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2018 was a very disappointing year for the cryptocurrency market, especially towards the end of the year as prices plummeted from the he...

Mining giant Bitmain’s future remains uncertain after a forgetful 2018

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2018 was a very disappointing year for the cryptocurrency market, especially towards the end of the year as prices plummeted from the heights of 2017. The falling prices adversely affected traders, crypto exchanges and even, mining operators and manufacturers of mining equipment. However, it would seem that the Chinese giant, Bitmain was more affected than most, so much so that presently, its future hangs in the balance.
Falling demand for mining equipment
Bitmain was the king of mining operations and has also long been a leader in the field of manufacturing mining equipment. In fact, so popular was its Antminer equipment that during the boom of 2017, they were often sold out and were found to being sold for triple the price on the black market. However, when Bitcoin and other cryptocurrency prices came tumbling down, so did the demand for their equipment.
An investment with no returns
That alone hasn’t contributed to Bitmain’s recent position. In fact, it can be argued that Bitmain’s struggles today can be attributed to how much it overextended itself in light of the Bitcoin Hard Fork and poured in more resources than necessary to develop Bitcoin Cash specific mining resources. Since the hard fork, BCH has largely encountered a bearish market and has seen a consistent downslide in value, which is why none of Bitmain’s considerable investment into BCH mining operations has returned any profits.
Bitmain has also been forced to lay-off several people, including many involved in developmental projects across the world. The BCH development teams were worst hit with a reported 85% lay-off rates but, other projects weren’t immune too. In fact, entire developmental projects in places such as Israel and Amsterdam have been shelved as they were considered auxiliary and were deemed detrimental to the scalability and long-term sustainability of all operations.
Reigning uncertainty about IPO plans
Uncertainty over Bitmain’s IPO plans hasn’t helped the recent fortunes of the company either. While plans for Bitmain to go public through an IPO and join the Hong Kong Stock Exchange have long been in the works, there still remains regulatory uncertainty over the same. The recent statements by the CEO of the Hong Kong Stock Exchange at Davos are unlikely to alleviate worried investors. He said,
“If a company made billions of US dollars through Business A, but suddenly said it will do Business B without showing any performance or said Business B is better, then I don’t think the Business A featured in their application will be sustainable.”
The CEO also went on to suggest that such companies cannot adapt to a new market of regulators and that the market itself is too volatile and risky for anyone who may be interested in investing.
Bitmain has had its share of management issues as well as its Founder and CEO Jihan Wu was ousted after he was blamed for the huge losses incurred by Bitmain in Bitcoin Cash mining operations. Wu has since been absconding.
Conclusion
Bitmain operated mining pools collectively once contributed over 45% of all hashing power in the Bitcoin mining pool globally. However, this is down to 23%, a reflection of how other mining pools have rushed in to fill the vacuum left by Bitmain. Even in the field of manufacturing, Bitmain has sold most of its flagship S9 miners for a loss over the past year, at a cost that wasn’t even able to recover the breakeven cost of mining.
All these factors over the past year and a half have contributed to the uncertainty that is associated with Bitmain in 2019. With a new management, hundreds of layoffs and after struggling to recover from huge losses incurred in grand investment schemes, it might take a while for Bitmain to actually dominate the market as it once did.
And while Bitmain’s present condition has broken their monopoly and encouraged small scale miners to build up their enterprise, a behemoth like Bitmain would bring down cryptocurrency prices even more if it continues to struggle. It is therefore perhaps in everyone’s interest that Bitmain recovers soon.

LocalBitcoins, the marketplace for over-the-counter trading of local currency for bitcoin has been the latest victim of hacking. On 26th...

LocalBitcoins Hacked: Accounts Liquidated

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LocalBitcoins, the marketplace for over-the-counter trading of local currency for bitcoin has been the latest victim of hacking. On 26th January the platform was breached. The platform detected a security breach due to which hackers were allowed access to a number of accounts and liquidate these. According to localbitcoins, a third party software was the source of the issue.

