Polish Authorities Seize Over $10 Million from DasCoin

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New Zealand Invests in Crypto Trading Platform, CEO Says Bitcoin Will Be Worth $600,000

The government of New Zealand has backed a local crypto savings and trading platform with $330,000 to expand its reach.

Crypto Savings Firm Vimba Raises $330,000 from New Zealand Government

Vimba, formerly known as MyCryptoSaver, originally founded as MyBitcoinSaver in 2014, is focused on crypto savings with a service that allows users to put their money into Bitcoin in small weekly amounts. Through the government’s innovation arm, Callaghan Innovation, it is backing the Auckland-based startup.

Sam Blackmore, CEO of Vimba, said the government’s investment will be used to build crypto wallets and to expand the digital currency offering on the platform, Scoop reported.

“This is a truly significant investment from Callaghan Innovation and a real show of faith in the future of this very exciting asset class,” Blackmore said. “The money will go towards new key features for our expanding service. We will use it to build secure multi-signature crypto wallets for our users and we’re also looking into expanding the range of cryptocurrencies available to them — beyond Bitcoin and Ethereum.”

Vimba’s long-term approach to cryptocurrency investment has been a success and allowed the business to manage $6.5 million worth of Bitcoin of its 5,616 users. The founders’ belief that Bitcoin will ultimately be worth $600,000 discourages day trading and swing trading.

“Volatile periods are to be expected and have been happening from the genesis of Bitcoin. The long-term trendline has always been up and our outlook is long term. We believe Bitcoin will at least reach the market cap of gold as it is a more efficient, more accessible, more secure version of that rare asset. For it to reach the market cap of gold, one Bitcoin would be worth around $600,000 — more than 60 times what it’s worth today.”

Vimba’s customers share the same long-term view of cryptocurrency and distributed ledger technology, which explains the stability of its user base in times of bear markets. As Bitcoin trades at the $6,300 area in an increasingly boring market, Blackmore is confident the nascent technology will fuel bulls’ bids.

“Some people ask whether the crypto ship has already sailed and whether it’s too late to start investing, but when you take the long-term view, it’s clear this is still just the beginning.”

The New Zealand-based firm will launch its cryptocurrency savings platform in the United Kingdom in the coming weeks. Prior to Callaghan Innovation’s $330,000 investment today, Vimba had raised $400,000 in a seed round in 2017.

Featured image from Shutterstock.

October Volume Report: Weakest Monthly Trading Activity of 2018

On the eve of the 10th anniversary of the initial publication of the Bitcoin whitepaper, the cryptocurrency markets recorded their weakest month for trading volume in all of 2018. Most of the leading markets saw a significant decline in trading activity throughout October, but NEO, TRX, QTUM and ZEC posted month-over-month volume increases.

Also Read: Venezuela Begins Public Sale of National Cryptocurrency Petro

BTC, USDT, ETH and EOS Hit
Lowest Points of the Year

October Volume Report: Weakest Monthly Trading Activity of 2018In the last 30 days, approximately $109.5 billion worth of BTC has changed hands, resulting in an 11.9 percent decline in trading activity from $124.3 billion in September — the weakest monthly volume posted in 2018 thus far. The drop in BTC trading activity coincided with a similar plunge in USDT trading volume. Despite fears of a widespread USDT “untethering,” as well as the eradication of 30 percent of Tether’s circulating supply, the trading volume of USDT fell by just 12.6 percent, from $86.5 billion in September to $69.5 billion.

October saw $41.2 billion in trade for ETH pairings, down 30 percent from the $53.8 billion recorded in the preceding month. EOS, meanwhile, returned to its position as the fourth most-traded cryptocurrency, with a 30-day trade volume of $13.94 billion — down 30 percent from $20 billion in September.

XRP and LTC Hit Second-Strongest Levels Since May

October Volume Report: Weakest Monthly Trading Activity of 2018XRP has held its top-five volume ranking for the second consecutive month, despite seeing a 45 percent reduction in trading activity. October saw $13.6 billion in trade across XRP pairings, down from $24.7 billion in September.

