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Markets News

Following Trump’s Space Force Decision – The Idea of Having a Space Guard Appeals to People

A recent declaration made by Trump states that there will be a reorganization of the space mission into a separate Space Force. This would be the sixth branch of the armed forces. However, if any major changes are to be made to the space mission, which is now entrusted mainly to the Air Force, then an act of Congress will be required.

According to what we know so far, it looks like Trump would like to have a stand-alone branch of the military, in order to make sure that both Russia and China will be discouraged from threatening America’s dependence on space technologies for commerce and defense. Like this, the idea of a Space Guard is born. The concept of a Space Guard is mostly molded on that of a Coast Guard, with the obvious difference that the former one would be used to “guard” the space.

Having a Space Guard could be good for managing future space activities internationally

It seems that this idea is slowly starting to make people wonder how it would be like to have such a system in place. Military strategists are thinking about how the existence of a Space Guard would impact a possible civilian space economy. The military may not be suited to handle private space stations and tourism. Apart from this, people from the Trump administration are also giving some thought to the idea. A former Trump adviser, who did not want for his name to be revealed, stated that there are many individuals who approve of the idea of having a U.S. Space Guard, and he thinks that something like this would be good for international matters, as decisions taken only by the military may not always be satisfactory.

It does look like a considerable amount of people believe that a Space Guard could bring a lot of benefits, while taking away some of the power from the military, which is designed for war. Such a new system could concentrate on being mostly a regulatory and law enforcement part of the government. Whether or not this would really be a good idea, it remains to be seen.

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Crypto Markets News

Bitcoin (BTC) Involved In A Money Laundering Scandal In India

India’s National Congress Party, chaired by Rahul Gandhi, asked the Supreme Court to investigate the leadership of the Indian People’s Party (Bharatiya Janata Party, BJP) for the alleged involvement of the opposition party in a nearly $1 billion “mega scam,” covered with Bitcoin (BTC).

According to the Indian daily HindustanTimes, the National Congress Party’s (INC) accusation against the BJP is to use the bank accounts of various party members to launder money through the use of Bitcoin (BTC). INC spokesman Shaktinh Gohil said the Bitcoins were used to clean up 5,000 crores, a unit equivalent to ten million rupees.

That’s approximately $727 million. However, other members of the party came up with figures reaching 88,000 crores.

Gohil established that the illegal activities involving Bitcoin (BTC) occurred in the western state of Gujurat

He added that “the leadership of BPJ” participated in the conversion of “black money” using an account at the Ahmedabad District Banking Cooperative, headed by BJP chief Amit Shah. The bank office would’ve received an initial share of the money, which then was diverted to 11 accounts belonging to party leaders as well.

It is not clear from Gohil’s statements how they obtained the alleged funds from the alleged scam. However, he clarifies that the Bitcoin (BTC) was the mechanism they implemented to clean up their dirty funds and turn them into legal assets. He also argued that India’s largest party, the INC, is appealing to public justice to make “the truth come out.”

In this regard, India’s People’s Party denied the accusations, claiming that they are “dirty tricks” of the Congress Party, which are trying to spread confusion among the citizens of India.

India’s crypto regulatory bodies conflict with cryptocurrencies market and cryptocurrency exchanges

This accusation comes after a period of tensions between the cryptocurrencies market and the crypto regulatory authorities in India, which have had conflicting positions with cryptocurrency exchanges crypto-related businesses.

It should be recalled that since last April, the Indian Banking Authority, the Reserve Bank of India (RBI) explicitly prohibited all companies regulated under banking and financial standards from providing services to the cryptocurrencies market. A decision that came after multiple warnings to citizens by the authorities, as well as cases of fraud linked to cryptocurrency.

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Crypto Markets News

Flow Traders NV, The European Leading Trading Company, Entered The Cryptocurrencies Market

Flow Traders NV, based in Amsterdam, has entered the cryptocurrencies market despite warnings from the Dutch Authority for the Financial Markets (AFM).

Europe’s largest trader of listed funds, Flow Traders NV, is reportedly the first company to buy and sell quoted tickets based on Bitcoin (BTC) and Ethereum (ETH). According to Bloomberg, these publicly traded notes could increase the attractiveness of cryptocurrencies by making it easier and cheaper to invest in such assets.

Flow Traders NV Co-Executive Director Dennis Dijkstra said that cryptos are underestimated, and added that cryptocurrencies market “is big, and it’s going to be regulated very soon. Market participants are much more professional than people think. Institutional investors are interested. We know they are because they ask us to.”

The AFM did not share the enthusiasm of Flow Traders NV, but while the FMA can make recommendations and public warnings, it can do little to prohibit a company from trading in regulated securities on a regulated market.

We discourage activities in cryptocurrency by both consumers and professional licensees. Because of its novelty and the anonymity it potentially offers, it is very prone to abuse. Given its inability to serve the promised purpose as currency, we do not consider it an asset class.

Nienke Torensma, a spokesman at the Authority for the Financial Markets (AFM).