LocalBitcoins Hacked:

Due to the attack, the logged in users on the platform were asked to re-enter their password and two-factor authentication code. As soon as the users entered the data, their accounts were liquidated by the hackers. After the administrators came to know about the attack they immediately shut down the withdrawals on the platform and started to investigate. The company later announced that the attack was due to a third party software and six of the user accounts were affected by the hack. Localbitcoins also announced that the Know your customer data was not affected due to the attack.
The Localbitcoins was able to identify and resolve the issue quite quickly which proves the competent and responsive quality of the team. However, the team hasn’t announced yet if the affected users will be compensated for their losses.

China  has released its latest government-sponsored rankings of major  cryptocurrencies , placing Bitcoin ( BTC ) in 15th, while  EOS  k...

Chinese Blockchain Rankings Released: EOS Still First, Ethereum Second, Bitcoin 15th

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China has released its latest government-sponsored rankings of major cryptocurrencies, placing Bitcoin (BTC) in 15th, while EOS keeps its top spot. The rankings were released in a press release on Jan. 24.
The crypto rankings by China’s Center for Information and Industry Development (CCID) were first announced in May last year. In this ninth edition of the index, EOS keeps its place as the top-ranked blockchain, which has been occupied by the platform since June 2018.
The ninth CCID Global Public Chain Technology Evaluation Index, the first index released by the institute in 2019, places EOS first in the ranking again. The last such index, which was released in December of last year, also placed EOS in first place.
As Cointelegraph reported in November last year, EOS found itself in the middle of a controversyagain when its governance model was exposed by evidence suggesting that some confirmed transactions were reversed.
The second position in the ranking is held by Ethereum (ETH), the same place it held in December’s rankings, after the recent postponement of the hard fork by Ethereum’s developers until late February. Bitcoin’s current position, on the other hand, is up from the 18th place it held in December last year to the 15th.
As Cointelegraph recently reported, Ripple (XRP) — which is in the 20th place in this ranking — launched a blockchain research scholarship in partnership with a major Chinese research university last week

Facebook, a well-known name in the world which was used or being used by almost everyone around us is soon going to launch its own cry...

Facebook to launch its own cryptocurrency for Whatsapp Messenger

Facebook which was used or being used by almost everyone around us is soon going to launch its own cryptocurrency for its Whatsapp messenger app.

Facebook, a well-known name in the world which was used or being used by almost everyone around us is soon going to launch its own cryptocurrency for its Whatsapp messenger application which it had earlier purchased from its founders, Jan Koum and Brian Acton according to sources as reported by Bloomberg.
As reported, Facebook is developing a stablecoin to overcome the issue of volatility in the cryptocurrency market. The exact date of the release of the Facebook coin is not revealed yet but it may not be coming up in the near future as Facebook is still trying to plan out strategies for the same.

The power of Blockchain Technology

The tech giants in the world which are steadily implementing blockchain technology in their infrastructure in one way or the other. Many prominent people in the world of technology may not believe cryptocurrencies to be the future of money but everyone does believe that blockchain may be the future for most technology-related businesses.

The rise of Stablecoins:

The cryptocurrency space has seen a massive increase in the number of stablecoins in the last one year rising to over 120 according to Stable.Report, a platform that tracks the number of stablecoins. The idea behind stablecoin was to bring stability in the market to make it easier for traders to trade as well as stablecoins are quite easier to be used as mainstream in daily life activities just as US dollar or Euro.
But the concept of Stablecoin did not flourish as it should have because of drawbacks such as shuttering down of stablecoins such as ‘Basis’ which recently closed down its operations and controversies around stablecoins such as Tether which people started to believe were not actually backed by the US dollar.

A Crypto Future for Facebook

Facebook has a massive user base of more than 2.5 billion global users and revenue of more than $40 billion thus making Facebook a perfect company to launch a stablecoins as it has the adequate amount of funds to back it as well as a massive userbase for mass adoption.

In the blink of an eye, privacy coin Grin spiked to  over $12  during the weekend, increasing its market cap 600% in one week, from $2 m...

