|0:02:22||Episode Title: The Chinese Ponzi Scheme Responsible For Bitcoin's Collapse - Is Binance Complicit?||Episode number: XXX||Date: 08/15/19||Live Unedited Show Time Stamp||Post Live Show Time Stamps||EST. Segment Length|
|JW||TEASE: Yesterday's Server Maintainence on Binance left many cryptocurrency investors out in the cold as the entire crypto markets capitulated in one of the worst sell offs we've seen all year. News is beginning to circulate about a Chinese ponzi scheme that many claim is responsible for the sell off. Meanwhile XRP dumps another billion tokens on the market, and an ICO fights back against the SEC. Let's break it all down in today's exciting episode of Breaking Bitcoin.||0:05:05||0:00:00||10-15m|
|JW||Welcome to Breaking Bitcoin, recorded live Wednesday, August 15th 2019. Your daily source for market updates, sentiment, and news for traders.|
I am your host Justin Wise, Lead Analyst & Senior Mentor at CrackingCryptocurrency.com - Hope you're all doing well!
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|As traders, selecting our exchange is one of the most important decisions we will make. I'm often asked as a profesisonal, what are the most important metrics when making this decision. My answer is always the same. The three major boxes that any exchange that I am considering must check are|
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The exchange that checks all of these boxes, that I use for trading Bitcoin Futures, is Bybit.
They are based out of Singapore, a country with some of the strictest financial regulation. Their platform is intuitive and simple to use, yet also has advanced order features for seasoned traders. Finally, their Customer Service live chat is in the corner of their main page, and on-demand support is a click away.
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If you would like to check out ByBit, you can visit bybit.crackingcryptocurreny.com and receive up to $60 from ByBit just to test their platform.
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|JW||Binance returns from scheduled maintenance amid price drop; users demand action on ponzi scheme dumping BTC
|Wednesday saw Binance go down for 6-8 hours for scheduled maintenance to implement Geoblocking for anyone shorting BNB, er sorry I mean for platform upgrades.|
This left users upset because the outage coincided with the massive market sell off.
The biggest issue on Binancians minds however, appears to be reports that Chinese ponzi scheme PlusToken, is liquidating its supply of $3bn worth of BTC on Binance and other exchanges and have been since July.
If you haven't heard of PlusToken, don't worry. Neither have most involved in cryptocurrency.
Little is known about the PlusToken scam outside of China or South Korea , but it appears to be a massive ponzi scheme that's bilked investors of billions in crypto currency.
Started in mid-2018, PlusToken was a classic high-interest promising Ponzi scheme. One would invest their Bitcoin in the PlusToken platform and receive passive income in the form of interest.
It had four tiers of membership, pursuant to how much you invested. The more you invested, the higher interest rate you received.
Now the core team behind PlusToken was apprehended by Chinese authorities two months ago, however, chain analysis suggests someone still has access to the keys, and unconfirmed reports from Chinese traders suggest someone in control of the funds is consistently dumping 100BTC batches on Binance, in addition to 50-100 batches on Bittrex and Huobi.
Most of the BTC adresses found by authorities were P2SH, which is commonly used for multisig. Due to this the wallets cannot be opened by authorities, and this would strengthen the fact that someone or multiple someones are still free and have enough private keys to control the adresses.
There is rampant speculation right now, that the 200,000 in ill-gained BTC flooding the market from the PlusToken scam, lead to the latest sell off on the markets.
|JW||XRP pledging 1bn tokens for content creator grant
|Coil, a San-Francisco based startup created by former Ripple CTO Stefan Thomas, has received a 1 billion XRP pledge from Xpring. |
For those of you who don't know, Xpring is Ripple's start up to invest and help develop the Internet of Value. They invest in blockchain startups and partner with companies to help them grow.
Coil's project is to disrupt the business model for content creators, advertisement and subscription based support popularized by YouTube, Twitch Patreon, and other platforms.
Their ideal solution is one in which real-time cryptocurrency micropayments will be an alternative to advertising and subscription based revenue.
The underlying tech behind Coil monetization is Interledger protocol, ILP, which supports multiple crypto currencies natively, in fact they allow users to send and receive many different types of currency, it's clear this grant worth 1b XRP is going to fund Coil in an XRP-centric direction, as well as possibly rain a lot of promotional XRP down on their ecosystem for some time to come.
Coil says they will use the 1 billion XRP to build an ecosystem of creators, developers, companies and nonprofits that are using XRP through the Web Monetization open standard.
A portion of the commitment will also be used to help build awareness of Coil among creators, consumers and strategic partner, that is advertisement.
Earlier this year, the company also announced its partnership and investment in Imgur, the community-powered entertainment platform, and Cinnamon, a video streaming service.
In addition, Xpring participated in Coil's $4 million seed round.
So this is pretty neat, I'm actually quite in favor of the micro payment disruption concept. I do think that the current scheme of running ads is outdated, and there's lots of good projects like Brave trying to solve that problem in unique ways. The ILP is an interesting concept, but as I said, I do feel that with XRP's involvement this will skew their entire user base toward that cryptocurrency, which I think is not a good solution.
I think this is a fantastic use case for the Lightning Network, which continues to grow, and offers everything that XRP claims to have, with greater privacy, greater security, and that little thing called...oh yes, decentrilization and use case.
|JW||Kik Launches Scathing Rebuttal at SEC|
|The messaging app has filed a countersuit against the SEC, claiming the agency has deliberately twisted facts to make it seem like Kik had not complied with necessary regulations. The SEC launched an investigation into Kik and came to the conclusion that their token, Kin, was a security but did not comply with securities regulations. They further alleged company management knew they would not be able to sustain financially after posting $1.5 million in revenues and $32.3 million in expenses in 2016-17, as reported by Financial Times, August 7th, 2019. As previously reported by BTCManager, Bitfinex also hit out at New York state regulators for supposedly twisting facts and cherry-picking data points. If both of these instances prove true, it is clear evidence that American regulators are tying to malign crypto business in the public eye.|
After tearing down Libra, these regulators face a new potential challenge from retail behemoth Walmart. The cryptocurrency space is just starting to bloom and the issue on regulators minds is finding a way to adequately impose authority over these companies.
One would hope that this isn’t the case and that regulators will act fairly, as they would against any other business or industry.
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