Srp 18

LA Galaxy Overtake Rival Seattle Sounders as Most Valuable Club in Major League Soccer, Exciting Weekend of Top Notch Soccer Action with Eight Clashes Going Down

· August 18, 2017 · 5:00 pm

Starting off a weekend packed with Major League Soccer action is the match-up of the Portland Timbers vs New York Red Bulls, taking place in Portland, Oregon at the home of the Timbers in Providence Park. Local kick-off time is set to be 10 pm so do lock your coin bets in early to make the best of the available odds.


N.Y. Red Bulls vs. Portland Timbers

N.Y. Red Bulls vs. Portland Timbers

Following last week’s disappointing defeat to Toronto FC, the home side is keener than ever to find redemption with a hopefully credible performance in front of the home fans. Both sides are expected to have their starting 11 well rested prior to the Friday (local time) clash, we are in for a treat. With no suspensions or outstanding duties, the Timbers are still nursing injuries from Chance Myers’ supposed hamstring tear, Liam Ridgewell’s quadricep as well as Fanendo Adi and Gleeson’s hamstrings respectively. Gbenga Arokoyo will be out for a lengthy period due to an unfortunate Achilles tear also.

Who will you call to open with a screamer on the Portland side? Our call will be either Diego Valeri or Jeremy Ebobisse to score with a full-time score of 2-1 in favor of the home team. The odds are equally as charming as the thought of a positive performance. Out of their previous seven matches, New York Red Bulls have come out on top 6 times, however, this might just be the day for a change.

The New York Red Bulls have recently been victorious over FC Cincinnati in their US Open Cup Semi Final with an impressive 3-2. Bearing in mind they failed to reach the win within 90 minutes, we could be in for some extra time against the Timbers likewise. Again, no suspensions lined up for the Red Bulls, however, a long list of injured players include Daniel Royer and Mike Grella with knee injuries, with Grella being out for the rest of the season due to surgery. Overall our pick for this one will be more than 3 goals scored in the game – looking at the past few games it would make absolute sense to see a goal shower approach out of the blue.

Are the New York Red Bulls going to show a Cup Final worthy performance this weekend or are Sporting KC in for a breeze to lift the trophy?

D.C. United vs. Colorado Rapids

D.C. United vs. Colorado Rapids

On the other hand, D.C. United are paying Colorado Rapids a rapid visit indeed. Following major infrastructural changes at both clubs, the two will go head to head to see who adapted better. D.C. welcomed their new coaching team with open arms and are reportedly ready to go to war.

The absence of Pablo Mastroeni on Saturday evening locally will be rather odd for the fans, considering his fixture-like presence for the Rapids over the years. Both the fans and management are hoping to see a new trend bringing some significant results in as the weeks pass this season.

D.C. United’s head coach Ben Olsen is equally seeking redemption following a disappointing 1-0 defeat at home against Real Salt Lake. Bearing in mind that the game was postponed due to weather issues, the players were likely not enjoying the inconvenience but that cannot be used as an excuse for either side – you have to cope with what you have.

Zoltan Stieber is reportedly still waiting on his Visa so he will not be on our favorites list to open with a screamer. Either way, we are rooting for a 1-1 full-time result as we cannot see goal numbers exceed 2 or more. With some saucy odds, Nick DeLeon or Luciano Acosta are a good pairing to put your hard earnt cryptocoins on.

Let us know who your bets are on and suggest some score lines for next week’s line ups!

This Weekend’s Major League Soccer Match-Ups

The full list of Major League Soccer clashes this weekend are listed below:

  • Portland Timbers vs. New York Red Bulls
  • Orlando City vs. Colombus
  • Montreal vs. Real Salt Lake
  • Chicago vs. Toronto FC
  • Sporting KC vs. FC Dallas
  • Colorado vs D.C. United
  • Vancouver vs Houston Dynamo
  • San Jose vs. Philadelphia
  • New York City FC vs. New England

Think you’ve got game? For the hands-down best odds in town, visit SportsBet.io. They offer an easy to use interface that is lightning fast and the most flexible Bitcoin betting options. Wager as little as 0.1 mBTC or go big all the way up to 100 BTC. Sign up today for exclusive welcome offers and other bonus promotions.


