Decrypto Daily Update – June 13, 2018

Market Snapshot

Total Market Cap: $273,927,678,341
24 Hour Volume $15,778,829,093
BTC Dominance: 40.4%
BTC-O: $6,905.82
BTC-H: $6,907.96
BTC-L: $6,542.08
BTC-C: $6,582.36

QuantStamp doesn’t accept QSP for its audit services.

Last year, QuantStamp raised over $30 million of QSP in their initial coin offering. In an article posted today, CoinDesk claims they have received documents indicating that “that the company has accepted ether (ETH) for services in one instance and priced its offerings in U.S. dollars in another.” QSP investors are upset that QuantStamp is not accepting QSP for their auditing services – a move which allegedly make the QSP token worthless.

  • In order to request an audit from QuantStamp, the client must first hold a minimum of 200,000 QSP, worth ~$19,350 at today’s prices. I actually think this is preferable to transactions via QSP, as this form of temporary (or permanent) staking effectively reduces QSP’s circulating supply.
  • At ~$60 million, QSP is a fairly low market cap token with no fiat pairs. QuantStamp is in the business of providing audits, and they pay their bills with their profits. If you’re QuantStamp, why would you accept payments in the form of a low liquidity token that you can’t cash out at a stable price? When it comes to financial commitments, like paying your employees, you want a relatively stable form of income. Thus, I don’t see the issue in accepting ETH, which is relatively more stable due to its much higher market cap. As a startup business, the predictability and stable value of USD is even better.
  • ICO buyers, you purchased a utility token, and you were never promised a ROI. If QSP is required for QuantStamp’s services, there’s value. If that’s not good enough for you, sell your tokens.

Binance has signed a MOU with Jersey, a country that uses the British Pound.

According to Changpeng Zhao, Binance has “chosen Jersey to be the next big step in [their] global expansion strategy for its clear and pro-crypto investment and regulatory environment.” In a following statement, Binance CFO, Zhou Wei said, “with the set up of the fiat exchange here, there will be a lot of interest from the blockchain universe looking at Jersey.”

  • If Binance manages to secure EUR and GBP pairs against their extensive altcoin offerings, they’ll truly become a powerhouse in the cryptocurrency industry. Coinbase is doing too little, too late.

ICON’s token swap has been announced by Binance.

Binance has released a statement about supporting ICON’s ICX token swap. The exchange plans to suspend ICX deposits and withdrawals at 12 AM (UTC) on June 20, 2018.

  • It seems like Binance has a history of releasing ICON-related news before ICON. Last year, they announced ICX trading before ICON did. Now, they’ve announced the token swap before an official statement from ICON. It’s a little amusing.
  • Binance has also announced a ICX/USDT trading pair.

Decrypto Daily Update – June 12, 2018

Market Snapshot

Total Market Cap: $301,110,288,427
24 Hour Volume $15,355,508,631
BTC Dominance: 39%
BTC-O: $6,799.29
BTC-H: $6,910.18
BTC-L: $6,706.63
BTC-C: $6,906.92

Binance will support EUR trading pairs by the end of 2018.

In an interview with Bloomberg, CZ revealed Binance will start supporting EUR trading pairs from it’s Malta location by the end of this year, with more fiat pairs to come in the near future.

  • It will be interesting to see how trading dynamics on Binance will change (if at all) as a result of a real fiat pair.
  • Malta is a SEPA participant, so hopefully Binance’s Euro operation will be SEPA-compliant, allowing for quick and low cost bank transfers for traders in SEPA countries.
  • There will definitely be KYC.
  • Now might be a good time to load up on BNB.

Justin Sun, founder of TRON, has acquired Bittorrent, Inc.

Bittorrent, Inc. has been acquired by Justin Sun for an undisclosed amount. TRON Foundation claims this acquisition is part of a plan to build a “decentralized Internet” for developers to build DApps on.

