Japanese Class Action Against Gambling Coin Claims $12m Damages

Withcoin, a virtual currency reportedly designed for casinos, and listed on the Hitbtc exchange around May, is accused of selling coins using a promotional video propagating alleged lies and misleading information. In April 2018, a video promoting Withcoin went viral on the internet, inviting investors to purchase in advance a coin that was going to be listed on a crypto exchange in May, the message said.

Also read: The Daily: Exchange Operator Pleads Guilty, Scammer Fined Over $1.9 Million

“If You Buy It Today You Can Become a Millionaire”

The propaganda video was spread by an individual called Matsuyama. Matsuyama, also known on other sites as Koichi Matsuyama, enumerated attractive selling points for buyers, but it was later discovered that most of what he was saying was a lie, according to an overview explanation listed on the Enjin crowdfunding Class Action site. In a project called “Final ICO,” Matsuyama aimed at pre-selling a listed fixed coin that had the potential to increase its price a thousand times. The pre-sale allegedly started in January of 2018 with 1 Withcoin valued at 0.5 yen. However, it was reportedly only possible to purchase the coins by large chunks of 10 million yen. Buyers therefore seemingly purchased Withcoin in groups.

Matsuyama allegedly operated his business without disclosing any company name, and reportedly claimed having a career as a system engineer. He also made affirmations stating that Withcoin would be listed on Binance, then changed the exchange to Hitbtc. He also allegedly claimed in his project that the coin could be exchanged at Okada Manila, a casino in the Philippines, which denied any involvement with cryptocurrencies on its homepage.Japan Class Action Against A "Casino" Coin Claims $12M Damage

Soon after the coin was listed on the crypto exchange, its price fell to about 1/10 of the ICO price, which made purchasers suffer large losses. Enjin explains on its class action page that the business was selling a cryptocurrency giving false information therefore, the sales contract being invalid, the victims can now claim a full refund in Japanese yen at the rate of the time when the coins were sold.

Coin Crashed to 1/20th Its Price

About two weeks after being listed, Withcoin crashed to 0.139 yen. Many investors were tricked and directed to a site after viewing a Youtube video that was inviting viewers to purchase the seemingly attractive coin. As of June, more than 420 victims gathered on the crowdfunding class action litigation project Enjin for reported damages of over 1.3 billion yen ($12m). The number of victims claiming to have been duped in the same case has grown ever since. The question now lies in whether Matsuyama was intentionally aiming at tricking investors, which is seemingly difficult to prove. However, testimonies show the Withcoin management team could be proven as having given false explanations to its clients. Youtube is also accused of expanding the damage by introducing Withcoin, according to FXinspect.com, a site that verifies and reviews information on commodity materials mainly sold on the internet.Japan Class Action Against A "Casino" Coin Claims $12M Damage

“I will introduce a very attractive coin,” the man allegedly said, “you can buy it now for 3 yen, but after the coin will be listed, it will be valued at 5 yen. The price will never break […]” the man in the video promised. The investors who viewed the video where guided to a mail magazine online, where the actual trades were carried out.

Considering the lowest offering price as an opportunity, the manager behind Withcoin sold a massive amount of his coins, whose price later fell to 0.14 yen. If the value of the coin had risen from its initial 3 yen, it was theoretically possible to make an expected profit of about 20 times the price of the coin, FXinspect explains. WithCoin had existed since about the end of 2017 or February 2018, however publicity for it started on Youtube around March 2018, the site explaining the class action stated.  

Japan Class Action Against A "Casino" Coin Claims $12M Damage

Its white paper says that Withcoin is a digital currency “specialized in casinos,” and mentions a casino in the Philippines, without naming any specific venue. “We will realize a digital-currency platform for anyone to easily participate in casinos,” the white paper boldly states.

Okada Manila hotel was unavailable for news.Bitcoin.com’s request for confirmation of whether WithCoin could be exchanged at its casino. However its homepage stated that Okada Manila does not offer or allow the use of bitcoin or other cryptocurrency in its casino or anywhere else in its property. “Okada Manila has never authorized or partnered with anyone regarding the use of bitcoin or other cryptocurrency. Any claim or report that Okada Manila is offering or allowing the use of bitcoin or other cryptocurrency is false, inaccurate and unauthorized,” the hotel homepage says.

A Digital Currency “Specialized in Casinos”

“Okada is well-known as a casino mogul in Japan and Asia, and using his name is clearly an attempt to add an air of legitimacy to an allegedly fraudulent scheme. It also ironically illustrates that for many cryptocurrency isn’t seen primarily as an investment, but more like a gamble,” Jake Adelstein, an investigative journalist and yakuza expert based in Tokyo told news.Bitcoin.com by email.

FXinspect said most videos and websites allegedly created by Withcoin were removed from the internet since the collapse of Withcoin.

What do you think of this class action case against Withcoin? Share your thoughts in the comments section below.


Images courtesy of Shutterstock, FXinspect.com, Enjinclassaction.com, Haji Bashi Coin.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post Japanese Class Action Against Gambling Coin Claims $12m Damages appeared first on Bitcoin News.

PR: Changelly’s Partnered with Ledger Live App

Changelly’s Partnered with Ledger Live App

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

Changelly, a prominent instant exchange, has announced its partnership with Ledger, one of the leading security and infrastructure providers in the crypto industry, to bring a new user experience.


New Ledger App and Changelly

Ledger has released Ledger Live, a multi-asset complimentary wallet application that allows storing and managing cryptocurrencies in one place. Ledger Live is used for all models of Ledger’s hardware wallets, including the bestseller Ledger Nano S.

The app offers the list of exchanges where users can buy or sell the cryptocurrencies. Changelly is one of the first exchanges listed on Ledger that provides users with that option as a link that redirects to the Changelly website. Being integrated into Ledger Live, Changelly will enable Ledger users to switch their cryptocurrencies in an easy manner within the Ledger Live app.

This is the only tool available on Ledger Live, so far. However, the service has ongoing negotiations about providing new exchange options for Ledger users, so more details of the collaboration are coming soon.


Benefits of partnership

For Changelly, having such a popular and secure partner as Ledger will help build strong relationship with users, and provide the users of the wallet with seamless exchange options. For Ledger, in turn, Changelly can help broaden the audience and attract new customers.

