A month after launching its own, Japanese financial services heavyweight SBI Holdings plans to turn LastRoots into a fully-regulated cryptocurrency exchange
Bitcoin has neither dumped nor has broken its crucial resistance level since August 15. The BTC/USD on Monday started with a bullish promise after snoozing through the whole weekend. The pair confirmed 6346-fiat as a strong support and rose 3.5 percent during the early Asian trading session. As the day progressed, bulls began to lose … Continued
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The world can be a mean place, and never is this more evident than on Crypto Twitter (CT) and Telegram. In addition to enduring the anguish of seeing their portfolio shed 95%, investors are having their downfall shared with the rest of the cryptoverse for others’ entertainment. The practice, while occasionally cruel, does have its upsides, providing relief and raising awareness of some of the most egregious scams.
First They Shill You Their Bags, Then You Lose 95%, Then They Laugh
Crypto has a favorite game, whose popularity has soared in recent weeks as the bear market has begun to bite: laughing at the misfortune of others. On CT and Telegram, popular accounts share posts from despairing traders who are at their wit’s end after betting everything on a cherished coin and then losing. “I hodl since January,” wails one unfortunate, whose plight, like that of many, can be found in the charitably named Rekt Plebs Telegram channel. “But fuck this bear market. It’s impossible to hodl. I pay 12 USD for one icx [Icon token] back in time. So even a 200x is still a loss for me.”
Deriving pleasure from the unhappiness of others, or schadenfreude, is a primal instinct; a guilty pleasure that is best shared. In the 19th and early 20th centuries, crowds would flock to freak shows to gawp at the medical curiosities placed before them, people whose only crime was to have been born with an abnormal physical deformity. In the 21st century, something similar can be observed in accounts such as Bitmex Rekt, which calls out traders who’ve been margin called.
Salt, Anger, and Despair
On Reddit, Twitter, Telegram, and crypto forums, the salt, anger, and despair of investors who were naive or greedy piles up every day. Some want revenge. Some want a class action lawsuit against the masternode coin or ICO they were “duped” by. Others simply want a chance to vent. Their outpourings are now collated for the amusement of their fellow investors and broadcast far and wide. It is hard not to feel sorry for some of those affected, whose solitary sin has been to purchase an asset near its all-time high and then watch it dwindle to zero. With others, who were caught crowing back in January as their pet altcoin mooned, and have now been brought back down to earth, it’s hard not to feel smug.
“I bought raiblocks at 10c and sold at 30usd,” confesses one trader. “Issue is, I then invested my earnings into bitconnect…” While seeing their tweets of rage spread far and wide can only add to the anguish of those affected, they can take solace in the fact that most of those sharing their posts are doing so as a coping mechanism. Everyone’s in the same boat to a large extent and are laughing at their own stupidity as much as anything. It is important to bear in mind, amidst all the merriment, that for some of those who got rekt, this is more than just a game: they borrowed beyond their means or quit their job to pursue their cryptocurrency dream, and while their demise is largely self-inflicted, the repercussions can be serious.
Most traders, mercifully, are suffering from nothing more serious than wounded pride and a depleted portfolio. One of the biggest scourges in the cryptocurrency space has been the influx of gold-diggers over the past year who care about nothing but the sick gains to be made. It didn’t use to be that way. While profit was always at the heart of bitcoin and shitcoin trading back in the day, there wasn’t the same crass obsession over wealth, lambos, and all the other trappings of success. Studying the downfall of traders who thought they’d made it is a sobering lesson of what not to do when the next bull market comes around. Until such a time, laughing at the misfortune of others is one of the few pleasures left for the traders who remain.
Do you think it’s wrong to revel in the misfortune of other investors, or is it just harmless fun? Let us know in the comments section below.
Images courtesy of Shutterstock, Twitter, and Telegram.
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Cryptocurrency exchange giant Coinbase might, as market research firm Bernstein recently said, be on the cusp of assembling an “unassailable” market share in the U.S., but that doesn’t mean that the San Francisco-based firm isn’t struggling to maintain consumer activity during the current downturn. Citing data from CoinApi, cryptoasset research firm Diar reports that USD-denominated … Continued
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Altcoins still losing ground as Bitcoin prices post lower volatility
The Lightning Network, the second-layer solution designed to make quick, cheap and easy Bitcoin payments, is maturing. But widespread adoption — still a long way off — will require plenty more participants; an ecosystem of new apps is one way to get there.
“Lightning is a promising technology, but right now, very few people are fluent with it,” Chaincode Labs engineer James O’Beirne told Bitcoin Magazine.
To that end, O’Beirne and fellow Chaincode Labs and Bitcoin Core developers John Newbery and Marco Falke are organizing a Lightning applications development course — a “Bitcoin Residency” program — to encourage more developers to build on the network. The weeklong class, designed for a dozen students, kicks off on October 22, 2018, in the Flatiron district of New York City near the Chaincode Labs office.
“We would like to familiarize more engineers with how Lightning works and see more Lightning applications,” O’Beirne said. “And we would like to get a better understanding for what Lightning is capable of doing.”
