Category Archives: Cryptocurrency

There are hundreds of Cryptocurrencies out there right now and its impossible to know all of them by name. With Cryptocurrency now known by people in every corner of the world, developers are coming with new digital currencies to try and convince the users that their coin offers something new or different to what is being offered by the current coins. This has led to many users and investors falling victims to scam coins. Just because a coin is popular, with a lot of followers, doesnt qualify it to be a genuine cryptocurrency.

A lot of cases involving scam in Cryptocurrencies have been reported. According to Cointelegraph, Solomon Barnabas came out bravely to speak of his experience at the hands of vendors of scam coins. Mr. Solomon is quoted as saying that these scam vendors not only caused losses in terms of money, but also in terms of his credibility. Mr. Solomon is one of the many who have lost their money due to these scam coins who sell referral programs to unsuspecting members claiming that crowdfunding is necessary for adoption. These scam coins are restricting the growth of Cryptocurrency, despite campaigns from the already established coins that Crytocurrency is a genuine and worthy investment.

Moving on to the leading scam coins according to Angelina Lazar, an economist and cryptocurrency revolutionary, OneCoin is number one when it comes to scam coins. Angelina has become a popular figure in the Cryptocurrency world due to herwarwith OneCoin. She claimsthat in a months time she will have conclusive information on OneCoins dealings. After a war between her and OneCoin, Angelina claims that she succeeded in getting all bank accounts belonging to OneCoin shut down. She also claims that Chinas UnionPay is not interested in working with OneCoin anymore. According to Cointelegraph, the main problemthat OneCoin faces is that it is not a Cryptocurrency yet. This is an issuethat always arises once they realize that their product doesnt possess the fundamental characteristics of a genuine cryptocurrency.

S-Coin is another coin that Angelina Lazar thinks is a pyramid scheme. S-Coin, just like OneCoin, offers promise of hope of releasing a Cryptocurrency in the near future. According toCointelegraph, the act of attaching the price of one Euro to it without considering the basics such as demand and supply, raises a lot of questions. Another thing is that they asked the public to pay Bitcoins for S-Coins and claiming to send the coins via mail to their clients.

Cryptocurrencies are digital coins and hence if S-Coin is a real digital currency transactions should be made in a real blockchain.

EarthCoin is the next coin with characteristics of a scam coin. Most of its coins initial supply were generated by the developer. This raises eyebrows because coins should be generated over time through a form of mining. Its website is poor and there is no real information on what the coin intends to achieve and its current volume. All these point to signs of pump and dump schemes. Remember its the responsibility of you the investor to conduct proper due diligence on the coins you want to invest in.

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Cryptocurrency: Leading Scam Coins - Eastern Daily News

There is no shortage in the world of cryptocurrencies, as new coins are seemingly being created every single day. This massive influx of new cryptocurrencies only floods the ecosystem, though, as the number of currencies having any intrinsic value is fairly limited. It is also much harder to come up with a valuable and creative idea, rather than copying code and hoping to raise a lot of money during an ICO.

Ever since alternative cryptocurrencies became a thing, there has been a growing number of new coins. Unfortunately, very few of these currencies offer something new. In fact, most of them copy existing code from a different currency and change a few of the variables. We even have a tutorial on how to create an altcoin in under an hour. A lot of developers create multiple coins along the way, hoping for some people to invest bitcoin into their worthless project. With over 7,000 altcoins in existence today, it is evident the market is oversaturated and running out of ideas.

An often heard sentiment among altcointraders is how there are particular times of the year when alternative cryptocurrencies seem to do well. The phrase alts are back is uttered quite often, even though this statement has no meaning whatsoever. While it is true one can make a good profit from a new altcoin once it hits its first exchange, the successes are short-lived every single time.

This is also one of the biggest dangers when investing in altcoins. Every time a new coin hits an exchange, there will be pump-and-dump cycles which will catch newcomer somewhere. Rest assured the vast majority of outcomes offers no value and only serve to make a select group of people richer every time a new coin is listed on an exchange.

