The Writing’s on the Wall for Alleged Cryptocurrency Ponzi Scheme BitConnect

Source : The Writing’s on the Wall for Alleged Cryptocurrency Ponzi Scheme BitConnect The cryptocurrency Bitconnect (BCC) has rallied from less than $1 in January to reach an all-time high of over $286 in early November 2017. However, Bitconnect’s impressive year-to-date rise in value did not occur without controversy. The cryptocurrency “investment” platform has increasingly come under fire for allegedly being a Ponzi scheme. This criticism of the Bitconnect platform had made a resurgence in the past week when Ethereum founder Vitalik Buterin tweeted that Bitconnect is a Ponzi scheme if it promises a daily one percent return on investment. What is BitConnect? According to its website, Bitconnect “is an open source all in one bitcoin and crypto community platform designed to provide multiple investment opportunities with cryptocurrency education where it is entirely possible to find the independence we all desire, in a community of like-minded, freedom-loving individuals who, like you, are seeking the possibility of income stability in a very unstable world.” The primary form of income for Bitconnect “investors” is the platform’s supposed lending activities. To partake, a user has to invest bitcoin to receive Bitconnect coins that he or she can then invest for a profit that is earned daily. This involves profiting from a trading bot and the volatility software (the platforms lending operation), according to Bitconnect. Users can also earn new coins through staking their existing holdings using the official BCC wallet as Bitconnect uses a combination of Proof of Work (PoW) and Proof of Stake (PoS), according to the company. Bitconnect was launched in late 2016 through an ICO and quickly rose to become one of the largest cryptocurrencies in the market. Its founders and operators are largely unknown, which is nothing new in the cryptocurrency space but does not bestow a lot of confidence in what is supposed to be an investment platform. Why Are Critics Calling BitConnect a Scam? Vitalik Buterin was not the first person in the bitcoin community to call out BitConnect as a Ponzi scheme. According to its long list of critics, BitConnect is a Ponzi scheme that leverages the popularity of bitcoin and cryptocurrencies to promise impossibly high and regular returns. By promising up to 40 percent return on investment each month but requiring its “investors” to lock up their capital for a prolonged period of time on the Bitconnect platform, it is not surprising that the wider bitcoin community is more than skeptical about this cryptocurrency project. Like all MLM-powered cryptocurrency platforms, its members are enthusiastically sharing their positive experiences with BitConnect on platforms such as YouTube, Facebook, and Twitter in the hope to onboard new investors for which they then receive a referral fee. This is a very common feature among Ponzi schemes, and since BitConnect puts a lot of focus on encouraging its users to refer new investors, it does make it seem like BitConnect may be using funds of Paul to pay Peter, instead of actually generating high returns through cryptocurrency lending. Bitcoin community …

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Bitcoin Price Recovers to $6550

Source : Bitcoin Price Recovers to 50 There’s never a dull moment within the digital economic system. Following weeks of consistent advances, the bitcoin price encountered a great correction remaining weekend at the hands of a surging bitcoin cash. However, following a flurry of buying and selling that briefly noticed bitcoin cash surpass Ethereum for the second position within the marketplace capitalization ratings, things look like settling down towards their preceding stages. Towards this backdrop, the digital currencies marketplace capitalization made just a minor movement for the day, whilst order-book exchanges processed a record twenty five billion dollars’ worth of trades. After starting the day at $200.6 billion, the entire cost of all digital currencies now sits at $202.6 billion, for a daily benefit of approximately one percent. To the wonder of many, the cancellation of the SegWit2x hard fork caused a bitcoin price decline and caused a huge switch of capital from bitcoin to bitcoin cash. The decline was so precipitous that bitcoin dropped under $5600, a pullback of almost thousand dollars from its all-time high. As currently as yesterday, the bitcoin rate was buying and selling as low as $5714, but Monday morning it initiated an eight hundred dollars rally that has back it to a present price of $6564. Bitcoin now has a marketplace capitalization of $109.5 billion, which account for about fifty-four percent of the entire digital currency marketplace capitalization. Bitcoin’s rally, like its weekend decline, was inversely correlated with the trajectory of the bitcoin cash rate. Strengthened by bitcoin’s reluctance to put into effect scaling solutions that could immediately lessen transaction expenses to stages that could permit it to function as digital cash, the bitcoin cash rate exploded to a new all-time high under $2500. However, then, the bitcoin cash charge has plunged again to a present stage of $1136, which interprets into a daily decline of almost twenty two percent. This leaves bitcoin cash with a $19.1 billion marketplace capitalization. Many observers trust that a great part of the bitcoin cash price rally was inorganic, the result of marketplace manipulation by huge stakeholders. however, manipulation or not, this weekend’s occasions show that the so-called struggle for the Bitcoin brand did not stop with the cancellation of SegWit2x. In truth, it can just be being began. All eyes were on bitcoin cash, but the ethereum rate quietly joined bitcoin in posting a moderate daily advantage. After starting the day at $305, ethereum obtained a mild bump while bitcoin cash fell into decline, and the ethereum price is presently buying and selling at $319. This offers ethereum a marketplace capitalization of $30.5 billion. In spite of excessive volatility at the top of the chart, digital cyrrencies controlled to post a comprehensive increase. The ripple price led the way with a minor gain, growing two percent to $0.202. The dash rate, fueled by the information that the coin would be introduced to ditcoin and digital currency exchange OKEx, surged by almost twenty five percent to $423. This …

