Bitcoin Price Analysis: BTC/USD Bearish Pullback Going On

Bitcoin has formed lower highs to trend below a descending trend line on its 1-hour chart. Price is currently testing this resistance level and might be due to resume the slide to the swing low if it holds as resistance.

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, the selloff is more likely to resume than to reverse. In addition, the 100 SMA lines up with the trend line resistance to add to its strength as a ceiling.
Aside from that, the 61.8% Fib appears to have held and may be enough to push Bitcoin back to the swing low or lower. RSI is already starting to head south from the overbought zone to signal a return in selling pressure while stochastic also seems to be topping out, too.

Bitcoin has suffered its worst slide in years and has lost nearly 40% of its value in just a few days. With that, it’s no surprise if the FUD sentiment could keep dragging prices down in the days ahead, unless a strong positive catalyst comes up.
Many had been hoping that the influx of institutional investments late this year or early next year could mean a pickup in volumes and prices, but that’s looking like a tough call at this point. After all, banks and funds might be discouraged to invest in this industry which is on a rapid decline. Regulatory developments aren’t looking all that friendly either, and a rejection of the Bitcoin ETF applications could spur another leg lower.
Still, there could be some hope that bulls might defend support zones as buyers try to take advantage of cheaper prices. From a technical standpoint, however, the break of key support levels might be more reason to liquidate positions, take short bets, or pursue other altcoins instead.

Images courtesy of TradingView
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Portuguese Football Team Sporting Clube de Portugal Wants to Launch an ICO

The Portuguese football team Sporting Clube de Portugal (SCP) announced that they are considering launching an Initial Coin Offering (ICO). The main intention behind this decision is to raise funds and repay debts. The information was released by the local news outlet Dinheiro Vivo a few days ago.
Football Club Launches Initial Coin Offering
Initial Coin Offerings Have been expanding all over the world between 2017 and 2018. Now, the popular football team Sporting Clube de Portugal could be launching its own ICO. The team is struggling to raise funds through a bond issue, this is why they have taken the decision to try via an ICO.
According to Francisco Salgado Zenha, the club’s vice president, the team is thinking about this possibility. Nevertheless, he clarified that there is nothing concrete on that matter.
About it, he said:
“We are looking closely at an ICO. We’re having meetings about it. There is a great value potential in the Sporting brand.”
The main intention is to take advantages of these new technologies. The team has to pay investors for a bond that was issued in the past and that’s maturing on November 26. Although the club received an important number of subscription orders, it was able to raise €26 million, close to its target.
Cryptocurrencies that are issued by such organizations would be able to buy specific products related to the team such as shirts, trousers or merchandising. At the same time, users could have the opportunity to meet with figures from the main team and receive discounts for tickets.
It is important to mention that the Securities Market Commission (CNMV), the regulatory entity of the country, asked organizations that want to launch ICOs to clarify what they are going to launch. The football club would have to provide information about the judicial nature of the tokens that it will be issuing.
Nevertheless, this is not the first football club that is planning to launch an ICO. In the past, the French football club Paris Saint-Germain announced that it was going to launch its own virtual currency. Furthermore, the Brazilian club Avai has also suggested that it could be launching an Initial Coin Offering to raise $20 million dollars.
Read More:

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Huobi Wallet Adds Support to Tron and Encourage Portfolio Diversification Among Investors
Subsidy for Bitcoin Miners Stopped by Norwegian Government

Image Provided by Pixabay
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Humaniq Partners with B-Gifted Foundation to Jumpstart its Revolutionary Charity Platform