Images courtesy of Wikimedia Commons

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Srp 15

As Bullish Bitcoin Barrels Past $4,000 Standpoint’s Ronnie Moas Raises Year End Forecast to $7,500

· August 15, 2017 · 2:00 pm

Having boldly called Bitcoin to reach $5,000 per coin by the end of the year, renowned stock picker and founder of Standpoint Research Ronnie Moas has had to re-evaluate his prediction as the digital currency hurtles towards that figure halfway through August.


In the wake of Bitcoin’s record-breaking rise in value during the first half of this year, Moas has had to re-evaluate his prediction and has raised his target to $7,500 as the likely price for the cryptocurrency to reach by years end. The new target, a 50 percent increase over his previous predictioncame about after Bitcoin hurtled past $4,000 last week.

The Floodgates are Opened

The Floodgates are Opened

Moas, the founder of Standpoint Research, says that there will be an influx of big, traditional investment money that will be driving the next surge towards the year’s end. In an interview with CNBC, Moas said:

What’s happening is the floodgates are opening. I believe there are hedge funds and very deep-pocketed individuals going into this now, really hundreds of millions of dollars

Moas told his clients that his expectation is that Bitcoin can still rise another 80 percent from its current record breaking high by the end of the year. Furthermore, he has also re-evaluated his 10-year prediction and now sees Bitcoin rising to a whopping $50,000 by 2027 – a 28 percent annual compounded growth rate.

Traditional Investors are Taking Note

Having always been involved, successfully, in traditional stocks, Moas now sees these traditional investors exploring cryptocurrencies, bringing with them loads of capital. Moas sees digital currencies becoming part of strategic reserves and asset allocation models in the near future.

“You can’t look at this as a normal situation,” he said. “We’re in an industry that will probably go from $140 billion to $2 trillion and the Bitcoin price will probably move with that.”

True Believer

True Believer

Moas is a true advocate of Bitcoin, having stated before that 100 percent of his investments are in digital currencies, with the majority in Bitcoin and Ethereum. In the past, he would never invest in any of the stocks he picked, regardless of their success.

Moas has lofty ideas as to where cryptocurrencies can go, and instead of seeing a bubble about to pop, the stock picker believes it is just the start.

In a note to his clients on Monday, Moas wrote:

Any way that I look at these numbers, my forecasts are looking conservative. It looks to me as though we are at the same point in the adoption curve as we were in 1995 when we went from one million internet users to ten million. The following year the Netscape browser came online and we went from 10 million users to hundreds of millions of users overnight.

I expect that within a couple of years we will have between 50 and 100 million cryptocurrency users — up from approximately ~10 million today. We only have 0.15% market penetration right now — if that goes to 2 percent or 3 percent we will get to the $50,000 price target that I set in July.

Are these figures too high? Can Bitcoin really become such a valuable asset over time? Let us know in the comments below!


Images courtesy of Wikimedia Commons, AdobeStock

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Srp 14

Tezos to Open $50 Million Venture Fund After Raising $232 Million

· August 14, 2017 · 4:00 pm

Tezos, the startup whose recent ICO raised $109 million in less than 15 hours and a total $232 million in just three days, has announced its plan to open a $50 million venture fund.


The $232 Million ICO

Tezos - The $232 Million ICO

With the recent hype surrounding ICOs, more and more startups are trying to raise money through token sales. This July, the U.S.-based startup launched its initial coin offering and was able to raise $232 million, which at this time is the second largest amount any ICO has raised, coming in just behind the Filecoin ICO, which managed to raise the record breaking $250 million.

