Latest Dash Theft Puts Crypto’s Reputation on the Line

When will all this malicious behavior end? Cryptocurrency theft continues to make digital assets’ reputations suffer, and with the latest Dash theft, things are looking rather bleak.
Dash Is Tough, but Thieves Can Be Tougher
In the past, Live Bitcoin News has reported that Dash is one of the most popular cryptocurrencies in developing nations, particularly in South America. In Venezuela, for example, many people are turning to Dash and bitcoin following inflation and the fall of their national currency, the bolivar. Once the richest country within the continent, the socialist agenda brought on by current president Nicolas Maduro has led the nation into an endless streak of poverty that sees grocery store shelves consistently bare and people attacking zoo animals for food.
In Venezuela and Colombia, Dash has garnered quite the reputation, and will likely continue to do so. It was recently added to one of Colombia’s largest crypto exchanges. In addition, Dash has also proven popular in countries like Israel, where it has now likely led to the breakup of two former friends.
Afek Zard, an Israeli citizen, has been charged with stealing approximately 75,000 Dash units from his “pal” Alexei Yaromenko after learning about cryptocurrency and its benefits. Yaromenko was a cryptocurrency trader and investor, and allegedly had stashes of coins stored in different wallets. Zard, in response, purportedly felt he’d make a solid target and seemingly targeted his Dash funds after he was left alone in Yaromenko’s apartment.
At the time of writing, it is unclear if the job was done strictly by Zard, or if other persons were involved. It is also unknown how Zard gained access to his friend’s Dash wallet password. Either way, the money was transferred using the currency’s anonymous features to four separate addresses. In all, it is estimated that the funds may have been worth more than $6 million USD – roughly $82.50 per unit at the time of the theft.
It is alleged that in terms of cryptocurrency holdings, Yaromenko may have been one of the richest Dash holders in existence. At press time, the largest wallet on the network holds a total of 125,000 Dash units. The price of a single unit has also gone up, and the 75,000 stolen units are likely now worth closer to $9 million.
Dash was Specifically Targeted
Israeli authorities claim that Zard may have used a process known as “coin shuffling” to try and hide his crime. Right now, the evidence they possess against Zard includes both physical evidence and testimony from Yaromenko, who has allegedly been trading cryptocurrency for the past six years.
It is strange that with so many years of experience, Yaromenko wouldn’t have taken further steps to protect himself and his funds. As of late, Zard is being held and a trial date has not been set.
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Timeless Luxury Group Offers Crypto Investors a Slice of Luxury

