Category: Crypto

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Crypto News

JDC Group Launches An App For Cryptocurrency Investments

JDC Group, in cooperation with Liechtenstein-based Bank Frick, has created an infrastructure for crypto assets and cryptocurrencies that will be integrated into its proprietary app for managing insurance contracts, investments and bank accounts, the company announced in a press release issued recently.

The closer cooperation between the two companies has set the course for a simple, customer-oriented procedure for the purchase and safekeeping of crypto assets and cryptocurrencies. In the next step, the “all-in-one” app will be expanded to include functions for displaying, processing and storing crypto assets, according to the company.

JDC Group offers crypto investors a particularly easy-to-use procedure for their investments.

Consultants and end customers can already add an existing insurance policy, for example, with just two clicks in the WebApp. The cooperation and the new functions will make it similarly easy for crypto investments.

JDC Group

To make this possible, JDC Group wants to develop online interfaces together with Bank Frick in order to be able to offer “an integrable, fully digital solution” in the app.

JDC Group launches an app for cryptocurrency investments

JDC Group CEO Stefan Bachmann describes the currently available solutions “for the purchase, value representation and safekeeping of cryptocurrencies” as “complicated and technical” and says that this reminds him of “the MS-DOS operating system from the 1990s.” Together with Bank Frick, JDC Group wants to start here and create a “system that is easy to use and at the same time trustworthy and secure.”

JDC Group is currently preparing the Initial Coin Offering (ICO) of its own Blocx token, which will provide a kind of payback system for a customer loyalty program in which JDC Group customers, consultants, and intermediaries can be rewarded with tokens for each business brokered through JDC Group subsidiaries. Blocx will also be managed via the app.

Bank Frick is expected to take over the secure custody of crypto assets for the project with JDC Group in the future. The institute already operates its own cold storage for cryptocurrencies and enables its customers to make direct investments in Bitcoin (BTC), Bitcoin Cash (BCH), Litecoin (LTC), XRP (XRP), and Ethereum (ETH).

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Crypto News

Hashflare Cloud Crypto Mining Platform Suspended All Its Bitcoin (BTC) Mining Contracts

Hashflare, one of the most popular cloud crypto mining companies, announced the suspension of all its Bitcoin (BTC) mining contracts, deactivating its SHA-256 hardware since July 18th and discontinuing support for this service.

The announcement was made by the company on July 20th through a statement published on its Facebook account, which informs users that the measure is being taken due to the difficulties that the company has been faced to generate revenue, due to recent fluctuations in the price of Bitcoin (BTC) in the cryptocurrencies market.

It states that for more than a month users have been receiving lower payments than maintenance fees, reaching zero accumulations in their balances, a situation that has worsened in the last 28 days, as noted.

The statement added that the company has been making efforts to solve the problem by implementing various technical solutions, trying to reduce maintenance and electricity costs. But the results have not been favorable due to the instability of the cryptocurrencies market. However, they added that they aspire to be able to offer new solutions shortly.

Issues in withdrawing fund from Hashflare cloud crypto mining platform

In addition to the Facebook posting, the company also sent an email to active customers explaining the situation and providing some guidance. Once the information was disseminated, the reactions of users were quick to follow. In that sense, according to the comments made by the followers both in the social networks and in the Telegram group, the primary concern is how to withdraw the funds invested in the Hashflare cloud crypto mining platform.

On this basis, they claim that they are only allowed to withdraw minimum 0.01 BTC, in the best of cases. Some customers say that transactions are very slow and others say they have not been able to withdraw. As for the legal terms, users debate about the real possibilities of recovering their funds, fearing they’d lose the funds.

Hashflare cloud crypto mining platform has over three years in the industry and also offers cloud mining services for Ethereum (ETH) and some altcoins, such as Dash (DASH), besides Bitcoin (BTC) mining.

Initially, crypto mining contracts were established for life, but, since 2017, this period was changed to one year. Now, Hashflare suspended all its Bitcoin (BTC) mining contracts.

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Crypto News

The UK Lawmakers Work On Establishing Legal Framework For Blockchain And Smart Contracts

In an attempt to adapt the laws of the United Kingdom to the new technological realities, the British Law Commission announced, through a report released on Thursday, July 19th, that it will launch an investigation to call for potential reform of the law to adjust it to the use of blockchain and smart contracts.

The announcement is part of the Commission’s annual report 2017-2018, a 91-page document that addresses different aspects and laws such as those involving criminal law, commercial and common law, public law, property, and family law. The section on blockchain and smart contracts has been included in the commercial and common laws.

The report states, according to the commissioners who participated in its preparation, that there has been much media coverage concerning smart contracts, particularly those related to financial services. However, the Commission broadly recognizes the potential for improving many processes.

Lawmakers around the world struggle to legislate blockchain and smart contracts

The purpose of this project would be to ensure that the law is secure and flexible enough to be applied in a global, digital context and to highlight any issues that lack clarity or certainty. We have begun our initial research on this project, which is scheduled for the summer of 2018.