The blockchain startup is offering what they describe as a “self-amending cryptographic ledger”, a decentralized platform for smart-contract verification and validation, which is primarily focused on banks, financial institutions, and corporations. Not content to rest on their recent laurels, Tezos have been focusing on the development of their own VC fund, which they announced in their August update.

The VC Fund

Tezos ICO

Usually, when start-ups raise huge amounts of funding, they primarily invest it in growth, research and development, or marketing initiatives. Tezos decided to take a slightly different approach for their funding distribution. According to an article by Crowdfund Insider, Tezos’ new $50 million VC fund will mainly focus on investing in startups and companies that use the Tezos platform. The remaining funds are being slowly diversified and invested in more traditional investment vehicles like stocks, bonds, and precious metals.

The idea of the venture capital fund is to drive more third-party development for the Tezos blockchain, and thus help grow the Tezos platform. The fund will also invest in projects that they feel will help promote general blockchain development. It is also worth noting that due to the blockchain split on August 1, in addition to the bitcoins that were raised through the ICO, the startup has also received the equivalent amount of BCH which they are planning to invest into various assets.

In their August update, the Tezos team had the following to say about their new venture capital fund:

We are extremely pleased to announce a commitment of $50 million in venture capital funding to companies looking to build on the Tezos platform. This capital will be partially deployed through venture capital partners to be announced, as well as through a direct venture arm. The innovation and growth of the ecosystem is the top priority of the Tezos Foundation.

Currently, the team is actively coding on the long-awaited platform that will power a new kind of smart contracts.

What are your thoughts on the new $50 million venture capital fund from Tezos? Do you think that it will help promote their platform? Let us know in the comments below!


Images courtesy of Pexels, TezosFoundation

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Srp 13

Legendary Investor Howard Marks Admits ‘I Don’t Understand What’s Behind Bitcoin’

· August 13, 2017 · 4:00 pm

After calling Bitcoin a ‘fad’ and a ‘pyramid scheme’ the man who called the dot com bubble has admitted that he does not understand what is driving the value of Bitcoin, which keeps rising seemingly unhindered.


While many, including traditional investors, come around to Bitcoin and get on board with the digital currency that keeps breaking records in terms of its value, some are still stubbornly skeptical, and a little confused.

Where is the Value?

Howard Marks, the billionaire investor who made his name on Wall Street from calling some major investment bubbles, including the Dotcom bubble, said on CNBC’s Fast Money Halftime Report that he can’t figure out the actual value of Bitcoin.

Speaking about this new-age currency, Marks said:

It’s not a medium of exchange, it’s a medium of trading, so I can’t see any intrinsic value, I don’t understand what’s behind Bitcoin.

He later added:

For me, there is only one kind of investing: When you look at something, you don’t think, ‘Is it going up or down tomorrow?’ … You say, ‘What is the intrinsic value?’ and then you say, ‘Can I buy it for less? […] There is no intrinsic value in Bitcoin.

Value of Bitcoin tops $4000

Value Keeps on Rising

Despite this doyen of traditional investing stating that there is no intrinsic value to the most famous digital currency, its value recently topped $4,000. As such, there are very few assets in the world that can even come close.

Fundstrat co-founder Tom Lee, CEO of Ritholtz Wealth Management Josh Brown as well as another investing legend Bill Miller, are all in the opposite camp of Marks’ as they have thrown their full support behind this up and coming skyrocketing asset.

Lee believes it will be the top performing asset at the end of the year while Miller has said that he is the proud owner of Bitcoin.

Don't get left behind

Left Behind

Marks was happy to concede on the show that perhaps the digital currency was a technology and an asset that he was simply too old to understand.

“Maybe I’m just too old and too much of a dinosaur to understand Bitcoin,” Marks said jokingly.

However, Marks has still been bold enough to compare Bitcoin to other bubbles that have gone back as far as the 1900 Tulip mania in the Netherlands. It is through his popular memos that the former Oaktree Capital co-chairman warned about a crash in Bitcoin.

