Tag Archives: Markethive

Cardano ADA Founder Charles Hoskinson blasts YouTube over crypto scams

Cardano (ADA) Founder Charles Hoskinson blasts YouTube over crypto scams

 Cryptocurrency scams are a recurring aspect of the market. They go back to 2013, were accelerated in 2017, and have been ever-present since.

Today, Cardano’s Charles Hoskinson called out YouTube over an ongoing ADA scam, which sees scammers post elaborate videos and advertisements for the old “send me 1 ETH and I’ll send 2 ETH back.”

What makes this concerning is that cryptocurrency ads, by themselves, are censored and not allowed on the video-sharing giant—but scams for those are, seemingly, allowed.

Cardano founder calls out YouTube

Hoskinson said Sunday a scam was floating around YouTube using his last keynote address as a construct:

“We will take legal action if we can against those responsible,” he noted, adding in comments the giveaway was “disgusting and criminal.”

The now-removed video overlaid scammy texts and enticing ADA offers over Hoskinson’s legitimate keynote address. For gullible viewers, this could have been interpreted as an official Cardano giveaway (nothing like that currently exists).

Others said an ADA airdrop scam was doing the rounds as well, meaning there are multiple scam models—or the possibility of another group targeting ADA-centric viewers.

Some noted celebrities, popular technology evangelists, and fund managers were targets of similar videos and advertisements. These have, previously, included Elon Musk and Chamath Palihapitiya.

One commenter said YouTube could have been ignoring the ads and videos for the revenue they generated. This is important, as most legitimate crypto-based videos are immediately removed from the site.

Thread commenters pointed out Binance and Ripple were undergoing similar scams as of last week, with both firms taking legal firm against or taking up the issue with YouTube:

XRP scams and an explanation

In April 2020, Ripple sued YouTube for not controlling the rampant scams running on its platform. A report quoted Ripple at the time:

“YouTube and other big technology and social media platforms must be held accountable for not implementing sufficient processes for fighting these scams.”

On a relevant Reddit thread, community members tried to explain how the scam was been perpetuated.

As seen in the screenshot below, scammers are careful to remove any mention of the cryptocurrency itself or any relevant terms:

With the above loophole, YouTube algorithms are tricked until manual intervention. Reddit commenters reported the scams were increasing in occurrence since January this year, with crypto-exchanges Gemini and Coinbase also previous targets.

YouTube users can mail legal@support.youtube.com in case they encounter any cryptocurrency scam. Besides, the age-old adage applies to prevent any loss of funds to scammers—if it’s too good to be true, it probably is.

 

The article was written by;

Shaurya Malwa
Analyst @ CryptoSlate

https://cryptoslate.com/cardano-ada-founder-charles-hoskinson-blasts-youtube-over-crypto-scams/
Posted In: Cardano, Scams

Heiko Closhen, Entrepreneur

Crypto’s that are Seeing Heightened Interest amp The Ones Not Popping

Crypto's that are Seeing Heightened Interest & The Ones Not Popping


 
 
This week, several digital assets recorded substantial gains. It all started with Dogecoin when zoomers went on Tik Tok to pump this “joke cryptocurrency.” DOGE went up 150%, and the Google Search interest also jumped to a top score of 100, a massive uptrend from the usual reading that remained below 10.

However, Dogecoin has since retraced all of its gains and is currently in the red.
Another coin that has been a hit on the popular video-sharing platform is Zilliqa. However, the greens recorded by this crypto have been completely lacking.


A positive development has been Binance-backed BUSD coming to Zilliqa blockchain, which, along with Switcheo, is building a bridge between Ethereum and Zilliqa to bring the ERC20 stablecoin to it.

On Google trends, the search interest for Cardano and VeChain is still strong, to the full 100 on a scale of 0 to 100. Both the coins made sizable gains this week.

Cardano’s gains have been on the back of several announcements made during the Virtual meetup. In a blog post on Friday, IOHK’s Tim Harrison further shared that they have “effectively recreated the steps that we’ll go through later in July to activate Shelley functionality on the mainnet. A ‘dress rehearsal,’ if you like. And so far, it’s looking good.”

