📈 Oct.8, 2018/all important: Binance will manage listing fees as "charity", Bittrex to delist some coins, Bitfinex denies rumors on its insolvency and more
📌 Binance Is Going to Donate 100% of Listing Fees as Charity
The largest cryptocurrency exchange by trading volume converts the "optional" listing fees into the form of charity
Binanсe, the largest exchange in terms of trading volume nowadays, made a bold statement that the company will transfer 100% of all its obtained listing fees to charity. This announces, despite the fact that it is intended to report on the transparency of the fees management, has caused several questions.
CZ said that Binance does not take any fees for listing, so, what`s going on? According to a company blog post, teams wishing their token to be listed on the exchange will still be able to offer their “listing fee”, which is now more suitable to discuss as “donation”. Binance will not set the listing fee or its minimum amount, just as it previously going. But, Binance Charity Foundation will operate with received funds, probably making the "optional" listing fee more transparent.
Earlier, several different teams have reported that exchange is charging for the placement of tokens on its platform. This is quite natural for an intermediary business, but now, at least, it will be possible to track the movement of these funds in such form as charity. Which, of course, does not exclude non-registered expenses.
See also: Binance Labs "invests millions of dollars" in CertiK, a smart contract and blockchain audit platform.
📌 TRX Hype: TRON Virtual Machine Activates Today
The TRON project is too noisy today: while TVM is set to go live, TRX has surged in price at about 10%
Today, the founder of the TRON project, Justin Sun, said that the network’s super representatives have reached consensus and that the Tron Virtual Machine (TVM) is about to be launched. This is quite an important point for the project, right after the hype on mainnet has passed. As Justin posted an announce, the price of a tied asset went up, amid all-markets green.
Based on community consensus, #TRON will be upgrading to Odyssey 3.1 at 8pm SGT. The TRON Committee function & TVM will go live, marking the start of the Smart Contract Era. TRON will be 200x faster vs. ETH, 100x cheaper vs. EOS. dApp developers & users, this one is for you! $TRX
— Justin Sun (@justinsuntron) 8 Oct 2018 г.
If some parts of the project development still remain not to be so obvious, then TVM has a large enough value for the platform. By launching this division, developers will get the tools that can be used to create decentralized applications. These dApps also required to execute smart contracts on the TRIN network.
In addition to this, the founder promised that the network would be 200 times faster than Ethereum and 100 times cheaper than EOS. This will happen thanks to the implementation of Odyssey 3.1 (network update). Not bad enough! But, whether it will really be achieved, by what goals and means, it is not yet clear.
📌 WTO Discusses Bitcoin, Ethereum, Ripple and IOTA In The Global Economic Transformation
World Trade Organization considered crypto several projects at once as the most outstanding in terms of changing trade processes. «Technological innovations have shaped global commerce», the report says
While many issues of cryptocurrency regulation remain unclear, Bitcoin and other digital assets have become strongly relevant in the discourse of the largest organizations that control a large part of the world's trading and financial processes.
The new report by World Trade Organization called "The future of world trade: How digital technologies are transforming global commerce" declares that blockchain has “the potential to profoundly transform the way we trade, who trades and what is traded.” What is particularly remarkable in this report?
Much attention is placed on Ripple. It is not entirely clear whether the WTO really explored the capabilities of the platform, or the regulators also caught a bit of Ripple's hype, but the text tells us the following:
«Ripple has ambitions to circumvent the correspondent banking model through its distributed ledger platform».
It also mentions the main purpose of the platform and the fact that many organizations have already tested Ripple's products. By following, several paragraphs are focused on IOTA and its core distributed ledger technology (DLT). Major currencies such as Ethereum and Bitcoin have also received a few words here, described as pioneers. (For more details, see the full document).
📌 Rumors: 0x (ZRX) Is Probably to Be Added on Coinbase
Rumors move the market: according to several information sources, one of the most popular assets (0x) may be listed on the largest crypto market in the USA
ZRX, currently traded at $0,736455 USD (10,04%) with about $397 789 381 USD market cap in total, got a new positive momentum on the background of possible Coinbase listing. Do people need this currency here? In brief, 0x is a decentralized peer-to-peer exchange system that runs on the Ethereum blockchain (with ERC20 tokens), helps reduce gas and decentralize the exchange between users. 0xproject is more descriptive in this sense.
@stunad620 @WyckoffOnCrypto #0x $ZRX is showing up under transaction/tax reports on @Coinbase.pic.twitter.com/lu1GMj34W3
— S Taj (@suh9083) 7 Oct. 2018 г.
It is also worth noting that earlier the exchange had already considered this list of assets that could, in theory, be placed on a common platform, but never located on it. Among them are not only 0x, but also Cardano (ADA), Basic Attention Token (BAT), Stellar Lumens (XLM), Zcash (ZEC). Over time, the company also announced changes in the listing rules, according to which, now, any asset can receive a place on the exchange, by leaving a request.
Now the story continues. ZRX has appeared in the Coinbase profit/loss calculator, which already hints at its addition. But, the price jump occurred a bit before that. Given that ZRX is sponsored by Coinbase, waiting for the listing seems pretty predictable for all community.