Should people worry about what these traditional investors think? Is Bitcoin breaking the mold and setting its own precedents? Let us know in the comments below!


Images courtesy of CoinMarketCap, Shutterstock, Thomas Lee/Bloomberg

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Srp 12

Nvidia to Focus More on Cryptocurrency Mining Market

· August 12, 2017 · 2:15 pm

In the wake of record-setting growth for digital currencies like Bitcoin and Ethereum, graphics card manufacturer Nvidia has expressed their intent to focus more on the cryptocurrency mining market.


Cryptocurrency Mining Boom

Since the beginning of 2017, the cryptocurrency market has grown at an enormous rate. In late 2016 the total market capitalization of the cryptocurrency market was a respectable $14 billion and in the months since has climbed a record-setting $135 billion as of this writing!

Bitcoin and Ethereum prices spiked to their ATH (all time high) and mining became profitable for individuals and miners rushed to purchase as many graphic cards as possible in order to profit from the surging prices of both Bitcoin and Ethereum.

The mining rush was so severe, that it even caused a national shortage of graphics cards in Russia. The graphics cards shortages made manufacturers like Nvidia and AMD realize that there is another profitable market for graphics cards, and that’s the cryptocurrency mining market.

Focusing on the Cryptocurrency Market

Nvidia graphics cards

According to a recent article in MarketWatch, Nvidia CEO Jensen Huang stated that the cryptocurrency mining market could potentially become another profitable area for Nvidia. In a recent phone call with analysts, Mr. Huang stated:

Crypto is here to stay, and the market will grow to be quite large.

He also went on to say:

It’s not likely to go away any time soon. There will be more currencies to come, they will come from different nations…We stay very close to the market, and understand the dynamics very well.

The most interesting aspect of the whole cryptocurrency mining rush is the potential development of GPUs for mining. While Nvidia officials have declined to comment on rumors that the famous graphics cards manufacturer is developing GPUs that are specifically made for cryptocurrency mining, Huang recently hinted to analysts that the company offers coin miners “a special coin-mining SKU [that is] optimized for mining.”

It’s also worth noting that thanks to the recent mining rush AMD shares have soared from the increase of graphics cards sales as well.

What are your thoughts on Nvidia’s stance on cryptocurrency mining? Do you think that AMD and Nvidia will focus more on cryptocurrency mining products? Let us know in the comments below!


Images courtesy of Pixabay, Nvidia

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Srp 11

Interview with DMarket: The First Cross-Game Marketplace for In-Game Items

· August 11, 2017 · 4:15 pm

Bitcoinist spoke with Volodymyr Panchenko, Founder and CEO of DMarket, a first-of-its-kind marketplace that allows gamers to buy, sell, or trade in-game items from any game on any gaming platform.


Bitcoinist: What is DMarket?

VP: DMarket is the first cross-game marketplace that allows gamers from all over the world to trade or exchange in-game goods originating from any gaming platform. In fact, DMarket will allow more than two billion gamers to buy and sell their items. Existing games and platforms are currently covering only 6% of gamers worldwide. We will give this opportunity to everybody.

DMarket in-game asset marketplace

Bitcoinist: What is the difference between you and Steam, for example? Are there any other competitive advantages that your platform has comparing to the other existing ones?

VP: As I just mentioned, our platform will satisfy the “trade needs” of all gamers, as opposed to the other platforms that currently cover 130M (6%) video game players. I am not saying we are better and they are worse. Ours is just a different approach. We use blockchain technology that makes this set-up possible.

Let me explain: technology actually lies at the core of the problem. To make trading possible on a large scale we need to synchronize hundreds of thousands of databases. We are using a decentralized database on blockchain to address this. All operations are fast, secure and synchronized in real time. The important part is that a sale or exchange of any virtual item from any game or platform can happen in one click. This turns each and every virtual item into a real commodity for billions of gamers worldwide.

Bitcoinist: How does DMarket work with game developers?