One of the things a lot of people have problems with is just how every new altcoin has to provide some sort of financial benefit to the developers. Either a fixed amount of coins is controlled by the developers, or they organize an ICO to raise money. Satoshi Nakamoto created bitcoin without any financial incentive whatsoever, as running an initial coin offering or creating a pre-mine was never the objective in the first place.

Even though there are projects with a legitimate ICO in the cryptocurrency world, the whole concept of raising money before even showing what the code can do has gotten somewhat of a bad reputation. Investing in an idea is very difficult in the cryptocurrency world, as most of these ideas exist in other currencies already. Moreover, with a growing number of ICOs, there is a bigger chance investors will buy an altcoin that is abandoned by the developer once the money changes hands.

There is no way to ignore the obvious elephant in the room here. Most altcoins, with the exception of maybe two dozen, are scams. Anyone who invests money into these projects will lose funds over time. One could even argue there is no need for additional cryptocurrencies at this point, as even Bitcoin hasnt caught mainstream attention quite yet. Developers are more than welcome to submit their idea for features, privacy, and anonymity to existing branches of cryptocurrency development. Not every new idea warrants the creation of yet another altcoin.

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4 Reasons New Cryptocurrencies Keep Getting Worse The Merkle - The Merkle

Scientists at the Interdisciplinary Centre for Security, Reliability and Trust (SnT) of the University of Luxembourg have developed an important mathematical algorithm called Equihash. Equihash is a core component for the new cryptocurrency Zcash, which offers more privacy and equality than the famous Bitcoin. Zcash came into operation as an experimental technology for a community-driven digital currency in late 2016. Competing cryptocurrencies

Bitcoin is by far the most recognised and widely used digital currency. It was introduced in January 2009 and has garnered much attention since then. But it is not the only one of its kind. Wikipedia lists nearly one hundred cryptocurrencies boasting more than 1 million US dollar market capitalisation.

One of the newest cryptocurrencies is Zcash, which can be seen as an update to the Bitcoin protocols. In Bitcoin, the transfer of coins is recorded in a global ledger, the so-called blockchain. The validity of the latest transfers in the blockchain is verified about every ten minutes. Verifying the transfers and creating new blocks for the blockchain (the so-called mining) requires a lot of computing power, which is provided by distributed computers worldwide. The miners who allocate the processing power are rewarded with new coins.

Zcash is trying to resolve two main shortcomings of Bitcoin: its lack of privacy for transactions and the centralisation of transaction verification into the hands of a mere dozen miners who have invested in large amounts of specialised mining hardware: Bitcoin is prone to such centralisation because the computational load of the bitcoin mining algorithm can be split into many different small tasks, which can be conducted in parallel. The algorithm is easy to implement in dedicated, energy-efficient and cheap microchips, but not suited to standard hardware. Bitcoin mining today is therefore done on special-purpose supercomputers which are located in places with cheap electricity and/or cheap cooling. Such supercomputers are expensive, costing millions of euros, but provide much more mining power than if one were to use standard PC hardware of the same price.

New algorithm for cryptocurrency

Prof. Alex Biryukov, head of the research group Cryptolux and Dr. Dmitry Khovratovich at SnT have developed the algorithm Equihash which can resolve this problem. Equihash is a so called memory-hard problem, which can not be split up into smaller working packages. It can be more efficiently calculated on desktop-class computers with their multiple processing cores and gigabytes of memory than on special hardware chips. If 10.000 miners with a single PC were active, in Zcash the investment to compete with them would be 10.000 times the price of a PC, while with bitcoin, the investment would be significantly smaller, says Khovratovich. This creates a more democratic digital currency by allowing more users to contribute to the mining process. Khovratovich adds: The strength of a cryptocurrency comes from the fact that the ledger is globally distributed. Our Equihash algorithm reverses the situation back to this more ideal world.

Equihash was first presented at the Network and Distributed System Security Symposium last year one of the top-5 IT security events. Prof. Biryukov comments: Since Equihash is based on a fundamental computer science problem, advances in Equihash mining algorithms will benefit computer science in general. Equihash is so far unique among all the mining algorithms: it is memory-hard on the one hand and very easy to verify on the other. In other words, while mining new coins with Zcash/Equihash is comparatively expensive, hence posing a smaller risk of monopolisation because it requires large amounts of computer memory and hard computational work, checking that the new coins are genuine is memoryless, fast and cheap.