Konstantin Gladych, CEO at Changelly:

“Ledger provides outstanding products that take security level in the crypto world to the whole new level and leverage the full potential of digital money. Changelly couldn’t be more excited to collaborate and have an opportunity to empower Ledger’s users with a frictionless exchange experience”.

Mattia Sarfati, Business development & Partnerships @Ledger:

Featuring Changelly in our new wallet app allows our users to buy cryptocurrencies easily and securely. Changelly offers an outstanding user experience and our community was pushing to see our companies working together. Ledger hopes that a lot of its users will discover and enjoy the Changelly experience!”


About Changelly

Changelly is a popular instant cryptocurrency exchange service with 100+ coins and tokens listed. The service acts as a mediator between a user and trading platforms. Changelly has trading algorithms integrated into leading exchange platforms, such as Binance, Bittrex, HitBTC and Poloniex that help to pick the most profitable rate. Operating since 2015, Changelly has attracted over 2M registered customers from around the world. The service offers its API and a customizable payment widget for any crypto service that wishes to implement exchange options. Key partners are Jaxx, Coinmarketcap, Coinomi, BRD, Coinpayments and others.

About Ledger

Ledger is a fast-growing provider of security solutions designed for cryptocurrency storage and management. The company offers a wide range of hacking-resistant products for individuals and financial institutions as well.

In 2017, Ledger sold over 1 million units of their flagship product, the Ledger Nano S, placing Ledger as the number one provider of Hardware wallets in the World.

Since a secure hardware wallet is the best technical solution to hold and protect assets, Ledger plans to make those solutions as open as possible to enable new use cases directly from the end user.

Press Contact Email Address
sasha@changelly.com
Supporting Link
https://www.ledger.fr/2018/07/09/ledger-launches-ledger-live-the-all-in-one-companion-app-to-your-ledger-device/

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Changelly’s Partnered with Ledger Live App appeared first on Bitcoin News.

The Daily: Coinbase Custody Opens, Hitbtc Hits Back at McAfee, BTCC Relaunches

The Daily: Coinbase Custody Opens, Hitbtc Hits Back at McAfee, BTCC Relaunches

Recent updates about the operations of cryptocurrency exchanges is the main focus in today’s edition of Bitcoin in Brief. Stories include the official opening of Coinbase Custody, a spat between Hitbtc and John McAfee, the relaunch of the BTCC exchange and Huobi’s postponement of Hadax voting.

Also Read: Luxury Marketplace Fancy Offers Discount for Bitcoin Purchases

Coinbase Custody Opens

The Daily: Coinbase Custody Opens, Hitbtc Hits Back at McAfee, BTCC RelaunchesCoinbase has announced that its new institutional offering Coinbase Custody, that last week accepted its first deposit, is now officially open for business. The service will be onboarding crypto hedge funds, exchanges and ICO projects over the coming weeks. It is a combination of cold storage, an institutional-grade broker-dealer and reporting services, and a client coverage program.

Coinbase Custody leverages the expertise and systems of Electronic Transaction Clearing (ETC), a SEC-registered broker-dealer and FINRA member. It provides secure storage for institutions in both the US and Europe, and the company hopes to bring this offering to Asia as well before the end of the year. The service currently supports BTC, ETH, LTC and BCH. And as we previously reported, it is expected to open the floodgates for big institutional money looking for cryptocurrency exposure.

“As crypto continues its maturation as an asset class and more institutions enter the space, Coinbase is committed to delivering products and services that are tailored to their unique needs. Coinbase Custody delivers the trusted storage service that our clients need to fully immerse themselves in the potential that crypto assets provide. We look forward to delivering more offerings over the coming months,” the company stated.

Hitbtc Hits Back at McAfee

Hitbtc, the Hong Kong-based exchange, has responded to John McAfee’s accusations on Twitter that the venue is “killing poor people”. The provocateur and former ICO shiller supreme started the fight last Thursday when he wrote that “The crypto exchanges have become the thing that we have originally fought against. Their power is immense. Hitbtc, for example, has increased suffering for millions of poor people who cannot afford the minimum buy-in since it is greater than their monthly income. Boycott them.”

The exchange mockingly thanked him for raising the problem and being the voice of the community. To which McAfee responded: “Your algorithm killed an unknown number of people. You tell me what algorithm recompenses these deaths.”

BTCC Relaunches Exchange

The Daily: Coinbase Custody Opens, Hitbtc Hits Back at McAfee, BTCC RelaunchesBTCC, once one of the biggest bitcoin exchange in China, has officially launched its new platform on Monday, as we reported back in May. The new exchange supports trading BCH, BTC, ETH, LTC, and USD, and offers zero trading fees for the first three months of operation. Interestingly, the platform also features a rewards point system, reminiscent of the much maligned 
Trans-Fee mining business model that recently propelled new exchanges to the top of the volume charts.

Huobi Backtracks on New Hadax Rules?

On Friday, Huobi declared it will be implementing several Hadax voting changes meant to combat bribery for token listings. However, now the exchange has announced the postponement of the opening of voting which was originally planned for Monday. The main change was dividing its Super Nodes into two categories and dropping all projects not supported by the new higher tier group. The team notified users that “Due to the participation of new nodes, the HADAX operating team is still working hard to provide better autonomy plan for the community, and the rules are still being discussed intensively, taking into account the forward compatibility issue. Therefore, HADAX will delay the opening of the 1st round of the 4th phase of voting.”

What do you think about today’s news tidbits? Share your thoughts in the comments section below. 


Images courtesy of Shutterstock.


Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi’s Pulse, another original and free service from Bitcoin.com.

The post The Daily: Coinbase Custody Opens, Hitbtc Hits Back at McAfee, BTCC Relaunches appeared first on Bitcoin News.

Crypto-Troll John McAfee Claims HitBTC ‘Killed People,’ Calls for Boycott

Cybersecurity pioneer-turned-crypto-troll John McAfee is at it again, and this time he’s setting his sights on HitBTC, one of the world’s largest cryptocurrency exchanges. McAfee began his war on HitBTC last week, when, without clear provocation, he called for a boycott on the Hong Kong-based exchange, which has more than $270 million in daily trading

The post Crypto-Troll John McAfee Claims HitBTC ‘Killed People,’ Calls for Boycott appeared first on CCN

PR: Noah Project Partners with Dakak Beach Resort

Noah Project Partners with Dakak Beach Resort

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

The travel industry is considered as the fastest-growing economic sector in the world. According to the report of the UNWTO (World Tourism Organization), it provides about 10% of the global GDP and 30% of total export of services. For some countries, for example, Aruba, Malta, the Maldives, Cape Verde and others, tourism has become the main driver of socio-economic development through the creation of jobs, infrastructure and export revenues.