While ADA has calmed down, VeChain is still recording 10% gains but has slipped from $0.20.
Stellar started popping up later in the week to surge over 50%, with its competitor XRP also slowly moving up, now barely in the greens. However, this week, XRP tweets reached an all-time high as per Bitinfocharts only to tumble back down.

Elorand’s impressive feat of over 100% gains is slowly winding down the same as Ampleforth, whose “whole use case is around having stable purchasing power.” In the past month, both these digital assets recorded gains of more than 250%.

Because these cryptocurrencies are slowly giving up their gains, this looks like an “altweek” instead of an alt season, says analyst Mati Greenspan.

Although there are still “many projects that still have promise and lots of money available for investments,” Greenspan says, “the digital asset space is plagued with a lack of metrics to measure absolute value and instead must defer to relative value, or more often … momentum, which is what got us to the situation this week.”

When it comes to YTD changes, Aave is up a whopping 2,300%, Unibright 1,460%, Kyber Network 810%, Band Protocol 643%, Elrond Network 540%, and Bancor 500%.

Today, IOV Blockchain 80%, Kava is up 26%, Aave 18%, Algorand 17%, Bytom 15%, Hyperion 13.75%, and Balancer 11%.

According to trader Crypto Michaël, until bitcoin breaks out of its range, altcoins will continue to outperform bitcoin.

“Essentially, anything between $8,500 and $10,500 is playground time for altcoins, and that could last a few months longer,” he said.

But there are still some coins that are not rallying during this frenzy. Bitcoin hard fork Bitcoin Cash (BCH) and BCH’s hard fork BSV; both have been struggling in this rally. Litecoin is another top coin that is not giving any signs that it will lift off.

Although EOS’s YTD performance remains the worst with 1.41% losses, it has started stirring, but it remains to be seen if it will be able to wake up.

Monero did move, but the gains have been comparatively of small size, the same as Tron (TRX), NEO, Hedera Hashgraph, and Lisk. Maker’s value dropped this week.

Bitcoin and Ethereum meanwhile remained stable this week around $9,200 and $240, respectively.

 

The article was written by

https://bitcoinexchangeguide.com/cryptos-that-are-seeing-heightened-interest-the-ones-not-popping/

 

Heiko Closhen, Entrepreneur

Ethereum dev says ETH 20 delayed until 2021 but Vitalik Buterin denies

Ethereum dev says ETH 2.0 delayed until 2021, but Vitalik Buterin denies

The much-awaited launch of Ethereum’s ETH 2.0 “Serenity” update might be delayed to 2021 if Ethereum Foundation developers working on the project are to be believed.

However, Ethereum co-founder Vitalik Buterin is sticking with a 2020 release “regardless of the level of readiness.”

Delayed again, or maybe not

Developers from the Ethereum Foundation (EF) took to a Reddit AMA yesterday, fielding questions on ETH 2.0 among others.

One commenter was quick to ask EF’s Justin Drake about the launch of Phase 0 for ETH 2.0. The developer was quick to note he would like to some of (the below) four things before the protocol is eventually launched:

  1. a public testnet with 3+ clients running smoothly for 2-3 months
  2. an incentivized “attack net” running for 2-3 months (teased here—more details soon)
  3. a bug bounty program similar to bounty.ethereum.org running for 2-3 months
  4. serious differential fuzzing across clients

He then said “I’m now inclined to say that the earliest practical date for genesis is something like January 3, 2021,” around the same time as Bitcoin’s 12th anniversary.
Drake noted they “had made ETH 2.0 hard for themselves,” citing an earlier tweet:


 
Meanwhile, Vitalik Buterin jumped into the comments to present his view, sticking to the earlier schedule of a 2020 launch:

“Eth 1 took 4 months from the first multi-client testnet to launch, and I’d argue the four-month clock started ticking for us at the beginning of July when Altona launched.”

