Wednesday, May 2, 2018

UNICEF Turns to Crypto Mining to Raise Funds for its Humanitarian Causes

 

Do you want to support UNICEF's goal of making the world a better place for less fortunate kids? Turns out now you can, just by visiting a website and volunteering your computer's processing power. UNICEF Australia has turned to crypto mining to fund its humanitarian causes, and it's counting on support from the public. While there have been widespread cases of people's computing power being used to mine cryptos, this initiative is different, as it's dedicated to funding UNICEF as it endeavors to provide humanitarian assistance to children and mothers.

THE HOPEPAGE
UNICEF Australia has launched The Hopepage, a website with a simple interface that calls on visitors to "Give Hope, Just By Being Here." Once one visits the site, he or she is prompted to click a 'Start Donating' button that lets them start donating their computer's processing power right away. One also gets the option to determine just how much of their processing power they will donate, with the maximum allocation being 80%. (It can be dangerous to donate too much of your processing power to mining, as it's a very energy-intensive process.)

The site also explains how the process works. Once you agree to donate your processing power, your computer automatically starts solving algorithms (mining) which earns UNICEF cryptos that it trades to raise funds for its causes. Those funds are used to buy life-saving supplies like vaccines and safe water for millions of children.

For those who would like to contribute to the cause but are wary of mining, the site has an assuring message for them:

Mining is perfectly safe for your computer. If you're ever worried about power consumption, turn down the amount of processing power you're donating.

The site uses Coinhive, a crypto mining service which has in the past been widely associated with cryptojacking, a process in which unscrupulous internet users mine cryptos using people's computers without their knowledge or consent. This is, however, a very noble undertaking for Coinhive, and will have the secondary benefit of restoring some faith in the service, which has gained notoriety for being used to target users of YouTube, Google, and even UK government sites.

A GROWING TREND
While UNICEF Australia is pioneering the use of people's processing power for humanitarian causes, other companies have also turned to using the processing power of their users to mine cryptos, some legally and many more illegally. Among those doing it legally and openly is Salon, a media outlet that is exploring using its visitors' computing power in place of ads. This offer is optional, and one can opt out and instead view ads if they wish.

Among those that have been caught using Coinhive to illegally harvest processing power from users include The Pirate Bay, a digital repository for media content and software. After users found out that the site had been cryptojacking their computers, the site apologized and proposed a more open harvesting of processing power in place of ads. Most of the people who responded to the proposal were supportive of the initiative just so they could avoid ads. Showtime, an American television network, was also found to have been doing the same thing; it had been mining Monero, a privacy-focused crypto, using Coinhive's software.

Bitcoin Is Not Used by Organized Crime Syndicates Says Hong Kong Government

 


Bitcoin is often accused by regulators, governments and central bankers as being a tool for money laundering by criminal organizations, usually without presenting any evidence. A new report from Hong Kong, a major international financial hub and nexus for trade between China and the whole world, spells this out clearly. 

No Evidence of Money Laundering
Bitcoin Is Not Used by Organized Crime Syndicates Says Hong Kong GovernmentThe government of Hong Kong has published on Monday its 2018 Money Laundering and Terrorist Financing (ML/TF) Risk Assessment Report. The paper examines threats and vulnerabilities facing the city with regards to the recommendation of the Financial Action Task Force (FATF), the inter-governmental body that sets international standards on combating ML and TF.

Addressing the issue of bitcoin, the report reveals that Hong Kong Police Force monitoring indicates no apparent sign of organized crime or ML/TF concerning the trading of cryptocurrencies. Moreover investigations and intelligence do not suggest cryptocurrencies were used or intended to be used in other prevalent predicate offenses (e.g. drugs, dutiable goods smuggling) or terrorist financing. "The threat level is low." The government did find, however, that cryptocurrencies have been used as a pretext in Ponzi schemes or as payments for cyber criminals, mostly blackmailers using ransomware.

Not a Threat to Free Economies
ATMs Near Wan Chai Station
Interestingly, the report also explains why the use of bitcoin should not be seen as a threat to governments that don't try to limit the financial freedom's of citizens. "Hong Kong is one of the world's freest economies with a vibrant foreign currency exchange market and no capital controls." Cryptocurrencies "are therefore not as attractive as in economies where people may try to circumvent currency controls or seek refuge from a high inflation rate."