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Humaniq Partners with B-Gifted Foundation to Jumpstart its Revolutionary Charity Platform
The two organisations signed a Memorandum of Understanding, pledging to cooperate on several humanitarian initiatives in Sierra Leone, one of the 46 countries in the entire world where Humaniq operates. Humaniq’s main product is the App, providing a cryptocurrency wallet and messaging solution. The App is powered by Humaniq’s dedicated token, HMQ, which is used as medium of exchange within the Humaniq infrastructure. Thanks to a wide range of Humaniq App usability features, over 500,000 Humaniq App subscribers can utilize their tokens in a variety of ways: They can buy real products directly with HMQ through BusinessChats, and effortlessly exchange their tokens into other forms of money through LocalHumaniqs.
B-Gifted Foundation’s initiatives give hope to Sierra Leone’s citizens, directly working to improve their lives and help them achieve the dignity, peace and prosperity they deserve.
Humaniq and B-Gifted Foundation reached an agreement on cooperating on several pilot charitable projects by using Humaniq’s Blockchain solution, as well as using Humaniq’s network and community to achieve funding goals.
Specifically, three projects, “Teddybear”, “Digital Hope” and “Second Chance” will be supported by this joint initiative. The first project is dedicated to helping children who suffered from armed conflicts and the Ebola outbreak, while the latter two are geared towards providing assistance with digital tools. “Digital Hope” provides equipment and training in the ICT world for people severely affected by wars, while “Second Chance” focuses on distributing digital gadgets to children affected by the Ebola virus.
Humaniq will be supporting these efforts by providing the foundation with its own cryptowallet, as well as cooperating on fundraising campaigns and community outreach targeting various philanthropic groups, foundations, and charities in the US and worldwide.
Payments powered by Blockchain and smart contracts will also be tested, to guarantee the full transparency of the process.
Andrey Gidaspov, Humaniq CBDO, said:
“We are very excited to begin this new stage in the development of the Humaniq project. Improving people’s lives in Sierra Leone with the B-Gifted Foundation is the first project for the Humaniq for Good initiative, which we launched to improve the fundraising and distribution processes for charities. We are glad to have found such a valuable partner, and we hope this will be the first of many successful projects with charities around the world.”
Andrew Benson, Founder of B-Gifted Foundation, added:
“Humaniq will be an excellent partner to help us in our fundraising and charity distribution initiatives. Through the cooperation, we hope to achieve the necessary funding milestones to go ahead with all of our projects. I am confident that with Humaniq’s talented team and strong user base, we will succeed in bringing a smile to many people in Sierra Leone.”
About Humaniq
Humaniq is a London-based Fintech firm that provides next-generation financial services using its Blockchain-based mobile application to the unbanked and underprivileged in emerging economies globally. Humaniq is focused on worldwide financial inclusion by providing access to global markets, greater opportunities, and novel financial solutions using repurposed technologies for those gaining exposure to financial services for the first time.
About B-Gifted Foundation
The B-Gifted Foundation was founded in 2007 through the Ministry of Social Welfare, Gender and Children’s Affairs in Sierra Leone. B-Gifted Foundation is a nonprofit organisation that uses creativity and technology to address human rights (including women and children’s rights), environmental rights, enhance peace and sustainable development in Sierra Leone, whilst seeking to alleviate poverty through creative approaches.
 
Humaniq Partners with B-Gifted Foundation to Jumpstart its Revolutionary Charity Platform