Altona testnet an “amazing” development

Buterin said ETH 2.0 phase zero is a little simpler on-net, and that the protocol “is not going to have any critical applications depending on it until phase 1,” so the practical risks of breakage are lower.

With that in mind, he added: “on the whole, I see no reason to take more time for the eth2 phase 0 launch cycle than we did for the eth1 launch.”

Buterin noted the Altona testnet was running successfully (as of June 11), adding “having two clients at launch and increasing to 3-4 a few months after launch would be totally fine.”


 
The broader Ethereum community on Twitter seemed displeased with the news. Some suggested developers need to communicate more clearly among themselves regarding the public mention of ETH 2.0 launch dates:

Meanwhile, considering Phase 0 was supposed to be a catalyst for Ethereum prices; some analysts said the news was bearish for ETH in the short term.

Posted In: Ethereum, ETH 2.0, Technology
 
 
Written by
Shaurya Malwa
Analyst @ CryptoSlate
 
https://cryptoslate.com/ethereum-dev-says-eth-2-0-delayed-until-2021-but-vitalik-buterin-denies/

Heiko Closhen, Entrepreneur

Here’s what triggered the parabolic surges in Cardano Kyber Network and Matic

Here’s what triggered the parabolic surges in Cardano, Kyber Network, and Matic

Many cryptocurrencies have gone parabolic over recent weeks.

Take the example of Cardano (ADA), which has rallied in excess of 600 percent since the March lows and over 60 percent since the start of June.

Or take another example, Kyber Network (KNC). The altcoin is up by 200 percent in the past three months, reaching highs not seen since May 2018.

According to crypto research and data firm Messari, the driving force in much of the altcoin market right now and over the past year is staking.

Staking is likely driving the parabolic rallies in Cardano, 0x, Kyber Network, and others

To most market participants, the altcoins that have been rallying may seem like a random mix. But, according to Messari, a running theme through the recent crypto market action is staking.

The way in which staking is implemented differs from blockchain to blockchain and protocol to protocol, but the gist of the concept is as follows: users can lock cryptocurrency into a smart contract, then receive returns for keeping those assets there.

Messari shared the chart below on Jul. 10, showing that many cryptocurrencies that have staking strongly outperformed in the three months preceding the launch of the technology.

  • Elrond (ERD) rallied 639 percent in the three months leading up to its staking launch
  • Zilliqa (ZIL) rallied 432 percent in the three months leading up to its staking launch
  • Kyber Network rallied 206 percent in the three months leading up to its staking launch
  • Cardano rallied 175 percent in the past two months and one week, and there’s still three weeks to the staking launch
  • Matic Network (MATIC) rallied 79 percent in the three months leading up to its staking launch
  • And 0x (ZRX) rallied 45 percent in the three months leading up to its staking launch

Two cryptocurrencies that recently launched staking, Synthetix (SNX), and Harmony (ONE), actually fell in the three months ahead of their respective upgrades. But, both rallied strongly after their staking systems were activated.

 

According to Messari researcher Wilson Withiam, the extremely strong performance of crypto assets activating staking can be attributed to investors seeking yield in a yield-starved industry:

“In an industry starved for yield, staking is in high demand. And investors should pay attention to new staking as potential catalysts for price action.”

 

Ethereum to follow suit

Although there are countless other crypto projects are working on staking technologies, the most notable of these is Ethereum.

Through an upgrade dubbed “Ethereum 2.0” — which is in reference to how the whole blockchain will be overhauled — developers will activate Proof of Stake.

Investor Adam Cochran believes that the introduction of staking will spur a massive Ethereum bull run that will mark the “largest economic shift in society” ever. His explanation for that strong assertion can be found here.

Unfortunately, it was revealed today that Ethereum 2.0 may be delayed until early 2021 from Q3 2020.