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Bitcoin’s Roger Ver and Mate Tokay Join NAGA Board of Advisors

Source : Bitcoin’s Roger Ver and Mate Tokay Join NAGA Board of Advisors The NAGA Group AG welcome Bitcoin.com CEO Roger Ver and COO Mate Tokay to the NAGA board of advisors. [Note: This is a press release.] German FinTech company The Naga Group AG announced today that Bitcoin.com CEO Roger Ver had joined NAGA’s board of advisors. Furthermore, Ver’s colleague and Bitcoin.com COO Mate Tokay has joined the project as an advisor as well. Both men are well respected and considered to be key influencers within the cryptocurrency community and will bring a wealth of experience and insight to NAGA. NAGA’s ideas get pretty close to Roger’s philosophy and ideology. Due to the fact that NAGA’s Ecosystem will give access to 2 billion underbanked users to participate in the financial and crypto markets, it will allow everyone to get into trading and investing and it will result in their potential independent individual lifestyle, which supports the idea of libertarianism that is embraced by Roger. Due to the fact that Roger supports Bitcoin Cash, The NAGA Group decided to add BCH to their accepted currencies on their Token Sale in order to reduce the barriers for their potential investors and future customers who would like to become a part of the ecosystem. Founders and Executive Directors of The NAGA Group AG, Benjamin Bilski and Yasin Sebastian Qureshi expressed their keen pleasure with this latest development: We are proud that Roger and Mate joined our Token sale. Both have an impressive track record in the industry and they have left an already significant footprint in the crypto-community. Roger and Mate´s engagement also substantiate our ambition to create a powerful solution for barrier-free investing into stocks or virtual goods with our NAGA Coin. Having one of the most renowned people from the community,  combined with our fast growing business powered by our exchange-listed company, makes us confident to set the path for a fundamental token growth. Roger Ver Take a look at any Who’s Who in Bitcoin list and you’ll find Roger Ver near the top of that list. Dubbed ‘Bitcoin Jesus’, Ver is a pioneer for Bitcoin adoption around the world. In 2011, Ver’s company, MemoryDealers.com, became the first mainstream company to accept Bitcoin as a payment option. He is considered to be the first Bitcoin angel investor, having funded the seed rounds for most of the entire first generation of Bitcoin-related businesses, including: The Bitcoin Foundation Bitpay Blockchain.info Ripple Kraken Ver is a proponent of libertarianism and voluntaryism, believing in an individual’s right to freedom of choice, voluntary association, and self-governance. These beliefs are in harmony with NAGA’s mission, which is to open up the financial and crypto markets to the more than 2 billion underbanked people in the world, offering them the potential for a wealthier individual lifestyle. Speaking about NAGA, Ver stated: I’m honored to be involved as an advisor to a company that shares my same ideals. Mate Tokay ‘Bitcoin Disciple’ to Ver’s ‘Bitcoin Jesus’, Mate Tokay …