  • When most people hear “Bittorrent”, they automatically think of “that thing that lets you download movies and software for free.” Yes, that’s what most people use it for, but that’s not what it was originally designed for. Bittorrent, or BT, is simply a P2P file transfer protocol for decentralized data transfer. I suppose “decentralized transfer of HTML files” is technically a primitive decentralized Internet.
  • The Bittorrent (BT) protocol is an economy of leechers (downloaders) and seeders (uploaders). Let’s say a band wants to use BT to distribute their latest album on the Internet. The band uses their torrent client to create a .torrent file – a small file containing metadata about where the album is stored on the band’s computer, a list of trackers which are “computers that help participants in the system find each other”, and a cryptographic hash of the album data . After the .torrent file is created, the band uploads it to the Internet. A fan sees the .torrent file and downloads it. Once this initial file transfer starts, the band is the seeder and the fan is a leecher. During the download process, the fan can also seed the part of the file that he has to other leechers on the network. In this kind of network, file availability and bandwidth increase as more seeders join.
  • The current “problem” with Bittorrent is that there aren’t really any tangible incentives to contribute to file availability via seeding. Certain “illegal” websites offer imaginary Internet points and special access to forums, but these incentives don’t translate into real world financial value. Of course some people like to seed out of good will, but let’s face it… money wins. That’s why TRON’s acquisition of Bittorrent is so interesting to me. By introducing a token, whether it’s TRX or some other token, as an incentive for seeding, suddenly people will have financial motivation to contribute to file availability and network bandwidth.

Dennis Rodman shills Potcoin at the USA-North Korea summit in Singapore.

I’m just going to leave this here.

Yes, that’s Dennis Rodman arriving in Singapore for the monumental USA-North Korea summit wearing a Potcoin t-shirt. The shill is strong. Meanwhile, Potcoin has pumped 15% as a result of this… sign of adoption?
Watch the full video here.

Ethereum Classic, ETC, to be supported on Coinbase.

In a recent tweet, Coinbase has announced it will be supporting ETC on its exchange platform in the “coming months”.

  • I haven’t been paying much attention to ETC, so I was pretty surprised to see it consistently has more network transactions per day than BCH.
  • In light of the recent CFTC probe into market manipulation by exchanges, it will be interesting to see how Coinbase will dump its large stash of ETC that it never distributed to ETH holders on the platform following the fork. Remember what happened after the Bitcoin Cash listing last year?

My Binance Account with $50K has been Hacked, Please Help Me

This was the title of a Reddit thread I saw today. Here’s a screenshot in case the thread ever gets deleted or moved.

Hello, I have been impersonated and sim swapped, they hacked my emails, twitter, facebook, exchanges, literally everything including binance, which they stole 2 btc (daily limit) from today and will steal more if the account isn’t frozen by tomorrow. They logged in and somehow disabled my google authenticator and I cannot get into my account, microsoft is working on giving me the hacked email back that is related to binance but they say it will take 3 days to escalate the ticket. In 3 days the hackers will have already taken my entire balance so I really need the binance account frozen now before they can steal more. Luckily I was able to freeze all other exchanges I had money on but please upvote guys I really need this resolved. Also if someone from Binance sees this I submitted support tickets under an alternate email but don’t think that will do much and it definitely won’t be answered within a day so please help me out ?

  • When your coins are on an exchange, they don’t belong to you. It doesn’t matter if you’re using GDAX, Binance, or shitty Cryptopia. You don’t hold the private keys to those coins, so they’re simply IOUs.
  • If you must keep funds on an exchange for whatever stupid reason, then at least choose a decent one. GDAX seems to be the most trusted one in the industry. If you’re trading altcoins, I guess Binance is the best option.
  • The amount you keep on an exchange should be an amount you’re willing to lose at any moment. Sorry, that’s just the reality of crypto until we have more regulation and security standards. If you choose to keep $50,000 on an exchange, don’t feel bad if it’s all gone one day.
  • “Withdrawals are so expensive” is a terrible excuse. Binance charges 0.0005 BTC for BTC withdrawals. Spending 0.0005 BTC on security is better than risking $50,000. If withdrawing your crypto at the end of a trading day eats up all your profits, it’s best to go find a 9-5 job.
  • Don’t use SMS-based 2FA. Mobile carrier security protocols are notoriously lax, and it’s so easy for someone else to gain access to your phone number. Google Authenticator is a slightly more secure option, but only if you keep your seed key in a safe place and don’t lose your phone.
  • Binance handled this very well by locking the account within a reasonable amount of time. I guess this is a situation where the 2 BTC daily withdrawal limit is a good thing. The damage could’ve been a lot worse if the user had been verified and cleared for a 100 BTC limit.


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