United Kingdom Law Commission

The agency’s recommendation is to ensure that both the courts and the law itself remain competitive for new business, which could leave the door open for some regulation in the short or medium term.

It is not the first time when an agency or state has announced changes in its legislation to add or recognize the legality of smart contracts. That has been the case, for example, in Florida, in the United States, where it became known last January that a bill was introduced to create a legal database on blockchain and smart contracts.

A similar situation occurred in the state of Tennessee, also in the United States, where Governor Bill Haslam signed an amendment to the state’s commercial legislation related to electronic transactions last March. The intention was to include, in a new section, blockchain technology and smart contracts.

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Crypto Markets News

Bitcoin (BTC) Is “Digital Gold” – VanEck’s Gabor Gurbacs Expect Gold Investors Move To BTC

Many times, Bitcoin (BTC) is matched with gold. Both BTC and gold are rare, valuable, and, as seen during the time, they both keep their value over time. But, as VanEck’s Gabor Gurbacs considers, Bitcoin (BTC) can triple its market cap in the case it’s conquering a part of the gold’s market share.

In the last years, since Bitcoin (BTC) “went to the Moon,” especially in December when it reached $20,000, many people and crypto enthusiasts compared BTC with gold. Both assets are valuable, but they’re very different. Gold is still the ideal asset to store value, while Bitcoin (BTC) is still facing high levels of volatility, as well as other issues.

VanEck’s Gabor Gurbacs goes bullish regarding Bitcoin (BTC)

Gabor Gurbacs considers that the things will recover for the leading cryptocurrency on the market, Bitcoin (BTC). According to him, investors in the precious metal will come to put money on the “digital gold” that is BTC. If that would happen, then the largest cryptocurrency by market cap will significantly benefit from this move.

However, since the beginning of the BTC surge, the Bitcoin (BTC) was a long-term investment asset such as gold. On the other hand, short-term prices fluctuations in the Bitcoin’s price are not at all critical in the long-term.

The gold’s market cap sums up approximately $7 trillion, while Bitcoin (BTC) records a market capitalization of about $130 billion.

Winning gold investors, Bitcoin (BTC) can surge considerably

Currently, Bitcoin (BTC) is showing a slight upturn. However, when comparing the current sentiment that surrounds the leading crypto of the market with the drop recorded at the beginning of the year, the recent surge might be considered bullish.

At the moment of this writing, Bitcoin (BTC) trades at $7,370, dropping a shallow 0.8% in the last 24 hours. However, the current quotation doesn’t mirror the right Bitcoin market. In fact, the BTC has vast potential, and its only issue is its volatility, and not the alleged liquidity, as many says.

But, as Gabor Gurbacs pointed out, the cryptocurrencies market, including BTC, needs to mature and become a real industry, something that is not the case right now. Also, as VanEck’s Gurbacs stated if gold investors would turn to Bitcoin (BTC), which is the “digital gold” whatsoever, the leading cryptocurrency of the market would “go to the Moon.”

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Crypto News

CoinMarketCap Reconditions Trading Volume Lists In Response To Biased Volume Disputes

The cryptocurrencies prices tracker and trade classifier site, CoinMarketCap.com, is making significant changes to its method for listing trades, in light of concerns about biased trading volume information, according to an official announcement.

As of July 16th, the site has eliminated the minimum volume requirements it had been using to limit the number of exchanges listed. According to CoinMarketCap, this represents the first step, among others, to be introduced gradually to address widespread concerns about the integrity of trade volume figures in trade.

While the CoinMarketCap site’s officials say the portal transparently aggregates volume data based on access to exchange APIs, they recognized that several factors are emerging that may compromise the data accuracy.

These include a new “mining transaction fee” model, recently adopted by some exchanges, which reimburses transaction fees in the form of native exchange tokens. As CoinMarketCap points out, this can increase volumes, making it profitable for users to switch back and forth to accumulate more tokens, a phenomenon that is complicated if bots are used to automate the process.

CoinMarketCap reconditions trading volume lists in response to biased volume disputes

The website also mentions the deficient fee models that are used to encourage commerce, noting that they often fluctuate and can be staggered by account type and transaction volume, a variable that remains opaque both to CoinMarketCap and to users who consult their data.

Finally, the site notes that artificial volumes and so-called “laundry trade” are still ubiquitous in certain exchanges, which often rely on “market creation services or bots” to exchange native tokens for the sole purpose of maintaining a minimum volume level.

Recognizing the “complexity” of the problem, the CoinMarketCap’s officials have begun to introduce more ways for users to filter volume data and take into account variations in tariff models or other parameters. The site will soon add new metrics, such as 7-day and 30-day listings, to allow for better assessment of volume consistency.

In January, the site made a controversial choice to remove South Korean exchanges from its lists at a time when the Korean “cryptocurrency frenzy” was causing a significant increase in the price of specific crypto coins, skewing the average figures for the site.

The recently redesigned CoinMarketCap website has experienced astronomical growth, reporting more than 60 million unique visits this year, up until May.

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