VP: Using our API, any game developer can easily connect its game to DMarket. These days we are talking to Unreal, Unity and CryEngine developers to feature DMarket libraries on their engines. This will simplify and improve game developers access to our platform.

Bitcoinist: Are there any benefits for game publishers?

VP: Both mobile and PC game publishers will benefit from working with us. We can help them drive their direct revenues. DMarket gets a commission from every deal and the major part of it goes to the rights holder. There’s also what we call “shared marketing”. By promoting our platform, we promote all the video games available there. As a result, the game publisher doesn’t need to invest as much into marketing. Marketing budgets can be reduced!

The third benefit is the increased lifetime value. By giving gamers worldwide the opportunity to make money by trading, exchanging and “hunting down” rare in-game items, we are prolonging the lifetime of the games. Based on our experience in game trading, out of 10 thousand games that we trade every day, 80% are more than 2 years old. Our platform increases the life cycle of the games.

How DMarket works

Bitcoinist: You’ve just mentioned about your experience in game trading. Could you please tell us more about your expertise?

VP: Being the founder of Suntechsoft company, I can say that I’m quite an expert when it comes to game trading. Suntechsoft is the number one private merchant of digital games in the world. In the past 5 years, we sold over 15 million games via eBay, G2A, and Kinguin. I am also the founder of skins.cash, the 2nd biggest virtual items marketplace (12M items sold in the past year alone). With total annual revenues of $50M. So yes, I’ve got expertise in virtual items and games trading.

Bitcoinist: What about the rest of the DMarket top management team?

VP: We have a core team of 3. We all come from different work backgrounds. Co-founder of DMarket Alexander “ZeroGravity” Kokhanovskyy has 17 years of experience in eSports. He is the founder of Na`Vi (Natus Vincere), one of the most popular and successful eSports teams in the world. In 2016 he became a shareholder of ESforce Holdings, the 3rd biggest eSports entity funded by USM Group (Mail.ru, VK .com, Megafon) which raised over $100M of investments in the latest round.

There’s also Andriy Khavryuchenko, the senior developer of DASH cryptocurrency (world top 7, market cap $1.4B). He has 4 years of experience in crypto development and 26 years of experience in software development.

DMarket to Monetize Game Items with the Power of Blockchain

Bitcoinist: Since you have experience in trading and cryptocurrency development, are you planning token emission?

VP:  The only technology allowing Dmarket to run is decentralized blockchain. Since we can not put a hundred dollar bill into the smart contract, we definitely need to have tokens. Dmarket tokens will be the only native currency of the platform for all trades, exchanges, and fees.

DMarket launches the first round of token sales on August 17, 2017. The second round will follow in November 2017. Tokens will be available to trade within 30 days on major cryptocurrency exchange.

Bitcoinist: What are the minimum and maximum amounts of money you plan to collect during ICO?

VP: The minimum amount we aim for is 5 million DMarket tokens with 1 ETH being equal to 1,000 DMarket tokens. The maximum amount is 50 million tokens.

Bitcoinist: What are the reasons to buy DMarket tokens? How can you guarantee the value of your currency?

VP: Every purchase, sale, exchange or any other transaction on our platform will require the use of DMarket tokens. No further emissions are planned beyond the first two trading rounds. The amount of trading and exchanging transactions on the platform will naturally grow fast over time and so will grow the need for the tokens. That is the best guarantee of DMarket tokens value.

Bitcoinist: What makes you think that the amount of purchase, sale, exchange and other transaction on your platform will go up?

VP: They will go up as the industry as a whole grows. We are witnessing a rapid growth of the gaming industry. It’s estimated that 2.2 billion gamers will generate $108 billion of revenue this year. This is a 6.8% growth on 2016. In addition, according to forecasts, the combined revenues of the AR and VR market will reach $122 billion by 2021.

Are you a gamer? How will DMarket’s cross-game marketplace change how in-game assets are bought and sold? Let us know in the comments below.


