Op Ed: The Rise of Cryptocurrency Securities Lawsuits

As the cryptocurrency market develops and grows, cryptocurrencies have become the subject of an increasing number of securities lawsuits. This year alone, more than 10 cryptocurrency securities lawsuits have been filed in federal district courts throug…

Updated Edition of Blockchain Revolution Fills In Some Big Gaps

“When Blockchain Revolution came out, bitcoin was worth around $7 billion. Today, it’s more than twenty-two times that. Bitcoin is the workhorse of the cryptocurrency world and the cryptocurrency that launched a thousand ships.”So reads part of the pre…

Riot Blockchain Gets Hit by Another Shareholder Lawsuit

Source : Riot Blockchain Gets Hit by Another Shareholder Lawsuit After changing its name to Riot Blockchain in October to include the word “blockchain,” the public company watched its stock skyrocket from $8 a share to more than $38 during a cryptocurrency rally at the beginning of the year.The first significant problem was the company did not have any real focus on blockchain technology. Before October, Riot was known as Bioptix, a maker of diagnostic machinery for the biotech industry. The company also changed its ticker symbol to RIOT from BIOP.Another problem was that key shareholder Barry Honig got caught with his hand in the cookie jar, selling off a big stake of his shares at $38 per share after the name change.On February 22, 2018, law firm Robbins Geller Rudman & Dowd LLP announced it was filing a class-action lawsuit against Riot. The complaint charges Riot, along with Honig and company CEO John O’Rourke and CFO Jeffrey McGonegal, with securities violations.Specifically, the charges claim that despite its lack of blockchain expertise, Riot changed its name to generate investor enthusiasm to further an insider scheme that would allow Riot’s controlling shareholders to dump their stocks at grossly inflated prices.At least two other lawsuits have been filed against Riot and its principals, charging them with securities violations and false and misleading statements. These lawsuits follow a scathing investigation into Riot by CNBC on February 16, 2018, that raised questions about the company’s business model and Honig. In the wake of that report, shares tumbled 33 percent to $11.46. It is likely these class-action lawsuits may be the first of many to come against Riot. Shady ActivitiesOn October 4, 2017, Riot adopted its new name and headed off in a radical new business direction, announcing it was going to invest in and operate blockchain technologies with a focus on Bitcoin and Ethereum. The company had no previous business in blockchain technology, yet in press releases, Riot portrayed itself as a seasoned player in the space. “At Riot Blockchain, our team has the insight and network to effectively grow and develop blockchain assets,” said Riot’s then-CEO, Michael Beeghley, in a statement at the time. The company has a history of questionable activities. In December, Riot began purchasing cryptocurrency mining equipment. But rather than purchasing from the manufacturer or other suppliers, the company paid more than $11 million for equipment worth only $2 million by purchasing it through a newly formed shell entity.  Honig is also charged with exercising outside influence over the company’s business operations. Beginning in April 2016, long before the company changed its name to Riot, Honig began purchasing shares in the company. By December 2016, he had become the company’s largest shareholder, owning more than 11 percent of the company. He used that influence to nominate several new directors to the board, including O’Rourke. In addition to insider selling after the name change, other worrying signs about the company included: Riot lost two auditing firms in just one year, and …

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Bitcoin Price Analysis: Bitcoin Faces Pivotal Support as Bulls Exhaust Buying Pressure

Source : Bitcoin Price Analysis: Bitcoin Faces Pivotal Support as Bulls Exhaust Buying Pressure After seeing a rally to the $11,000s, bitcoin has managed to pull back to the $9,000 range and has left many bullish investors confused. The initial bullish rally seemed promising as it broke the macro, descending channel that governed much of the market over the last two months:Figure 1: BTC-USD, 6-Hour Candles, Descending ChannelThe breakout of the descending channel (red dotted channel) gave hope to many bullish investors as it seemingly signaled the end of the downtrend and perhaps the beginning of a sustained bullish reversal. The volume was increasing and the price was pushing full steam ahead. However, after a few days of strong bullish movement, the price took a sharp turn downward and broke the governing channel that outlined the bullish rally from the $6,000s:Figure 2: BTC-USD, 30-Min. Candles, Bullish ChannelAs noted in the previous BTC-USD market analysis, there was a possible distribution trading range (TR) under way, and I mentioned that a breakout above the TR was likely. However, if the market managed to break out and return back inside the TR, that would possibly mark the beginning of a sustained move downward:Figure 3: BTC-USD, 30-Min Candles, Distribution TRYesterday, the market saw a strong push below the TR, where it managed to find a bottom around the $9,600 range. After finding a local bottom, the market returned to the TR from the bottom side and was ultimately rejected from the TR, marking a possible last point of supply (LPSY) for the TR. Currently, the market is hovering just below the TR and is on the tipping point of breaking strong support. If we manage to break the strong support around the 38% retracement values (shown in Figure 3), I expect to see widespread capitulation that will lead to a return to the bearish channel shown in Figure 1. It is entirely possible that we could see a return to the TR once more, so I’m not ruling out the possibility of a short-term bullish rally.  However, I have very little hope at the moment for a resumption of the macro uptrend.If we manage to push new lows, I expect to find support in the low $9,000s as this marked the breakout of the current, failed rally. From there we will have to reassess the market conditions, but for now, I have very little confidence in a bullish continuation.Summary:After a strong uptrend, and after a breakout of the bearish descending channel, the market saw a strong pullback.The strong pullback marks a potential distribution trading range on the 30-minute candles.New lows may be in store for bitcoin as it decides whether the bulls are too exhausted to keep the buying pressure aloft.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 …