Plus…Bitcoin’s Roger Ver and Mate Tokay Join NAGA Board of Advisors

Bitcoin’s Roger Ver and Mate Tokay Join NAGA Board of Advisors

Source : Bitcoin’s Roger Ver and Mate Tokay Join NAGA Board of Advisors German FinTech company The Naga Group AG announced today that Bitcoin.com CEO Roger Ver had joined NAGA’s board of advisors. Furthermore, Ver’s colleague and Bitcoin.com COO Mate Tokay has joined the project as an advisor as well. Both men are well respected and considered to be key influencers within the cryptocurrency community and will bring a wealth of experience and insight to NAGA. NAGA’s ideas get pretty close to Roger’s philosophy and ideology. Due to the fact that NAGA’s Ecosystem will give access to 2 billion underbanked users to participate in the financial and crypto markets, it will allow everyone to get into trading and investing and it will result in their potential independent individual lifestyle, which supports the idea of libertarianism that is embraced by Roger. Due to the fact that Roger supports Bitcoin Cash, the NAGA Group decided to add BCH to their accepted currencies on their Token Sale in order to reduce the barriers for their potential investors and future customers who would like to become a part of the ecosystem. Founders and Executive Directors of The NAGA Group AG, Benjamin Bilski and Yasin Sebastian Qureshi expressed their keen pleasure with this latest development: “We are proud that Roger and Mate joined our Token sale. Both have an impressive track record in the industry and they have left an already significant footprint in the crypto-community. Roger and Mate´s engagement also substantiate our ambition to create a powerful solution for barrier-free investing into stocks or virtual goods with our NAGA Coin. Having one of the most renowned people from the community,  combined with our fast growing business powered by our exchange-listed company, makes us confident to set the path for a fundamental token growth. Roger Ver Take a look at any Who’s Who in Bitcoin list and you’ll find Roger Ver near the top of that list. Dubbed ‘Bitcoin Jesus’, Ver is a pioneer for Bitcoin adoption around the world. In 2011, Ver’s company, MemoryDealers.com, became the first mainstream company to accept Bitcoin as a payment option. He is considered to be the first Bitcoin angel investor, having funded the seed rounds for most of the entire first generation of Bitcoin-related businesses, including: The Bitcoin Foundation Bitpay Blockchain.info Ripple Kraken Ver is a proponent of libertarianism and voluntaryism, believing in an individual’s right to freedom of choice, voluntary association, and self-governance. These beliefs are in harmony with NAGA’s mission, which is to open up the financial and crypto markets to the more than 2 billion underbanked people in the world, offering them the potential for a wealthier individual lifestyle. Speaking about NAGA, Ver stated: “I’m honored to be involved as an advisor to a company that shares my same ideals.” Mate Tokay ‘Bitcoin Disciple’ to Ver’s ‘Bitcoin Jesus’, Mate Tokay is without question one of Bitcoin’s most active and vocal proponents. A professional athlete and former wakeboard world champion, Tokay made his first foray into …

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Tokenbox TGE: token sale, that funds and traders waited for, is set for today

Source : Tokenbox TGE: token sale, that funds and traders waited for, is set for today The Token Fund creators are up to their new and much-expected project launch – Tokenbox. For the last few months, the team have been developing a multifunctional platform for cryptotrading, uniting traders, cryptofunds and interested investors, offering ready-made box solutions within one ecosystem. Tokenbox TGE will take place at 12 UTС today, on November 14th. To participate please follow the link https://tokenbox.io/, or follow the official Tokenbox Telegram channel https://t.me/Tokenbox. For TGE there is an early-bird offer with up to 20% bonus in TBX tokens, valid for buyers during the first three hours. A tailor-made trading terminal, co-created by Tradingview and Tokenbox teams, perfectly balanced multicurrency portfolio, funds’ tokenization, legal transparency and mandatory KYC-verifications are named among the main advantages of the platform. Tokenbox co-founder, Vladimir Smerkis, announced that the first 10 funds to be registered on the Tokenbox platform will receive a $6 million funding from the Tokenbox team. The amount of investors’ funds planned to be raised at the Token Generation Event is limited to $20 million only. The amount of managed assets is only limited by the amount of TBX tokens in a portfolio, that is required by the platform’s functionality. Funds and traders should keep the TBX ratio at a minimum 5%. A rating system will entitle investors to make a balanced decision while choosing a particular fund. It will allow even a small capitalisation fund to compete with larger participants, having a similar rating. As for the new trading terminal, it is no doubt a tool that the whole cryptomarket longed for. It will give the platform users a gateway into the global digital currency economy, hundreds of currencies on leading exchanges and more than 75 technical indicators from a single account. The software will allow to generate automatic reports for portfolios via messengers. Further development will include price trigger alerts via SMS, E-Mail and In-Browser, as well as third-party services connection. Vladimir Smerkis, The Token Fund and Tokenbox co-founder: “There is an issue of trust and individual security in the whole system. Our approach is aimed to solve it. We have KYC procedures that everyone needs to pass, such as uploading IDs and database checks. We are in agreement with a number of KYC providers that can perform such checks. We have tokenized our funds, the way it already works at The Token Fund. Funds’ tokens are based on an Ethereum blockchain, ERC-20 standard precisely, and are universal for many services, wallets, and stock exchanges”. Pavel Salas, regional director at eToro, Tokenbox financial adviser: “Many traditional investors would like to invest into cryptoassets, but don’t know how to enter the market. In my opinion, the Tokenbox can become a company that will open this door for a big number of new investors, help them invest into the cryptoworld safely and in a well-regulated way”. Professor Wulf Kaal, co-founder of the International Digital Chamber of Commerce, FinTech and LegalTech adviser …

