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Joint Report by Stellar and Luxembourg Fintech Platform: Approach ICOs with Caution

September 20, 2017 BitNewz.net 0

Joint Report by Stellar and Luxembourg Fintech Platform: Approach ICOs with Caution

 Stellar, a nonprofit decentralized financial network, and the Luxembourg House of Financial Technology (LHoFT), the country’s dedicated fintech platform, have published a joint report on Initial Coin Offerings (ICOs).

According to the report, organizations have raised over $1.8 billion through ICOs since January 2017. As this popular new fundraising method provides a simple and fast method to acquire serious funding, there has been “tremendous momentum” growing around ICO launches among new businesses in the blockchain industry, the report said.

On the other hand, the report also detailed that there are high risks associated with ICO investments. Since there is still a lack of regulation and control surrounding the industry, Stellar and LHoFT compared the current ICO sphere to the “Wild West” – a term that has become rather popular of late in reference to ICOs.

“ICOs raise issues for consumer protection, combating money laundering, and other regulatory compliance goals. Complications may arise from several sources, including the mechanism through which ICOs are conducted, the teams spearheading ICOs, the identities of contributors to ICOs, the quantity of money that is raised, the validity of ICOs’ technology and processes, marketing claims, and the impact that ICOs have on the greater cryptocurrency markets. All these factors must be scrutinized so that the heralded benefits of ICOs are balanced against market and legal risks as the model matures and gains broader acceptance,” the report states.

LHoFT and Stellar addressed both the upsides and the downsides of ICO fundraising. Organizations launching ICOs benefit from a built-in customer base, a committed group of customers that will stay with the product or service until it officially launches. Furthermore, according to the report, the fundraising method has positive effects on the network, can target global investors (or donors) in a non-discriminatory manner while providing a fast and easy fundraising mechanism. Additionally, retail investors are keen on participating in ICOs, and open-source projects can benefit from the fundraising method too.

Similarly, investors can benefit from the high liquidity of the tokens (sold during ICOs), in addition to being able to sell them through cryptocurrency exchanges or over-the-counter (OTC) transactions, which would allow the investors to transfer the tokens easily without the authorization of the token issuer (the organization launching the ICO).

Token holders are often offered bonuses, such as “gift cards” or “licenses” that will incentivize them to support the growth and the development of the project. ICO investors also benefit from the lack of “geo-lock” – they can invest in the project no matter the location (unless specified otherwise). Most importantly, ICOs have a high potential for big gains.

On the other hand, there are plenty of risks associated with ICOs, according to the report. Firstly, ICOs lack the formal process for auditing the organizations.The writers of the study highlighted a potential problem with smart contracts: If the contract is not programmed correctly, it could lead to unexpected transfers without the authorization of the token owner. Some tokens are not based on any fundamental value, thus, may facilitate bubbles and Ponzi schemes.

Furthermore, Stellar and LHoFT emphasized the issue of “investor education” – some investors are not informed well enough about an ICO project before investing in it. The report also detailed security problems, such as phishing scams and the loss of private keys, which can result in the investors losing their tokens.

As with most cryptocurrencies, tokens also tend to be volatile. According to the report, ICO cashouts may create price distortions on the market. Furthermore, the market can be subjected to manipulation, such as the “Whales” method, in which the token issuer organization holds back a percentage of the tokens and distributes them between the team members. Both investors and organizations can experience network lag during popular ICOs, while some token distribution mechanisms can cause unpredicted difficulties for both parties.

The lack of regulations within the ICO space presents various problems for both the investors and the organizations, such as being subject to the financial regulations of multiple jurisdictions. The anonymous nature of the cryptocurrency sphere can result in many of the investors being seen only as pseudonyms, which could cause issues for law enforcement and regulators. Since there is uncertainty about the taxation of tokens, both investors and organizations could face legal issues, such as tax evasion charges. Furthermore, the report discusses that there is an increasing concern that ICOs can be used by criminals for money laundering or terrorist financing purposes.

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Dentacoin Foundation’s “Proof-of-Concept” Clinic is a Success

September 20, 2017 BitNewz.net 0

dentacoin featuredDentacoin is the first integral Blockchain solution for the global dental industry. It has a unique business model that both disrupts and works with the current state of the industry. The team’s mission is to introduce greater efficiency in known industry issues and thus, improve dental care and make it affordable for everyone. Through developing and implementing a number of Blockchain-based tools,* introducing two innovative dental clinic concepts,** and creating a custom token*** which serves all products, Dentacoin paves the way for shaking up the entire dental industry. Dentacoin’s “Proof of Concept” Clinic, F3T, is a Success The Dentacoin Foundation

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CFTC Commissioner: Blockchain Will Bring ‘Sea Change’ to Financial Markets

September 20, 2017 BitNewz.net 0

The CFTC has named one of its leaders as the new sponsor for its technical advisory committee – and he wants to see it work on blockchain issues.