BCH was the sixth most-traded cryptocurrency in October, hitting $9.5 billion in trade volume over the past 30 days. BCH saw a 26 percent reduction in trading volume, down from $12.9 billion in the preceding month.

LTC ranked as the seventh most-traded cryptocurrency for the third consecutive month. About $9.14 billion of LTC changed hands in October, down 4.8 percent from $9.6 billion in September.

DASH posted a 30-day trade volume of 5.16 billion, settling at eighth place for the second consecutive month. Trading of the currency fell 20.6 percent from $6.5 billion in September.

NEO Breaks Into Top 10

NEO saw a massive 76.25 percent increase in trade volume in October, to rank ninth for the month. Approximately $4.6 billion worth of the currency has changed hands in the past 30 days, up from $2.61 billion in September.

ETC fell one position to rank 10th on the list of the most-traded cryptocurrencies in October. It hit a 30-day trading volume of $4.2 billion for the month, down 17.65 percent from $5.1 billion in September.

TRON, QTUM, and ZEC Post Modest Volume Gains

October Volume Report: Weakest Monthly Trading Activity of 2018TRX hit $3.67 billion in trade volume this past month, up 4.25 percent over the preceding month’s 3.52 billion. TRX was the 11th most-traded cryptocurrency in October, moving up one rank from September.

CKUSD posted a 16.5 percent drop in trading volume at $3.4 billion, down from $4.07 billion in September. CKUSD ranked 12th for the month, sliding two positions from the preceding four-week period.

Despite recording a slight 2.5 percent increase in 30-day trade volume, QTUM fell two places to 13th on the list of the most-traded cryptocurrencies in October. About $3.73 billion worth of the currency traded hands for the month, up from $3.64 billion in September.

Trading of ZEC fell 4.16 percent month over month to $3.5 billion. Despite rising slightly by volume from $3.36 billion in September, the currency slid one place to rank as the 14th most-traded cryptocurrency in October.

BIX climbed two places to rank as the 15th most-traded cryptocurrency over the past 30 days. The currency posted a monthly trading volume of $1.42 billion, down nearly 30 percent from $2.02 billion in September.

Stellar recorded a monthly volume of $1.33 billion, sliding one position to rank as the 16th most-traded cryptocurrency for October, following three consecutive weeks during which it ranked 15th. Trading of Stellar fell 42.17 percent by volume from $2.3 billion in September.

New Entrants in Top 20

October Volume Report: Weakest Monthly Trading Activity of 2018The declining trading volume across many leading markets saw several cryptocurrencies sneak into the top 20 rankings for the first time in recent months. ZB, for example, ranked 17th with a 30-day trade volume of $1.16 billion, following by XIN at $988 million.

BTM ranked 19th for the second consecutive month, with $920.8 million traded, despite falling 31.3 percent by volume, from $1.34 billion in September.

BNB, meanwhile, settled at 20th place in October, with $853.6 million worth of the currency changing hands over the last 30 days.

Do you think that the 10th anniversary of the Bitcoin whitepaper will drive greater trading volume across the cryptocurrency markets? Share your thoughts in the comments section below!


Images courtesy of Shutterstock


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Nano (NANO) Price Spikes on Huobi Listing

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Move Over Smallville: Drama and Myths of Crypto Come to Life in New Comic Book Series

Move over DC and Marvel: a fledgling company wants to create a comic book universe where crypto and blockchain are at its center – building an immersive experience for readers with a whole new suite of coveted collectibles.

Tokenville says comics offer an exciting format for entertaining crypto enthusiasts, not to mention enlightening those who are new to the community. It also believes that non-fungible tokens and decentralized apps (DApps) mean this medium can become more interactive than ever before – meaning everything from comic book characters to strips (and even the front covers of issues) can become tokenized.