The approach of the Hong Kong government regarding fraud, as evident by the report, is that it's enough to warn the public to stay vigilant when dealing with cryptocurrency investment offers and take action only against actual crime. And unlike other governments in the region, Hong Kong sees no need to create regulations to limit the legitimate use of bitcoin. It considers the current legal and regulatory provisions relating to fraud and other crimes to be wide enough to catch offenses, whether involving cryptocurrencies or not.

Thursday, April 26, 2018

How Bitcoin Cash Can Avoid the Same Mistakes as Bitcoin Core

 



The bitcoin cash (BCH) community understands key principles: Bitcoin should be a peer to peer Electronic Cash system; most users can use SPV wallets instead of running their own node; "second layer" scaling solutions are often unnecessary and problematic. While important, and it places the BCH ahead of others, education isn't only about the scaling debate. It's important to understand all aspects of Bitcoin.

Bitcoin Cash Knowledge is Power
If I were to ask a question: "Why did Bitcoin (BTC) fail its mission to become Peer to Peer Electronic Cash?" — you would likely hear many answers.

Some would say "censorship". Others would point to "centralization of protocol development" or "apathetic, complacent miners"… or even "Nakamoto Consensus doesn't work".

Those answers may be correct to a certain degree. I'll address each of them throughout this series, but there's an overarching principle that connects all of these.

And that principle is this: Not enough people in the Bitcoin community actually understood how Bitcoin is supposed to work.

I say that humbly — it's not that I'm so smart that I can explain how it's all supposed to work, but here's the point: Bitcoin is like a school of fish. We all have to be swimming together. Maybe not in perfect unison, but at least in the same direction.

Isn't it amazing how a school of fish can move together with coordinated body positions and synchronized movements? Scientists do not fully understand it, but it's believed to be rooted in genetics.

So how can we, the BCH community, be like the school of fish, and move together toward our destination without getting chewed apart by predators? Ultimately it boils down to this: Knowledge is power. The most important tool for liberty has always been a well informed populace.

Another word that means the same thing, is: Education.

A Deeper Problem than the Blocksize Debate
Many in the BCH community understand key principles… like how Bitcoin should be a peer to peer Electronic Cash system. Or that most users can use SPV wallets instead of running their own node. Or that "second layer" scaling solutions are often unnecessary and problematic.

Those things are very important. By understanding those (and other) fundamental principles, the BCH community is already well ahead of other communities, and that understanding goes a long way toward the goal of all swimming in the same direction.

But education shouldn't stop with knowledge of the scaling debate. We should understand all aspects of Bitcoin. Technical, economic, social… everything. The more we know, the better prepared we'll be against whatever form a future spectre takes to try to destroy Bitcoin.

As individuals, we should first take the responsibility to educate ourselves, and then educate others. And, perhaps education about the importance of education is the widest-scope principle we can formulate. It's a meme-worthy idea.

In Part 2, we'll take a closer look at consensus, decision making, and the social aspect of Bitcoin.

Written by Jonald Fyookball
Jonald Fyookball (pseudonym) is a cryptocurrency enthusiast, best known as the project leader of the Electron Cash wallet, and for a series of hard hitting articles on the Bitcoin scaling debate. Jonald is a computer scientist, businessman, investor, libertarian, and Bitcoin advocate.

In the Securities Era, ICOs Pleading Ignorance Have No Place to Hide

 


ICOs seeking to crowdfund their big idea have a quandary: should they register their token as a security, complete with the expense, delays, and paperwork this entails, or should they brand it a utility and hope the SEC doesn't come after them? Last year, virtually everything was labeled a utility and SEC-compliant crowdsales were almost unheard of. But in 2018, launching a utility token in the U.S. is fraught with risks and uncertainty. To tap into the lucrative U.S. market, the regulatory route is now the only viable path to follow.


Ignorance of Securities Law Is No Excuse
When token sales emerged, they were seen by advocates as a great source of capital that circumvented existing restrictions on fundraising. As it turns out, ICOs can be a great means of raising money, but they are not a new fundraising vehicle that is exempt from the law. For the first half of 2017, ICOs such as Tezos merrily raised funds from U.S. investors under the assumption that their crowdsale was above board because it involved a utility token rather than a security. But as subsequent lawsuits have shown, just because something's branded as a utility doesn't make it one.