Plus…Tokenbox TGE: token sale, that funds and traders waited for, is set for today

Why Cancelling SegWit2x Could Be (Really) Bad for Bitcoin

Source : Why Cancelling SegWit2x Could Be (Really) Bad for Bitcoin The second phase of SegWit2x, where the maximum block size would be raised from 1mb to 2mb, was recently called off. SegWit2x is the result of years of feuding between two major camps in Bitcoin’s ecosystem. The feud revolved around how to scale Bitcoin; as network adoption increased, its abysmal transaction throughput became increasingly evident as transaction fees and first-confirmation times skyrocketed. One camp, consisting of miners and Bitcoin startups, prefers on-chain scaling while the other camp, consisting of Bitcoin Core developers, prefers off-chain scaling. SegWit2x was supposed to be a compromise between the two groups. The upgrade consisted of two phases. The first phase involved adding the segregated witness technology (SegWit) to Bitcoin. Although SegWit slightly increased the maximum number of transactions per block by reducing transaction size, its main value proposition lies in setting up Bitcoin for off-chain scaling solutions like the Lightning Network. SegWit2x’s second phase involved on-chain scaling through increasing the maximum blocksize from 1mb to 2mb. Although the first phase of SegWit2x was locked in and activated in August (meaning Bitcoin has SegWit now), the second phase was scheduled to occur in November. That is, until last week when the on-chain camp suspended their plans for the 2mb upgrade. This suspension was partly the result of pressure from a “NO2X” initiative led by the off-chain camp. Part of the initiative consisted of a Twitter campaign encouraging users to append a NO2X tag to their Twitter username as a show of defiance for the 2mb upgrade. I also noticed a strong push against the 2mb upgrade on major cryptocurrency subreddits, /r/Bitcoin and /r/cryptocurrency, as well as on several Western cryptocurrency editorial websites. With the on-chain camp backing off the 2mb upgrade, it seems that the off-chain camp has won the scaling debate and successfully implemented SegWit on Bitcoin without a corresponding change in Bitcoin’s maximum block size. However, is this really good for Bitcoin? Does the off-chain camp’s success translate to Bitcoin’s success, or is this actually a veiled defeat for Bitcoin that has disastrous consequences. Here’s why I think it’s the latter. Hurt branding – almost childish refusal to implement a small network upgrade This refusal to move forward with a simple 1mb to 2mb maximum block size upgrade emphasizes how childish this entire scaling debate has been. When asked about the reasons to not increase the block size, pundits would give you answers such as a rushed hard fork, no replay protection, or more centralization. Not only are all these points moot (which I will address later), but why weren’t alarm bells raised immediately after the New York Agreement was signed! The NYA was signed in May of this year leaving so much time for the NO2X’ers to voice their concerns but they didn’t. Instead, they waited till after everything they wanted out of the compromise was in Bitcoin, namely the Segwit upgrade, when they decided to raise their concerns with SegWit2x’s second …

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Bitcoin Cash, BTC, and Roger Ver