Comic debut unveiled

The business is close to releasing its first effort in infusing comics with blockchain – known as The Crypto Treasures. Designed by the renowned comic book author Vitaly Terletsky, the storyline centers on the so-called “Myths of Crypto.” Set in ancient times, it explores the clashes between Good and Evil as they both pursue a mythical beast known as “Mass Adoption.”

Tokenville’s argument is that, when you think about it, the crypto world has established its own mythology over the past 10 years of existence. The team said: “There is an own genesis with Satoshi as a creator, stories of rise and fall, friendship and betrayal and own heroes and villains contending for a MacGuffin of mass adoption.”

It says that The Crypto Treasures will stand out from other comic books for two main reasons. Firstly, readers will be able to purchase mystic artifacts in the form of non-fungible ERC-721 tokens – and trade them through a marketplace. Collecting special artifacts will also give them the chance to win a jackpot. In order to access the comic, readers pay for a subscription using non-fungible tokens too.

Further titles are already in the works. Tokenville has teamed up with CryptoKitties to develop a new show known as Crypto Detective, as the collectibles brand attempts to expand its so-called “KittyVerse.” The stars of this particular title will include genuine CryptoKitties submitted by their owners for participation.

A bridge from crypto to pop culture

Tokenville says the crypto community has always been closely tied with geek culture – and many industry leaders have long had an affinity for comic art.

The company acknowledges there have been several projects in the past which have sought to inject the crypto universe into comics. They have included Bitcoin: The Hunt For Satoshi Nakamoto – a graphic novel which officially became the very first comic book about Bitcoin. Available in regular bookstores after a successful crowdfunding campaign, the title capitalizes on the mystery surrounding Nakamoto – resulting in a dramatic tale where he is admired and idolized by the public but pursued by the mafia and the National Security Agency.

Crypto-driven comic books have also been able to achieve a different purpose: satire.

A good example has been found on Reddit, where Cryptos decided to create strips which feature digital currencies as the characters – gaining hundreds of thousands of fans in the process. In one example, Bitcoin tries to buy a coffee, only to find out that it will cost $31: $3 for the drink and $28 in transaction fees. Although they reluctantly pay, they then need to wait for the payment to go through – and the scene gradually changes from day to night before they receive the coffee, poking fun at the rather slow transaction times this cryptocurrency has faced.

The TV Token, which fuels the Tokenville ecosystem and provides access to comics for users, is available on the HitBTC exchange.

 

Disclaimer. Cointelegraph does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as an investment advice.

Oyster Pearl’s Founder Steals $300,000: Responds, Calls Crypto a ‘Ponzi’

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The  founder and lead developer of Oyster Pearl (PRL), Bruno Block, has reportedly taken advantage of a breach in the token smart contract, allowing him to reopen the ICO and sell approximately $300,000 worth of PRL on the KuCoin exchange.

The situation was reported yesterday on Reddit. William Cordes, the CEO of Oyster Pearl, has also released an updated on the situation over Medium.

How it Happened

Although Oyster Pearl’s smart contract had already passed three separate audits, the CEO of Oyster Pearl was told by Bruno Block that the “directorship of the token contract had to remain open so that the peg could be adjusted over time”.

By keeping the directLock set to false on the contract, it allows the director to do anything he/she wants to at any time. And that according to the post, was exactly what happened. Bruno decided to reopen the ICO and re-issue new tokens, allowing him to buy 5000 PRL for 1 ETH. He then sent the new tokens, upward of 3 million PRL, to Kucoin and sold them until the Oyster Pearl’s team found out and requested the shut down of trading and withdrawals on KuCoin.

The team is inclined to believe that Bruno did this now in order to avoid the new Know Your Customer (KYC) policies that are scheduled for implementation on Kucoin on November 1st.

Perhaps the most fascinating aspect of the whole incident is the fact that no one from the Oyster Pearl’s team knows the real identity of Bruno Block.

