Tag: crypto company

Billionaire John De Mol Takes Facebook to Court Over Fraudulent Bitcoin Ads

John de Mol, a Dutch billionaire and media magnate, has recently sued Facebook over fraudulent bitcoin ads that showed him next to quotes about how much money he purportedly made investing in BTC with a company that was swindling users.

According to Reuters, De Mol’s lawyer has claimed the businessman, who created the reality show ‘Big Brother’ and is one of brains behind the Endemol entertainment studio, is suing the social media giant over damages to his client’s reputation, and over Facebook’s inability to stop the ads from appearing altogether.

De Mol’s lawyers would, as such, like to see Facebook automatically block ads featuring him and cryptocurrencies. The businessman’s lawyer further claimed consumers sent a total of €1.7 million (around $1.9 million) to the scammers, before Facebook reacted to complaints and removed the ads from its platform.

De Mol is also looking to get the names of those behind the fraudulent bitcoin ads, so he can hand them over to authorities. Jacqueline Schapp, one of his lawyers, argued that Facebook’s system of reacting to users reporting problems isn’t good enough.

I don’t know what reality Facebook lives in, but that doesn’t work.

Facebook’s lawyer, Jens van den Brink, revealed the company couldn’t be forced to monitor every ad that goes through it all the time, and that it’s “technically impossible” to block ads with De Mol’s name on it, as other people have the same name.

Van den Brink also added Facebook has met with Dutch financial market regulator AFM this month to discuss ways to combat scammers on its platform. It’s worth noting that Facebook banned cryptocurrency-related ads last year to stop them, but later on lifted the ban.

A judge at the Amsterdam District Court gave both parties two weeks to come up with a reasonable solution. If they fail to reach an agreement, the judge noted he would rule on the case.

This isn’t the first time celebrities are used to get users to buy into fraudulent cryptocurrency schemes through Facebook’s ads.

Source: CryptoGlobe

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Local Bitcoins Removes Cash-for-Crypto Trading Option

Helsinki-based peer-to-peer exchange LocalBitcoins has reportedly removed the option allowing users to buy or sell cryptocurrencies in person for cash.

In a Reddit post Sunday, a LocalBitcoins user pointed out the option was no longer available on the platform, though commenters some suggested the restriction might be limited to the U.S..

The removal of the option – which basically acts as a matchmaker for users to make trades in person – effectively bars LocalBitcoin users from selling and buying bitcoin for cash. LocalBitcoins has also cancelled pending fiat trades, other comments suggest.

The platform has not yet made an official announcement about the change on its blog or Twitter.

In response to the move, LocalEthereum announced has temporarily removed the trading fee on cash-in-person exchanges – effective June 1 to July 1.

LocalBitcoins’ move comes after the company announced in February that it would comply with the European Union’s (EU) new anti-money laundering directive.

Several other P2P cryptocurrency trading platforms still offer an in-person cash option.

Handing over dollars image via Shutterstock

Source: Pivot – Blockchain Community

Bank Of England Governor Might Open Opportunity For Ripple Tech, Says That Payments Across Borders Should Be Indistinguishable From Those Across The Street

The Governor of the Bank of England, Mark Carney, has vowed to transform the central bank in preparation for the upcoming “fourth industrial revolution.”

Speaking at the Innovate Finance Global Summit, Carney said that he would focus on encouraging innovation among fintech startup, and making climate change and Artificial Intelligence (AI) priorities.

Carney stressed on the emerging digital economy, which many developing nations are preparing for by embracing blockchain technology and decentralized systems.

The Governor of the Bank of England, Mark Carney, has vowed to transform the central bank in preparation for the upcoming “fourth industrial revolution.”

Speaking at the Innovate Finance Global Summit, Carney said that he would focus on encouraging innovation among fintech startup, and making climate change and Artificial Intelligence (AI) priorities.

Carney stressed on the emerging digital economy, which many developing nations are preparing for by embracing blockchain technology and decentralized systems.

The second great wave of globalisation is cresting. The Fourth Industrial Revolution is just beginning. And a new economy is emerging. That new economy requires a new finance. A new finance to serve the digital economy, a new finance to support the major transitions underway across the globe, and a new finance to increase the financial sector’s resilience.

Carney also spoke of the changing nature of the way we exchange value,

Consumers and businesses increasingly expect transactions to be settled in real time, checkout to become an historical anomaly, and payments across borders to be indistinguishable from those across the street.

Though Ripple is not mentioned by name, the kind of solutions that Ripple offers is a partial answer for the kind of upgrade that Carney speaks of. The cross-border solutions that Ripple provides has been warmly welcomed by banks across the world.