📌 Bittrex Removes Several Currencies
Bittrex is closing wallets for Bitshares (BTS), Bitcoin Gold (BTG), and Bitcoin Private (BTCP). The changes will take effect on November 5
*Before this, all users need to withdraw these assets from the platform.
These assets have already been assigned for delisting, now all wallets will be closed. According to the official version, the changes will improve the platform's efficiency.
Regarding BTG, Bitcoin's fork, the story is old. Bittrex forced Bitcoin Gold team to cover the damage in the amount of more than 12,000 BTG (about $ 265,000), caused by 51% attack, which happened in May. That theft cost $18 million in tokens (officially, Bitcoin Gold refused this measure, so that's why BTG trading has been stopped).
The delisting of BitShares was made back in 2017. The other coins that will leave the exchange forever: Auroracoin (AUR), Bytecent (BYC), Credibit (CRB), OMNI and Spreadcoin (SPR).
📌 The Milestone: Bitcoin’s (BTC) Volatility at an 18 Month Low
The key point of the stagnating market: price stabilization among a limited number of sellers and buyers — new BTC volatility lows registered
Bitcoin's volatility is its peculiar property of predominantly speculative and developing asset. The latest data shows that the BTC volatility fell to the May values of 2017, which fits into the picture of the stagnating market. Of course, comparatively, crypto is still not stable, but for Bitcoin, the amplitude of $100 ~2% over the past 30 days remains a very small value.
Can it be considered as stabilization trend? It is likely that with the gradual decrease in the market bubble, and the arrival of new derivative assets, this situation is most suitable to be described as a "trend". Trading volumes also remain not so high, however, the miners continue to receive their reward. This is how it goes when Bitcoin hovers around the $6600 mark.
📌 Korean Messaging Giant Kakao Launches Blockchain Testnet
South Korean Kakao, the popular IT solutions provider, launches a test network for its blockchain platform. The project can also be used to create other decentralized applications
Ground X, a subsidiary of South Korean IT company Kakao (famous by its KakaoTalk messenger), has launched a testnet of its own platform Klaytn. This platform uses blockchain technology, and in the future will become a resource for creating other decentralized applications.
The distribution of 10,000,000,000 KLAY tokens is also planned for the node holders, who will receive their reward depending on the validator's contribution to the development of the network. So far, the details of the platform are not fully disclosed. Ground X reported that the Klaytn open source code will be published in the first quarter of 2019, i.e. after the network begins to fully function.
*Kakao completed the private ICO to finance Ground X, its blockchain division in July 2018.
📌 Ukrainian Ministry of Finance Will Discuss Cryptocurrency Taxes
Ukraine's financial regulators announced the creation of a working group to prepare crypto tax legislation. The process will start from October 16
As stated by the Ukrainian Ministry of Finance, it was decided to create a working with the aim "to assess the possibility of preparing generalizing tax advice on the existing legal framework or to define the concept of changes in tax legislation." This work, ultimately, is intended to establish how much and in what cases the tax legislation will apply regarding cryptocurrency activities.
The group’s work starts from October 16, and it is likely that over the next months a final answer will be given on how to manage Bitcoin and digital assets. Previously, parliamentarians proposed to free this type of activity from taxes until 2029. A number of local politicians also support cryptocurrency as a whole, indicating that this market requires more free regulatory measures.
📌 Bitfinex Denies Rumors of Insolvency
A lot of information, including breaking a contract with a servicing bank, and problems with withdrawing funds, forced the exchange to give explanations about its alleged insolvency
As you remember, insider sources indicated potentially Bitfinex/Tether insolvency, and this can also explain why the exchange lost its servicing bank. In addition to this, new confirmations appear, for example, this research on Medium, but it has already been deleted, probably by the company's request.
The report stated that Bitfinex users were experiencing major withdrawal issues (as many users say so). The combination of these facts, finally, became a hard deal for one of the largest cryptocurrency exchanges. In response to this, the company categorically rejected all the accusations related to Bitfinex/Tether poor financial state.
“Bitfinex is not insolvent, and a constant stream of Medium articles claiming otherwise is not going to change this. As one of only a very few exchanges operating since 2013, with a small team and low operating costs, we do not entirely understand the arguments that purport to show us to be insolvent without providing any explanation about why.”
📌 China Launches Blockchain Trial Zone
Blockchain Trial Zone will be established as a part of the Free Trade Zone of Hainan (China) to research and develop new technological solutions
The announced "Blockchain Trial Zone" will be actually launched on the territory of Free Trade Zone of Hainan, China - the province in southern China with the centre of Haikou, the free economic status of which was established back in April (media).
Previous reports by Caixin also covered Huobi, the mother company of one of China's former 'big 3 exchanges', is moving from Beijing to Hainan Free Trade Zone.
— cnLedger (@cnLedger) 8 Oct. 2018 г.
The purpose of creating such a zone is declared support for revolutionary blockchain-innovations and the exploring of the promising industry. This would be somewhat unclear, however, Huobi, one of the largest crypto exchanges, intends to move from Beijing to this region.
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