“We are also interested in obtaining any information that folks may have around Bruno’s potential identity. Despite working alongside him for the last 10 months, Bruno has always maintained his anonymity. After I took over the CEO role, Bruno’s activity within the project dropped off sharply.” – William Cordes, CEO of Oyster Pearl

William has also stated that the team will be working hard to remedy the situation. He also assured investors that the team will, most likely, execute a contract swap on the block just prior to the incident. This means that it is possible that all 98.5 million PRL prior to the contract breach will be exchanged for a new token, PEARL, on a 1:1 ration.

Recent Developments

Bruno Block has since released a statement a few hours ago over Telegram. He justified his actions by accusing the CFO Bill Cordes of insider trading and of ignoring his numerous requests to hire more developers. Bruno then went on to warn everyone that there is an imminent global financial collapse, while calling cryptocurrencies a ponzi scheme:

 

Go educate yourselves about what is happening with Tether. The entire crypto sphere is a giant Ponzi scheme. I warned all of you, multiple times, in private and public, and nobody listens. Ethereum is going back to $5, if you want to sell back to a greater fool then you will only find yourself to be that fool.

 

He promised to continue working on the Oyster Pearl project, expressing his wishes to only have the token listed on exchanges once the protocol is finished. He then declared that he might reveal his true identity in the upcoming days.

About Oyster Pearl

The Oyster Protocol system utilizes the IOTA Tangle to functions as a decentralized, fully-anonymous data storage system. The price of PRL has taken a nosedive, coming down to $0.20 on Monday and is now being traded at $0.035. The trading is still at a halt on many exchanges, including Kucoin – which is responsible for more than 90% of the total trading volume of PRL. The CEO William Cordes, however, maintains an optimistic outlook on the future of the project:

“Despite the losses, $300k only represents ~1.5% of our market cap prior to this all transpiring. While this is far from ideal, this will most definitely not be a deathknell for the project.”

 

Microsoft, Nasdaq Join Forces on Blockchain Project

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October Close May Prove Decisive for Bitcoin Price

Bitcoin’s (BTC) monthly close today may provide a strong directional bias to the leading cryptocurrency.

Notably, things may get tougher for BTC if prices fail to defend the 21-month exponential moving average (EMA), currently at $6,108, as the EMA has been acting as a strong support since June.

This is evident from the fact that price pullbacks witnessed in June, July, and September had ended near the EMA.

Further, occasional dips below the key EMA support have been short-lived. For instance, BTC fell to a low of $5,900 on Aug. 15. Back then, the 21-day EMA was located at $6,042. However, by month’s end, BTC was sitting comfortably above the crucial support. The cryptocurrency breached the EMA support on Oct. 11 but made a quick recovery to $6,800 on Oct. 15.

The price action is telling that the bears have likely run out of steam and the cryptocurrency may have carved out a bottom close to $6,000. Similar sentiments were echoed recently by the likes of billionaire investor Novogratz and Fundstrat’s Tom Lee.

However, that argument would lose credence if prices close today below $6,108, signaling a resumption of the sell-off from the record highs reached in December last year.

Monthly chart

As can be seen, the 5-month and 10-month EMAs produced a bearish cross last month for the first time since 2014, meaning the bears are already in control here.

Hence, a close below the 21-month EMA will likely prove costly.

The prospects of a bullish reversal above $7,400 (September high) would improve if BTC defends the EMA support for the fifth month straight.

View

  • A bearish close below the 21-month EMA may allow a drop to levels below the June low of $5,777.
  • A defense of the crucial support would be encouraging, however, a bullish reversal would be confirmed only if cryptocurrency puts an end to a series of lower highs by moving above $7,400.

Disclosure: The author holds no cryptocurrency assets at the time of writing.

Bitcoin and USD image via Shutterstock; Charts by Trading View

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Parity and Zcash Foundation Team up for Full Node Client

Parity Technologies has announced a partnership with the Zcash Foundation to build the first-ever alternative full node software for Zcash. Announcing the development in an article posted on its official blog on October 30, 2018, Parity revealed that the new Zcash alternative client would be written in Rust programming language

Full Node Online 

According to Parity, its vast experience in developing client implementations for blockchains such as Ethereum and Bitcoin places it in an excellent position to create a similarly dependable Zcash implementation. The company’s significant expertise in blockchain development was underlined in October 2018 at the Web 3 summit in Berlin, Germany, where founder Gavin Wood launched a blockchain network in just fifteen minutes.