In the Securities Era, ICOs Pleading Ignorance Have No Place to Hide

By late last year, the number of ICOs willing to accept U.S. investors had dwindled to a trickle and projects were tripping over themselves to preface every mention of their token with the words "UTILITY" for the avoidance of doubt. Others have published their responses to the Howey Test as further evidence that their token could not possibly be a security. Well-meaning as these attempts may be, they do not change the fact that most ICO tokens almost certainly constitute a security, a view espoused by SEC chairman Jay Clayton.

Litigation Lawyers Have Their Say
At Start Engine's ICO 2.0 Summit in Santa Monica on April 20, one of the most interesting panel discussions was loaded with litigators. "ICO Litigation and Enforcement Update" included Nick Morgan, a partner at Paul Hastings, Dan Moylan, a litigator at Venable, and Perrie Weiner from DLA Piper, all of whom are familiar with the inner workings of the SEC and securities law.

In the Securities Era, ICOs Pleading Ignorance Have No Place to Hide
Nick Morgan
Nick Morgan was senior trial counsel in the SEC's enforcement division, making him well aware of the reluctance of the SEC to say "Yes". "In 2017 we saw a lot of 'No'," he observed during the panel discussion. "The question is 'Can I offer my token for sale without registering it or being exempt?' The SEC in 2017 and 2018 has repeatedly said 'No'…What we're waiting for and hopeful to see…is a 'Yes' from the SEC."

He later added: "The first place we may get a 'Yes' will be from a judge," and explained how "institutionally [the SEC] are reluctant to do so, because once they say 'Yes', everyone goes through that channel…but we may see a judge, in a case that's being litigated, who says 'This is not a security'".

Fellow panelist and litigator Dan Moylan noted: "When you look at the various regulatory agencies' statements and actions in 2017 and so far in 2018, frankly in many ways they're predictable…they told you what they were gonna do. They made it very clear, whether it's the SEC or the CFTC or any number of other alphabet agencies."

Thursday, April 19, 2018

Indian Exchange Takes Central Bank to Court Over Bank Ban

 


The Indian bitcoin community keeps fighting for their rights to operate freely in the country like any other industry. The latest show of defiance is a petition to the court against the actions of the Reserve Bank of India by the operators of a local exchange.

RBI Ban Unconstitutional
Indian Exchange Takes Central Bank to Court Over Bank BanKali Digital Eco-Systems, the company behind the upcoming cryptocurrency exchange Coin Recoil, has appealed to the High Court in Delhi against the recent crackdown on banks providing services to bitcoin related companies by the Reserve Bank of India (RBI).

According to the petitioner, the RBI directive is arbitrary and a violation of the Constitution of India and the court should therefore quash it. The document presented to the count, which news.bitcoin.com has obtained, explains that due to the RBI Circular the company will not be able to secure banking services that are imperative for the business' operations rendering it "stillborn." It argues that the ban is unconstitutional on two main grounds.

Freedom of Occupation
Indian Exchange Takes Central Bank to Court Over Bank BanArticle 19 of the Constitution of India guarantees citizens' rights to carry on any occupation, trade or business. But by preventing exchanges' access to baking services the government is in affect preventing people from engaging in the business of their choice.

Article 14 prohibits discrimination based on arbitrary and unreasonable classification. The petition explains that the RBI did not provide a clear definition of what constitutes 'virtual currency' and that this ambiguity dilutes any reasonability in what may be alleged as a classification. For instance, reward points such as airline miles may also be unreasonably construed as virtual currencies.

Two months ago the Supreme Court of Israel issued an injunction order forbidding one of the biggest banks in the country from halting the account activity of a local bitcoin exchange. This was a major victory for the Israeli cryptocurrency industry that set a precedent for other bitcoin businesses struggling to get banking services in the country. Hopefully the Indian high court will follow this example, even though there is a difference between the authority of a commercial bank and a central bank. Meanwhile, over 42,000 Indians have now signed an online petition that against the RBI directive.