At the same time, more and more people visit other countries for tourism purposes every year. In 2016 the number of international tourist arrivals (overnight visitors) reached a total of 1.235 billion worldwide, then by 2030 it’s expected to exceed 1.8 billion.

The tourism industry is very dynamic. Developing at a fast pace, it absorbs new trends, hi-tech features, and ideas. While a century ago, traveling was a luxury, accessible only to a small segment of the population, now it has become a part of the lifestyle of millions, largely attributable to the adoption of new digital technologies. In particular, appeared GPS navigators that replaced inconvenient paper maps, reservation systems like Booking.com or Expedia, through which you can book accommodation quickly and easily. In addition, travelers discovered such services as Airbnb and Uber, began to actively use mobile money for payments.

While these concepts have already proved their usefulness and have ingrained in the modern tourism, the soaring blockchain technologies are just on their way. Recently the world has been overwhelmed with the news about companies that are beginning to implement them in their business. Today, we are on the verge of a new reality, and obviously, those who adapt to changes first will be the winners in a competitive race.

Upending the industry with blockchain

In tourism using blockchain is a win-win for both sides: travelers and service providers. It can be applied to ensure security, privacy, and accuracy of shared information especially in regard to financial data and users’ ID details. Travel industry holds astronomical amounts of vulnerable personal information such as passports, bank accounts, and even people’s income records. Keeping all these pieces on the distributed ledger, blockchain is able to protect them from fraud, hacking and misuse.

Moreover, it can reshape the way travelers book flights and accommodation. With decentralized technologies, they’ll have a much cheaper and more appealing alternative to traditional Booking.com or Airbnb. Proof algorithms which form the bases of blockchain network guarantee that a hotel or an airline would receive a payment from a customer in a seamless and fast way. Meanwhile, as the intermediaries would be eliminated from the process, travelers won’t have to pay extra commission fees.

By the way, similar solutions already exist in the tourism market. The blockchain version of Airbnb was created by the Rentberry company. Smart contracts help handle relations between tenants and landlords in a more reliable and transparent manner, with all agreements being written on the blockchain ledger.

Another curious startup uses blockchain to make travel cheaper for consumers and more profitable for suppliers is the Swiss Winding Tree. It’s a decentralized open-source travel distribution platform, which allows airlines and hotels to connect with travel operators and agencies directly, without centralized control of big market players, excessive fees and barriers for entry. Winding Tree established partnerships with Lufthansa, Air New Zealand, Swiss International Air Lines and Austrian Airlines to bring the new technology to the travel industry.

Crypto paradise for travelers
Blockchain can enhance travelers experience in many ways, but the most anticipated is, of course, paying with cryptocurrency.

The number of people owning cryptocurrencies is increasing daily. According to the recent studies, in 2017 the total value of all cryptocurrencies grew by over 3300% to over $600 billion. In the USA alone, over 16.3 million citizens own digital coins and tokens.

Blockchain throws down a challenge to the traditional methods of payment, and the most tech-savvy companies are actively adapting to the new realities. Doubtless, the technology makes a big difference in financial transfers. It facilitates international payments so that travelers don’t need to exchange currencies multiple times, thus saving their time and cutting off additional commission expenditures.
No less importantly, the adoption of cryptocurrencies as a payment provides a significant competitive advantage to the whole tourist region, making it attractive to millions of virtual coin holders around the world. This market niche is still vacant and those who occupy it will definitely become innovation drivers with a bright future.

In fact, such pioneers have already begun to appear. In particular, in March 2018 the German National Tourist Board (GNTB) announced that they’re now accepting cryptocurrencies as a form of payment for its services. The company’s aim is to represent Germany as an attractive travel destination and they believe being crypto-friendly will contribute to that a lot.

A similar idea is realized by the Noah Project powered by non-profit Noah Foundation. The company implements several blockchain projects that would allow locals, expats and travelers to take advantage of the innovative digital technologies – send and receive money transfers in virtual currency, use it to transact products and services and even enjoy a luxury vacation on the Philippines.

The creators of the Noah project admit that “the rise of blockchain is inevitable. Today people expect to access what they need in a fast, simple and convenient way. If a person wants to get his confidential data protected, he should get it. If an expat wants to transfer money to his family at home easily, he should get it. And, obviously, if he wants to pay for traveling with virtual money – we should think about that. You cannot ignore these technological trends, as they’re not going anywhere. But you should be among the first to bring them to the world”.

The Noah Project is among these “the first”. Since its start in 2016, the company has been developing the Noah Ecosystem, where its own infrastructural token – Noah Coin – will be used. The ecosystem comprises of various services, and beach vacations are among them. The Noah Project partners with Dakak Beach Resort in the Philippines to create the Noah Resort, where the company’s token will be accepted. With Noah Coin, travelers will be able not only to sunbathe but will also get exclusive access to all the facilities of the resort, including 3 tennis courts, horseback riding, golf course, rock climbing, kayaking, scuba diving, river and sunset cruises. The Noah Resort aims to open a whole new travel experience where people won’t need to worry about currency exchanges – all they need is the wireless connection and a blockchain wallet.

You can get a ticket to the crypto paradise today – Noah Coin is available for purchase on several exchanges: HitBTC, Changelly, Livecoin, Mercatox and BTC-Alpha. To stay in touch with the team and get the latest news, join a hot discussion of the Noah Project on Telegram.

Supporting Link
https://noahcoin.org/
Contact Email Address
on@zmest.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: Noah Project Partners with Dakak Beach Resort appeared first on Bitcoin News.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

Cryptocurrency markets are steadily coasting along after suffering from some volatile low swings last week. Over the past 24 hours, most cryptocurrencies are still in the red nurturing losses between 1-3 percent, and a few are in the green by a few percentages. At the time of publication, the price of bitcoin cash (BCH) is hovering around $850 per coin. Meanwhile, bitcoin core values are meandering just above the $6,500 region.