Understanding these advantages, the creators of Zcash chose Equihash as the algorithm for mining coins and verifying transfers. Equihash itself is not limited to use in Zcash and can be used in any cryptocurrency, including Bitcoin.

With our contribution to Zcash, the Cryptography and Security lab (CryptoLux) has shown its strength in innovative research that has immediate applications in the financial technology industry, says SnTs director, Prof. Bjrn Ottersten. We invite students to follow us in this promising field, adds Professor Biryukov: There are still lots of challenging research problems to solve.

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University of Luxembourg: Researchers develop Zcash cryptocurrency - Science Business

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Will Cryptocurrency Abuse be an Enforcement Focus for the IRS this Tax Season? - JD Supra (press release)

ChronoBank, a blockchain-based initiative aimed at disrupting the short-term recruitment sector, has already raised just over $4 million in cryptocurrency with itscrowdfund which will end in only one week. It recently reached two new partnerships both in the employment and cryptocurrency spaces.

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ChronoBank has established a strategic partnership with Instahire, a team that is launching an app to expedite the recruitment process. Instahire is associated with the Clifford Wallace Agency, which supplies hospitality staffing to corporate events and restaurants and receives around 1,000 job applications per month. ChronoBanks team met with representatives from Instahire last week to discuss the possibility of a partnership between the two organisations. They say that both immediately saw the potential opportunities.

Instahire will launch in February 2017, first locally in Sydney and then to Australia in its entirety. The app is currently in the final stages of testing, ahead of first release, and hospitality businesses are actively being sought and added to the list. The immediate synergy for ChronoBank is to help grow the number of pre-registrations for both jobseekers and businesses.

Once the Instahire app is up and running with sufficient numbers of employers and employees, it will make sense to introduce the LH currency used on the ChronoBank platform. As an added incentive, the team are discussing the possibility of offering a free ChronoBank debit card with $20 credit for every new registered user, charging a 2% wage transfer fee.

ChronoBank has also partnered with theNEM cryptocurrency platform to create a separate wallet for the NEM ecosystem. ChronoBank will also issue Labour Hour (LH) tokens on the NEM network and use on-chain multi-sig, one of NEMs flagship security features.

NEM (New Economy Movement) was originally conceived as a clone of the Nxt blockchain, but rapidly developed into a completely new project with its own codebase. Its ecosystem has since grown with a market cap of around $60 million now, placing it in the top 10 of all cryptocurrencies.

It is important for us to deploy tokens on several blockchains, comments Sergei Sergienko, CEO of ChronoBank.This builds in redundancy and broadens our appeal across many initiatives and communities.

LH will leverage NEMs token asset facility that enables businesses to create blockchain tokens with specific properties and identifiers. The flexibility and ease of use of this system is highly appealing to us, continues Sergienko. NEMs developers have designed a powerful but nevertheless intuitive approach to token operations.

Aside from issuing tokens on the NEM network, ChronoBank is creating a dedicated wallet for the NEM blockchain. This will incorporate another powerful feature of the NEM blockchain: on-chain multi-signature transactions. Up to 32 signatories can be required to sign a transaction and, uniquely to NEM, signatures are propagated across the blockchain as soon as they are created. The developers explain that this means further signatories do not have to worry about an aggregating server going offline there is no single point of failure.

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ChronoBank Raised $4m in Cryptocurrency with a Week Left for the Crowdsale - Finance Magnates

There is no information on the Trade Coin Club website indicating who owns or runs the business.

Infact, at the time of publication the Trade Coin Club website was nothing more than a placeholder for the companys logo.

The Trade Coin Club website domain (tradecoinclub.com) was privately registered on August 2nd, 2016.

Alexa currently estimate that the two largest sources of traffic to the Trade Coin Club website are the US (22%) and Brazil (18%).

As always, if an MLM company is not openly upfront about who is running or owns it, think long and hard about joining and/or handing over any money.