Bitcoin Cash Gains Advance 4% Above BTC

 


On Wednesday, April 18, cryptocurrency markets have been bouncing all around over the past twelve hours as a few coins have seen some higher gains than most. Three-day charts show bitcoin core markets took a slight dip after touching a high of $8,425 USD on April 15, as spot prices are up 2 percent today and the fiat value per BTC currently rests between $7,900-8,100. Bitcoin cash markets are on a tear and have seen a significant upswing in market action during the day's trading sessions. The value of bitcoin cash is up 6.8 percent at a price of $825 per BCH.

Cryptocurrency Market Volumes Remain Healthy
Markets Update: Bitcoin Cash Gains Advance 4% Above BTC Digital currency markets are seeing some action today, after a majority of coins took a slight tumble yesterday during the early evening trading sessions (EDT). At the time of publication BTC's market value is hovering between $7,900-8,100 with a decent amount of trade volume over the past 24-hours. Daily global trade volume for BTC shows an accumulation of $7Bn worth of trades. The top five trading platforms swapping the most BTC volume today include Binance, Upbit, Bittrex, Okex, and Bitfinex. With over 1,500 digital currency markets in existence and an overall cryptocurrency market valuation of $335Bn bitcoin core dominance has slipped today down to 41 percent. The Japanese yen is again dominating the global trade volume on April 18 as the currency covers over 57 percent of the BTC trades. This metric is followed by the USD (18.8%), tether (USDT 13.8%), the South Korean won (3.3%), and the euro (3%).

BTC/USD Technical Indicators
Looking at the weekly, 30-minute and 4-hour BTC/USD charts show bulls are trying to press past resistance at the $8,100-8,400 territory which is quite thick. The two Simple Moving Averages (SMA) both long-term (200 SMA) and the short-term (100 SMA) have a decent gap between them with the 200 SMA above. This indicates the path to resistance will look to the downside as bulls are showing some exhaustion. However, the 4-hour chart shows the trend lines are looking to meet again in the short term. MACd is heading southbound while the Relative Strength Index (RSI) is meandering between 50-60 showing some consolidation is taking place.

Markets Update: Bitcoin Cash Gains Advance 4% Above BTC
BTC/USD Bitstamp 4-18-18
Order books show on the upside bulls have to muster through some thick sell orders between $8,200 and $8,600 after that could be some smoother sailing. BTC/USD charts have shown a bullish reversal above the downward trend line and these attempts at resistance will likely take place today. If bears manage to claw prices down then there is some key support between $7,800-$7,700. If the Displaced Moving Average (DMA) breaks below these foundations, prices will likely find a way to the $7,500-7,250 territories.

Thursday, April 12, 2018

Bitcoin Cash Price Technical Analysis – BCH/USD Could Test $700

 

Bitcoin Cash Price Support
There was a decent start of an upside wave from the $625 swing low in bitcoin cash price against the US Dollar. The price traded above the $640 and $650 resistance levels to move back in a positive zone. More importantly, the price is now well above the $640 pivot level and the 100 hourly simple moving average. It recently traded as high as $676 before a minor downside correction.

Key Points
Bitcoin cash price is moving higher and is currently placed above $650 against the US Dollar.
Yesterday's highlighted connecting bullish trend line with support at $650 is intact on the hourly chart of the BCH/USD pair (data feed from Kraken).
The pair is showing bullish signs and it seems like it could break $680 to test the $700 handle.
Bitcoin cash price is gaining pace against the US Dollar. BCH/USD is likely to accelerate higher as long as it is above the $650 support level.

It tested the 23.6% Fib retracement level of the last wave from the $625 low to $676 high. However, the downside was limited and it seems like the price is about to resume its uptrend. A break above the $676 high could push the price towards the last swing high at $685. Above the mentioned $685 level, the price may even test the $700 resistance in the near term. On the other hand, if there is a downside correction, the $650 support may stop losses.

Bitcoin Cash Price Technical Analysis BCH USD

Moreover, yesterday's highlighted connecting bullish trend line with support at $650 is intact on the hourly chart of the BCH/USD pair. Therefore, the pair remains supported on the downside above the $650 level and it could continue to move higher towards $700.