‘Bitcoin 2.0’ Surges: Grin Market Cap Jumps 600% in One Week as Crypto Hits New Exchanges

‘Bitcoin 2.0’ Surges: Grin Market Cap Jumps 600% in One Week as Crypto Hits New Exchanges
In the blink of an eye, privacy coin Grin spiked to over $12 during the weekend, increasing its market cap 600% in one week, from $2 million to $14 million as of Sunday.
Grin’s price increase may be attributed to its recent listings on exchanges including KuCoin and HotBit. It remains to be seen whether leading exchanges such as Binance will list the coin. On Monday, its price briefly dipped to $8.35 before recovering to $10.92, according to data compiled by CoinGecko.
Grin has been fondly described as Bitcoin 2.0 by its supporters and branded as a “pump and dump” coin by critics. An open-source project based on the MimbleWimble blockchain, the cryptocurrency was designed by an anonymous cryptographer to launch a better Bitcoin.
According to the 2016 white paper,
“I call my creation Mimblewimble because it is used to prevent the blockchain from talking about all user’s information.”
In order to drive mainstream adoption, the anonymous cryptographer who takes a page from Harry Potter and goes by the name “Tom Elvis Jedusor” – Voldemort’s real name in the French edition of the novels – MimbleWimble is designed to be faster and more scalable than Bitcoin. It also puts a premium on privacy. Grin has no addresses and no amounts, with features masking the origin of newly created transactions.
Critics have raised concerns over the inflationary nature of the coin, as Grin is designed to encourage spending in the short term instead of generating returns as a long-term investment.
Research associate Myles Snider at Multicoin Capital says,
“Grin’s inflation rate doesn’t fall below 10% until after a full decade, and then it slowly continues decreasing from there.”
But Grin satisfies the cypherpunk ethos of decentralization, strong cryptography and privacy-enhancing technologies. In true crypto-community fashion, Grin is developed openly by contributors who are distributed all over the world. Self-funded by its community, it didn’t have an initial coin offering, unlike many crypto projects.
According to its website,
“Grin is launched fairly — free of ICO, pre-mine or founder’s reward. We rely on donations to keep working on the project.”
Although interest in mining and trading Grin has increased since its public launch on January 15, 2019, the website issues a warning.
“It’s very young and experimental. Use at your own risk!”
Beam, another privacy coin on the MimbleWimble blockchain, followed similar but less dramatic price increases with a 7-day 120% increase in price to $1.82.

The latest company to be purged in the midst of the crypto winter is prominent exchange Liqui. An announcement on their official websi...

Liqui exchange shuts down; "no longer able to provide liquidity"


The latest company to be purged in the midst of the crypto winter is prominent exchange Liqui. An announcement on their official website details the shutdown.
In a heartfelt statement to their remaining users, the crypto exchange, Liqui, relays the company’s termination, closing user accounts, urging account holders to withdraw any remaining digital assets:

Liqui exchange shuts down; no longer able to provide liquidity
“Liqui is no longer able to provide liquidity for the Users left. We also do not see any economic point in providing you with our services. However, we do not want to return to where we were a month ago. Hence, we decided to close all accounts and stop providing our services. It broke our hearts to do that.” The statement reads.
The exchange’s statement concludes that it “may be back soon”, but that it depends on the market, which Liqui says has “changed significantly since 2017.”
Twitter quickly responded to the news, with some reminiscing:



R.I.P. Liqui Exchange

Bought my first on Liqui when it wasn't trading on more reliable exchanges. Must have been Oct 2017 and already felt as a risky move at that time.....

And some stating that this is the beginning of the end for crypto exchanges:
The exchange purge has started. @Liqui_Exchange is closing.

I believe many more, especially smaller exchanges will follow. The bull market forced them to make large investments in their IT infrastructure, and the bear market dried out the trading volume.

Liqui is no longer very liquid- withdraw your coins asap, or risk losing them forever, as they shut down shop.https://liqui.io


On September 28th, at 12:00 UCT, the following assets will be delisted from Liqui: CFI, TAAS, EDG, MCO, MGO, WAVES, BAT, MLN, TKN, MYST, ICN, TIME, REQ.


Because they're running a scam. They hold all private keys to the assets but are hoping that at least 10% of funds will be left on their exchange for them to steal.


Was just about to tweet..”just delist your site at this point” lol