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Updates on Equifax Breach Frustrate Consumers

September 20, 2017 BitNewz.net 0

TheMerkle_Bitcoin Faucet LegalityRecently, one of the largest personal data breaches ever was made public. A credit reporting company, Equifax, reported that the personal data of over 143 million Americans had been compromised in a data breach. Since then there have been a few updates, and many of them are nothing short of infuriating. Do Not Let Anyone Fool You, If You Have Credit You Were Affected While hearing that 143 million Americans had their personal data compromised is bad enough, the reality is even worse. 143 million is about half of the US population, but it’s a much higher percentage of credit-holding adults over

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Bitmoney.eu Making Way to Czech Republic Estonia and Slovakia with TrustPay as Sixth Payment Method

September 20, 2017 BitNewz.net 0

Bitmoney.eu believes that anyone and everyone should be able to acquire bitcoin. Bitcoin guarantees that your money will not disappear, ever. It is incredibly safe and secure to hold as private money, as well as making transactions. Owning bitcoin is a…

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Blockchain Laying Foundations for Real Estate Market: Experts

September 20, 2017 CoinTelegraph By Chrisjan Pauw 0

See how Blockchain makes real estate better.
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Prosecutors Demand 2-Year Prison Sentence For Anthony Weiner

September 20, 2017 Tyler Durden 0

After being widely blamed by Hillary Clinton supporters – and even the candidate herself – for inadvertently prompting the FBI to reopen its investigation into whether the candidate mishandled classified information, it looks like Anthony Weiner, once believed to be a strong contender for Mayor of New York City, is going to prison.

The Associated Press reports that federal prosecutors are asking that the former Congressman be sentenced to about two years in prison for engaging in sexting with a 15-year-old girl. Prosecutors filed paper in Manhattan Federal Court on Wednesday in advance of Weiner’s sentencing, which is scheduled for Monday. In their paperwork, the prosecutors asked that the judge use the sentencing as an opportunity to send a message to other perverted pols.

The 53-year-old said in a submission last week that he’s undergoing treatment and is profoundly sorry for subjecting the North Carolina high school student to what his lawyers described as his “deep sickness.” Prosecutors say this isn’t the first time Weiner has promised to reform himself.

Weiner’s lawyers portrayed the girl as an aggressor, saying she wanted to generate material for a book and possibly influence the presidential election, according to the AP.

As part of his plea bargain, Weiner has agreed not to appeal any sentence between 21 and 27 months. His sentencing will take place almost exactly a year after the New York Post published a story about Weiner sexting with another woman who wasn’t his wife. Weiner said he would plead guilty in May after prosecutors brought charges following revelations that he also sexted with the 15-year-old, whom he met over Skype. Both the girl and her father told the Daily Mail that Weiner knew she was underaged when they were corresponding.

Weiner pled guilty to a single charge of transferring obscene material to a minor after turning himself in to the FBI.

The description of Weiner’s conduct that his victim provided to investigators was truly sickening.

“He had some rape fantasies. It would just be him showing up at my house when my dad was out of town,” the girl told the Mail. “And just start undressing me, being forceful, asking me if I want to be dominated, strange questions.”

Weiner reportedly once told the girl, “I would bust that tight p–y so hard and so often that you would leak and limp for a week,” and sent her bare-chested pictures of himself.

His Congressional career imploded back in 2011 when he accidentally tweeted a picture of his bulging erection. He had meant to direct message it to a woman who wasn’t his wife. Speaking of Weiner’s wife, top Clinton lieutenant Huma Abedin announced her separation from the Congressman a year ago.

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Deribit Absorbs $235,000 Loss Caused by Liquidation Algorithm Bug

September 20, 2017 BitNewz.net 0

TheMerkle Deribit Algorithm BugCryptocurrency exchanges are often targeted by criminals in an effort to steal data or money. However, those are not the only threats they face. Some problems are the result of internal errors, such as a trading algorithm gone awry. In the case of Bitcoin futures exchange Deribit, its liquidation algorithm caused major losses. As a result, the company has put all Bitcoin futures on hold for a brief period. Deribit’s Algorithm Messes up Badly It is never good to see a trading platform or options exchange suffer at the hands of its own algorithm. While this piece of code is expected to perform flawlessly every single

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