Food Farm and Agriculture: Blockchain Projects You Might Not Even Know

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Food Farm and Agriculture: Blockchain Projects You Might Not Even Know
Food and water are the two kinds of stuff without which no one can survive in this world. Everyone needs this in right quantities on a daily basis to survive; where did this food come from? The agriculture sector, right? When agriculture is done in the right way, its outcome with increased productivity will enhance the development of the country in the process too.
Agriculture is a sector that is constantly in demand and this constant demand is constantly rising and increasing the demand-supply gap. This is because of the increased global population and limited or scarce resources to meet the demands of the population. However, blockchain use cases in agriculture will have a positive impact on meeting those demands successfully.
Blockchain Projects in Agriculture and Their Benefits
Agriculture also contributes to the country by creating demand for products that are manufactured and produced using the raw materials provided by farming.
There are some blockchain agriculture companies like provenance, OriginTrail, etc. today that have aimed towards reducing the challenges faced by farming using the features of blockchain. Some of these challenges include no availability of proper land maintenance resources, equipment or inability to forecast natural climatic changes, etc.
Ripe.io – Better Network Connection with Suppliers and Dealers
With blockchain, the farmer or the farming business is able to buy the reaped products such as grains, vegetables, flowers, spices, etc. and they are organized in a structured manner. Then those products can be allocated into groups and categories respective of its place of delivery or type of product, etc.
These products then can be easily sent to suppliers and dealers using blockchain platform. This is because blockchain provides a direct peer to peer connection and thus the farmer or the farming business does not have to wait for someone else to handle their supply. They themselves can connect with the supplier and make the transaction successfully.
With blockchain, farmers also have the ability to track their products and keep a track where their product is in the supply chain in real-time. Ripe.io is striving hard to provide a hassle-free tracking feature for the farmers, which will reduce the mal-practices and fraudulent activities.
AgriDigital – Cost of Operation and Transaction
Farmers of every country face the biggest challenge of dealing with the cost of transaction or operation to sell their products. Often, the cost of their selling is lower than the cost paid for the transaction undertook to make sure the products reach the customer. In simple words, the cost of the supply chain is higher than the price at which the products are sold. Because of this reason, most of the farmers end up in debt which they are striving hard to repay.
With blockchain, this major challenge can be eliminated as blockchain allows direct connection to the customer or supplier. Thus, there is no extra supply chain cost and also the farmer or the farming business is able to deliver their products more quickly. This is due to the feature of blockchain operating in a decentralized system.
AgriDigital is creating supply chain in a much transparent manner for farmers and their farming business using the technology of blockchain. They are using the feature of blockchain providing direct connection to other users to make a trade for framing food in such a way that, the farmers get their share of profit. This is possible by allowing the farmers to connect with buyers directly without having to wait.
UPS – Improved Analytics to Make Smart Decisions in Future
In agriculture, various activities are performed and traditionally these data are stored in paperwork, which makes it harder to verify or integrate data to make better decisions. With blockchain every process and operation that take place is stored digitally and they can be integrated with each other, which in turn will provide meaningful data to forecast or make smart decisions.
For example, blockchain stores data of when it rains; when the farmer sowed the seed when the farmer reaped the grown plants; climatic changes; wind pressure; groundwater levels, etc. When data like these are integrated with each other, the farmer will be able to forecast when to replenish the groundwater level; when to protect his crops in case of a forecasted rain or draught with the help of data stored.
Blockchain makes business analytics of farming more efficient and effective. UPS has made an alliance with blockchain in transport alliance to analyze and make better smarter decisions on logistics. They greatly feel that blockchain is the only way today farming will meet the current huge quantity of demands.
Indigo Agriculture – Inventory and resource management
In agriculture, lots of resources are used on a daily basis and they all need to be replenished constantly to avoid any disruption in the farming process. Without a record of the inventory, the farmer will face a great deal of trouble and challenge in maintaining a well-balanced supply and demand.
Blockchain helps to record all data from the inventory in a structured and organized manner, thus allowing the farmer to keep track of what needs to be bought, replaced and replenished.
Indigo Agriculture is working on the traceability, production and goods movement to help with the inventory management of farming resources.
IBM Blockchain – Using internet of things (IoT)
Internet of things creates an environment where the farmer can monitor and track the soil quality, fertility, maintain pest-control, manage irrigation, etc. IoT sensors are deployed in the farming fields to record necessary data according to the requirement and the farmer gets accessibility to these data and is able to focus on what is the top priority to make better production.
IBM is working on providing such sensors and tracking data for farmers so that their agricultural business can blossom to reap profits.
Over to You: Blockchain is a Boon for Agriculture
Blockchain is going to revolutionize agriculture sector and hopefully soon, it will eradicate hunger and poverty in every country. With blockchain, farmers are able to track, monitor, control and manage different kinds of agricultural resources and goods. The potential of blockchain is realized and it is going to automate the agriculture sector too. Blockchain is going to change the world of agriculture sooner than you think.
Food Farm and Agriculture: Blockchain Projects You Might Not Even Know

XRP Becomes Second Largest Breathing on BTC Neck, ‘Security or Not’ Story Continues

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XRP Becomes Second Largest Breathing on BTC Neck, ‘Security or Not’ Story Continues
Last few weeks have been really good for the valuation of XRP token, which even surpassed Ethereum (ETH) and became for a little while the second most important cryptocurrency on the global crypto scene.
Cory Johnson, Ripple’s Chief strategist says that the reason for Ripple’s popularity is much more than just a propaganda. In a recent interview, he claimed that, while Bitcoin is built with “poor technology” according to current standards, the development of XRP surpasses it in many respects.
He says that Bitcoin is not as fast as XRP. And while Bitcoin is able to process between three to six transactions per second, Ripple can perform 1,500 transactions per second at all times. Moreover, while Bitcoin has to develop a second layer solution for its scalability issues, Ripple’s network is able to scale and handle the same amount of transactions as Visa. In that case, Ripple would be able to perform 50,000 XRP transactions per second.
He also confirmed that there are already many companies using XRP for cross-border transactions, whereas far fewer are using Bitcoin or other digital assets at this time.