Trade Coin Club has no retailable products or services, with affiliates only able to market Trade Coin Club affiliate membership itself.

The Trade Coin Club compensation plan sees affiliates invest bitcoin on the promise of an advertised daily ROI:

Every four months each Trade Coin Club affiliate must pay a 25% fee on ROIs paid out.

Referralcommissions in Trade Coin Club are paid out via a unilevel compensation structure.

A unilevel compensation structure places an affiliate at the top of a unilevel team, with every personally recruited affiliate placed directly under them (level 1):

If any level 1 affiliates recruit new affiliates, they are placed on level 2 of the original affiliates unilevel team.

If any level 2 affiliates recruit new affiliates, they are placed on level 3 and so on and so forth down a theoretical infinite number of levels.

Trade Coin Club cap payable unilevel levels at eight, with affiliates paid a percentage of funds invested by their unilevel team as follows:

Residual commissions in Trade Coin Club are paid out via a binary compensation structure.

A binary compensation structure places an affiliate at the top of a binary team, split into two sides (left and right):

Both binary sides start off with one position. Once filled, asecond level is generated by splitting each of the two binary positions into another two positions each (4 positions).

Subsequent levels of the binary team are generated as required, with each new level housing twice as many positions as the previous level.

At the end of each day new investment volume is tallied up on both sides of the binary team.

A Trade Coin Club affiliate is paid a percentage of funds invested on their weaker binary side.

How much of a percentage they are paid is determined by their Trade Coin Club affiliate rank:

In addition to investment volume, each Trade Coin Club affiliate must also pay a monthly fee:

These fees are used to pay recruitment commissions via a 312 matrix.

A 312 matrix places an affiliate at the top of a matrix, with three positions directly under them:

These three positions form the first level of the matrix. The second level of the matrix is generated by splitting each of the three positions into another three positions each (9 positions).

Subsequent levels of the matrix are generated in the same manner (up to 12 levels), with a complete 312 matrix housing 797,160 positions.

Positions in the matrix are filled via direct and indirect recruitment of new Trade Coin Club affiliates.

For each matrix position filled in their matrix, a Trade Coin Club affiliate is paid 0.003 BTC a month (so long as each affiliate in the matrix continues to pay their monthly fee).

A bonus 0.003 BTC commission is paid out if a personally recruited earns five times the amount theyve invested.

Trade Coin Clubs Rank Achievement Bonus is based on how much bitcoin an affiliate earns through residual binary commissions a month.

Trade Coin Club affiliate membership fees are based on how much an affiliate invests:

Trade Coin Club represent that revenue to pay daily ROIs is sourced via cryptocurrency trading software.

Our system makes millions of micro transactions every second, making it humanly impossible.

Allowing our members to generate profit every second, every hour and every day.

The problem with this assertion is two-fold:

First theres no evidence that Trade Coin Club has any such system, much the less that it generates the promised minimum daily advertised ROIs.

Second, if the owner(s) of Trade Coin Club had such a system, why would they need to solicit investment from affiliates?

Even a modest bank loan would eventually turn into a fortune under a 0.45% daily ROI scenario.

The mandatory 25% ROI fee every 4 months is also another tell, as Trade Coin Club affiliates arealready slugged with monthly fees.

The 25% fee is just a vehicle to trap paid out funds in the system for longer.

The reality of Trade Coin Club is the only verifiable source of revenue entering the company is affiliate investment.

The use of these funds to pay off existing investors equates to Ponzi investment fraud.

Not withstanding the large percentage of invested funds used to pay recruitment commissions, further denting the credibility of ROI generation through legitimate cryptocurrency trading.

On their own, Trade Coin Clubs recruitment commissions make the company a pyramid scheme. Combined with the daily ROI youre looking at a Ponzi pyramid hybrid.

Throw in the lack of information provided about the company, whos running it and the use of bitcoin, and Trade Coin Club is pretty much set up the same as any other cryptocurrency based Ponzi scheme.

Once recruitment dies down and the daily ROI collapses, best of luck getting your bitcoin back from the anonymous Trade Coin Club scammers who stole it.