 

Posted In: Cardano, Altcoins, Analysis

https://cryptoslate.com/heres-what-triggered-the-parabolic-surges-in-cardano-kyber-network-and-matic/

 

 

Heiko Closhen, Entrepreneur

Open Banking amp Banking Digital Transformation Congress Will Be Held in September in Shangha

Open Banking & Banking Digital Transformation Congress Will Be Held in September in Shanghai


Open Banking & Banking Digital Transformation Congress 2020

will be held on September 24-25, in Shanghai, with a focus on digital transformation and open ecosystem construction of large state-owned banks, joint-stock banks, urban commercial banks, and foreign bank, etc. The congress will mainly discuss how iABCD empower retail, micro and corporate finance from perspectives of policy transmission, ecological construction, cultural innovation, business model innovation, product innovation, risk management, marketing, and the user experience, etc.The FinTech Innovation and its large-scale application in banking have become increasingly vital in 2020, especially in the context of the global epidemic of COVID-19, irreversible trend of digitization, as well as the first priority of platform-based and scenario-based competitive tactics in a business model.

CDMC Finance Research Institute

(CFRI) finds there are the following confusion and difficulties in pushing open banking and banking digital transformation after interviewing more than 50 bankers.

  • Digital strategy, business model, and goals are not blurry
  • Rigid organization mechanisms and culture can’t support innovation and digital transformation
  • Digital transformation is a matter of life and death for small banks. While, small bank’s technology innovation ability is not competitive with a lack of talents, who are experienced both in finance and technology, etc.
  • In terms of inside data, banks are facing challenges from not well-organized data governance infrastructure, unified data standers, and circulation. As for outside, increasing cost, securities, and private domain traffic are new challenges banks have to encounter.
  • Hope to explore typical cases in retail finance, microfinance, corporate finance, and learn from them.
  • How to further spur digitization of retail finance into the deep water area?
  • How to acquire microfinance clients and control risk in the context of COVID-19?
  • How to define ROI? Often confused…
  • Open banking ecosystem construction…

On September 24-25, Shanghai. Welcome to join us.

Article Produced By
Trushti Patel

Trushti Patel is a news writer and a regular contributor to CryptoNewsZ. She always stays up-to-date with the latest happenings regarding the world of crypto. She is also sound in technical analysis. She holds a double degree in Journalism and mass communication.

https://www.cryptonewsz.com/open-banking-banking-digital-transformation-congress-will-be-held-in-august-in-shanghai/

Heiko Closhen, Entrepreneur

Bitcoin Retests Support Below 9k for the Second Time in 10 Days

Bitcoin Retests Support Below $9k for the Second Time in 10 Days

However, irrespective of the price, Bitcoin has been a center stage for people all over social media and has been luring many investors due to its recent hype after the Coronavirus lockdown. Bitcoin is not just a mere investment but is a power and a transition factor to act as a catalyzer in the traditional investment and financial system. It has been over a decade since Bitcoin has made its appearance as a digital asset and thereby gained enough lovers and loyalists who believe that this decentralized blockchain-based crypto will have a massive breakthrough sooner or later.

Frequently, Bitcoin is compared to the traditional stock market or the indices of the market, and investors often draw intersections before considering planning in either of the avenues. Moreover, it is observed that the stock market and Bitcoin are drawing correlation since the Pandemic outbreak, yet crypto is seen standing fair support. If we understand a practical approach of trading, which is nothing but buying and selling, similarly, trading in stocks or Bitcoin is nothing but a human activity. Trading in Bitcoin or stocks is in common parlance a human activity and cannot be dissociated based on trading factor but can be distinguished based on fundamentals.

Bitcoin Price Analysis

On the given hourly chart, BTC is seen rising from the recent bottom when the greatest cryptocurrency by market cap retested support below $9k. However, Bitcoin appears holding strict support at $8.9k and has rebounded twice in 10 days from the given support. At the press time, BTC was trading at 9,167.82 against the US Dollar and held no support from 50-day and 200-day MA over the past 7 days. After rebounding from the first fall, Bitcoin tested massive resistance around $9.8k but failed to hold a persistent bullish crossover and plummeted gradually.