Coinspeaker Timeless Luxury Group Offers Crypto Investors a Slice of LuxuryZurich, Switzerland. April 30 2019 – Timeless Luxury Group AG, a Swiss business focused on offering premium luxury holiday villas, resorts and lifestyle products, announced today that it has launched its Digital Security Offering (DSO) as part of its planned expansion program.Timeless Luxury Group (“Timeless”) is a luxury hospitality business that brings the entire premium lifestyle experience under one brand. It consists of four divisions:Timeless Hideaways. The core of the business which focuses on building and renting luxury chalets and villas. Two concept properties are already in operation, and have proven the business model by enjoying high occupancy rates at a premium fee. Timeless already has 41 new properties scoped out as part of its growth strategy.Timeless Resorts. An expansion of the Hideaway concepts, the resorts will offer a bespoke luxury hotel experience. Timeless has a contract to purchase a 38,000 m2 plot of land and an agreement in principle with one of the largest hotel chains in the world to operate the resort.Timeless Yachts. Timeless already owns one yacht which is currently moored in Mallorca, Spain and available for charter. It plans to expand this division.Timeless Selection. High quality spirits, wines and cigars with exclusive Timeless branding already cater to guests. There are plans to expand and grow, with potential licensing deals.Timeless is an established business operating in Europe. It previously used capital markets to raise funds with a bond issuance on the Düsseldorf Stock Exchange with a volume of €10 million in 2013, and €10 million in 2017. It is now embracing security tokens to expand the business, and give DSO investors the opportunity to participate in the planned development of the company, as well as generous discounts on holidays.Michael Gössl, CEO of Timeless, explains further:“Raising money using capital markets offers no flexibility, and the rules are very rigid. For bonds, there is the loaned amount, the coupon and the maturity date. Sure, there are slightly different ways to structure bonds, but it’s all a variation on a theme.”“An asset-backed digital security token offers something totally different. The terms are flexible and written into a smart contract, and it’s instantly liquid on crypto exchanges or peer-to-peer. It offers a new way of investing, and we’re at the tip of the iceberg in terms of where it will go. Timeless is pioneering this method of fundraising that will become the new normal.”The Timeless digital security token will be ERC20-based and give holders the right to earn a percentage of future company profits:40% of the earnings before taxes, depreciation and amortization from the business segments Timeless Hideaways and Timeless Resorts.10% of revenues of the Timeless Yachts and Timeless Selection divisions.Additionally, holders of at least 1,000 tokens will be eligible for a discount of 20% on bookings of Timeless Hideaways and Timeless Resorts.Timeless Works with its US Partners to Take a Trusted Approach to RegulationTimeless has taken a trusted approach to regulation by working with established US partners, ensuring it is compliant with SEC guidelines and can be offered to accredited investors in the US. With the additional measures in place, it gives extra reassurance to international investors too.Therefore, TriPoint Global Equities, LLC, working with its online division BANQ (www.banq.co), will act as the lead managing placement agent for investors in the Timeless DSO and New York City-based Vstock Transfer, LLC will act as the SEC-registered transfer agent for the issuance and custody of digital securities.Michael Gössl, CEO of Timeless said:“We have taken regulation very seriously with the DSO. It adheres to SEC guidelines, and we have worked closely with our partners to ensure we take appropriate measures to safeguard investors.”“We are also the first DSO in the US to use an SEC-registered transfer agent to ensure the process of investing is as secure and transparent as possible and the investors’ funds are safe. As an established business, we can’t cut corners or take risks with this process. That’s why we have committed to this fully compliant, regulated offering.”“With the Timeless DSO we bring together years of experience in high-end hospitality, an ambitious business plan for growth, and generous benefits to this one-of-a-kind security token.”About the Timeless DSO and Issuance of TMLS TokensTMLS Tokens are issued in accordance with the Ethereum ERC-20 standard and in the United States, pursuant to the exemption from registration under the Securities Act provided by Regulation D, Rule 506(c) and to international investors using Regulation S. The Reg D 506(c) DSO will be offered and sold to accredited investors only. This DSO will be the first offering in the United States to use an SEC Registered Transfer Agent for the issuance and custody of digital securities by engaging New York City based Vstock Transfer, LLC powered by www.custodyware.com.Timeless Luxury Group Offers Crypto Investors a Slice of Luxury

XRP Finds a New Home on the Nasdaq

Nasdaq is adding Ripple’s XRP as its latest cryptocurrency index.
XRP Will Be Nasdaq’s Third Crypto Listing
The company will join hands with the New Zealand-based blockchain firm Brave New Coin to offer “real-time” index data for XRP beginning in early May.
A spot or reference rate for the price of XRP (quoted in USD) will be offered to users. It will also be “based on the most liquid ends of their markets.”Brave New Coin issued a statement following the announcement, claiming:
The XRPLX sources data from only the most liquid exchanges by volume and order-book depth. Currency constituent exchanges for the XRPLX include Bitfinex, Bitstamp, Poloniex and Kraken with Coinbase to be added in the next review.
Nasdaq first worked with Brave New Coin in early 2019. During that time, the platform added indexes for both bitcoin and Ethereum. Last March, Nasdaq also began providing two “benchmark indices” covering the “top 200 cryptocurrencies by market capitalization” using information derided from CoinMarketCap.com. One index had bitcoin, while the other did not.
Data surrounding XRP and its respective price will be listed on the Nasdaq Global Index Data Service (GIDS) SM. It will contain information going back five years and will be updated every five minutes.
Nasdaq claims that the index is “calculated using a methodology that has been independently audited against the International Organization of Securities Commissions (IOSCO) principles.”
Nasdaq listing XRP is just more evidence that cryptocurrencies are becoming more mainstream, and that traditional financial firms are looking to cash in on what is no longer a growing trend, but a legitimate asset class. Recently, Live Bitcoin News reported that trading and investment firm E-Trade was very close to rolling out cryptocurrency trading options for its customers, something they had been demanding for a very long time.
Ultimately, it was Fidelity Investments that first got this ball rolling in 2018, and E-Trade is just likely following in its footsteps.
But the Intercontinental Exchange (ICE) – which owns the New York Stock Exchange – has also been working hard to garner approval for its new crypto trading platform Bakkt for several months. This process has even involved obtaining the dreaded (and infamous) Bitlicense so that it can do business in the state of New York – a region widely known for its anti-crypto attitude.
When Will Bakkt Arrive?
Bakkt will arguably revolutionize cryptocurrencies. It has already partnered with companies such as coffee king Starbucks and software giant Microsoft. Both companies have commented that users will be able to purchase goods and services with bitcoin and other digital assets.
2019 is proving to be a big year for crypto if platforms like the Nasdaq are already listing assets such as bitcoin, Ethereum and Ripple’s XRP. No doubt further coins will follow in the coming months.
The post XRP Finds a New Home on the Nasdaq appeared first on Live Bitcoin News.