Images courtesy of DMarket, Wikimedia Commons

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Srp 10

Blockchain Ad Platform AdEx to Partner with Video Entertainment Platform Stremio

· August 10, 2017 · 1:00 pm

Blockchain-powered ad exchange AdEx will partner with video entertainment platform Stremio to deploy its solutions in the platform’s application.


AdEx to Team Up with Stremio

AdEx is an ad exchange that offers blockchain solutions for the entire online advertising industry. It seeks to entitle end users to decide which ads to see by specifying their preferences and to ensure transparency and fairness for advertisers and publishers.

Stremio, on the other hand, is a semi-open source video entertainment platform launched in 2015. It is designed to host and deliver any kind of video content within the same application. Stremio app has been downloaded by 4 million people so far.

Just like other video platforms, Stremio monetizes through third-party ads. However, most advertisement placement solutions entail non-transparency and complexities related to bidding and publishing and are widely criticized within expert communities.

AdEx diagram

About the AdEx Advertising Platform

AdEx offers a blockchainized solution that ensures automatic payouts for ads to publishers, and guarantees transparency to advertisers. The work on AdEx’s solution is still underway, but the parties have agreed to deploy it when the AdEx team completes the development.

According to AdEx CMO Vanina Ivanova:

The AdEx and Stremio teams will be working closely together on the integration of our solution in their platform once the exchange becomes fully operational. We are looking forward to implementing AdEx in a real-world environment as it will demonstrate the full range of new capabilities and advantages that the blockchain technology can offer to the online advertisement industry.

Trial by Fire

Once deployed, AdEx can work with any platform. This might prove to be the ultimate real-world test since the Stremio app already has millions of users worldwide. Due to Stremio’s huge audience base and variety of content, the platform is of interest to advertisers from multiple industries.

Nikola Hristov, Head of Adtech at Stremio, stated:

We believe that incorporating such a reliable solution for ad serving in our platform would dramatically enhance our operations and bring the technologies of monetizing to a whole new level. Partnership with AdEx could be a first step in creating the online advertisement industry of tomorrow.

The AdEx team has expressed its confidence that their solution can be smoothly integrated with Stremio, empowering advertisers to reach a multi-million person audience immediately upon integration.

[Disclaimer: This is a sponsored article.]

Can AdEx build a better online advertising model? How will it benefit both advertisers and viewers? Let us know what you think in the comments below.


Images courtesy of AdEx, AdobeStock

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Srp 09

Russia Squares Off with China in Battle for Bitcoin Mining Supremacy

· August 9, 2017 · 2:00 pm

An aide to Russian President Putin seeks to raise $100 million through an ICO of his company in a bid to help dethrone China as the country with the biggest Bitcoin mining industry. Putin has warmed up to blockchain technology, Ethereum in particular, and has extended support for its adoption through the help of local partners. Many believe that these developments indicate Russia’s predisposition to replace USD with Bitcoin as a reserve asset.


Russian Miner Coin

One of Putin’s aides on all matters pertaining to technological security co-owns a company seeking to raise $100 million worth of Bitcoin and Ethereum by holding an initial coin offering for its token, Russian Miner Coin. On its website, RMC claims that their investors will own rights to 18% of its total revenue earned using the company’s mining equipment. Russian official Dmitry Marinichev said, “Russia has the potential to reach up to 30 percent share in global cryptocurrency mining in the future.”

BTFO China?

RMC has adopted a two pronged strategy to accomplishing their goal of usurping China’s dominance in the mining of digital currencies. Firstly, they plan to make full use of Russia’s lower power prices vis-a-vis China: Not only does Russia produces 20 GW (gigawatts) of surplus power capacity, but it also has very cheap consumer electricity prices at only 80 kopeks (1.3 cents) per kWh (kilowatt hour). Secondly, the company plans on using Bitfury chips in Russia for mining.