Moreover, the alts have been maintaining an amazing momentum, and few amongst the top 50 coins of the market are seen hitting a fresh 52-week high. Bitcoin has remained uninfluential for altcoins like Chainlink, DigiByte, VeChain, Verge as they exhibit complete bullish crossover over the past 10 days now. The technicals of Bitcoin are holding a bearish crossover due to recent pullback that happened in the early hours of the trading session today, and the signal line crossed above the MACD line. The RSI of BTC is at 33.82 and is seen rising from the utter selling pressure below 30. The major support is $8.9k, and a further fall will confirm the bearishness and invite sell-off from intraday traders and a HODLing opportunity for long-term investors.

Article Produced By
Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

https://www.cryptonewsz.com/bitcoin-retests-support-below-9k/

Heiko Closhen, Entrepreneur

Kyber Network Unveils Kyber Community Pool KCP For Users

Kyber Network Unveils Kyber Community Pool (KCP) For Users

has announced the news about the launch of its highly anticipated delegation pool system, the Kyber Community Pool. The blockchain entity stated that KCP is not developed, maintained, or funded by the core team of Kyber Network. The entity received funding by initiating the idea for the pool in the second KyberDAO experiment case. The news was circulated in the media through an official post by the Kyber Network team on their Twitter portal. It read:

According to the blog post, the Kyber Community Pool is studded with a wide range of features that make it stand out from other platforms. The users can earn similar rewards as they would have earned if they would have cast the votes themselves. There is no hidden fee charge associated with the participation in the Kyber Community Pool. One of the most prominent features of KCP is that the network will always keep the community at the heart of the pool, which implies that the focus shall remain on community development. All the KNC token holders will be enriched with a sense of trust and assurance that their KNC is being employed in a community-driven manner that is beneficial and righteous. Another reward for the pool participants is that the system will give priority to the community thoughts when governing the protocol.

The users will be allowed to deposit their KNC assets into the pool, giving them full authority to the pool master to deal with them. All the funds shall be managed by Protofire’s smart contracts and audited by the Kyber Network and ChainSecurity. A share of fees generated on Kyber Network shall be awarded to the users in ETH tokens. One can store their rewards or redeem them regularly via a Web3 transaction on the main Kyber Community Pool website. The users can enter the amount they want to redeem and click the Redeem option. Kyber Network thrives to cater to its community’s requirements by giving them a voice to be heard by the community members. KCP will lay special emphasis on communication and getting the reviews of one and all regarding an active proposal in the discussion. This shall be executed by maintaining thorough contact with everyone through multiple social media platforms like Telegram, Reddit, Twitter, and Discord. The team will remain in constant contact with their users by conducting bi-weekly calls to them.

Article Produced By
David Cox

David is a finance graduate and crypto enthusiast. He projects his expertise in subjects like crypto and Blockchain while writing for CryptoNewsZ. Being from Finance background, he efficiently writes Price Analysis. Apart from writing, he actively nurtures hobbies like sports and movies

https://www.cryptonewsz.com/kyber-network-unveils-kyber-community-pool/

Heiko Closhen, Entrepreneur

We’re Living in an Ethereum World

We’re Living in an Ethereum World

Wow! Look at it go! I’m talking, of course, about crypto’s ever-expanding market cap, touching US$800 billion as I write these words. Yes, that’s very close to a trillion bucks. And it’s still growing. At the start of the year (just over 5 days ago), we sat around US$670 billion, when seemingly out of nowhere, we all started watching the Ethereum (ETH) funds in our digital wallets expand in fiat value.

A World of Smart Contracts

As its market capitalization skyrockets – first to US$750, then to US$1,000 – Ethereum may not be finished yet. But ETH isn’t the only game in town. Altcoins utilizing the Ethereum blockchain, incorporating smart contracts into their peer-to-peer platforms, are also benefiting greatly from the influx of cash into our favorite exchanges. As an example, Ethlend (LEND), a little-known lending platform based on ETH and ERC20 tokens, has more than doubled in price with the new growth. The price of Tron (TRX), a planned digital media platform that will transfer user information across games, social media sites and even casinos, shot up from 5 cents to over 20 (quadrupling once again) in the initial stages of this new cash influx (yeah, I know, it’s fallen a bit since). But these aren’t the only examples. Go ahead and look at your own wallet(s) if you haven’t in the last week or so. You might be surprised at what you find. It seems it’s an Ethereum-based world we live in now, and this doesn’t look to be the regular pump-and-dump kind of action we came to expect from the half trillion-dollar market of yesteryear.