Also read: William Shatner Joins Bitcoin Mining Project, Admits He Doesn’t Quite Get It

SEC Announcement Adds Second Wind Into the Cryptocurrency Market Sails

Since last week’s ‘Bloody Sunday’ cryptocurrency market have seen some slight recovery but not by much. Markets were dropping pretty low up until the U.S. Securities and Exchange Commission (SEC) revealed cryptocurrencies that are decentralized are not securities. After the SEC’s head of the Division of Corporate Finance, William Hinman, made these statements digital asset markets saw a small rally and this push has kept markets from drawing lower, at least for a short period of time. The overall market valuation for all 1600+ cryptocurrencies is currently worth around $280Bn USD and 24-hour trade volume for the entire lot of digital currencies is $10.8Bn.

BCH Market Action

Bitcoin cash markets have steadily held above the $840 – $855 region over the past few hours with around $303Mn in 24-hour trade volume. Just like before last week’s dump, trade volume is pretty flat and action has simmered down over the past day. The top exchanges swapping the most BCH today are Okex, Exx, Hitbtc, and Bitz. Bitcoin core (BTC) currently represents 48.8 percent of the trades swapped with BCH today. This is followed by tether (USDT 28.8%), USD (13%), KRW (4%) and ETH (2%). As of this writing, one BCH is equivalent to 0.1309 BTC, and bitcoin cash is the fifth highest trade volume.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BCH/USD Technical Indicators

The daily and 4-hour charts on Bitfinex show that BCH bulls have some resistance ahead in order for the markets to progress upwards. The two Simple Moving Averages (SMA) on the 4-hour BCH/USD chart show the short-term 100 SMA is above the long-term 200 trendline.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The two SMAs recently crossed hairs and this indicates a move to the upside could be in the cards. Both the Relative Strength Index (RSI) oscillator (54) and the MACd show deep consolidation and a touch of uncertainty. Looking at order books shows BCH bulls have some solid resistance past the $870 mark and some more between $900 – $950. On the backside, stronger foundations have been built up over the past few days and BCH bears will see some pit stops around $825 and $775.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC Market Action

As mentioned above, bitcoin core markets have been hovering just above the $6,500 territory for most of today’s trading sessions. Trade volume over the past 24 hours for BTC is around $3.1Bn and the overall market capitalization today is $111Bn. The top five exchanges by BTC trade volume on June 16 are Bitfinex, Coinbase, Bitstamp, Kraken, and Neraex. The Japanese yen today is dominating BTC trades today by over 71 percent. This is followed by tether (USDT 14.3%), USD (9.1%), KRW (1.6%), and the EUR (1.3%). Currently, BTC dominance amongst all the other markets is 39.9 percent.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

BTC/USD Technical Indicators

4-hour and daily charts for GDAX and Bitstamp’s BTC/USD markets show quite a bit of consolidation as well. We can see from this chart that the two SMAs have also crossed paths with the 100 SMA just above the 200 SMA trendline. This indicates the path of least resistance will be towards the upside, but much like the BCH/USD 4-hour chart the gap is small, and the two could easily cross again.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

RSI levels are the same as well (52) and the MACd looks to be heading southbound soon. The current resistance zone for BTC bulls is between $6650 and $6775 (20 and 50 MA) at press time. On the back side, bears will meet resistance between 6400 and 6200 and significant foundational buy support beyond that. If things were to go into the sub-$6K region, the $5K region will likely hold for a very long time. However, at any time between this vantage point and that theoretical region, we could see a strong impulse leg upward.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Top Cryptocurrency Markets

On Saturday, June 16 the second highest valued market held by ethereum (ETH) is up 1.7 percent and one ETH is averaging around $500. Ethereum values over the last seven days are down 14 percent. Ripple XRP markets are down 0.4 percent over the last 24-hours and down 18 percent during the course of the week. One XRP is trading for $0.53 cents per token. The fifth largest market, EOS, is up 0.12 percent and down 23 percent over the last seven days. The EOS token is trading for $10.67 and the currency holds the fourth highest trade volumes today.

Markets Update: SEC Adds a Brief Market Spike — But Will It Last?

The Verdict: Skepticism Remains Strong

The verdict this weekend still leans towards the bearish side taking into consideration the current charts, but mostly, market volumes have been considerably low. The SEC news helped add some positivity to an otherwise extremely gloomy week as far as markets were concerned. Traders are likely to remain skeptical for the time being until some bullish signals appear. The good news is markets have found support once again but where it will take us from here is hard to say.

Where do you see the price of BCH, BTC, and other coins headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, Crypto Compare, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: SEC Adds a Brief Market Spike — But Will It Last? appeared first on Bitcoin News.

PR: trade.io Announces Massive Airdrop Campaign

trade.io Announces Massive Airdrop Campaign

This is a paid press release, which contains forward looking statements, and should be treated as advertising or promotional material. Bitcoin.com does not endorse nor support this product/service. Bitcoin.com is not responsible for or liable for any content, accuracy or quality within the press release.

trade.io has announced the upcoming launch of an unprecedented ongoing airdrop campaign, which will enrich the portfolio of existing Trade Token (TIO) holders with potentially hundreds of different Alt Coins.

With this campaign, any TIO holder is automatically qualified to benefit from ongoing token airdrops from high potential ICOs. Such ICOs have undergone an extensive vetting process by the experienced trade.io consulting team for AML processes, technical viability and longevity, and as a result have been verified as high potential projects by the company.

trade.io targets to airdrop as many as 2 million tokens (sometimes more) per verified ICO, specifically to its TIO holders and to its loyal community. Clients who have already passed the strict trade.io vetting processes and who are in line to distribute their Alt Coins to the trade.io network include: TV-TWO, ICO Watchdog, INGOT Coin, DarcMatter, ZeroEdge. Another 50 ICOs are already in discussions to join the trade.io ICO consulting pipeline. This could potentially make 100 million coins available for airdrop to TIO holders within the coming months.

How does the airdrop work*:
Community members who join in trade.io’s telegram groups plus the ICO client’s telegram group will automatically be airdropped a pre-set percentage of tokens.