The founder of Bitfury Group is Valery Vavilov, a Latvian with ties to Russia. Bitfury also happens to be the biggest rival to Bitmain technologies, which is China’s largest producer of mining computers. Eventually, RMC will seek to produce semiconductor chips in Russia itself that it can then use to reduce the power consumption involved in crypto-mining. They aim to devote 10% of the ICO proceeds towards the creation of these processors to achieve quick results.

Russia’s Tryst with Blockchain

President Putin has been very receptive of the nascent asset class of cryptocurrencies and has been particularly charmed by its underlying blockchain technology, specially Ethereum. With Russia going through its worst recession in recent history and facing decreasing revenues from oil and gas, Putin is believed to have earmarked Ethereum as the potential tool to rejuvenate the country’s economy.

The Kremlin’s website even mentions that after meeting with Ethereum’s founder Vitalik Buterin in June, Putin extended overwhelming support to the youngster to implement blockchain technology in Russia with the help of local partners. Russia’s Central Bank has already rolled out a pilot project built on blockchain that has the capability to process online payments and verify customer data with lenders.

Reaction

The general consensus about this development is that this would not have happened without Putin’s backing and blessing. This move has coincided with Bitcoin breaking all-time high records and crossing the $3500 mark, which has raised a few eyebrows. Some have suggested that this is the most obvious indicator yet that Putin aims to use digital currencies to replace US Dollars as a reverse currency/asset.

Cynics argue that such large scale Bitcoin mining by the Russians might just be a mask for laundering money in the country notorious for corrupt oligarchs. Regardless, Russia’s embrace of the world of cryptocurrencies and blockchain technology comes as great news for the crypto-verse as it can only result in a greater adoption of the financial technology.

What do you think about Russia’s move to rival China in bitcoin mining? Do you think they are adopting the correct strategy? What do you believe are the ulterior motives behind Putin’s interest in this new fin-tech world? Let us know in the comments below.


Images courtesy of Wikimedia Commons

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Srp 08

Unregulated Bitcoin ‘Wild West’ Gives Rise to Spoofy

· August 8, 2017 · 5:30 pm

Spoof orders, illegal on financially regulated markets, are on the rise and being exploited on largely unregulated Bitcoin and cryptocurrency markets. Demonstrable instances, perpetrated by a group or individual known as Spoofy, have occurred on Bitfinex and GDAX.


Spoof orders, or placed market trade orders that are not actually intended to be executed, are part of the rampant manipulation of traders on cryptocurrency exchanges. Trading into your own buy or sells is also illegal in the regulated financial markets, and it is suspected that this behavior has become more rampant in order to help Bitcoin price manipulators cut potential loses from their dubious activities. They also serve to sway trader behavior with massive sell and buy walls which are suggested to be the work of an individual or group, perhaps even the exchanges themselves going under the pseudonym of Spoofy.

Spoof Trading Ruled Illegal On Traditional Exchanges

Spoof Trading Ruled Illegal On Traditional Exchanges

With trading bots and API access to exchanges providing all the data needed for a coordinated manipulator, it isn’t a question of “is someone doing it?” so much as “who is doing it?”. Cases have been brought to light and prosecuted in the traditional stock markets, such as when Navinder Sarao pleaded guilty to spoofing offenses.

Using an automated trading program, or bot, Navinder’s actions contributed to the 2010 stock market flash crash. Then there is Michael Coscia who used a flood of small orders before canceling them to manipulate other traders. During Coscia’s trial, assistant US attorney Sunil Harjani said:

Traders contemplating sophisticated scams will think twice if they know that there are more significant consequences than a civil lawsuit or a regulatory action. […] Hedge funds and proprietary trading firms will closely review their trades, and strike down get-rich-quick manipulation trading schemes because the cost is not worth the benefit.

Is Spoofy Real? Evidence Seems to Point to ‘Yes’

BitCrypto’ed provides plenty of evidence on the Hackernoon website on market manipulation (including the video above), alleging that the trade spoofing activity is primarily carried out on the Bitfinex exchange. According to the investigation, Spoofy is either an individual or group, but certainly a coordinated entity with an unrivaled amount of money to influence the market.