Source : Bitcoin Cash, BTC, and Roger Ver A week ago, I had the genuine pleasure and honour to meet up with Roger Ver. An entrepreneur, and an evangelist for Bitcoin whom I greatly look up to and respect. After all, he has done more for Bitcoin than anyone in Core has for the last 3 years. This isn’t a criticism of individuals in Core, (there’s plenty of talent there!) – But rather a criticism of the leadership, which has stifled Bitcoin BTC to unfathomable extents. It’s been a turbulent week, that’s for sure. I had every intention of doing this write-up over the weekend, but with the events unfolding, by the time I put pen to paper, everything had changed. Such is the nature of the crypto market! Roger and I discussed the status quo – bear in mind, this was last week, and so much has happened since! Including the cancellation of Segwit2x, and the incredible rise of Bitcoin Cash (BCH), which momentarily saw it gain second spot in market cap. At the time of writing, BCH, holds a strong $20 billion dollar market cap, and its strong activity has no doubt raised eyebrows, as speculators begin to dig below the surface, to know what this is really about. Our meet-up was literally the day after Bitcoin Unlimited presented the results of the gigablock testnet. Being a proponent of on-chain scalability, Roger commented “… I had twenty years of selling computer equipment, the first modules I sold were 8mb modules, and they were $800 8mb modules, ofcourse the future is 1GB blocks, 8GB blocks, and some day if there’s enough AI on the planet making transactions, we’ll have 1TB blocks someday, it won’t be an issue with Moore’s Law” Moore’s Law ofcourse is the observation that the number of transistors in an circuit, more than doubles every two years. Ofcourse, there are many related disciplines here, including storage, and communication speeds. Take for example the following chart below: Roger’s analysis is spot on. Satoshi knew this. Developers are often blinded because they cannot see the forest for the trees. Anyone that understands economic fundamentals has a head-start already. The online community is toxic. With countless words of misinformation, newcomers are often lost in a maze of psychobabble that is an intentional strategy to deflect from the real issues. This is not to mention attempts at discrediting individuals. Roger is often accused of “pumping” his coin (BCH), or “creating” his coin. – Here’s fact – Roger has specifically stated he was not aware of the Bitcoin Cash hardfork until it was practically happening. Roger: “Yeah right after it happened (BCH fork), I was like this version of Bitcoin really holds true…” Eli: “at what point did it occur to you that, hang on, this really is the Bitcoin I have been fighting for this whole time?” Roger: “There was never a one eureka moment… It’s been a gradual process, and my feelings towards Bitcoin Cash continues to warm… especially after considering …

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Naga – Smart Cryptocurrency for Gaming and Stock Trading

Source : Naga – Smart Cryptocurrency for Gaming and Stock Trading Some financial technology sectors see the potential in cryptocurrencies and offer a few of the major ones as investment options. The company, Naga Group, is genuinely excited about what the blockchain offers. As a fully functioning and publicly traded organization, they anticipate a trading world without commissions. This makes the Naga Group the first ICO participant that has had an IPO. Disclosure: This is a Sponsored Article The Naga Group has an advantage, it is an already publicly traded fintech company founded in Hamburg, Germany. Founded in October 2015, Naga Group is a fintech company that produces companies that embrace technological changes in financial markets. One of their products, SwipeStock allows traders to trade stocks on a social network. It is often called the “Social Network” or the “Facebook” of trading. SwipeStox won an innovation award at FINOVATE in London 2016 for its ability to allow anyone to invest in financial instruments, such as market indices, forex, and CFDs. Another Naga Group product, Switex, is an exchange for items from video games powered by the Blockchain. Individuals will be able to sell items they earned in approved video games for currency. Publishers will also have a space where they may sell virtual goods. With their Token Sale, the Naga Development Association Ltd. has partnered with the Naga Group to introduce NGC (Naga Coin) and Naga Wallet. The Naga Wallet will store NGC which will allow you to purchase assets listed on SwipeStox and Switex. The Naga Group has an advantage in the app SwipeStox, as it already has three to four billion dollars in trading volume every month on its platform. The Naga Group also has investments from the financial community. One of the oldest banks in Europe, Hauck & Aufhaeuser, invested in Naga Group in 2016. As a fully established company with growth of 400% since its IPO on the Frankfurt Stock Exchange (FSE), Naga Group represents stability in the world of ICOs. It also already has a list of financial licenses from BaFin and CySEC. And all of its operations is built on top of a sound legal set up. Now, with a market cap of 200 million euros, Naga Group is looking to change the way we bank and provide banking technology to the unbanked. By essentially democratizing the way we trade stocks with NGC, Naga Group wants to provide equitable financial tools to those who may not have access to them before. And although a small commission will be implemented at the start, Naga group plans to eliminate commissions by Q2 of 2019. Naga Development Association Ltd., in partnership with the Naga Group, will release 220 million NGC to the public in their main sale on December 1st. 20 million NGC will be made available in the pre sale on November 15th. There will be certain advantages in each sale. In the pre sale, there will be a 30% bonus NGC. There will also be …

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Bitcoin cash dethroned Ethereum as 2nd-largest cryptocurrency during wild night of trading – Business Insider UK

Source : Bitcoin cash dethroned Ethereum as 2nd-largest cryptocurrency during wild night of trading – Business Insider UK Business Insider UK Bitcoin cash dethroned Ethereum as 2nd-largest cryptocurrency during wild night of tradingBusiness Insider UKIt later shed about $1,000, and by 11:35 a.m. ET it was only trading up 14.7% at $1,525, slipping back below Ethereum’s market cap. Still, it was an impressive march for a coin that has spent most of its […] The post Bitcoin cash dethroned Ethereum as 2nd-largest cryptocurrency during wild night of trading – Business Insider UK appeared first on The Bitcoin News – Leading Bitcoin and Crypto News since 2012.

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