Existing TIO Holders who actively participate into the ICO of the client via the upcoming trade.io airdrop web page will be eligible to receive a significant number of additional Alt Coins. The top raffle allocation is USD 100,000.

trade.io will take a snapshot of all wallets holding TIO – anybody holding over 2,500 TIOs will be eligible to receive an additional airdrop. This will be an ongoing process for any ICO launched on the trade.io platform.

TIO holders who participate in the ICO via the trade.io link will be eligible to receive additional bonuses over and above what the client ICO is offering.

To register to be informed about upcoming airdrops, visit https://airdrops.trade.io
CEO of trade.io Jim Preissler commented: “We are constantly looking for ways to add value to the experience of our loyal community and TIO holders. We feel that an ongoing airdrop of this enormity is the perfect way to both thank our community for their loyalty plus to assist new high potential ICOs in accessing our informed and ambitious community.”

The Company’s vision is to continually onboard quality ICOs, which will bring a stream of high potential Alt Coins to TIO holders on an ongoing basis. With this, any hodler of the TIO token will automatically inherit high quality coins. This will help TIO holders to diversify – as well as to increase – the size of their portfolio.

He continued “This airdrop is a win-win situation for all company stakeholders. The Alt Coins from our upcoming ICOs will also be airdropped into our liquidity pool, which will benefit all of its participants.”

The Trade Token is currently available to purchase on the following exchanges: OKEX, Bancor, GateIO, TIDEX, KuCOIN, HitBTC, IDEX. The trade.io exchange is scheduled to launch within the coming weeks.

* Any percentages stipulated and / or airdrop terms & conditions will be issued by the company upon final launch of the airdrop program in due course. All announcements will be made on our official telegram channel https://t.me/TradeToken

About trade.io
trade.io is a next generation financial institution based on blockchain technology, and providing the ultimate in security and transparency via its flagship product the trade.io exchange as well as its highly sought after ICO Consulting Services and Angel Investment Program. trade.io successfully completed its ICO in January 2018 and raised over 31 million USD from loyal participants and community members who want greater transparency in the financial markets.

Read more: https://trade.io
Contact: marketing@trade.io

Contact Email Address
marketing@trade.io
Supporting Link
htpps://airdrops.trade.io

This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.

The post PR: trade.io Announces Massive Airdrop Campaign appeared first on Bitcoin News.

HitBTC Suspends Japanese Users, Plans to Launch Regulated Crypto Exchange

Citing the need to comply with local regulations, Hong Kong-based cryptocurrency exchange HitBTC has suspended its operations in Japan and has outlined a plan to launch a regulated subsidiary in the coming months. Hong Kong-based HitBTC, the world’s seventh-largest cryptocurrency exchange by trading volume, says the precautionary measure to ‘temporarily’ suspended services to Japanese residents

The post HitBTC Suspends Japanese Users, Plans to Launch Regulated Crypto Exchange appeared first on CCN

Cryptocurrency Exchange Hitbtc Suspends Services in Japan

Cryptocurrency Exchange Hitbtc Suspends Services in Japan

Hitbtc has suspended its services for Japanese residents to avoid any trouble with the country’s financial regulator since it is not authorized to operate in Japan. Users with Japanese IP addresses will be asked to provide their residency information within the exchange’s know-your-customer (KYC) procedure to prove they are not residents of Japan.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

Suspending Services in Japan

Cryptocurrency Exchange Hitbtc Suspends Services in JapanHitbtc, the world’s eighth largest crypto exchange according to Coinmarketcap, has announced a service suspension for Japanese residents.

On its website, the Hong Kong-based exchange added a new section called Service Restriction to the Legal Information page of its Terms of Service. “You shall not use our services and immediately cease using those if you are a resident or become a resident at any time of the state or region where Hitbtc is not authorized to act,” the exchange wrote, adding:

For the avoidance of any doubt and in accordance with the Japan Payment Services Act, Hitbtc has temporarily suspended providing virtual (crypto) currency exchange services to residents of Japan.

Cryptocurrency Exchange Hitbtc Suspends Services in JapanThe exchange elaborated, “In case our technology detects that you use our services from an IP address registered in Japan, or any other services registered in Japan, you would be asked to confirm that you are not a resident of Japan by providing information on your residency within KYC procedure.”

The exchange subsequently posted a notice on its website on Sunday confirming the suspension, reiterating that it “will apply only to those living in the country.”

Hit Solution Ltd provides access to crypto assets exchange platform under the registered trademark Hitbtc. Since 2013, the platform “has been providing markets for bitcoin, ethereum, litecoin, dogecoin, monero, USDT, and more than 300 cryptocurrencies in total,” its website details. The exchange’s 24-hour trading volume at the time of this writing is $281,395,577.

Avoiding Trouble with the Regulator

The Japanese Payment Services Act that Hitbtc refers to went into effect in April last year, legalizing cryptocurrency as a means of payments.

Cryptocurrency Exchange Hitbtc Suspends Services in JapanHowever, it also mandates any crypto exchanges operating in the country to register with the country’s financial authority, the Financial Services Agency (FSA). So far, 16 crypto exchanges have been granted a license to operate and the same number were allowed to operate while their applications are pending. Out of the latter 16, the FSA recently revealed that 8 have indicated that they are withdrawing their applications.

The agency has also warned some exchanges that have been operating in Japan without a license. Among them was Binance, the exchange whose 24-hour trading volume often tops the list of the world’s largest. On May 23, the agency sent a letter to Binance and its representative, CEO Changpeng Zhao, warning them about operating in Japan without a license. In April, crypto exchange Kraken announced its withdrawal from the Japanese market, citing high costs to comply with the FSA rules, which became stricter following the hack of Coincheck in January.

In Sunday’s announcement, Hitbtc revealed that it has been working with a Japanese law firm with the aim “to get Hitbtc through the local subsidiary setup and licensing procedure to resume its services” for Japanese residents, adding:

The company is actively hiring for the local office and exploring M&A opportunities to expedite the launch of the Japanese operations in Q3 2018.

What do you think of Hitbtc’s strategy in Japan? Let us know in the comments section below.


Images courtesy of Shutterstock, FSA, and Hitbtc.


Need to calculate your bitcoin holdings? Check our tools section.

The post Cryptocurrency Exchange Hitbtc Suspends Services in Japan appeared first on Bitcoin News.