Predictability in the Market

Better still, the rise of all of our favorite altcoins (I’m thinking outside of the mainstream coins on Coinbase here) is happening on a somewhat predictable schedule associated with the slight dips we see in the price of Ethereum. In this new crypto-universe, it seems money no longer holds fast to Bitcoin’s (BTC) gravitational pull. Instead, after transferring Ethereum over to the exchanges, it is traded out to some degree for these smaller, lesser known coins. And why not? How many quadruplings, how many 1,000% gains, have to occur before we all realize where the real money is in the crypto space?

Bitcoin (BTC) is Still King

With great reward comes great risk, however. And as we dip our toes into the expanding options offered on these burgeoning exchanges (I’m looking at you, Binance), we should both fear and respect the influence of the king, Bitcoin. After all, with this much money in the market, there should be no doubt any longer that Bitcoin has survived the shock of winter and is coming right back to secure its place at the top of the heap (not that it ever lost its position). And when BTC rises, the influence of Ethereum is again lost (if only temporarily). And with Lite-speed (we see you, Litecoin), our gains from the day seemingly vanish as the masses clamor to secure their wealth in this awesome powerhouse of value. With that said, you’d better believe that Bitcoin is still very much king around here. It’s just not the only player in town anymore.

Conclusion

So whether you are an Ethereum or a Bitcoin believer, chances are that you will do well this year, as there just may be room for both with this brand new market cap. For Ethereum, the utility of the product and its derivatives are undeniable. The smart contract and its effects on all of our lives will no doubt be solidified and documented throughout the year(s). And as for Bitcoin, the ultimate storage for our coveted satoshi, we should probably all still pay homage when we’ve reached a comfortable level of gains in the alternative currency market (if we wish to keep them).

Article Produced By
Micah C. Miracle

https://themerkle.com/an-ethereum-eth-based-world/

Heiko Closhen, Entrepreneur

Ethereum Price Analysis for June 23th ETH May Go On Growing

Ethereum Price Analysis for June 23th – ETH May Go On Growing

if the current impulse preserves. On Tuesday, June 23rd, it is generally trading at 241.90 USD. On D1, ETH/USD is winding up a correction in an uptrend. The quotations keep trading near the lower border of the ascending channel. The price presently remains between 61.8% and 100.0% Fibo. The MACD remains above zero. Judging by all the factors, we may expect a minor correction to the lower border of the ascending channel and a bounce off it, after which the pair will go on growing. The aim of the growth remains at 265.00 USD. On H4, the pair is also correcting in an uptrend. The Stochastic has formed a Golden Cross, which may be an additional signal of a bounce off the lower border of the ascending channel. The growth is aiming at 265.00 USD. However, a deep correction to 220.00 USD is also possible.

The story with those huge commission fees paid by an ETH user would not end. It has become known that the Chinese mining pool F2Pool found a way to return 540,000 USD to the validator. On June 11th, the user transferred 753,000 ETH, for which they had to pay half a million dollars more as a commission fee. The next day, they got in touch with the mining pool and managed to confirm their personality. It turns out that the wallet of the client got attacked – this was the reason for the ridiculous fee. The initial address of the client is obviously controlled by the hackers, so the pool considered it unreasonable to send the money back there, so the commission fee was returned to a new address. Curiously enough, the user gave 10% of the sum to the pool as a thank you for cooperation. It is hard to ignore the fact that in the crypto world, huge commission fees are collected for minor sums more and more often. This signals that the weak points in the nodes and safety systems have become available to hackers.