Developing a new protocol for full nodes to function on the Zcash blockchain alongside the existing contract effectively reduces the possibility of a network outage caused by a repository takeover by a bad actor, which is one of the blockchain’s current centralization risks. In other words, Parity’s new client could be a critical step toward securing the Zcash blockchain from potential compromisation in future.

Speaking about the partnership, Zcash Foundation Executive Director Josh Cincinnati said:

“An independent node implementation provides more options for Zcash miners and users, which promotes healthy decentralization of the cryptocurrency protocol as it matures.”

Growing Influence of Rust

Rust is gaining popularity among blockchain developers because of its high-speed framework and high security, which readily lends itself to the peculiar needs of blockchain technology regarding scaling, security and transaction speed. Ethereum Classic (ETC) is an example of a blockchain framework that was developed with Rust, and Parity’s Ethereum client was also developed using the relatively new programming language.

In a recent survey by StackOverflow, it was discovered that more than 80 percent of respondents reported wanting to use or already loving the use of Rust in development because of its improved error handling relative to other programming languages, its support for concurrency and its support for complex data types.

According to the announcement, Parity expects that developers who work with Rust will increasingly have a significant impact in the blockchain development space, particularly within the area of zero-knowledge proofs such as Zcash’s zkSNARKs framework and privacy software.

Parity CTO Fredrik Harrysson believes that Parity’s use of Rust in the new partnership with Zcash will assist the cryptocurrency to achieve its goal of becoming a reference point in financial privacy technology.

Speaking further he said:

“We’re excited to leverage the time and expertise that we’ve already invested in Parity Bitcoin while familiarizing our engineers with zero-knowledge cryptography and building a foundation for a Polkadot Zcash bridge.”

Parity on its part also gets a significant benefit out of partnering with Zcash. According to the company, the opportunity to create an alternative Zcash client enables Parity to take advantage of the addition of key open-source software to its tech stack as it seeks to build out its vision for a decentralized web.

New Zealand Gov’t-Backed Institute Issues Grant to Crypto Wallet and Trading Service

 

New Zealand’s state-backed innovation institute Callaghan Innovation awarded a $330,000 grant to a local crypto wallet and trading service, according to a press release published Tuesday, Oct. 30.

Callaghan Innovation issued an “R&D Project Grant” to local crypto wallet and trading platform Vimba, a rebranded version of former MyCryptoSaver. Following the grant, the crypto startup is reportedly set to expand its offerings, as well as to list more cryptocurrencies and enable multi-signature crypto wallets.

R&D Project Grants are a type of co-funding for a research and development project. A Callaghan Innovation spokesperson told Cointelegraph that the grants fund up to 40 percent of a project, and that 355 such grants were approved during the last fiscal year.

Founded in 2014 as MyBitcoinSaver, Auckland-based Vimba platform offers New Zealand residents with limited weekly investments in major cryptocurrencies Bitcoin (BTC) and Ethereum (ETH). Since its launch, Vimba has underwent two investment rounds, and will reportedly launch services in the U.K. in the coming weeks.

Vimba CEO Sam Blackmore commented that firm’s client base has “remained very stable” despite the bearish market this year. Blackmore also expressed company’s belief that Bitcoin will “at least reach the market cap of gold,” due to being a “more efficient, more accessible, more secure version of that rare asset.”

The neighboring state of Australia has also awarded government grants to crypto and blockchain startups. In August, the government of the state of Queensland issued a grant to a crypto travel startup called TravebyBit as part of over $8.3 million in innovation funding. The company would purportedly boost tourism to the state by selling travel offers with cryptocurrencies.

In July, the Queensland Cane Growers Organization received a $1.7 million government grant to implement blockchain technology for tracking the provenance of sugar supplies.