Providing a revolutionary cryptocurrency exchange 2.0 which is safe, secure and regulated with Tokens held of the exchange itself. BTC Exchange platform allows users to trade any cryptocurrency through a single point of access from anywhere at anytime.
BTC Exchange is a spin off of another company in Lithuania called Mistertango. BTC Exchange became independed later on while maintaining it’s relation with Mistertango. The BTC Exchange team consist of IT professionals that thrive to keep the exchange one step ahead and provide the best service.
The layout of the website is old age and less informative, the team is public and listed on the Exchange website. BTC Exchange is mainly focusing on EUR trading pairs and currently trading only BTC/EUR, ETH/EUR, BCH/EUR, XRP/EUR, USDC/EUR and BTC/USDC.
From a warning about Bitcoin’s 2019 rally to new support for Stellar Lumens, here’s a look at some of the stories breaking in the world of crypto.
Bitcoin
A prominent crypto analyst warns the 2019 Bitcoin rally is an “exchange driven pump” that’s due for a significant pullback. According to Willy Woo, Bitcoin’s Network Value to Transactions (NVT) ratio is now way out of whack.
“Presently the market price of BTC has outstripped organic investor flow unseen since the bull market mania phases of 2013 and 2017. Never before have we seen such a divergence so early in the bull market.”
The NVT ratio measures the utility value of Bitcoin according to the number of transactions on the network relative to the price. Because on-chain investor volumes are in the normal range, Woo says the only explanation is “a quant fund driven short squeeze devoid of any true investor volume.”
Whales can short squeeze a majority-short market by buying it up until the shorts are liquidated, forcing a torrent of buys that inflate the price, Woo explains.
“If you have sufficient capital. You can keep buying to liquidate the bears. It’s extremely profitable. You only stop when it’s no longer profitable. At the $8k-9k mark the market switched from short to majority long. This put a cap on the profitability of short squeezing.
“I’m awaiting this exchange driven pump to blow off, a proper retrace, and only then do I think real investor flows will come in and drive the true organic bull market.”
Ethereum
Ernst & Young’s global blockchain leader, Paul Brody, says blockchain is poised to trigger a fundamental transformation of how enterprises do business.
The accounting and consulting giant EY is building on Ethereum, and Brody says use cases for audits and supply chain management are some early examples of prime use cases for the technology.
“What I hope you’ll take away from this today is that blockchain is maturing. We have real products, real customers, real use cases, real value creation, stuff that’s in operations, and we also have a road map for where things can and should go in the future and how this can have an ever-bigger impact…
Blockchains we think are going to be the future way in which companies model and manage their business processes and, in particular, we can basically model any process between two enterprises or two agencies or two governments as a combination of tokens to represent assets and items of value and contract.”
Ripple and XRP
A presentation from Ripple’s chief technology officer David Schwartz is now online. At the We Are Developers in Berlin, Schwartz talks about the future of blockchain beyond the hype.
Litecoin
The Litecoin Foundation’s unique methods for raising funds to support the LTC ecosystem continue.
The Foundation has started to ship custom Litecoin cufflinks and tie bars, with a signed certificate of authenticity from LTC creator Charlie Lee.
Stellar
Crypto.com has added Stellar Lumens (XLM) to its Wallet & Card app.
Users of the app can now purchase XLM at true cost with no fees, with both credit cards and bank transfers supported. People can also use XLM with Crypto.com’s MCO Visa Card, making it easier to convert Stellar’s token into fiat for purchases from everyday merchants.
Tron
Tron’s latest report on the network’s decentralized app ecosystem is out.
According to the report, four new gaming DApps launched on the network this week, along with a decentralized exchange called SunDex.
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.
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……
USDT is the foremost stablecoin in the crypto world. Pegged one for one to the U.S. dollar, it is widely used as a vehicle for getting dollars in and out of crypto exchanges. Crypto enthusiasts will tell you that holding USDT (“Tethers”) is the same as holding dollars. But now, Tether, the issuer of USDT, has now admitted that Tethers are not 100% backed by actual dollars. The peg is no longer credible. And Tether itself has morphed into something all too familiar.
BANGKOK, THAILAND – 2018/08/30: A smartphone displays the Tether market value on the stock exchange via The Crypto App. (Photo by Guillaume Payen/SOPA Images/LightRocket via Getty Images)Getty
Here’s how Tether’s claim of 100% actual currency backing has changed during the coin’s existence. This is what their website originally said:
@CasPiancey
There has never been a “professional audit” of the reserves. After lots of people pointed this out, the wording on the website subtly changed:
Lots of people questioned the “professional verifications”, too. So Tether simply removed all reference to them. It still retained the claim to 100% currency reserves, though:
So Tether does not have 100% traditional currency backing for its reserves. It has “cash equivalents,” which are presumably other cryptocurrencies (like pegging to a volatile asset is such a good way of ensuring stability). And some of its “reserves” are held in the form of loans that it has made to other parties. Tether has become an unregulated fractional reserve bank.
It’s a very risky fractional reserve bank, too. Loans that you can’t sell, can’t pledge for cash, and may or may not be able to call are not by any stretch of the imagination “reserves.” No regulator would let a licensed bank get away with this, even though licensed banks have Fed backing and FDIC insurance. Tether may regard one USDT as the same as one U.S. dollar, but without either the reserves or the central bank backing to guarantee this, its words are empty. The Fed isn’t going to step in and bail it out.
Remarkably, though, crypto markets still believe Tether’s guarantee:
Tether vs USD, BTCCoinmarketcap
Perhaps crypto enthusiasts should read up on the fate of Reserve Primary Fund in 2008. Or perhaps Venezuela. After all, an exchange rate peg only holds until the reserves run out…
The crypto world has taken another large step towards becoming a simulacrum of the existing financial system without any of its (admittedly inadequate) safeguards. This is supposed to be progress?