Earlier this year, the World Economic Forum released a report that showed over 40 central banks across the world were conducting research and/or implementing blockchain solutions. Certainly there is a lot to be gained by established entities adopting the technology, IMF Managing Director, Christine Lagarde, has also said that “cryptocurrencies clearly shake the world.”

Abhimanyu Krishnan
About Abhimanyu Krishnan

Abhimanyu is an engineer on paper but a writer by living. To him, the most celebratory aspect of blockchain technology is its democratic nature. While he’s hodling, he can be found reading a good book or making the local dogs howl with the sound of his guitar playing.

Source: Bank Of England Governor Might Open Opportunity For Ripple Tech, Says That Payments Across Borders Should Be Indistinguishable From Those Across The Street

Move Over Bitcoin And Dogecoin, Elon Musk Is Tweeting About Ethereum

bitcoin, bitcoin price, ethereum, Elon Musk, dogecoin, image

Elon Musk, the playful Tesla and SpaceX chief executive who has set the world of bitcoin and cryptocurrency on fire in the past, has again caused a stir by tweeting about cryptocurrencies—this time it’s the turn of decentralized app network ethereum.

Bitcoin and the broader cryptocurrency market has been trading sideways since leaping higher at the beginning of this month, with ethereum now only 7% up on its late March price per ethereum token.

Now, Musk, who earlier this month revealed his favorite cryptocurrency, has tweeted the word “ethereum” before replying to ethereum’s creator Vitalik Buterin invitation to attend the ethereum developer conference in October.

Musk tweeted the word “ethereum” then followed it up by tweeting “jk”—perhaps an attempt at preventing Twitter from suspending his account, which has previously been locked after tweeting about cryptocurrencies due to his long association with bitcoin and cryptocurrency give-away scams.

Musk then told ethereum’s Buterin to “stop giving away ETH.”

Musk has recently been embroiled in a row with the U.S. Securities and Exchange Commission (SEC) after he tweeted about his plans to take Tesla private last year, with the SEC then claiming that Musk violated an agreement by tweeting information Musk said had already been correctly relayed to investors.

On Friday, Musk and the SEC filed their amended settlement, which lists specific topics that Musk needs legal approval to tweet about. It does not contain anything about bitcoin or cryptocurrencies.

Following the agreement, Bloomberg’s Matt Levine wrote:

“If I were the SEC I would probably have pushed to add a requirement in the amended settlement to the effect of, if Musk is going to tweet a joke about Tesla, he has to add a smiley face or a “j/k” or a “lol” to the end of it. Again, this is an absolutely terrible rule for life, or comedy; it really kills the joke. And I can see why Musk would be concerned with the aesthetics of his Twitter comedy. But the SEC probably shouldn’t be!”

Musk’s latest cryptocurrency comments via Twitter could be a low-key dig at the SEC’s pursuit of him while scammers continue to plague Twitter with misleading impersonations of public figures.

bitcoin, bitcoin price, ethereum, Elon Musk, dogecoin, twitter image

Musk tweeted the word “etherum” without context.

Twitter / @elonmusk

The bitcoin price, which has been trapped in a long-running bear market over the last few months following a sudden sell-off in early November, exploded out the gates on at the beginning of April after slowly gathering pace throughout Marchconfirming much speculative data that a bitcoin bull run was imminent.

Musk surprised bitcoin and cryptocurrency watchers earlier this month by saying that the meme-based dogecoin is his “fav” cryptocurrency, even ahead of original cryptocurrency bitcoin, which he’s heaped praise on previously.

Musk, who has become known for his meme-ing Twitter account while running three major U.S. technology and engineering companies, was at this time responding to (another) tongue-in-cheek Twitter poll that found him to be the favorite to take on the mantle of dogecoin CEO, with 49% of the vote.

Musk beat off competition from ethereum co-founder and widely respected crypto developer Buterin, litecoin founder Charlie Lee, and Marshall Hayner, the chief executive of bitcoin and cryptocurrency blockchain payments processor Metal.

Earlier this year the bitcoin and cryptocurrency markets were enlivened by comments from two of the most closely-watched figures in the tech world: Tesla’s Musk and Twitter’s CEO Jack Dorsey.

bitcoin, bitcoin price, ethereum, elon musk, doge, chart

Despite a recent rally, the bitcoin price remains well under where it was most of last year.

CoinDesk

The bitcoin price failed to rally following Musk’s and Dorsey’s light praise of bitcoin and how cryptocurrencies will change the future of money—despite crypto media celebrating wholeheartedly.

While Jack Dorsey and Elon Musk have faintly suggested they see cryptocurrencies, and specifically bitcoin, as exciting new technologies that will likely change the world, neither seem particularly keen to lead the charge.