Microsoft Hack Leads to Victims’ Crypto Losses

Cryptocurrency hacks and related thefts continue to be a major problem, as anyone who uses Microsoft Outlook will likely tell you.
Microsoft Hack Leads to Crypto Loss
In early April, Microsoft Outlook email users were targeted by a hack that saw many addresses compromised. Both email content and metadata were stolen and used without permission, but it appears their cryptocurrency stashes were also meddled with. Some victims of the hack are now reporting thousands of dollars in crypto funds that were taken from their online accounts. It appears stealing cryptocurrency was the hackers’ primary objective.
The hack occurred when the attackers breached Microsoft’s email system through staffers’ login credentials. They then posed as employees of Microsoft to illegally access everyone’s email messages but adding insult to injury was the fact that some saw their digital assets disappear overnight.
One user, who goes by the name Jevon Ritmeester, was notified of the hack by Microsoft. He comments:
The hackers also had access to my inbox allowing them to password reset my Kraken.com account and withdraw [sic] my bitcoin.
As one of the world’s largest and most popular cryptocurrency exchange, Kraken was repeatedly targeted by the hackers, as many victims claim to be Kraken account holders. They also made sure that any emails in the addresses they hacked that had the word “Kraken” in them were ultimately forwarded to accounts that they controlled. Thus, any messages to the victims warning them of the hack and telling them to reset their usernames or passwords were ultimately sent to the hackers, preventing any changes and allowing the attacks to continue.
Ritmeester claims to have lost approximately $5,000 in bitcoin funds. He explained in an interview:
I think Microsoft talks about this way too lightly [sic] about this leak, and I think there are a lot of users who have suffered damage in one way or another as there is a lot of sensitive information in an inbox. I am planning to at least file a police report and thinking about holding Microsoft liable for the financial damage and the fact that a lot of my personal information may get leaked in the future.
What Does Microsoft Know?
At the time of writing, it is unknown if Microsoft knew about the attack or of the stolen funds. It is also unknown how many people were affected. Either way, it is important that the people that were allegedly compromised by the attack take the necessary steps to ensure their safety in the future, i.e. implementing two-factor authentication for their accounts.
Live Bitcoin News recently reported that while problems such as ransomware continue to persist throughout the cryptocurrency space, mining-based attacks are becoming a thing of yesterday. Still, it appears hackers have not dripped away completely.
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Max’s Corner: The Ramping Up of the Corporate Exodus into Blockchain