Looking at the technical indicators:
Hourly MACD – The MACD for BCH/USD is moving nicely in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BCH/USD is currently near the overbought levels.

Major Support Level – $650
Major Resistance Level – $685

The Number of Cryptocurrency Exchanges Has Exploded

 


In bitcoin's earliest days, you could count the number of cryptocurrency exchanges on two hands: Mt Gox, Bitstamp, Btc-e, Vircurex and a handful of others, as well as P2P exchange Localbitcoins. Today, the landscape has changed dramatically. There are now over 500 exchanges to choose from – and that number is growing with every passing week.


There Are Now More Than 500 Cryptocurrency Exchanges
Calculating the number of crypto exchanges in the world is a lot harder than it sounds. Coinmarketcap lists 208, and there are dozens more listed on other cryptocurrency tracking sites. In addition, there are hundreds of regional exchanges that are only accessible within certain countries and continents. Canada has Einstein Exchange. Africa has Golix. Australia has ACX and will soon have Nauticus, a multi-asset exchange that is launching this year. Blockbid has also just gained its Australian license.

None of these platforms features on exchange listing sites such as Coinmarketcap. Neither do major sites such as Coinbase, because it is technically a broker (although its volume is listed on sites like Bitcoinity.org), or P2P sites like Localbitcoins and Localethereum. And what about other forms of P2P exchange such as Radar Relay, Kyber Network, and platforms that operate on the deep web? It is extremely difficult to classify and quantify the number of global crypto exchanges. All that can be said for certain is it's north of 500 and rising.

Choice Is Good – Up to a Point
Back when the bitcoin ecosystem was beholden to just one exchange – Mt Gox – there was a single point of failure that duly crashed the markets when Gox eventually broke. With hundreds of exchanges to choose from today, that shouldn't be an issue, and yet a glance at where the bulk of the trading volume lies tells a different story. In the last 24 hours, more than half of all cryptocurrency trading volume came from just three exchanges, with Binance accounting for 18% alone. If the exchange were to be hacked or go offline, it wouldn't cause a Mt Gox-level crash, but it would still inflict a sizeable dent.

24-hour trade volume by exchange
It is the meteoric rise of Binance, which has gone from nothing to billion-dollar platform in the space of 12 months, that has inspired many of the next generation of token-backed exchanges like Coinlion and Legolas. Each of these new entrants has a slightly different slant, whether it's knowledge-based trading, ICO launching or, in the case of Ezexchange, a focus on customer service that includes 24/7 support. It even offers the prospect of video tutorials and phone support for crypto investors who are still learning the ropes.

Oliver Isaacs is a cryptocurrency advisor and investor who's worked with a number of new exchanges. He ventures: "Customer service/tech support is important [with new exchanges] and so is the speed with which cryptocurrency deposit and withdraw transactions are executed. Getting your coin onto and off of an exchange quickly is important, especially for an arbitrage trader."

For so long as money keeps pouring into the crypto economy and the ICO sector remains vibrant, new exchanges will continue to proliferate. Should things go south, however, and a severe crypto winter set in, many exchanges could wind up as little more than ghost towns, with only the dominant players capable of maintaining liquidity and weathering the storm.

Thursday, April 5, 2018

Bitcoin vs Oil and Gold: There Is a Difference

 

It's an easy comparison to make: Bitcoin mining versus gold and oil extraction. All – in the abstract sense for bitcoin – involve unearthing resources, all have had bumpy price histories, and all have been labeled as disruptive in their time.

Gold vs Oil vs Bitcoin
There are crucial differences between the three assets, especially when it comes to tracking what happens to supply after an increase in price. Twitter user @WallSt_Dropout produced a series of fascinating charts that help illustrate those differences perfectly.

First, oil. As the price of oil starts to climb, there's a marked response in oil production. Why? Because now there's extra incentive to invest in infrastructure/extraction capabilities.

As oil production begins to outstrip demand, there's a drop in the price of oil. It's now not as profitable to remove quite as much oil as before, so production eases off. As oil prices start to recover – thanks to restrictions in supply from the last cycle – the drillers turn their machines back on and produce more of the black stuff.

The same applies to gold. Beginning in 2008, monthly gold ore production is low, thanks to consistently low prices in the previous decade. As market forces begin to push the price of gold up – remember that financial crash? – production ramps up to keep track of prices. As gold prices take a dip in 2012, ore production levels off.