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Bringing Renewable Energy to the World Using Blockchain Technology

Source : Bringing Renewable Energy to the World Using Blockchain Technology Modern energy services are vital to human well-being and to a country’s economic development, yet according to the International Energy Agency (IEA), globally 1.2 billion people lack access to electricity. It’s thought that around 95 percent of these people are in either sub-Saharan Africa or developing Asia, with 80 percent in rural areas.Ethereum-based platform ImpactPPA is attempting to turn on the lights using the power of the blockchain.Selected as one of the top three most promising ICOs at this year’s North American Bitcoin Conference, ImpactPPA aims to disrupt renewable energy to finance and accelerate global clean energy production by decentralizing and tokenizing energy generation through power purchase agreements (PPAs). To achieve this, the platform is using blockchain technology, smart contracts and its energy protocol, the SmartPPA. The project white paper describes how, right now, energy financing and distribution is bottlenecked by large, centralized NGOs and government agencies that have established an unwieldy financing system that can take years from proposal to product implementation. The SmartPPA is the lynchpin of the new system and permits anyone, anywhere, to create a proposal for a project of any size. Even though ImpactPPA will allow users worldwide to access clean energy on a mobile device, the platform is primarily focusing on the emerging economies in the world.Speaking to Bitcoin Magazine, ImpactPPA CEO Dan Bates explained that the current funding process with centralized NGOs is “too cumbersome and costly for many developing nations,” leaving many countries and their populations with limited access to power.“ImpactPPA’s use of the blockchain and the crowd dramatically changes this paradigm, tapping into the vast potential of the socially minded impact investor and concerned citizen, looking to benefit the well-being of others while mitigating climate change,” he said.As a company that has already been working in the traditional renewable energy (wind and solar) space for over 10 years, with projects on the ground in 35 countries, ImpactPPA’s platform is now ready to deploy with the blockchain component. According to Bates, the team has more than 200 megawatts in discussion for PPAs around the world that they expect to begin executing within the next six months. Through its pay-as-you-go model for power, ImpactPPA is providing the most remote and underserved populations the chance to rapidly fund and deploy clean energy solutions that improve their quality of life, giving users the chance to purchase and consume energy on an as-needed basis.“There is great need for our solutions in rural Africa as well as island nations like Puerto Rico and Haiti, which have been affected by hurricanes, just to name a few examples,” said Bates. “But as a company, we are interested in working everywhere and anywhere there is a need for power.”ImpactPPA is currently working with the Haitian government and local partners to provide power to 42 of their coastal communities that have been left without power since Hurricane Matthew in 2016. The platform is planning on working with NGOs in the …

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Nokia Launches Blockchain-Powered IoT Sensing as a Service for Smart Cities

Source : Nokia Launches Blockchain-Powered IoT Sensing as a Service for Smart Cities Nokia is launching a set of services, based on Internet of Things (IoT), data analytics, and blockchain technologies, for economically and environmentally sustainable “smart cities.”In the emerging IoT, billions of connected devices and sensors will generate vast amounts of data. Smart cities will need to retrieve, process, interpret and act upon real-time environmental data in a timely manner to ensure they remain sustainable environments for their citizens. To enable efficient IoT ecosystems for smart cities, it’s important to create new data monetization opportunities for IoT sensor network operators able to provide smart city authorities with real-time processed and analyzed environmental data. »Cities need to become digital in order to efficiently deliver services to their habitants,” said Asad Rizvi, head of Global Services business development at Nokia. “Smart infrastructure, which is shared, secure, and scalable, is needed to ensure urban assets and data are efficiently used. We can help cities with that. In addition, we can help operators generate new revenue utilizing their existing network by providing solutions for smart city players, such as city, transport, travel and public safety authorities. »Nokia’s Sensing as a Service (S2aaS) provides intelligent analytics on environmental data gathered from IoT-connected sensors, which operators can sell to cities and other authorities. Nokia envisions IoT-based, real-time monitoring systems able to provide timely environmental information for smart city management. For example, S2aaS will detect unusual environmental behavior like illegal construction, trash burning or unusual particles in the air.NetworkWorld notes that the idea behind the product is to provide a way for mobile network operators (MNOs), many of which use Nokia cell site equipment, to monetize existing infrastructure, such as towers, by selling live environmental sensor data to cities and others.Nokia’s S2aaS is powered by a blockchain with a built-in micropayment platform, which supports smart contracts for “anonymized, private and secure micro-transactions that allow operators to monetize analyzed data and generate new revenue streams.” “Our complete micropayment platform can help you quickly generate new revenue from your data,” reads a Nokia solution paper. “Based on blockchain, the distributed ledger technology that is taking finance, healthcare, and a range of other industries by storm, our platform allows you to easily integrate third parties into your data market — expanding your customer base and service offerings. And as every transaction is verified against other peers in the blockchain network, you can be sure that your platform is secure.”Independent operators will have the option of a traditional CapEx (Capital Expenditure) business model, or a revenue sharing service model. Nokia stated that it will work with clients to identify optimal business models for their specific use cases.Nokia will manage all hardware installation, equipping existing network sites with new environmental sensors and edge gateways. S2aaS will include a complete platform for collecting and processing sensor data hosted in Microsoft Azure, AWS, or Nokia’s private cloud, using a choice of Amazon IoT, and Microsoft IoT, or Nokia’s own AVA cognitive services platform. According to …

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