-Bitcoin has some real technological limitations-The digital asset that show fundamental use cases will develop a fundamental value-XRP is being used more than Bitcoin being used as of today
Cory Johnson, RippleNov18#XRP #XRPthestandard pic.twitter.com/hmpqXNFTtT
— Steven Diep (@DiepSanh) November 23, 2018

For Mr. Johnson, another problem in which XRP turns out to be a better blockchain is related to the energetic efficiency:
“Mining is increasingly expensive … and consumes power … And also the way it [ineffectively distributes] power to the miners … presently, 80% of all bitcoin is being mined in China … XRP does not have mining.”
XRP has itself come under attack for being centralized, as the currency has been entirely pre-mined and is controlled by Ripple. Many other coins, such as Bitcoin, do not have this problem but as Johnson pointed out, there are other ways to be considered centralized.
In his Tweet, Johnson referred to Stellar, a project developed by a former member of this company that competes directly with Ripple’s technology solutions. While acknowledging the preparation of its CEO, Jed McCaleb, Mr. Johnson did not elaborate about the project:
“Stellar was created by one of the founders of this company, one of the original creators of XRP. I don’t really have an opinion about it. I mean, he is a super smart guy, but in order to build a really big business that uses digital assets, it’s a challenge. There are a lot of companies developing on XRP, I don’t know if many developing on Stellar Lumens other than Stellar.“
The thing is, Ripple now has contradictory statements related to the company’s 2013 and 2018 posts. In 2013, Ripple Labs stated that they created the total 100 B XRP supply while today the organization says the opposite. It seems that Ripple could be changing their stance on key statements due to the fear that the SEC would consider XRPs as securities.
Is Ripple Really a Security?
According to an archived version of Ripple’s website, the company had stated back in 2013 that they had created the 100 billion XRP that’s in circulation today. Furthermore, the 2013 version of Ripple’s site reports that a group of programmers at Ripple Labs “invented” Ripple and released the beta version of the software in 2013, which was made open-source.
“Ripple Labs is the creator of Ripple. We developed the protocol and its distributed payment network, and we now work to support and promote its growth,” the company states in an early version of its whitepaper.
“100 billion XRP was created with the Ripple protocol. Ripple Labs plans to gift 55 billion XRP to charitable organizations, users, and strategic partners in the ecosystem over time. The company will retain a portion with the hope of creating a robust and liquid marketplace in order to monetize its only asset sometime in the future.”
On the contrary, on the current version of the company’s website, Ripple states that they didn’t create XRP:
“Ripple, the company, didn’t create XRP; 100 billion XRP was created before the company was formed, and after Ripple was founded, the creators of XRP gifted a substantial amount of XRP to the company.”
The Block founder and CEO, Mike Dudas tweeted:
“It is no longer cool for a centralized entity or company such as Ripple to be associated with the issuance of a cryptocurrency such as XRP, as that may cause the SEC_Enforcement team to become interested.”
In June, together with Cory Johnson, CEO Brad Garlinghouse stated in interviews with CNBC that XRP can’t be considered as a security:
“We absolutely are not a security. We don’t meet the standards for what a security is based on the history of court law. We’re 100 percent clear; it’s not a security. We don’t meet the standards.”
Ripple has recently presented the world its new mocking ad, which demonstrates how long does it take in our high-tech century to transfer money across the world. The ad shows that, according to the current financial system, which does not keep up with the latest trends of today’s fast-moving world, it is easier and quicker to get on a plane and deliver cash to the destination on one’s own, than to make a cross-border money transfer via a traditional bank. At the end of the video, Ripple is presented as the best solution to the problem.
To learn more about XRP coin, Ripple company and their innovative solutions, please check out our awesome guide.
XRP Becomes Second Largest Breathing on BTC Neck, ‘Security or Not’ Story Continues