In bitcoin's case, the opposite is true. In 2010, when the block reward for production was higher, prices were low. As prices have climbed, the rewards for mining have dropped off. There isn't the same cyclical relationship between supply and demand found in oil and gold.

Bitcoin Is different
This is a key function of how bitcoin works. The bitcoin block mining reward halves every 210,000 blocks. At present the coin reward is 12.5 coins. According to Bitcoinblockhalf.com, by May 2020, the reward will drop to 6.25 coins.

How will miners make money after the block rewards end in 2140? Transaction fees. Gold miners don't control the buying and selling of the product, whereas bitcoin miners charge transaction fees for the confirmation work they complete. It would be the equivalent of an oil platform charging individuals a small fee for the oil they use in their cars.

It's a necessary part of the system. Think of it as miners creating a fixed amount of land every 10 minutes. People who want to make a transaction bid for a slice of that land. The sale of that tiny portion of land is what keeps miners mining.

As the Bitcoin inflation rate steadily trends downwards, the necessity of transaction fees to incentivize miners to keep mining will go up – in the far future.

Oil and gold are commodities that have no 'real' end date, i.e. there are still resources lying beneath the ground. Despite fears of peak oil and peak gold, companies keep finding more of the stuff as technology allows them to pinpoint their location and extract it with greater accuracy.

We already know how much bitcoin is left to be mined. Which makes bitcoin mining a very different proposition than mining other real world commodities.

India Searches for Ethereum Over Bitcoin

 



For nearly half a year, India's crypto enthusiasts have been searching for the cryptocurrency ethereum (ETH) over bitcoin (BTC). At the end of February, researchers confirmed ETH searches were twice as likely over BTC. Could the world's second most populated country be souring on the world's most popular cryptocurrency?

India Is Searching More for Ethereum, According to Researchers
According to Jana, a free internet provider in India, "Ethereum topped bitcoin as the most searched-for cryptocurrency in India over the past five months, commanding a 34.4% share of currency searches overall versus bitcoin's 29.9%," Quartz India reports. The results were published in Jana's Mobile Majority study, finding the "next most searched-for currency was Buyucoin (NEM) with a 21.2% share, and the rest captured 5% or less."

The CEO of Jana, Nathan Eagle, believes, "The government recommending shutting down exchanges and limiting currencies altogether, coupled with the decline in prices, has lead to the feverish pitch waning away dramatically. There are still quite a lot of searches but maybe we're getting closer to what a true steady state should look like." Part of the problem might be bitcoin's success, ironically. It tends to get the majority of attention when concerns about cryptocurrencies arise. In recent months, India's government and regulators have suggested everything from crypto not being legal tender to shutting exchanges.

Jana used its Mcent browser to find currency terms searched for and exchange visits over a five-month period, October of last year through February 2018. According to Quartz India, "Ethereum searches were double that of bitcoin during last week of February."

Thirty percent of all searches during that period happened at the height of bitcoin's run during December of last year. There seems to be an almost inverse relationship between searches for ethereum and bitcoin's price: the more of one necessarily means less of the other. Mr. Eagle explained how "search volume is a leading indicator of what has momentum and is showing signs of growth. It may not correspond to people buying more ethereum, but there's certainly a lot more interest," he told Quartz India.

Thursday, March 29, 2018

Litecoin Foundation Apologizes for Not Doing Enough Due Diligence on Litepa

 


Failure of a project is a natural and common thing when investing in startup ventures, especially when it comes to cutting edge technologies such as cryptocurrency applications. Doing due diligence won't prevent failed investments made in good faith, but it can make sure to weed out projects that will raise obvious red flags if vetted thoroughly. In the case of Litepay, this has evidently not been done, and a lot of the community is now angry.

Oops
Litecoin Foundation Apologizes for Not Doing Enough Due Diligence on LitepayThe Litecoin Foundation has issued an announcement to the LTC community on Monday, informing them that Litepay has ceased all operations and that the CEO claims to be preparing to sell the company. This happened after the foundation questioned him about a lack of transparency and in return he asked for more funds to continue operations. The foundation refused any further funding as the CEO was "unable to provide a satisfactory picture of where the money had been spent and refused to go into exact details about the company and show objective evidence to back up his statements."