Coinspeaker Max’s Corner: The Ramping Up of the Corporate Exodus into BlockchainTwo weeks ago we used this space to talk about a report written by Professor Dr. Tim Weingartner of Lucerne University on the role blockchain technology and tokenization is playing in the construction of the new, digital world. Weingartner wrote about a virtual reality that was superseding a no-longer adequate physical one.Displacement of the old structure in favor of the new was inevitable and would be felt in all aspects of life, and blockchain was helping to bring this about.Using Dr. Weingartner’s research, we argued that while blockchain and tokenization are accelerating this process, they are also creating value bridges, whereby assets, ideas, and functions are transposed from the waning model to the waxing. The image we used to try and capture the significance of this process was that of Noah’s ark.Though you may not think of the exciting technological developments of the past few decades—developments that have undoubtedly made material existence more comfortable for a vast amount of people—as cataclysmic, what they are a part of, as supported by Dr. Weingartner’s study, is nothing less than the end of one cycle and the dawn of a new one.What the ark functioned as was a means of bringing man out of death in the destruction of the waters into a new life in the new reality that emerged once the waters receded. In short, it was a rebirth and a transfiguration, and it was achieved by Noah bringing on board with him not just his loved ones and livestock, but all things of value; all knowledge, all tradition.Like the ark, the blockchain is a means of transferring the things we call our own through the destructive waters of change to steady, fertile ground.This week it became clear that more and more businesses are coming around to the fact that this technology is part of something bigger, something their future existences may very well depend upon. Almost as if they had read our column, major corporations have seemingly lined up in pairs to announce that they are working on their own blockchain-related projects.Nike, Phillip Morris, Samsung, Jaguar, Facebook, Porsche, JP Morgan, Volkswagen, and Disney were all in the headlines this week in relation to blockchain investment and development.In this edition of Max’s Corner we thought it would be fitting to take a look at some of the major projects making headlines this week and what they mean for the industry moving forward, highlighting how this corporate exodus will impact the decentralized vision at the heart of what we do here at Bytecoin and of what so many people do across this industry.Nike Gets its “Cryptokicks”Among the more interesting developments of the past week was that American footwear and apparel company Nike has filed a patent with the US Patent and Trademark Office for the term “Cryptokicks.” According to the patent application, Nike’s Cryptokicks will be part of a concerted effort from the company to get involved in the cryptosphere.Cryptokicks will seemingly be the name of Nike’s own token, which Nike will be offering alongside a crypto-based wallet and other “downloadable mobile applications for providing access to crypto collectibles, crypto art, and application tokens.” All of this will be available on the company’s online store in addition to the sportswear that they sell.Nike further specified that their wallets will be used for “financial services, namely, providing a digital currency or digital token for use by members of an online community,” and that this online community will feature a number of blogs and online games with crypto collectible prizes.Philip Morris Sees Blockchain as Way of Eliminating FraudFor each pack of cigarettes they produce, American tobacco company Philip Morris has to have a stamp issued for the equivalent of about $5.5. The advent of high-definition printing has seen the practice of counterfeiting these stamps soar to where Philip Morris is estimated to lose out on about $100 million annually due to the efforts of counterfeiters.At the London Blockchain Expo representatives from the tobacco giant announced that they want to launch their own public blockchain as a way of combating fraud on this end. The company estimates that by instituting their own blockchain to ensure that valid tax stamps are being used they will be able to save about $20 million.Recently many companies have unveiled plans to create their own blockchains, but where Philip Morris differs from the majority is in the type of blockchain. The tobacco company wants their blockchain to be public to ensure that it will have more nodes than a private chain and in the hope that it will become used industry wide.Getting stakeholders to buy into the blockchain, a necessary step in industry-wide acceptance, will be a challenge, and the company is currently looking at ways to incentivize participation.Global Head of Architecture and Tech Innovation at Philip Morris, Nitin Manoharan, acknowledged the difficulties of attaining wide-scale cooperation, but revealed that the benefits of this kind of chain outweigh the drawbacks, saying:“Permissioned blockchains are fairly simple. The opportunity is small and you can achieve everything that permissioned blockchain does with existing infrastructure and existing tools. The real value is with public blockchains where you can have multiple players coming in and participating in a trustless manner.”Rumors Swirl of a Samsung CoinMoving forward, a report out of Korea has been making some waves due to its claim that South Korean conglomerate Samsung is planning on building its own blockchain replete with its own native coin.The project is purportedly being carried out by Samsung’s blockchain division but is not clear whether the mainnet will be public or private, or some kind of hybrid between the two. The source for the report claims that the project will be based on the Ethereum network, even though Samsung already has its own blockchain platform, Nextledger.For some time now Samsung has been expanding its activity in the cryptosphere, so this report is not likely to surprise anyone who has been following their movements. Not long ago Samsung released the Galaxy S10, their flagship mobile, with a built-in crypto wallet and exchange.At the time of the release, many were dismayed at Samsung’s decision to not support Bitcoin on their mobile wallet, opting instead to make the wallet exclusively Ethereum and ERC-20 compatible. Now, should the Samsung coin drop, customers with the S10 will presumably already have a wallet for it.What About the Little Guy?This industry, though perhaps it is not as visible as it once was, was structured by people who wanted to return economic power back to the individual. For many of us who got involved in the early stages, blockchain and cryptocurrency were antidotes to ever-creeping corporatism and a global banking system that had “brought whores for Eleusis” to borrow a fitting expression.And in the early days—hard as it may be to believe for some just getting involved now—crypto was anathema to the financial system in place. If there was a response that differed from disdain it was scorn and laughter for something that was supposed to be a flash in the pan.Well, that laughter of theirs died out long ago. But now is not the time for us to laugh. The ramping up of the corporate exodus into crypto only makes it more essential or us to ensure that in this new space there are decentralized structures that are as valid as centralized ones and they available to everyone.Unless we want to see the promise of the new reality drowned in the mediocrity of the old, it is on us at Bytecoin and other leaders of this movement to build architecture in this new space that glorifies the individual and does not suffocate him.Max’s Corner: The Ramping Up of the Corporate Exodus into Blockchain