Article Produced By
Dmitriy Gurkovskiy

Chief Analyst at RoboForex

https://themerkle.com/ethereum-price-analysis-for-june-23th-eth-may-go-on-growing/

Heiko Closhen, Entrepreneur

Why the Market Dominance of Binance is a Big Risk

Why the Market Dominance of Binance is a Big Risk

the ideals of this new generation of digital currencies were clear: empower individuals to manage their own finances without reliance on a centralized force. Despite these ideals, Binance has risen up to become the de facto emperor of the cryptocurrency industry with the power the sent the entire industry tumbling into a tailspin — should another Mt. Gox-esque breach occur again. 

The Binance Problem

Since Binance launched in 2017, its growth has been nothing short of meteoric, quickly rising to become the number one cryptocurrency spot exchange by trading volume. Binance took just months to secure its position as the largest and therefore most popular cryptocurrency spot exchange platform, and it can be argued that much of this success is a result of its rapidly-expanding feature set. After all, in the last year alone, Binance has introduced cryptocurrency derivatives, staking support, savings products, fiat gateways, and more, massively expanding on the initial offerings it launched with. Although this sounds appealing, it’s important to remember that Binance isn’t actually innovating in most cases, and is simply adding features that have already existed on separate dedicated platforms for quite some time. 

Because of this, while Binance can be considered a jack of all trades, it is also the master of none, since dedicated platforms frequently offer better service, improved security, and a more feature-complete solution compared to Binance. Still, Binance remains a rapidly growing entity, hoovering up users from other small platforms, while providing an arguably worse service in many cases. This rapid growth has led to a concerning stage of affairs, where a single platform controls or manages a large chunk of all cryptocurrencies in circulation — exactly the opposite of the decentralized maxims the industry was initially launched under. Cryptocurrencies are supposed to be about removing centralized failure points and empowering users to be their own bank, not handing over power to a select few industry titans.  

When One Hack Could Cripple the Industry

The risks posed by the over-aggregation of assets under a single platform was made clear back in May 2019, when an unknown attacker was able to exfiltrate $40 million worth of Bitcoin (BTC) from its hot wallet — equivalent to around 2% of its Bitcoin holdings at the time. Although Binance was able to cover the loss using its ‘SAFU’ fund, it never did reveal exactly how attackers were able to pull off the hack in the first place. This begs the obvious question — what would happen if Binance were to experience a more significant breach, potentially risking the billions of dollars in digital assets held in its coffers?

If the events that followed the infamous 2014 Mt. Gox hack are anything to go by, then such a breach would almost certainly send the entire cryptocurrency industry into an extended bear market, and could significantly hamper adoption for several years.This is particularly worrying when you consider that Binance isn’t regulated or licensed anywhere. This essentially means the platform is operating with little to no regulatory oversight, and may not be held accountable should another breach exhaust its SAFU fund and cripple the market.Upon entering the cryptocurrency space for the first time, Binance is inevitably one of the first names people come across, making it one of the first port-of-calls for many new investors. However, Binance is far from the only reputable name in the industry, while many of its smaller competitors boast features that even the juggernaut that is Binance still struggles to match.

For those looking for a regulated alternative, Bityard stands out as arguably the most impressive. The platform is one of the simplest cryptocurrency derivatives trading platforms, allowing users to trade with up to 100x leverage to multiply their profits, while its daily mining game adds an interesting incentive for new traders. Bityard is currently licensed in four jurisdictions and offers a full refund warranty for deposits — an extremely rare feature in the cryptocurrency exchange space. If absolute variety is your preference, then FTX might be more of what you are looking for. As a derivatives exchange, FTX allows users to trade a variety of cryptocurrency futures contracts, but its real stand out feature is its forex, stock index, and commodity contracts, which can be bought and settled in cryptocurrency. PrimeXBT’s ultra-fast turbo platform, StormGain’s 10% APR on deposits offer, and EXMO’s wide fiat support also stand out as promising features that are yet to be equaled by Binance, and are certainly worth a look. 

Article Produced By
JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

https://themerkle.com/why-the-market-dominance-of-binance-is-a-big-risk/

Heiko Closhen, Entrepreneur