The organization took responsibility for the incident, stating: "We are greatly disheartened that this saga has ended in this way and we apologize for not doing enough due diligence that could have uncovered some of these issues earlier. We are currently working hard to tighten our due diligence practices and ensure that this does not happen again."

Litecoin creator Charlie Lee also twitted out a personal mea culpa on his part, saying: "Like everyone else, we got too excited about something that was too good to be true and we optimistically overlooked many of the warning signs. I am sorry for having hyped up this company and vow to do better due diligence in the future." Despite this honest message, a large part of the LTC community is apparently not quick to forgive him, with top ranked social media posts questioning Charlie's leadership and status in the wake of this debacle.

Crowd-Sourced Due Diligence
Litecoin Foundation Apologizes for Not Doing Enough Due Diligence on LitepayLitepay was supposed to be a LTC merchant payment processor and debit card that will greatly enhance the ease of spending for the cryptocurrency's holders. What triggered the foundation to question the project was a disastrous Reddit AMA (ask me anything) by the CEO Kenneth Asare.

Asare got grilled during the AMA session, as he tried to evade questions and wasn't able to provide satisfying answers to many concerns. He was accused of trying to run a one man show for a project that would require a whole team to complete. The project's website also didn't pass a simple inspection as many details were missing, raising allegations of being a scam. By doing this, the community was actually crowd-sourcing part the due diligence process of Litepay that needed to be done by the foundation beforehand.

Bitcoin Cash Price Dips Below $800 as all Markets Take Another Beating

 


Even though most cryptocurrency markets are still in the red as of right now, it will be interesting to see what the future holds in this regard. For the time being, Bitcoin Cash is taking a big beating, although it shouldn't necessarily suffer from bigger losses compared to all other markets. Even so, the Bitcoin Cash price has dropped below $800 again, which will make some investors rather twitchy.

It is always difficult to make sense of the cryptocurrency markets. More specifically, the overall downtrend has been rather evident for quite some time now, and it seems there is no real improvement in sight for the foreseeable future. As such, it is only normal the Bitcoin Cash price will continue to decline, along with all other cryptocurrencies. For some reason, the Bitcoin Cash price is declining a lot quicker than Bitcoin or Ethereum.

More specifically, the Bitcoin Cash price has dropped by as much as 11.4% in the past 24 hours. While such volatility is not uncommon in the world of cryptocurrency, it goes to show there is still some concern over the future price stability of this currency. While this dip can turn into a small gain in a matter of a few hours, it is quite steep regardless. This decline also pushed the Bitcoin Cash price below $800 once again, which is not something investors will appreciate.

It is also worrisome to see how Bitcoin Cash continues to lose ground compared to Bitcoin. Although this trend has been visible for some time as well, the current dip is another 6.65% decline in favor of Bitcoin. While most BCH holders may not be too alarmed by that particular development, it was not that long ago when one BCH was valued at 0.22 BTC. Right now, that same BCH is worth 0.104 BTC, even though the Bitcoin price has fallen dramatically.

While Bitcoin Cash still has a solid trading volume of just under $350m, it is far less than what most people would like to see at this point. Unfortunately, the overall cryptocurrency trading volume is still pretty abysmal right now, thus it is only normal individual currencies will struggle a bit in this regard. For Bitcoin Cash, the volume seems to remain consistent around the $350m mark, which is rather positive, all things considered.

The majority of this Bitcoin Cash trading volume originates from the OKEx trading platform, which is no real surprise. Even so, their lead over Huobi and HitBTC is pretty small. OKEx is also in fourth position ranked by volume, followed by Lbank. A very interesting mix of exchanges and trading markets, even though there is no real fiat currency pair in the top five. We do see two USDT markets, though, which is not all that bad either.

Whether or not the Bitcoin Cash price will return to $800 in the near future, is anybody's guess as of right now. It is certainly possible we will see a temporary trend reversal right before or during the weekend, but sustaining any positive momentum is all but impossible for cryptocurrencies right now. For now, the Bitcoin Cash price will remain bearish, but this industry remains incredibly unpredictable.