Markets Update: Digital Assets Show Recovery After the Past Three Days of Dips

Digital asset markets are doing some healing during the past 24-hours of trading after touching some lows the day prior. At the moment the entire cryptocurrency market capitalization of all 1,600+ tokens is around $377Bn with around $16Bn worth of 24-hour trade volume. Bitcoin Core (BTC) markets are up 2.3 percent averaging $8,314 per coin while Bitcoin Cash (BCH) prices are up 1.5 percent at around $1,180 per BCH.

Also read: “Stablecoin” Trueusd Pumps After Binance Listing

The Week-Long ‘Consensus Pump’ Never Came to Fruition

The mid-May ‘blockchain week’ Consensus pump never materialized last week even though there was plenty of positive cryptocurrency news. During the course of the week, most digital assets in the top 500 lost a good portion of gains. This weekend is a different story as a bunch of markets are seeing some recovery from the dips. Bitcoin Cash markets are up 2.3 percent averaging roughly $1,188 per BCH at the time of publication. The decentralized currency’s 24-hour trade volume has dropped considerably to $683Mn which doesn’t give traders hope for a bigger weekend push. The top five exchanges swapping the most BCH today include Okex, Huobi, Hitbtc, Lbank, and EXX. BTC pairs with BCH has increased significantly as BTC represents 41 percent of today’s BCH trades. This is followed by tether (USDT 30%), USD (13%), KRW (11%), and the Euro (1.2%).

Markets Update: Digital Assets Show Recovery After the Past Three Days of Dips
BCH/USD prices on May 19, 2018.

BCH/USD Technical Indicators

Looking at the BCH/USD four-hour charts on both Bitstamp and Bitfinex shows bulls need to muster up more strength to break upper resistance. The two Simple Moving Averages (SMA) still have a gap with the 100 SMA above the 200 SMA indicating a good path to the upside. However even though there is a gap it looks as though the two trend lines may cross hairs shortly. RSI oscillator levels point towards an oversold region at 38, and the MACd indicates there will be improvement shortly as well. Looking at the order books towards the upside shows bulls have gigantic sell walls to eat through between the current vantage point and $1,250. On the back side if the BCH bears remain in power there are still some solid foundations between now and $1,130. Traders are looking out for some deeper consolidation before the next breakout as positions currently look like musical chairs at the moment.

Markets Update: Digital Assets Show Recovery After the Past Three Days of Dips
BCH/USD prices on May 19, 2018, Bitfinex $1,880 per BCH.

The Top Digital Currencies See Some Recovery

Overall most cryptocurrencies today are in the green and nurturing the market wounds from the past 72-hours. Bitcoin Core (BTC) prices are doing decent rebounding today at $8,318 per coin but trade volumes are also low at $5Bn. Ethereum (ETH) the second highest valued market cap is doing very well as markets are up 4.3 percent. One ETH is trading at $708 during Saturdays mid-afternoon trading sessions. Ripple (XRP) prices are up 2.1 percent as each XRP trades at $0.68 cents. Lastly, the fifth position held by EOS is doing the best out of the top five contenders as EOS prices are up 5.6 percent — a single EOS today trades for $13.13 per token.

Markets Update: Digital Assets Show Recovery After the Past Three Days of Dips

The Verdict: Bullish Optimism Wanes

Optimism is there among cryptocurrency traders and enthusiasts but people are becoming skeptical of the positivity and those predicting bullish pumps. Of course, while the dips take place traders are finding shelter in Tether, and True USD while they wait out the storm. For now, there’s a whole lot of consolidation happening until traders decide when the next big move happens which could go either way at this vantage point.

Where do you see the price of BCH and other cryptocurrencies headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Digital Assets Show Recovery After the Past Three Days of Dips appeared first on Bitcoin News.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets

Cryptocurrency markets are losing some gains today, as most digital assets are down between 3-15 percent during this morning’s trading sessions on May 16, 2018. The overall cryptocurrency market cap has shaved a few billion in losses since our last markets update, leading to the valuation of all 1,600 cryptocurrencies hovering around $374Bn today. During the last 24-hours Bitcoin Cash (BCH) value has dropped 10.4 percent and prices are around $1,258 per BCH. Bitcoin Core (BTC) prices have also dipped, but by only 5.6 percent with one BTC priced at $8,234 at the time of publication.

Also read: Circle Raises $110Mn With Plans to Launch USD-Backed Coin

BCH Markets Down 20% This Week

At least three-quarters of the entire cryptocurrency ecosystem has lost value today as many coins are seeing losses this Wednesday. Total 24-hour trade volume for today’s trading session is around $22.6B worth of exchanges. Bitcoin Cash markets have lost a bit of value since yesterday as the network experienced an upgrade which increased its block size to 32MB. BCH trade volume is thinner than the week prior as only $1Bn has been traded during the last day. The top five exchanges swapping the most BCH during today’s trading sessions are Okex, Bitfinex, Huobi, Upbit, and Hitbtc. Both the South Korean won and tether (USDT) BCH trading pairs have seen exponential volumes but BTC still dominates pairs by 34 percent. The BCH/BTC pair is followed by tether (USDT 25.4%), USD (22%), KRW (14%), and the EUR (1.4%).

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
BCH/USD market action on May 16, 2018, according to Satoshi Pulse.

BCH/USD Technical Indicators

Looking at the four-hour BCH/USD chart on Bitfinex the price is seeing some deep triangular consolidation at the moment. The MACd is on the rise after the initial dip took place and show more improvement could be in the cards. RSI levels show the oscillator is around 38 right now, showing oversold conditions seem imminent. Looking at the two Simple Moving Averages indicates the path to resistance to the upside still looks obtainable as the short term 100 SMA rides above the longer term 200 SMA trend line. Looking at order books on the upside, BCH bulls need to muster up the strength to break past $1,330-1,355 in order to make headway northbound. On the flipside, if the dips continue there are some solid foundations between the current vantage point and $1,210.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
Bitfinex — BCH/USD May 16, 2018, at 10 am EDT.