Musk, who last year got everyone fired up that he might be getting into bitcoin, has called bitcoin’s structure “quite brilliant”, adding “it bypasses currency controls … Paper money is going away. And crypto is a far better way to transfer values than a piece of paper, that’s for sure.”

Speaking on the Ark Invest podcast in February, Musk said it’s “very energy intensive to create bitcoin at this point” and it may not be “a good use of Tesla’s resources to get involved in crypto.”

You can follow me on Twitter @billybambrough and read my other Forbes posts here

Disclosure: I occasionally hold some small amount of bitcoin and other cryptocurrencies

I am a journalist with significant experience covering technology, finance, economics, and business around the world. As the founding editor of Verdict.co.uk

Source: Move Over Bitcoin And Dogecoin, Elon Musk Is Tweeting About Ethereum

CoinMarketCap Crypto Assets Now Feature Flipside Letter Grades

Blockchain analytics startup Flipside Crypto is bringing crypto asset letter grades to a slew of online publishers. The Fundamental Crypto Asset Score (FCAS) metric – which evaluates factors such as developer activity and a broad set of transaction data – was recently added to CoinMarketCap, along with publishers such as MarketWatch, TheStreet and Stocktwits. The move comes ahead of the launch of CoinMarketCap’s first Android app, scheduled for April. Carylyne Chan, head of global marketing at CoinMarketCap, told CoinDesk these easy-to-use metrics will give users a more transparent view of how these assets are evolving. According to Chan, the site attracted 125 million repeat visitors in 2018 alone……

Source: CoinMarketCap Crypto Assets Now Feature Flipside Letter Grades

CoinMarketCap Introduces New Metrics for Crypto Fundamentals

Cryptocurrency market data platform CoinMarketCap has added a new metric to their site for measuring the fundamentals of cryptocurrency projects.The new rating system dubbed the Fundamental Crypto Asset Score (FCAS) measures cryptocurrency projects “health” by considering user activity, developer behavior, and market maturity. Basically, the service provides insight into the growth and development of a project: “We intake raw blockchain data across relevant projects and parse them internally. Once we clean, analyze, and recreate the raw data elements, we combine them with market data gathered from various sources to inform our models……..

Source: CoinMarketCap Introduces New Metrics for Crypto Fundamentals

The Crosscurrent Movement of Central Banks towards Stable Coins

According to Stablecoinindex, The Total Market Cap of the current renowned stable coins are up to USD9.32bn, with this number not even including all of the fiat-collateralized stable coins such as USDC, X8X, etc. Since the end of 2018, various firms are turning their focus to stable coins, voicing their opinions towards central banks who have remained pretty pessimistic towards their introduction. The Central Bank of Korea: “Stable Coin for Korea? Still Premature!”The Central Bank of Korea recently published a report “Central Bank Digital Currency and Financial Stability”published on Feb 7th, making a very specific announcement that the issuance of the Central Bank Digital Currency (CBDC) is too much “premature”, and currently they will only be focusing on R&D………..

Source: The Crosscurrent Movement of Central Banks towards Stable Coins

Finablr’s UAE Exchange and Unimoni Go Live on Ripple Net for Cross-Border Remittances

Ripple, the global blockchain-based cross-border remittance company, has been continuously making new partnerships in their effort to establish themselves as a leader in the global financial markets.To date, Ripple has already secured at least 200 partnerships with banks and financial firms around the world, and they are now beginning to see these partnerships come to fruition…………….

Source: Finablr’s UAE Exchange and Unimoni Go Live on Ripple Net for Cross-Border Remittances

UK tax authority issues tax guidance for crypto users – TokenPost

Her Majesty’s Revenue and Customs, the UK government department responsible for the collection of taxes, on Wednesday published tax guidance for people who hold crypto assets. The paper, “Cryptoassets for individuals,” sets out the agency’s view of the appropriate tax treatment of cryptoassets, and outlines what taxes crypto users may need to pay, and what records they need to keep.

Source: UK tax authority issues tax guidance for crypto users – TokenPost

ConsenSys CEO Joseph Lubin on Layoffs: ‘Sky’s Not Falling, Future Is Very Bright

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Ethereum co-founder Joseph Lubin says the future of the crypto industry is so bright he has to wear shades, and called a bottom to the current bear market. “Peeking into 2019, if you could see the landscape through my eyes, you’d have to wear shades,” Lubin gushed in a lengthy tweetstorm . Lubin — the CEO of blockchain startup ConsenSys — recently laid off 60% of his workforce to cut costs, but insists that 2019 looks very promising. “I am calling the cryptobottom of 2018,” he tweeted. “This bottom is marked by an epic amount of fear, uncertainty, and doubt from our friends in the 4th and crypto-5th estates.” Read more….

 

 

 

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