West Ham United Partners Socios.com to Allow Fans Vote on Club’s Decisions Using Fan Token

Coinspeaker West Ham United Partners Socios.com to Allow Fans Vote on Club’s Decisions Using Fan TokenPremier League club West Ham United has announced its new partnership with Socios.com which is the blockchain-based fan engagement platform. This collaboration will allow club supporters to purchase the right to vote on certain club decisions.Though West Ham United is not the first club in the world to establish a partnership with Socios.com, it is the first case of a partnership between a Premier League club and the Socios.com platform. West Ham United followed the example of French club Paris Saint Germain and Italian Juventus.Socios.com represents itself a first-of-its-kind mobile app for football fans. The app can be used by fans to express their opinion on their club decisions via voting, receive club rewards and compete for various prizes. All these things are possible thanks to special Fan Tokens that can be bought and earned within the app.Having established cooperation with West Ham United, Socios.com will introduce the Official Fan Token of West Ham United. Holders of this token will have an opportunity to influence the club life through taking part in exclusive polls. The club is also going to provide its fans with special merchandise, rewards, games and other valuable things and experiences.Karim Virani, West Ham United Digital & Commercial Director, stated:“West Ham United’s presence on Socios.com’s state of the art platform will further give us the ability to interact and get direct feedback in real-time from our global fanbase.”It is also known that fans will have an opportunity to purchase the first West Ham United Fan Tokens at the start of the 2019/2020 season. If fans want to be more influential they need to have more Fan Tokes as more tokens give more power.  The value of the token may be changed due to market demand.Speaking about their new partnership Virani noted that they realize that a lot of their fans are active users of digital assets and West Ham United’s presence on Socios.com’s platform would help to establish closer communication with them.“We’re very excited about the possibilities Socios.com offers us to give fans the best experience possible, whether they live within a mile of the stadium or thousands of miles away,” added he.Emma Diskin, who is Chief Marketing & Communications Officer at Socios.com, also expressed its excitement about this cooperation:“We’re delighted and proud to have West Ham United as our first Premier League partner. With one of the most passionate and engaged fan bases in the Premier League, West Ham United is a forward-thinking club that can maximise the potential of what fan voting and Fan Tokens can offer both fans and clubs by building better engagement for football fans.The West Ham United Official Fan Token is said to be offered only via the Socios.com platform. And as it will be tradeable against ChiliZ, the platform’s native token, it will be necessary for fans to buy ChiliZ tokens if they want to become holders of Fan Tokens.West Ham United Partners Socios.com to Allow Fans Vote on Club’s Decisions Using Fan Token