This is the third Bitcoin residency program Chaincode has hosted; the first two in 2016 in early 2018 were focused on the Bitcoin protocol and contributing to Bitcoin Core. As with previous Chaincode residencies, students will learn from a handful of experienced mentors. The Lightning residency is slightly different in that it is project-based, however. Students will spend the week building their own Lightning-based apps and then demo their projects on the final day of class.
The week’s mentors will include Chris Stewart, founder at Lightning-based data service SuredBits; Christian Decker, Blockstream engineer and maintainer of the c-lightning Lightning implementation; Elaine Ou, a blockchain engineer who has implemented LightningBuddy, a library that can be used to talk to a lightning node from a Twitter account, and Jellybean, a vending machine application built on top of Lightning; Jack Mallers, lead developer of Lightning-based crypto wallet zap; Justin Camarena, engineer at Bitrefill, a payment processor that accepts Lightning payments; and lightningk0ala, the pseudonymous creator of the wildly popular satoshis.place, a multiplayer online game. All of the talks will be video recorded and made available to the public.
Knowledge of the Bitcoin protocol is not a prerequisite for the class, O’Beirne stressed. In practice, Lightning apps can be built in any programming language and then plugged into the network using an API provided by one of the Lightning implementations (lnd, c-lightning or eclair). Students should also enter into the program with some idea of the Lightning app they want to build.
Most importantly, he said, applicants should be experienced in delivering high-quality web applications and have an interest in learning. “We encourage anyone familiar with web technologies who thinks they can put together the minimum viable parts of an application in a week to apply,” O’Beirne said.
O’Beirne anticipates an “intense” week: “We’ll be catering lunch, and I’m sure we will put together some extracurricular events.” As for the apps the students are building, he hopes the students will continue their work long after the class ends. “Hopefully these won’t be just one-off projects, but the start of a few really exciting new projects even past the residency,” he said.
Chaincode is offering a stipend for travel and lodging. Applicants should apply here.
This article originally appeared on Bitcoin Magazine.
China has released its blockchain rankings for August, rating public blockchain networks like Bitcoin and Ethereum based on their application and technology. The rankings, created by China Electronic Information Industry Development Research Institute and the China Software Testing Center, featured the contributions of professors and researchers at the country’s most prestigious educational institutions including Tsinghua
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Following the statement by Saudi Arabia declaring cryptocurrency illegal, the largest crypto exchange in the Middle East and North Africa is working with regulators across the region to develop crypto regulations. Bitoasis confirmed its platform is unaffected by the Saudi Arabian crypto stance.
Bitoasis Working With Regulators
Dubai-based cryptocurrency exchange Bitoasis has revealed that it is working with the regulators from the Gulf Cooperation Council (GCC) “to develop regulatory frameworks in light of Saudi Arabia’s ban,” Arabian Business reported on Thursday. According to its website, the exchange is currently present in UAE, Kuwait, Bahrain, Oman and Saudi Arabia.
The GCC is a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf except Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.
The CEO of Bitoasis, Ola Doudin, described:
As a pioneer in the industry, we are working closely with regulators in a number of our key markets across the GCC to develop and comply with the necessary regulatory framework…Regulations are absolutely fundamental. They are essential to grow and formalise the industry, while minimising risks on customers.
Response to Statement by Saudi Arabia
On August 12, the Saudi Arabian “standing committee for awareness on dealing in unauthorized securities activities in the foreign exchange market” issued a statement warning that “unauthorized virtual currencies are illegal inside the kingdom of Saudi Arabia.” This committee is headed by the country’s Capital Market Authority, Ministry of Interior, Ministry of Media, Ministry of Commerce and Investment and the Saudi Arabian Monetary Authority.
The statement reads:
The committee assured that virtual currency including, for example, but not limited to, bitcoins are illegal in the kingdom and no parties or individuals are licensed for such practices.
Referring to the statement by Saudi Arabian authorities, Bitoasis commented, “the recent adverse announcement on digital asset trading in Saudi Arabia highlights the necessity for a clear and comprehensive regulatory framework to build confidence at the highest level.”
Citing that cryptocurrencies and blockchain technology “are the future of money,” the exchange’s CEO was quoted explaining, “this fast-growing industry is at its early stage and regulations are currently being discussed and developed in every part of the world, including this region.” She elaborated:
As a whole, our region is progressive and quick to adapt to new technologies that can create more efficient, competitive, and smarter economies. Regulatory frameworks will affirm digital assets’ status as a reality in today’s world.
Bitoasis also confirmed that its “platform is still open to customers to safely and securely trade digital assets across the Middle East.”
What do you think of Bitoasis helping to develop crypto regulatory frameworks for the Arab states? Let us know in the comments section below.
Images courtesy of Shutterstock and Bitoasis.
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Indian police have arrested a man who was allegedly involved in promoting the Bitconnect investment scam
Australians wishing to pay their bills in cryptocurrencies do not have to be held back by the fact that their utility or service provider is stuck with traditional methods of payment. This follows the formation of a partnership between two financial technology firms, cryptocurrency exchange Cointree and automated billing platform Gobbill, allowing the payment of … Continued
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