Things Will Get Worse Before They Get Better, Says Renowned VC Fred Wilson

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Things Will Get Worse Before They Get Better, Says Renowned VC Fred Wilson
While some members of the crypto community can’t look at the current prices without pain, some others do not lose hope and belief in the bright future. Moreover, some experts also ask us to keep calm and their position is not deprived of arguments.
Wilson’s Point of View
One of those who are not panicking looking at the current market conditions, is Fred Wilson, a prominent venture capitalist. According to him, the things can get even worse in the short-term, cryptocurrencies have all chances to go down even more.
Nevertheless, Wilson strongly believes that it is not a reason to leave the market. The most patient investors will get their reward.
In his blog post he explained his position the following way:
“So while crypto asset prices are down 80-95% in USD terms over the last year, they could and probably will go lower. Amazon was down 80% a year into the post-bubble bear market and it got cut in half again before it made a bottom almost two years after it peaked. What we have yet to see in crypto land is when they kick you when you are down. And that is certainly coming.”
Amazon’s Case
At the current moment, Amazon is known as the world’s second largest technology conglomerate. Its stocks are traded for $1,500 per unit. But less than 17 years ago, to become its stockholder it was enough to pay just $6. It means that those investors who were not afraid to buy Amazon stocks in 2001 have got a 250-fold reward.
Nevertheless, in 1999, two years earlier, when Amazon peaked in the Internet bubble, its stock achieved the $90 mark. Then it declined to 6$ just in 2 years but it took more than 8 years to reach $90 once again in 2007.
According to Wilson, the cryptocurrency sector has experienced several serious corrections in its history just like Amazon has. Moreover, it is too early to speak about possible stabilization of the situation. As it is still a very young asset class, some further bubble-burst-build-rally cycles are inevitable in the near future.
Situation on the Market
Last year we observed an enormous hype around cryptocurrencies, the market was growing and expanding so rapidly that it was difficult to believe that it was a reality. Nevertheless, 2018 is not a very successful year for crypto.
Practically all cryptocurrencies have lost a significant part of their value this year. For example, the market cap of Bitcoin has dropped from more than $230 billion to $68 billion and the market cap of Ethereum has fallen from $120 billion at the beginning of the year to $12 billion.
At the current moment, it is difficult to say whether the current bearish trend will last long, nevertheless, Fred Wilson says that now is a perfect time to buy cryptocurrencies with a view to be rewarded in the future
Things Will Get Worse Before They Get Better, Says Renowned VC Fred Wilson

Bitcoin Miner Exodus: Who Can Still Afford to Mine

The last two weeks have seen between 600 000 and 800 000 bitcoin miners shut down. This mass bitcoin miner exodus can largely be attributed to the price drop, but the hashrate decline on the network is also not to be overlooked.
Mao Shixing, the founder of the F2pool said the company takes into account the total network hashrate decline and the average hash power of older mining machines, which are struggling with making profits.
The data speaks for itself when we look at the computing power of the world’s first and biggest blockchain. 47 million tera hashes/sec (TH/s) on the 10th of November have dedclined to 41 million 14 days later. That’s a 13% decline in 2 weeks.
Mao believes that miners which have halted operations are probably using outdated models such as Bitmain’s Antminer T9+ or Canaan Creative’s AvalonMiner 741. The miners simply do not have a high enough hash rate and are not profitable.
The mass bitcoin miner exodus is probably larger than predicted
F2pool’s bitcoin hashrate accounts of about 11.5% of the total network and it’s also seen a decline of over 10 percent in the last few weeks. Making exact calculations to the specific numbers of miners which have unplugged is near impossible. Mao said that despite that, the company has seen tens of thousands of them shut down in the last few days alone.
This can most actively be seen with the miners in China. The mass bitcoin miner exodus is apparent and all large companies are in the midst of it. Mao also made a joke post on his Weibo social media account. He posted a picture of a man stuffing outdated computer gear in moving boxes. The photo was captioned “Shut down is not an option, the only option is sell by the kilos.”
The post is referring the many outdated miner models which are not usable anymore. Mao believes people must come to terms with the fact that outdated models are not enough and should look for options to recycle and upgrade.
For the miners in China, Mao believes a number of factors were key to the mass bitcoin miner exodus. The biggest offender was without a doubt the bitcoin cash fork on the 15th of November. Electricity costs and the rapid race of Chinese manufacturers to upgrade also play a big role. In the winter, Chinese hydropower plants are faced with a dry season. This means electricity prices double and miners will score more losses than gains.
Even though the mining difficulty has decreased by roughly 5%, profits still seem minimal and the current market conditions are simply not pleasant for any investor.
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Roughly $1 Billion Were Stolen by Attacks in 2018 so far
Crypto Insurance Needs to be Increased Dramatically