Laying out all of the evidence, BitCrypto’ed writes:

Spoofy makes the price go up when he wants it to go up, and Spoofy makes the price go down when he wants it to go down…And he’s got the coin… both USD, and bitcoin, of course, to pull it off, and with impunity on Bitfinex.

Marketwatch’s Shawn Langolois, who appears to agree with BitCrypto’ed, further clarifies:

If Spoofy places a large buy order that entices smaller traders to hop aboard, he can turn around and instead use the uptick to execute a sell order.

Not Everyone Believes

Not Everyone Believes

No matter the evidence, however, there are still plenty of people who have yet to be convinced that a single person or entity could possibly be the sole driving force behind Bitcoin’s price.

Whether or not Spoofy is real, the practice of spoofing is very real and is already common enough to warrant rulings against it in the traditional stock market. Largely unregulated, cryptocurrency markets are still very much the “wild west” frontier of finance, a reputation hard to dismiss as exchanges and owners disappear or get arrested with alarming frequency. The same lack of regulation that makes cryptocurrency so attractive to many is also what allows modern day Butch Cassidys and James Gangs to get away with their misbegotten deeds.

Do you believe in Spoofy? Is he just a ghost story whispered of by grizzled traders? Let us know in the comments below.


Images and video courtesy of AdobeStock, Hackernoon

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Srp 07

CashCow ICO Looks To Boost Indonesian Cattle Farmers’ Profits

· August 7, 2017 · 4:00 pm

Hong Kong based Bitcoin Entrepreneur James Bang announces CashCow ICO designed to increase Indonesian cattle farmers’ profits from the sale of their cows from 20% to 33%.


The South China Morning Post reported on Bitcoin entrepreneur and investor James Bangs’ desire to revolutionize the cattle financing model, specifically in Indonesia where the large population of farmers is unable to buy their cattle assets outright.

 Family Vacation To Indonesian Family Led To CashCow Idea

Family Vacation To Indonesian Family Led To CashCow Idea

James Bang first thought of the CashCow ICO during a trip to Indonesia with his family, where he observed that his Father-in-law had sold two cows for HK$27,300 (approximately $3489.82 US Dollars) to pay for the renovation of his kitchen.

Bang noted:

For another family, their motorcycle was old and they needed to upgrade. So they sold two or three cows to be able to afford a major purchase.

Cattle are then easily accounted for by representing them with tokens on a fully documented blockchain ledger, in this case, the Ethereum blockchain. However, most poorer Indonesian farmers do not directly own the full worth of their cows, which are financed for purchase by third party financiers. The farmers are liable for costs such as feed and veterinarian bills while the financier often takes the largest share of a cow’s final sale price, whether this be to another owner or directly to beef production facilities.

Airbnb for Cows

Airbnb for Cows

Discussing the impetus behind CashCow, Bang explained:

I was really inspired by Airbnb… I figured how can we apply this to the agricultural industry … There had to be a way these farmers could maximize their extra farm space.

While the South China Morning Post does not elaborate on this point, it is possible that farmers will be able to leverage their extra farming space by possibly accommodating investor cows. Bang hopes to raise US$15 million through the offering set for launch in October 2017, which will be used to fund the purchase of calves.

Higher Returns for Cattle Farmers

Bang said his goal is to give farmers higher returns when they sell their cattle, which he sets at 33 per cent, given the cost cutting afforded by the lack of third party accounting this is a reasonable increase in income for farmers currently only getting 20% of the cows’ final sale value.

Finally, Bang will also give investors 33 per cent from every cattle sale, with his start-up reinvesting the remaining third to purchase further cattle and build larger cow sheds.

Will this ICO be something you are interested in and is this the kind of ICO that you think Blockchain technology is ideal for? Let us know in the comments below.


Images courtesy of Pixabay, Pexels

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