A Brief Glimpse at Overall Cryptocurrency Market Action

The entire cryptocurrency ecosystem is seeing pretty decent losses today even though there’s been loads of good news coming from the industry this week. The number one cryptocurrency market cap held by Bitcoin Core (BTC) is wavering just below the $8,400 region with $7Bn in trade volume over the past 24-hours. Ethereum (ETH) markets has seen some dippage as well, as prices have lost 4 percent today. One ETH is hovering just above $700 USD at the time of publication. Ripple (XRP) markets are seeing heavier losses around 6.3 percent as one XRP is $0.69 cents today. Lastly, the fifth highest capitalization has been a contested position for a while now as many coins have been filling this area over the past year. EOS has held the number five spot for a few weeks now but its markets are down 11.7 percent today as one EOS is averaging $12 per coin.

Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets
The top ten cryptocurrencies today according to Satoshi Pulse.

The Verdict: Mid-May Market Action is Lackluster but Positivity Remains

So far, the mid-May bull run lots of enthusiasts were hoping for has been nothing but a fizzle this week. Many believed cryptocurrencies would begin to see larger gains after the Consensus conference in New York started but that forecast never came to fruition, at least not yet. The only coins that are doing well today are a few miscellaneous tokens and stablecoins like tether (USD, and TrueUSD showing traders are likely using these ‘stable’ currencies as shelter from the current storm). Optimism and positivity among traders on social media and trader groups on Telegram still seems bright, even though markets have shaved some decent gains over the past 72-hours.

Where do you see the price of BCH and other cryptocurrencies headed from here? Let us know in the comments below.

Disclaimer: Price articles and markets updates are intended for informational purposes only and should not to be considered as trading advice. Neither Bitcoin.com nor the author is responsible for any losses or gains, as the ultimate decision to conduct a trade is made by the reader. Always remember that only those in possession of the private keys are in control of the “money.”


Images via Shutterstock, Trading View, and Satoshi Pulse.


Want to create your own secure cold storage paper wallet? Check our tools section.

The post Markets Update: Mid-May Price Dips Plague Cryptocurrency Markets appeared first on Bitcoin News.

Public Company’s ICO Paves the Way for Other Token Sales in Thailand

Public Company's ICO Paves the Way for Other Token Sales in Thailand

The first initial coin offering (ICO) by a publicly traded company in Thailand has begun trading on a couple of local exchanges. Meanwhile, the regulators are still drafting the legal framework for cryptocurrencies and token sales.

Also read: Yahoo! Japan Confirms Entrance Into the Crypto Space

First Public Company to Launch ICO

The launch of an ICO by a publicly traded company has paved the way for other token sales in Thailand.

Public Company's ICO Paves the Way for Other Token Sales in ThailandJay Mart Plc’s subsidiary, J Ventures Limited, launched its ICO called Jfin Coin last week. Jay Mart Plc operates in the wholesale and retail sectors for mobile phones and technology accessories and is listed on the Stock Exchange of Thailand (SET).

The pre-sale of Jfin Coin was held on February 14 at the rate of 6.60 baht (~US$0.21) per token, which was sold out. Its ICO debuted on local cryptocurrency exchange Coin Asset at 6.45 baht, but quickly tanked 57.09% to roughly 3 baht before regaining some of its losses. It is currently trading at 3.94 baht (~$0.12).

Public Company's ICO Paves the Way for Other Token Sales in Thailand

Initially, J Ventures was going to trade the tokens on a much larger crypto exchange in the country, the Thai Digital Asset Exchange (TDAX). However, the company switched to Coin Asset, which has much lower liquidity, according to the Bangkok Post.

Jfin Coin also started trading this week on another local platform, Cash2coins. J Ventures CEO Thanawat Lertwattanarak told the news outlet that the company plans to list Jfin Coin on Hong Kong’s Hitbtc as well as South Korea’s Upbit in the near future. His statement came prior to Upbit being investigated by the Korean authorities for alleged fraud.

Other ICOs Follow

The Thai government is currently drafting the regulatory framework for cryptocurrencies and ICOs. However, some companies are not waiting for the legal framework to be introduced.

Public Company's ICO Paves the Way for Other Token Sales in ThailandFollowing Jfin Coin, Zmine Holdings Limited is also planning a token sale. CEO and co-founder Kasem Pativitvatana said the company expects to raise at least 180 million baht (~$5.6 million) through the issuance of 100 million ZMN tokens in order to expand its crypto mining business which began in 2014, Prachachat Turakij reported.

The pre-sale of ZMN tokens began last week. MGR Online reported that 2 million tokens were sold on the first day for approximately 3.5 million baht (~$109,825).

Recently, “the Finance Ministry took steps to put the brakes on the Initial Coin offering (ICO) bandwagon by threatening to hit the emerging ICO market with value-added tax and capital gain tax,” the Nation Multimedia described, adding:

Under the proposed new laws, the [Thai] Securities and Exchange Commission (SEC) would be responsible for regulating the ICO market, covering securities and other kinds of digital tokens. One key feature of a related new law covers the electronic-KYC (know your customers) requirement aimed at preventing money launderers and other criminals from taking advantage of the new funding channel.

Do you think the Thai government will let ICOs flourish? Let us know in the comments section below.


Images courtesy of Shutterstock, Coin Asset, J Ventures, and Zmine.


Need to calculate your bitcoin holdings? Check our tools section.

The post Public Company’s ICO Paves the Way for Other Token Sales in Thailand appeared first on Bitcoin News.

Binance’s Coin Listing Policy Raises Questions

Binance’s Coin Listing Policy Raises Questions

As the world’s largest exchange, Binance commands huge amounts of power. It can charge whatever it likes for a listing in the knowledge that altcoin projects will still cough up in return for the liquidity and legitimacy that a Binance listing brings. With great power comes great responsibility however, and some of the exchange’s new additions have a chequered past.

Also read: How to Shuffle Your BCH Coins Like a Boss

Binance Swallows Up Bytecoin

As one of the oldest and least fashionable cryptocurrencies on the market, bytecoin was an unexpected addition to Binance. The exchange is more accustomed to listing the latest “must-have” tokens such as Wanchain, but appears willing to add any coin if the price is right. The addition of bytecoin (BCN), as well as other recent listings, has had some traders scratching their heads. BCN is a controversial coin due to an allegedly huge pre-mine when it launched in 2014. It then effectively disappeared off the radar before resurfacing last year.

Binance’s Coin Listing Policy Raises Questions

Until its appearance on Binance on May 8, bytecoin was only available on the unfashionable Stocks.Exchange, Hitbtc, and Poloniex. As much as 82% of the coin’s supply is believed to be in the hands of one entity, or a handful of entities at best, and it is also alleged to be susceptible to an infinite inflation bug that allows coins to be created out of thin air. This latter flaw may have now been fixed, but tellingly Onchainfx still lists BCN as a scamcoin alongside the likes of Bitconnect.