Why IBM Chose Stellar for Its World Wire Network

Coinspeaker Why IBM Chose Stellar for Its World Wire NetworkCoinspeaker has already reported that in March IBM introduced its Work Wire network. It is a global system for global payments which is built on the Stellar network.Why StellarThis cooperation with IBM is a serious milestone for Stellar now has a real opportunity to win the leading positions in the sphere of payments and leave even such a giant as Ripple behind.Previously IBM representatives stated that they had chosen Stellar technology owing to the fact that Stellar opens various opportunities for building reliable payment opportunities. Moreover, its protocol allows offering cost-efficient and speedy transactions which is extremely important for the customers today.In the recently published video, Seema Phalke who is a Lead Developer at IBM World Wire shares her own experience working experience. We also invite you to watch this video to discover what impressions professionals have.Seema Phalke, a lead developer for @IBMBlockchain, tells us about her experience developing World Wire on the #Stellar network.https://t.co/wLY3WenARG— Stellar (@StellarOrg) April 29, 2019What We Know about IBM Blockchain World Wire Let us also remind the main peculiarities of the new IBM’s cross-border payment system.IBM Blockchain World Wire is said to revolutionize the payments landscape and to offer a various range of opportunities that previously seem to sound too unrealistic for the sphere of cross-border payments.World Wire provides financial institutions with an opportunity to clear and settle cross-border payments just in a couple of seconds which is ensured by the usage of blockchain technology and the Stellar protocol.The new system ensures less time-consuming payment processing, including the reduced time that is needed for reconciliation and dispute resolution. Moreover, payment processing does not presuppose the involvement of multiple parties.With Work Wire transactions will be cheaper, moreover, capital requirements have been lowered.Turning to IBM’s new payment service, customers can be absolutely sure that all the processes will be as efficient and transparent as possible.  The system supports a wide range of currencies and allows to make payments of any size and transfer them to different destinations in any corner of the world.“We’ve created a new type of payment network designed to accelerate remittances and transform cross-border payments to facilitate the movement of money in countries that need it most. By creating a network where financial institutions support multiple digital assets, we expect to spur innovation and improve financial inclusion worldwide,” this way Marie Wieck, General Manager in IBM Blockchain explained their idea.Given all these factors and the opportunities that regulated financial institution get thanks to their connection to the network powered by Stellar, World Wire have good chances to replace the legacy banking system.Last month it was also announced that six global banks had officially confirmed their intentions to issue their own stablecoins on IBM Blockchain World Wire. Moreover, two major U.S.-based banks have expressed their interest in this IBM’s project.Why IBM Chose Stellar for Its World Wire Network

Bitfinex Likely to Issue Native Exchange Token Through IEO to Recover Frozen Funds

Coinspeaker Bitfinex Likely to Issue Native Exchange Token Through IEO to Recover Frozen FundsPopular Hong Kong-based cryptocurrency exchange Bitfinex is reportedly planning a fundraiser of $1 billion worth of Tether (USDT) tokens to issue its proprietary exchange token. Dovey Wan – a Bitfinex stakeholder and also a popular OTC trader in China tweeted on this development.BREAKING and WTF 🤯🤯🤯🤯Bitfinex is planning on a exchange token sale + IEO… plan to raise $1B in $USDT….This is really a WTF situation 🤦🏻‍♀️🤦🏻‍♀️— Dovey Wan 🗝 🦖 (@DoveyWan) April 29, 2019As we can see from Dovey’s tweet that Bitfinex will leverage the latest fundraising method of Initial Exchange Offering (IEO). Although the details for this plan are not 100% confirmed, Dovey wrote:“Folks are selling the allocation of its IEO in a few channels, I was super skeptical at first but later confirmed by one of BFX equity shareholders”.This news comes just at a time when Bitfinex is facing severe charges of covering its $850 million through the secret use of customer funds. The New York State Attorney General has charged Bitfinex of arranging $900 million from its affiliate company Tether. Tether is the popular stablecoin operator of the dollar-pegged USDT tokens.Bitfinex has claimed that its $850 million worth funds have been “seized” by the authorities and it is now looking at ways to retrieve the funds.Raising Funds Through Token IssuanceZhao, the founder of the blockchain investment firm DGroup suggest Bitfinex of the token issuance plan. After the recent allegations on Bitifinex put by NYAG’s office, Zhano on his Weibo account said that Bitfinex should take the opportunity to issue tokens worth $850 million to recover the frozen funds.Speaking to CoinDesk, Zhao said that the advantage to the users is “exchange tokens have better liquidity. They are the only real token that is not a shitcoin.” He further added that “The issuance method could be similar to that of other exchange tokens, which were distributed through pre-paid trading fee packages”.Zhao also extended his support saying that he would try his best to crack the deal. The suggestion made by Zhao has received a mixed response from the Weibo’s crypto community. Some members expressed skepticism on whether Bitfinex can actually recover the frozen funds. One of the users commented:“Didn’t Bitfinex say [there] are certain the funds can be recovered? If so, then no other plans are needed. But if they issue tokens to swap debts to shares, that could mean those funds are really gone and could lower the platform’s credibility.”Dovey Wan has also pointed at some inconsistencies on the public information available on Bitfinex and Tether. In another tweet, Wan notes that “if the $850 million can be easily crawled back, then why [would it do] initial exchange offering?” and “if Bitfinex is highly cash flow positive, why borrowed from Tether?”Bitfinex Likely to Issue Native Exchange Token Through IEO to Recover Frozen Funds