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Napston Launches 100% Automated Cryptocurrency Trading Platform based on Proprietary Distributed Artificial Neural Networks Technology

Cryptocurrency trading is all set to become safe and profitable like never before, with the recent launch of a fully automated crypto trading platform by Napston. This groundbreaking trading platform is based on a proprietary technology called Distributed Artificial Neural Networks that has been programmed to accurately predict the market by utilizing the processing power from thousands of independent sources.
Hong Kong, November 26, 2018: Napston is pleased to announce that their new, fully automated cryptocurrency trading platform has recently gone live. Built around the company’s proprietary Distributed Artificial Neural Networks, Napston creates an opportunity even for the inexperienced crypto enthusiasts to earn a decent passive interest on their Bitcoin and Ethereum holdings.
Since the creation of bitcoin in 2009, over three hundred different cryptocurrencies have been launched. As a result of the extreme volatility of the crypto market, trading of cryptocurrencies has emerged as a lucrative alternative for the traders around the world. However, this can be an extremely complex and risky proposition without a trustworthy trading platform.
Napston entered the cryptocurrency space in 2013, long before it became mainstream. Over the last five years, the company has been through all the uncertainties and fluctuations of this evolving market. During this phase, Napston was serving only the larger corporate and high net worth individual customers, helping them properly structure and trade their cryptocurrency portfolios. They have spent a high percentage of profits to build the proprietary Distributed Artificial Neural Networks technology. This advanced technology has now formed the foundation of Napston’s automated crypto trading platform.
A DANN is a network of nodes, just like neural networks in the human brain. They are programmed to predict the market with a high degree of accuracy. This accuracy, however, depends entirely on the processing power available. This problem has been addressed by utilizing the computing power generated by a large and highly distributed network of computers.
Some of the most lucrative trading benefits offered by Napston are

Up to 1.5% per business day without actually doing any trades
Instant withdrawals
Referral incentives over 20%, up to 10 levels
Get started in 30 seconds
Full transparency and detailed reporting
State-of-the-art security across the platform
Full compliance

Napston is currently offering three attractive trading packages that can be purchased with Bitcoin and Ethereum. Generous referral commissions are also up for grabs. Mentioned below are the three packages at a glance.

Starter: Minimum $100 in Bitcoin, 1% per day, for 150 days, 3 level referral system
Advanced: Minimum $1000 in Bitcoin, 1.25 % per day, for 150 days, 5 level referral system
Expert: Minimum $5000 in Bitcoin, 1.50 % per day, for 150 days, 10 level referral system

“Our just launched trading platform is only about helping you earn the profit on your otherwise dormant Bitcoins or Ethereum without breaking a sweat yourself, “ said a senior spokesperson from Napston. “We believe there’s serious demand for that and the customers who have already joined us prove that vision.”
To find out more, please visit https://www.napston.com/
About Napston
Napston is a just launched cryptocurrency trading platform built on a proprietary technology called Distributed Artificial Neural Networks. This 100% automated platform is dedicated to helping individuals earn a decent passive interest from their dormant Bitcoin and Ethereum holdings with minimum skill and effort. Napston currently offers three trading packages, offering 1.5% per day and over 20% referral incentives.
Contact: Alex Kenney
Email: alex.kenney@napston.com
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ICO Expert Turned Alleged Crypto Scammer Jerry Ji Guo Faces 20 Year Jail Sentence

Bitcoin thefts have become a lot more apparent in recent years. Scammers from all over the world are drawn to cryptocurrency these days. One alleged scammer goes by the name of Jerry Ji Guo. He currently faces a potential jail sentence of 20 years. This is primarily because of his involvement in a multimillion-dollar theft as an ICO expert.

The Story of Jerry Ji Guo
Most people may not be familiar with the name of Jerry Ji Guo. He is a former New York Times journalist and an alleged con man. It is believed he is involved in emptying the pockets of numerous startups In doing so, Ji Guo collected roughly $3.5 million from his victims. This ultimately led to his arrest in early November.
The charges against Jerry Ji Guo are quite severe. Not only is he facing wire fraud charges, but there is also the Bitcoin theft. At one point. Ji Guo was hired as a consultant for multiple cryptocurrency companies. He eventually got involved in initial coin offerings. That particular industry has seen a fair share of scam projects.
On social media, one can easily find so-called ICO experts. The name of Jerry Ji Guo showed up in these lists for some time. All of his clients pay an upfront fee for services rendered. This ultimately allowed him to steal $3,5 million in Bitcoin and Ethereum from multiple cryptocurrency wallets. This type of activity needs to be nipped in the bud as soon as possible.