The Dutch Authority for the Financial Markets is concerned about cryptocurrency investments, while the Dutch government militated for a balanced regulatory framework for cryptos in May

According to Dijkstra from the Flow Traders NV, the company was hedging its cryptos transactions with futures contracts managed by CME Group Inc. and Cboe Global Markets Inc. He stated that the new approach has “great indirect benefits” for the development of Flow Traders NV’s foreign exchange trading business.

According to Bloomberg, in the first quarter of 2018 Flow Traders NV traded the equivalent of $284 billion in Euros of ETFs worldwide, including the equivalent of $167 billion in Europe, making the company the largest trader on the “Old Continent.”

The Authority for the Financial Markets raised concerns about investments in cryptocurrency in mid-June by sending a letter to market participants seeking to offer investment opportunities in cryptocurrency. The regulator said the related risks meant that these companies might not live up to their licensing obligations.

On the other hand, one month before that, in May, the Dutch government released a report stating that cryptocurrency poses a low risk to the country’s financial stability. The report predicts that the risks associated with crypto will increase with greater involvement of government financial institutions and stresses the need for balanced financial regulation.

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Crypto Markets News

Binance Cryptocurrency Exchange Expects Profits Of $1 Billion In 2018

Binance, the renowned cryptocurrency exchange platform, anticipates that its revenues will grow to $1 billion by the end of 2018, according to Binance CEO Changpeng Zhao during an interview with Bloomberg from today, July 6th.

Binance cryptocurrency exchange platform ranked the first today in cryptocurrencies trading volumes

Talking about how Binance platform is recouping after a stressful week in which tradings were momentarily suspended, Zhao revenues estimations defy the idea that the profits of cryptocurrency exchanges are dependent on the cryptos prices. For example, although Bitcoin (BTC) is under $7,000 for nearly a month and a half now, Binance’s profits for the first half of the year was around $300 million, according to Zhao.

Binance, which consistently ranks at the top of the world’s most significant daily cryptocurrencies trading volumes, is now #1 with approximately $1.2 billion in transactions in the last 24 hours.

Binance profits estimations encourage the company to extend its operations around the world

The tremendous gains of $1 billion, estimated by Binance for this year, are fuelling an aspirational expansion agenda that will shortly include Binance’s emergence on markets such as Uganda and Bermuda. That after Binance cryptocurrency exchange platform moved its headquarters to Malta, a crypto-friendly country, to avoid strict cryptocurrency regulations, earlier this year.

On the other hand, there are currently approximately 10 million users on the platform, according to Zhao, Binance CEO.

Binance expansion plans are not devoid of competition, too, as other major cryptocurrency exchange platforms, such as Huobi and Coinbase, are also entering new markets. For example, just yesterday, Huobi rolled out in Australia and planned to commence operations in London in the Q3 2018, while services in the United States will also begin in the foreseeable future.

Coinbase, in the meantime, is considering moving its headquarters to Japan and is still waiting for a US banking license.

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Crypto Markets

One Syscoin (SYS) Sold For 96 Bitcoin (BTC) On Binance This Morning

The Binance cryptocurrency exchange platform stopped all transactions early this morning after the acquisition of a single $0.25-valued Syscoin (SYS) with 96 Bitcoin (BTC) on its marketplace.

Syscoin blockchain was attacked

Both Syscoin (SYS) and Binance have confirmed from official Twitter accounts that the Binance platform has stopped all operations due to an attack targeted on the Syscoin blockchain.

As a precaution, after observing strange trading behavior matched by atypical blockchain activity, we have requested that swaps suspend the SYS deposit/withdrawal transactions today. Investigated #Syscoin Blockchain is safe. We have notified the cryptocurrency exchange to reopen the transactions. Information about the details will be given tomorrow.

Syscoin

The reports show that 1 billion Syscoins (SYS) have been extracted from a single source, despite the total potential supply of coin being 888 million. The company has not yet found exactly what it is. However, the team confirmed that an attack was taking place on the blockchain. Syscoin (SYS) team also asked all the cryptocurrency exchange platforms that list SYS to stop Syscoin (SYS) operations until the problem was solved.

Binance halted the operation after 1 Syscoin (SYS) was sold for 96 Bitcoin (BTC)

The Syscoin blockchain attack caused one of the world’s largest cryptocurrency exchange platform, Binance, to halt all the tradings.

One Syscoin (SYS) current value is $0.25, at the moment of this article, while this morning, 1 SYS was selling for 96 BTC, approximately $643,000.

These bizarre sales have led to a massive pumping of Syscoin (SYS), and this caused a shock to the entire market, with an increase of 85% in SYS, according to the CoinMarketCap, until transactions were suspended.

For now, neither the Binance nor the Syscoin (SYS) attack on Syscoin blockchain is associated with the suspicious sale of money on the Binance exchange.

Binance

If it turns out that the unprecedented sale is due to an attack on Syscoin blockchain, we can see many similar cyberattacks aimed at exploiting security vulnerabilities in cryptocurrencies subcodes and wallets in the future.

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