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Showing posts with label security. Show all posts
Showing posts with label security. Show all posts
Bitcoin ETF or the Bitcoin Exchange Traded Fund came very close to the approval of United States Securities and Exchange Commission! However, this can be possible only when there is better ‘market surveillance as well as custody for the Cryptocurrency’ and for this to happen it might take some more time.


Well, it comes to a little surprise after Chairman of U. S. SEC, Jay Clayton announced about giving a nod to Bitcoin ETF (exchange traded fund). Till date SEC has denied access to numerous ETF applications, because the committee understands that they are still not up to date when it comes to ‘investor protection’.

First Bitcoin Exchange Traded Fund

If everything falls in place then Bitcoin Exchange Traded Fund is going to be first of its kind in this league! It was at the Consensus Invest Conference in Manhattan that Jay Clayton specifically announced about its plan to release first Bitcoin ETF however, this can be done only after careful consideration of how things work out post complete quality check.


‘Manipulation’ is one of the major concerns that Clayton stressed on and he said that most of the Cryptocurrency exchanges are not equipped with similar monitoring tools which usually is there with stock exchanges. This would further lead to not getting to know exact price of Bitcoin, it may also harm interests of the investors.

On the other hand, if we take a note of exchange traded funds then they end up keeping a track of index or a group of assets. Earlier as well, SEC did not approve Exchange Traded Funds brought up by Winklevoss Brothers. Reasons behind this was a simple fact that there were many risks involved overall and US SEC could not take up such ETFs to a larger interface.

Custody or Storage Matters in case of ETF

Of course, storage or the custody is another of the major concerns that we are facing nowadays and hence even U. S. Securities and Exchange Commission Chairman, Jay Clayton mentioned this about safe storage of assets.

When we look at the price of Bitcoin, then we know that its price is already not stable therefore, this stands to be one of the hurdles that has to be addressed at the earliest before taking things to the next level.


Out there, a number of ‘custody solutions’ related to cryptocurrencies are there or are in the pipeline. It is now to see how these set of solutions come forth to assist Cryptocurrency custody apart from handling trade execution for ‘institutional investors’. To ensure that end results are perfect, Clayton went on to add that a lot more improvement in custody solutions shall be helpful!

Would US SEC decision affect Bitcoin Pricing?

This is one of the major questions arising in crypto discussions. As most of us are aware of how volatile Bitcoin has turned itself in to. However, experts would not be able to say currently as to what would this decision of SEC bring in for Bitcoins!
Uncertainty over the prices of cryptocurrencies in general and Bitcoins in particular seem to loom large thereby giving away the reasons for people to be confused as in whether cryptocurrencies are rising or tumbling further down!


Why only Bitcoins even other Alt Coins seem to have taken the hit of this uncertain decline of cryptocurrencies. There, however, does not seem to be any one reason that can be pointed out as to: yes, this is why cryptocurrencies bowed their heads.

Bitcoin Hard Fork Split

As observed by many, the moment Bitcoin Hard Fork split was announced, everything seemed to tumble down and it was something that shook the whole of crypto world. Reasons being Bitcoin was riding high and had never fallen below $6,000!


Tom Lee, Wall Street Investor analysed that ‘hash rate war’ turned the scenario to a lot of uncertainty and panic across different rungs of the society. In addition to this, to stay away from risks or unknown waters, many investors backed off stated CoinShares CEO Meltem Demirors.

Right from November of 15th, Bitcoin ABC as well as Bitcoin SV having emerged, they have two think tanks fighting a war, should I say a cold war?! With clashes between these two groups, it was evident for BCH to be diving down the market as it was seen later by us.

Rules Came into Action

Along with division of Bitcoin Cash, SEC decided to take charge of the situation and like earlier informed in one of the articles, stopped operations of many firms who did not obey rules. Brexit along with Central Banks Policies turned out to be other reasons for downfall of the highly anticipated cryptos.


Now many would be shell shocked and worried to know as to what shall be the condition of Bitcoins post the split of the decade?! Are they stable or have they begun to rise in the world of cryptocurrency?

As a matter of fact, sell off due to low trade volumes led to a panic which is a bit difficult to be summoned in words. In Greenspan’s words, nothing can be said for sure as to what would happen next. He believes things could turn around at any moment and nothing can be sure. Either Bitcoin stays there put while some people sell it away and a few others gather them.

Anthony Pompliano, host of Crypto Podcast as well as Newsletter has perfectly put across a point: ‘Bitcoin lives and dies on its own’ while only ‘a few synthetic protections are in store for the investors’.

While on the other hand, Tom Lee is certain of one fact though, it is: regulatory clarity is going to be the key to giving us a clear picture of where Bitcoins and other cryptocurrencies stand. And to quote Lingham, blockchain projects must specify as to what will be the other usable solutions apart from the one, we are aware of.

Cryptocurrencies have not held a stable position since some time, however, as of now experts have pointed out that only a few losses can be seen, so yes, drastically falling prices of cryptos have kind of stopped.