BYD Auto Great Q1: Tesla’s Rivals are Growing in Strength and Numbers

The year is not starting off well for Tesla. The reported losses were larger than expected and most investors are prepared to take hits in Q2 as well. That being said, BYD Auto, the Chinese electric car producer and Tesla’s rival, reported the opposite.
BYD Auto reported the incredible 632% growth during Q1 of 2019. The company is backed by Warren Buffett and by all accounts is giving Tesla a run for its money.
One interesting factor to note however, is that the company’s stock seems to be completely unaffected by the great earnings. The majority of BYD Auto’s clients are Chinese.
There is a very large and growing demand in China for electric cars. China’s Association of Automobile Manufacturers believes that over 1.5 million electric vehicles will be bought in China this year alone.
According to Bloomberg, this is just the beginning and the electric car market in China will be the biggest in the world. If BYD Auto is moving in the same direction, a very large portion of that market might belong to the company.
Over the last year, BYD Auto’s electric car sales grew from nearly 30 000 to more than 73 000. At the current time, the company’s electric vehicles account for more sales than the company’s oil versions. This trend shows no signs of stopping and the company might fully move over to electric cars manufacturing in the very near future.
BYD Auto is not all sunshine and flowers
Despite the 632% growth, the stock seems relatively unaffected and was even down 1% when the news went public.
The biggest reason for that is the not-so-secret government subsidies on both national and local level. These subsidies will disappear completely by 2020 and the stock might head south quickly. The company has allegedly received more than $1 billion in subsidies in 2016 alone.
There is also the issue of competition. Last year, the electric car manufacturers in China were more than 500. The demand for electric cars is growingly rapidly, but the market will not be able to support the increasing number of manufacturers.
Looking back in the US, Tesla has lost the whooping $700 million in the past quarter alone. Even if we remove the subsidies from BYD Auto, the company would break even or score a very slight profit. Tesla’s growing manufacturing issues have however, resulted in the company to fall 13 000 short of its 63 Q1 goal.
The stock is down about 8% but comparing the two companies seems unfair mainly because of the difference in vehicle class. Tesla is mostly producing luxury vehicles while BYD is aimed almost exclusively towards low-level electric cars.
In the coming years, the market will test both these companies. As the Chinese competition has shown, there are plenty of hungry fish out there waiting to become sharks.
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Crypto Credit Card: Another Interesting Promise by McAfee

Discussion about banking services related to cryptocurrencies has always been foggy. Crypto ATMs are slowly beginning to pop up all over the world. Despite some crypto services tied to the banking industry turning out to be fronts for international drug traffic, the crypto community is looking for even more services that will connect cryptocurrencies to the mainstream banking sector. The new crypto credit card that was leaked by John McAfee could just satisfy that hunger.

A teaser for what is coming soon: The first crypto credit card accepted EVERYWHERE! pic.twitter.com/ARBIAcLQOf
— John McAfee (@officialmcafee) April 26, 2019

After he leaked an image of the upcoming crypto credit card, McAfee stated that the card will also be branded by Visa. If all everything goes smoothly, people should be able to use the crypto credit card anywhere Visa is accepted.
That being said, McAfee’s history of making promises resembles that of a politician. Ironically enough, he also announced his plans to run in the 2020 election.
A crypto credit card will really offer much freedom
Despite McAfee’s reputation, the possibility of a Visa credit card which allows people to spend bitcoin all over the world is exciting.  The leaked image shows that the back of the card has a QR code for a deposit address.
The anti-virus millionaire later tweeted out that the card should be a debit card instead.

Sorry – "Credit Card" was a misnomer. More like a debit card. You load it with Bitcoin then use it anywhere. We convert to local currencies. pic.twitter.com/0MRmh1PslW
— John McAfee (@officialmcafee) April 26, 2019

An American flag with broken chains is featured on the front of the card along with McAfee’s smug face. The logo for his 2020 campaign “Get your soul back” is also featured along with symbols which represent problematic sectors for the United states such as justice, surveillance, police, education and environment.
McAfee is a controversial figure to say the least, but he does have a lot of admirers. He has proven multiple times that his unorthodox lifestyle and way of thinking is something he’s proud of. Unlike most politicians however, he has indeed done good for the world.
He also stated that 12 000 people will have this limited-edition crypto credit card with the logo for his campaign and face. If McAfee backs out and the crypto credit card turns out to be another false promise, he will unironically prove he is making his first steps in politics.
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