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Trade Coin Club Review: Cryptocurrency exchange Ponzi ROIs

To most people especially those not familiar with other altcoins when they come across the word cryptocurrency, they only think of Bitcoin. Well, this is understandable because Bitcoin is the most popular and the most commonly used cryptocurrency. Since its introduction eight years ago, Bitcoin has been growing at a rapid rate and iswidely referred to as the father of all cryptocurrencies. Other cryptocurrencies have been developed since then, though most of them are not well known. They are really providing real competition for Bitcoin. All these altcoins want a share of the market and, just like Bitcoin, use the blockchain platform.

There are hundreds of cryptocurrencies out there, so its almost impossible to know them all, but there are those that cant be ignored due to their increased number of users and their increased growth in value. Bitcoin has been doing fine so far this month (February 2017) with its price currently above $1,000. In January, however, things were not so good. At one time in January, its price dropped from $1,200, to about $987, in a matter of hours. According to this article, Bitcoin was able to pick itself up because it started the month at $963 and ended at $970 and has continued to grow in February.

Bithubprepared a list of the 20 best performing cryptocurrencies in the month of January 2017. As you can see on the list, Bitcoin performed okay. Looking at the best performers, starting with CounterParty (XCP); its an asset issuing platform. It announced last year that all the functionality of Ethereum will be available on the Bitcoin blockchain. This extended Bitcoins capabilities to include smart contracts. This cryptocurrency gained 70 percent in a month. Moving on to the second best Cryptocurrency performer in January Bitcrystals (BCY). This cryptocurrency acts as the currency in EverdreamSofts free-to-play game mobile game Spells of Genesis. This is an arcade-style game that embraces the blockchain technology in its story line and its economy. Bitcrystals gained 65 percent in January.

MaidSafeCoin (MAID) is the currency behind the MaidSafe network. In this network users can do a lot of things through a decentralized mesh network of computers, which includes creating and hosting websites and also storing private data. MaidSafeCoin grew by 47 percent in January. There are other Cryptocurrencies that were left off thislistdue to their smaller market share, but rose significantly on small volumes hece are worth mentioning. Pascal Coin (PASC) which grew by 10,765 percent, Byteball (GBYTE) grew by 244 percent and Golem (GNT) which grew by 192 percent.

Looking at how the fiat currency, in this case the USD, performed that month; as we have seen in recent years since the introduction of cryptocurrencies, fiat currencies cant match the cryptocurrencies in terms of growth. This is because, unlike digital currencies, they are affected by factors such as inflation and political developments. The US Dollar is reportedto have dropped by 2.6 percent in the month of January.

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Cryptocurrencies: Who Outperformed Bitcoin in January? - Eastern Daily News

Tuesday, February 7, 2017 4:35 AM UTC

Ireland-based cryptocurrency exchange platform Bitsane has added the support of AdvCash, DASH and Iconomi transactions. Bitsane users can now trade DASH and Iconomi (ICN) for Dollars and Euro and can also make deposits and withdrawals in AdvCash.

With the addition of more cryptocurrency, Bitsane aims to continue being a fast-growing, easy to use and a reliable solution for trading blockchain assets. Full trading functionalities are open for DASH and ICN and cross-pairs are also enabled.

After evaluating a number of crypto currencies for inclusion on our exchange platform, it soon became clear that customer demand for DASH and ICONOMI was particularly strong. That is why we are excited to be able to respond to our customers requests in this way, Aidas Rupsys, CEO at Bitsane, stated in a release.

Being an open source peer-to-peer cryptocurrency, DASH provides instant transactions (InstantSend), private untraceable transactions (PrivateSend) as well as token fungibility. On the other hand, ICN, a new cryptocurrency, enables investors to invest in the early stages of a project, making it possible for big profits.

Bitsane bitcoin exchange has also introduced the integration of AdvCash, a popular e-wallet service by Advanced Cash company. With this integration, users can deposit and withdraw money to/from their Bitsane account using AdvCash wallet.

The digital currency exchange platform stated that in the coming months, it aims to add more crypto-to-fiat and crypto-to-crypto trading pairs in a move to cater to their users needs.