Lesson: Never to conclude before the final outcome is right before you.
Authorities seemed to have taken a liking of sorts towards unauthorized crypto companies in a way that they started to terminate operations of these unlicensed crypto firms.

To begin with, CONSOB or the Commissione Nazionale per le Societa e la Borsa is a Government Authority in Italy, which keeps track of Italian Securities Market. It was this: Italian Companies and Exchange Commission that was responsible for discontinuation of some crypto businesses in the state of Italy.


Crypto Business of 3 Companies come to a Stand Still

Companies whose operations have been detested are all related to cryptos in one way or the other hence it was time for someone to take a note of deeds carried out by them before taking a final decision.

Companies such as Richmond Investing, Finatex Ltd. and CryptoForce have violated rules laid down by authorities and hence CONSOB decided to correct their wrongs.

11)  Richmond Investing is a trading platform which did not go on to register under ‘financial intermediary’ thereby breaking the law governing the Italian Financial Markets known as ‘Consolidated Law on Finance’.

22)  In a similar incident, German based Financial Regulatory Organization, BaFin took action against the authorities of Finatex Ltd. This company is based in the U. K. apart from having ties in crypto world. As per the statements released by the authority in charge, Finatex Ltd. worked without following any of the rules laid down by the German Financial Legislation.

      Moreover, this is inclusive of the German Banking Act, so, it became a necessity for the officials to set right companies who opposed to the system to be followed.
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  3) Third in the list is CryptoForce and its crypto coin (read currency) named ‘Crypton’ had to be sacked according to the new laws put forth by the authorities from the E. U. Ministry.
      
      For the uninitiated, CryptoForce is a company dealing for the most part in ‘PoS or Proof of Stake Mining’; it is also responsible for promoting its (own) Cryptocurrency that goes by the name: Crypton.
      
       Advertisement of CryptoForce was carried out by Brizzi on social networking site Facebook whereas on the other hand, it was Eagle Bit Trade responsible for offering ‘trading packages to the Italian Investors’!

How Did CONSOB Deal with These Crypto World Discrepancies?

Back in E. U., things have begun to fall in place with strict rules and regulations being passed around. It was also a requirement of the hour that stood out because authorities from the think tank (called Bruegel) felt careful and an in-depth examination in to the working of crypto related firms is necessary that can never be given second thoughts.

Due to this, all digital currencies came under the radar especially of their aspect on how were these digital currencies got distributed among the investors!

A Plus Point: Good News for Cryptocurrencies in Italy

It comes as a shock for some but the Government of Italy seems to have not prohibited any of the financial institutions from using cryptocurrencies, however, they have asked them to wait a little more before Formal Rules and Regulations are put up!
Hackers are all around us, some may be ethical while others unethical. However, judging every book by its cover may not be possible in today’s digital world still one has a chance to focus a little before moving ahead with any kind of online wallet.



Cryptocurrency Users, Beware

Cryptocurrency users are a worried lot when it comes to security. There are many reasons to say this and one of them is that hackers, for the most part, try to steal personal information of the users thereby rendering them with no funds at all!

A few folks reading this would also be aware of the fact that transactions related to cryptos are ‘anonymous’ hence it is next to impossible to track down culprits.

Anonymity turns out to be the easiest tool for hackers to withdraw information and password of a crypto user in no time. Secondly, many EOS based wallets have suddenly sprung up across Google Play Store, which as you might have known by now are fake.

Fake EOS Wallets to Watch Out For

These fake EOS wallets never leave an opportunity to figure out account information besides passwords that users put in to use. All of this is possible with the help of a ‘malware tool’ utilized by fake software.

Another factor to be taken a note of is that crypto transactions being anonymous have the ability to hide stolen funds forever thereby hackers leave no stone unturned to fund their accounts!
Decentralization apart from anonymity are major setbacks for organizations and authorities in particular to bring about digital currency in to a profitable business.

EOS RIO: Facts to Know

In fact, there is only one EOS based company set in Rio De Janeiro in Brazil, responsible for Block Producers. And there happens to be none other site per se. This Brazilian establishment works towards development of Blockchain based Digital Products. Moreover, it does not have any inkling with EOS wallets found on Google Play Store.

EOS RIO, does not even have any of its Block Producers application(s) on the giant Google Play Store. So, readers, ensure that you never download any random EOS app’ available on Google Play Store. In case you wish to utilize the services of EOS then you would have to go to the official website and not switch to the Play Store.

Remember, one more factor, EOS Block Producers have been given the responsibility of governing EOS Blockchain!

EOS Reports Fake EOS Wallets to Google

Due to an alert team back in EOS Community, Google took action and removed all fake EOS Wallets in no time. Indeed, the team at Google ensures that there is not even a single fake app on its Play Store.
To assist you further in this regard, we would suggest you to keep a check on reviews found for a product. In case you find numerous reviews say around 1,000 or more then most probably you may go ahead and use it else it is better to back off beforehand rather than losing out funds.
As said, precaution is better than cure.