Binance, Bytecoin, and the Big Pump

Regardless of bytecoin’s murky past, its present is just as dubious. Every coin that is listed on Binance can expect an instant pump, but BCN’s was significantly higher than usual – and its fall equally spectacular. The coin rose by 270% in three hours before plummeting, leaving its daily gains at “just” 71%. Coin comparison site Coincodex called foul play as massive price discrepancies for BCN appeared between Binance and Poloniex. In a blog post, Coincodex wrote:

Who in the world was buying BCN at a price which was 10 times higher than elsewhere? Perhaps there were some unwitting traders who didn’t want to miss out on a token that was going vertical and bought before checking prices on other exchanges, but it seems very unlikely that BCN trading activity on Binance today was entirely organic.

Shortly after being listed on Binance, the bytecoin network stopped confirming transactions, prompting Poloniex to halt BCN withdrawals. According to Bytecoin, this was due to the network experiencing “unusually high load”, likely a consequence of BCN holders rushing to transfer their coins to Binance to catch the pump. Binance later issued its own update, advising users to “Please be cautious of high price volatility and trade with caution.”

Binance’s Coin Listing Policy Raises Questions

It is Binance’s prerogative to list whatever coins it likes, and it is not responsible for the prices that traders choose to pump coins to. Given the murky nature of bytecoin’s past, however, coupled with concerns over who owns the bulk of the circulating supply, it is hard to see how the community benefits from BCN being added to Binance. For so long as the exchange dominates the market, altcoins will clamor to be listed and traders will compete to catch the pump, regardless of the coin’s fundamentals.

Do you think bytecoin is a scamcoin, or is it a legitimate cryptocurrency? Let us know in the comments section below.


Images courtesy of Shutterstock, and Twitter.


Need to calculate your bitcoin holdings? Check our tools section.

The post Binance’s Coin Listing Policy Raises Questions appeared first on Bitcoin News.

Forking Today: Bittrex’ Stance on Bitcoin Private Angers Zclassic Bagholders

Bittrex’ Silence Over Bitcoin Private Angers Zclassic Bagholders

In less than six hours, zclassic will fork to create bitcoin private, a new privacy-oriented coin that uses zk-snarks to obfuscate transactions. Holders of bitcoin and zclassic will both be eligible to receive bitcoin private (BTCP) on a 1:1 basis. There’s just one problem: 93% of all zlcassic (ZCL) is on Bittrex exchange, which until today had neglected to pass comment on whether it would support the fork. As the price of ZCL has dropped sharply, bagholders have expressed their anger at Bittrex’ slowness to act.

Also read: Bitcoin Private Fork Aiming to Make Bitcoin More Anonymous

Bitcoin Private Angers the Public

Bittrex Is Now Grouping Token Deposits to a Single Ethereum AddressBitcoin private has been a long time coming, with the fork of zclassic announced back in December of last year. Since then, traders have been steadily accumulating ZCL, causing its price to rise from $4 in early December to a high of almost $200. Everyone knew that ZCL would dump hard, but few expected it to do so before the fork. In the last 48 hours that’s what’s happened though, as the coin has plunged to a low of $73, a drop of 50% in less than a week.

It had been widely assumed – or at least hoped – that Bittrex would support the fork. Given that 93% of the trading volume comes from the U.S. exchange, it has the power to largely make or break the launch of bitcoin private. As ZCL bagholders have vented their frustrations, other traders have crowed about selling the coin days ago, leading to acrimony. The fork is scheduled to take place on February 28 around 5pm UTC.

The exchange finally broke its silence just hours before the fork was due to occur. In a statement, it wrote: “Bittrex will NOT be supporting the market for Bitcoin Private but due to issues with the Zclassic wallet, we will offer Zclassic holders on Bittrex partial support through claiming and withdrawing BTCP…Bittrex will suspend the Zclassic market approximately 15 minutes before the snapshot time and perform an on-exchange snapshot of ZCL balances. The market will re-open after 5pm UTC once the on-exchange snapshot is complete.”

The exchange probably won’t be listing BTCP as a tradable coin, it seems, and it certainly won’t be issuing bitcoin private on a 1:1 basis to BTC holders. While ZCL holders were relieved to learn this news, for some traders the announcement was a case of too little, too late.

Bittrex’ Silence Over Bitcoin Private Angers Zclassic Bagholders

A Good Idea Badly Executed?

The arguments for and against bitcoin private have been rehashed enough times. Given zclassic’s reliance on Bittrex for trading volume, it seems odd that Rhett Creighton and his team wouldn’t attempt to come to some sort of informal agreement with the exchange in advance. Without Bittrex’ promise of participation, the whole affair was bound to create bad blood and get the launch of bitcoin private off to a controversial start. Nevertheless, there has been nothing preventing traders from withdrawing their zclassic to a wallet or sending it to an exchange that has promised to support the fork in advance, such as Cryptopia.

Bittrex’ Silence Over Bitcoin Private Angers Zclassic Bagholders

Historically, Bittrex has been reluctant to support bitcoin forks, with bitcoin gold the last to be listed on the exchange. Other exchanges, including Hitbtc and Kucoin, have announced that they will issue BTCP to BTC holders, but Bittrex – which isn’t exactly famed for its communication – remained silent right up until the last possible moment, before finally caving to public pressure. While zclassic holders are entitled to feel aggrieved at Bittrex’ lack of action, exchanges are not obligated to dispense forked coins like free candies.

For those who truly believe in bitcoin private, the price of zclassic in the run-up to the fork is largely irrelevant. All that matters is that they move their ZCL to a supporting wallet or exchange, sit tight, and let the fork take its course. For traders, simply chasing the pump, going all-in on a coin that was already up 5,000% in three months was always going to be a risky move.

Do you think Bittrex have declared its support for BTCP sooner? Let us know in the comments section below.


Images courtesy of Shutterstock, and Coincodex.


Get our news feed on your site. Check our widget services.

The post Forking Today: Bittrex’ Stance on Bitcoin Private Angers Zclassic Bagholders appeared first on Bitcoin News.