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Cryptocurrency exchange Bitsane adds AdvCash, DASH and ICN ... - EconoTimes

Tuesday, February 7, 2017 6:18 AM UTC

KeepKey, a Washington-based bitcoin hardware wallet provider, announced that Dash cryptocurrency is now in public beta on its wallet.

With this addition, KeepKey users can safely store Dash on the device and also can do that with KeepKey client itself. Dash will be joining the likes of Bitcoin, Ethereum, Litecoin, and Dogecoin and the cryptocurrency stands in the seventh position among blockchain assets by market cap.

KeepKeys support for Dash also extends to ShapeShift. With the addition of Dash, users can now exchange 20 unique currency pairs in the KeepKey client, the announcement stated.

The KeepKey client will open a new stand-alone window that offers more accessible and user-friendly interface. Unlike the drop-down window, this window can be moved or resized.

Users can download Dash public beta from their chrome web store and must make sure to uninstall or disable any existing KeepKey Chrome Apps or Extensions prior to installing.

The bitcoin hardware wallet stated that it will be continuing to expand its first-class security platform to the digital assets based on the users' demand.

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Cryptocurrency wallet KeepKey adds Dash to roster - EconoTimes

MOSCOW, Jan. 31, 2017 /PRNewswire/ --The next generation cryptocurrency platform,Byteballwill soon embark on the next round of token distribution. The second round, scheduled for the next full moon, i.e. February 11, 2017, at 00:33 (UTC) followsthe first free bytes token offering held on Christmas Day 2016. Like the earlier launch-day giveaway, the Bitcoin community along with existing bytes holders stand to benefit from the upcoming distribution round.

During the platform's launch on December 25, 2016, Byteball offered bytes (native currency) and blackbytes (an untraceable private currency) for free to the Bitcoin community, proportional to their BTC holdings. The exercise saw over 70,000 BTCs linked to the distribution. Similarly, the second round of free distribution will be proportional to bytes and bitcoin holdings of the cryptocurrency community. The platform will be offering 0.1 gigabytes (GB) for every GB, and 0.0625 GB for each BTC held by the eligible community members.

"In the new distribution, 1 GB holding receives the same share as 1.6 BTC. 1 GB is currently traded at 0.05 BTC."

Byteball stands apart from other cryptocurrency offerings by adoptingDirected Acyclic Graph (DAG), an alternative to blockchain technology. It allows the platform to avoid scalability issues like the ones currently faced by the Bitcoin network.

Byteball is a cryptocurrency platform that aims to give people greater control over their funds through ease of use and user readable smart contracts. The ecosystem includes cryptocurrency wallets, a bot supported marketplace, a private untraceable currency, and more. It also integrates payments with an encrypted chat e.g., a recently launched trading chatbot allows people to exchange BTC to bytes and vice versa.

Byteball has a maximum cap of 10^15 bytes, out of which 99% are to be distributed in multiple rounds.

About Byteball

Byteball is an initiative of a Moscow, Russia-based development team. The innovative cryptocurrency uses DAG protocol instead of the conventional blockchain, eliminating scaling issues. Byteball is a complete cryptocurrency ecosystem launched on Christmas day, 2016.

Learn more about Byteball at https://byteball.org Byteball on BitconTalk https://bitcointalk.org/index.php?topic=1608859.0 Follow Byteball on Twitter https://twitter.com/ByteballOrg Byteball's Slack channel http://slack.byteball.org

Media Contact

Contact Name:Anton Churyumov Company Name:Byteball Contact Email:byteball@byteball.org Location:Moscow, Russia

Byteball is the source of this content. Virtual currency is not legal tender, is not backed by the government, and accounts and value balances are not subject to consumer protections. This press release is for informational purposes only. The information does not constitute investment advice or an offer to invest.

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This content was issued through the press release distribution service at Newswire.com. For more info visit: http://www.newswire.com.

To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/cryptocurrency-platform-byteball-schedules-second-round-of-distribution-for-february-full-moon-300399717.html

SOURCE Byteball

http://byteball.org

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Cryptocurrency Platform Byteball Schedules Second Round of Distribution for February Full Moon - PR Newswire (press release)