The Wild West of Cryptocurrency
Ji Guo’s main offense in the ICO industry includes not doing any work as promised. The theft of the currency occurred at a much later stage. It is unclear why he was able to access these wallets in the first place. It also appears none of the wallets are protected by requiring multiple signatures prior to sending funds. Multisignature wallets offer more control and security, as they also prevent funds from being misappropriated.
One of the projects Guo was involved in is Polymath. The company is still around, as they raised $100m during their initial coin offering. However, the team also ended the relationship with Guo because of his unwillingness to contribute to the project. This may have been a wise decision on behalf of the team, given Guo’s track record.
Incidents like these also highlight the lack of regulation in the ICO industry. Companies can raise millions of dollars without adhering to rules or laws. This causes a fair bit of friction, especially when theft or fraud occurs. Solving those problems is not straightforward either. There is no standardized recourse to deal with such situations. For Guo, he will face an eight-court indictment and faces up to 20 years in jail. His sentencing will be handed down in the coming weeks.
Do you thnk that Jerry Ji Guo will be found guilty? Does the sentence fit the crime? Let us know in the comments below.

Images courtesy of ShutterStock
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Good News: First US State Officially Starts Accepting Bitcoin for Tax Payments

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Good News: First US State Officially Starts Accepting Bitcoin for Tax Payments
Since creating, Bitcoin has been catching profound interest of governments that have either taken a critical look at the digital coin and blockchain in general or supported it enthusiastically. Among the latter are the authorities of Ohio State, where Bitcoin is offered as a means to of paying state taxes starting from today.
According to the Ohio Treasurer’s website, twenty-three kinds of business taxes will be available for payment in crypto, including utility tax, sales tax, and employee withholdings. Businesses wanting to take part in the program simply need to go to OhioCrypto.com and register to pay all their corporate taxes in crypto. Companies operating in and paying taxes in Ohio are eligible — they don’t necessarily need to be headquartered in the state.
The Ohio authorities see cryptocurrencies asa  secure, transparent, and low cost means of payment:
“Cryptocurrencies cannot be transferred to third parties without user initiation, thereby practically eliminating fraud; Anyone can view all transactions on the blockchain network; payments on the blockchain can be tracked on a second-by-second basis; a minimal fee is charged to confirm transactions on the blockchain network.”
To process the payment, the Treasurer’s office of Ohio will use BitPay, the world’s leader in blockchain payment technology.

Ohio is the first state to accept tax payments in #Bitcoin via BitPay: https://t.co/NTcsNP2bbI Story from @jshieber
— BitPay (@BitPay) November 25, 2018

The initiative makes Ohio the first state and one of the first governments in the world to accept cryptocurrency. Currently, Bitcoin is the only currency accepted, however, “the Treasurer’s office looks forward to adding more cryptocurrencies in the future,” as the Treasurer’s Office states.
According to the Treasurer’s Office, they are “working to help make Ohio a national leader in blockchain technology,” which means that the state is looking to gain a reputation of a blockchain technology center. As the current state treasurer Josh Mandel said, the bitcoin program is intended to be a signal of the state’s broader ambitions to remake itself in a more tech-friendly image.
Cryptocurrency Market Massacre
Last week, the crypto market experienced bloodbath and slipped below $120 billion, losing 40% over the last 12 days. Over the last week, Bitcoin lost almost 30 percent of its value. Yesterday morning, the digital coin declined to $3,447.58, the lowest level since August 2017. However, the news from Ohio contributed to Bitcoin’s recovery. Battered coin rose back toward $4,000 on Sunday. Currently, Bitcoin’s price makes up $3,956.
Other coins suffered as well. XRP price dropped by 23% over the last week and is currently trading at a price of $0.37 with a market cap of $15.08 billion, continuing its position as the second-largest cryptocurrency.
As for Ethereum (ETH), it lost 29% in price during last week and is currently trading at $114 per coin with a market cap of $11.79 billion. On Saturday, the third currency by market cap lost 14.9% of its price, making a new low for the year.
Good News: First US State Officially Starts Accepting Bitcoin for Tax Payments