereum

params: release go-ethereum v1.8.11

GitHub-go - Tue, 2018-06-12 10:02
params: release go-ethereum v1.8.11
Categories: Ethereum

les: fix retriever logic (#16776)

GitHub-go - Tue, 2018-06-12 09:58
les: fix retriever logic (#16776) This PR fixes a retriever logic bug. When a peer had a soft timeout and then a response arrived, it always assumed it was the same peer even though it could have been a later requested one that did not time out at all yet. In this case the logic went to an illegal state and deadlocked, causing a goroutine leak. Fixes #16243 and replaces #16359. Thanks to @riceke for finding the bug in the logic.
Categories: Ethereum

core, eth, les: more efficient hash-based header chain retrieval (#16…

GitHub-go - Tue, 2018-06-12 09:52
core, eth, les: more efficient hash-based header chain retrieval (#16946)
Categories: Ethereum

crypto: replace ToECDSAPub with error-checking func UnmarshalPubkey (…

GitHub-go - Tue, 2018-06-12 09:26
crypto: replace ToECDSAPub with error-checking func UnmarshalPubkey (#16932) ToECDSAPub was unsafe because it returned a non-nil key with nil X, Y in case of invalid input. This change replaces ToECDSAPub with UnmarshalPubkey across the codebase.
Categories: Ethereum

Money-Laundering Task Force Wants Binding Rules for Crypto Exchanges

CoinDesk - Tue, 2018-06-12 09:25
The Financial Action Task Force reportedly aims to develop compulsory rules for the world's cryptocurrency exchanges.
Categories: Bitcoin

Forget Prices, Ethereum Is Offering a Different Value in Afghanistan

CoinDesk - Tue, 2018-06-12 08:00
According to Fereshteh Forough, the founder of Code To Inspire, ether bounties can be a tool for teaching Afghan women about financial empowerment.
Categories: Bitcoin

Merge pull request #16958 from karalabe/pending-account-fast

GitHub-go - Tue, 2018-06-12 07:07
Merge pull request #16958 from karalabe/pending-account-fast internal/ethapi: reduce pendingTransactions to O(txs+accs) from O(txs*accs)
Categories: Ethereum

Merge pull request #16959 from karalabe/fix-linters

GitHub-go - Tue, 2018-06-12 07:04
Merge pull request #16959 from karalabe/fix-linters metrics: fix gofmt linter warnings
Categories: Ethereum