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cryptoquicknews-blog · 5 years

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Hodler’s Digest, February 4–10: Top Stories, Price Movements, Quotes and FUD of the Week

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Top Stories This Week

Facebook Reportedly Acquires Blockchain Startup in First Blockchain-Related Acquisition

Social media network Facebook has reportedly acquired blockchain startup Chainspace in its first apparent blockchain-related acquisition. According to news outlet Cheddar, the acquisition is considered an “acquihire,” or an acquisition of a company made in order to get the skills or expertise of its staff, as opposed to the company’s service or products. According to Cheddar, four of the five researchers that worked on Chainspace’s academic white paper will be joining Facebook. Facebook had told Cheddar that it had not acquired any of Chainspace’s technology.

Leaked Mt. Gox Info Purports to Show $318 Million in Bitcoin, Bitcoin Cash on BitPoint

According to leaked documents reportedly showing the rehabilitation proceedings of defunct cryptocurrency exchange Mt. Gox, the trustee for the process has sold around $318 million in Bitcoin (BTC) and Bitcoin Cash (BCH) on trading platform BitPoint. The information, which purportedly comes from the Tokyo District Court, shows incomplete scans of transaction at BitPoint, reportedly confirming that Mt. Gox trustee Nobuaki Kobayashi sold coins on a major exchange to repay creditors. CEO of United States exchange Kraken Jesse Powell has previously noted that Kraken’s suggestions for selling coins in an auction or with an OTC broker were not acted on.

Venezuela’s New Crypto Legal Framework Comes Into Force, Doesn’t Mention Petro

Venezuela’s new crypto legislation, which establishes a legal framework for the industry, officially came into force at the end of January. The official set of rules, which makes no mention of the national cryptocurrency Petro, was initially approved by the Constituent National Assembly — an alternative to the country’s Parliament, created in 2017 — in November 2018. The bill lets the national crypto watchdog inspect crypto-related commercial activities in the country. Also this week, Bitcoin trading reached an all-time high in the country amid the hyperinflation and ongoing presidential crisis, above 2,000 BTC on the week.

QuadrigaCX Controversy Continues as Securities Regulator Begins Investigation

As research this week has alleged that major Canadian crypto exchange QuadrigaCX may not have the cold wallet reserves that it had reported, the Ontario Securities Commission (OSC) has initiated a probe into the situation. The exchange had filed for creditor protection after the death of its founder in late December, Gerald Cotten, who allegedly controlled all of the exchange’s funds. Roughly 115,000 customers are without access to their funds, and a court-ordered lawyer will receive the encrypted laptop — which allegedly contains the crypto reserves — from QuadrigaCX representatives as per a court order. Moreover, the crypto exchange’s lawyers are considering selling the company to cover the debts.

BitTorrent Token Sales Sells Out in Under 15 Minutes, Makes Over $7 Million

The BitTorrent token (BTT) sale on the Binance Launchpad platform that concluded earlier this week net $7.1 million with the sale of 50 billion tokens in under 15 minutes. The BTT is based on a Tron TRC-10 token and will be used in order to transact computing resources between BitTorrent clients and other service users. Each token was priced at $0.00012, and were sold on the Binance Launchpad in two simultaneous sessions, one for those using Binance’s native token and the other for those using Tron (TRX).

Winners and Losers

The crypto market has seen a slight uptick at the end of the week, with Bitcoin trading at around $3,654, Ripple at about $0.30 and Ethereum at around $117. Total market cap is at about $120 billion.

The top three altcoin gainers of the week are Guaranteed Ethurance Token Extra, Nullex and MMOCoin. The top three altcoin losers of the week are Ultra Coin, bitqy and DOWCOIN.

For more info on crypto prices, make sure to read Cointelegraph’s market analysis.

Most Memorable Quotations

“I only have bitcoin,”

Jack Dorsey, CEO of Twitter and Square

“Amazon will have to issue a currency sooner or later.”

Changpeng Zhao, CEO of Binance

“There are 2,000 cryptocurrencies out there, 95 percent of them are useless and will die a painful death. The sooner that happens, the better.”

Matt Hougan, Global Head of Research at Bitwise Asset Management and president at ETF.com

“Eventually, do I think someone will satisfy the standards we’ve laid out there? I hope so, yes, and I think so.”

Robert J. Jackson Jr., the SEC’s only Democratic commissioner, speaking about Bitcoin exchange-traded funds

“Thus, transparency and instantaneity are the true strengths of the blockchain, and should generate not only significant time savings and increased security, but also significant [financial] savings.”

Béatrice Collot, Head of Global Trade and Receivable Finance at multinational banking giant HSBC

“We need a change in our laws and that requires more interaction with lawmakers and regulators. We need to make Switzerland open and easy for companies to invest in blockchain projects.”

Daniel Haudenschild, recently elected president of the Swiss Crypto Valley Association

FUD of the Week

US Lawsuit Alleged Investment Group Duped Investor Into $2 Million Token Purchase

A U.S. lawsuit this week has alleged that New York-based investment group Blue Ocean Capital Group Inc. had misled plaintiff Lijun Sun to purchase $2 million of the cryptocurrency MCash. The lawsuit notes that the MCash token was not properly registered with the U.S. securities regulators, and that the investment materials provided to Sun did not accurately represent the token or its terms of purchase. Sun has asked for a return of his investment as well as damages worth $6 million.

Zcash Discloses Already Fixed Vulnerability That Permitted Unlimited ZEC Counterfeiting

An official blog post from Zcash reported this week on the patching of a vulnerability that could have allowed an attacker to create infinite Zcash (ZEC). According to the post, the vulnerability was discovered in March 2018 by one of the Zcash developers. A solution for the problem was covertly included (in order to prevent exploitation by bad actors) in the Sapling network upgrade that was adopted last October. Since the variant of zk-SNARKs that contained the bug was implemented by other projects, Zcash noted that these projects have also taken appropriate actions.

Winklevii vs. Shrem: Judge Rules Twins Must Pay $45,000 in Shrem’s Legal Fees

A judge has ruled that Tyler and Cameron Winklevoss must pay $45,000 of crypto entrepreneur Charlie Shrem’s legal fees as part of an ongoing lawsuit. In the proceedings, the Winklevoss twins have previously instigated an investigation and asset freeze on Shrem after accusing the entrepreneur of failing to pay back 5,000 BTC from a 2013 trade deal. Shrem’s lawyer has denied the accusations, and a judge has removed the asset freeze. According to media reports, the lawsuit will cover new ground in June.

Best Cointelegraph Features

‘The NEM Foundation You Knew Before Is Gone,’ What Is Next?

After the NEM Foundation released an announcement this week about the state of their funds, revealing that they only had about a month of operations left, the crypto community has been questioning how things got to this point. Cointelegraph looks at the history of the Foundation and how this financial disaster could have come about.

Forbes ‘Fintech 50’ List, Reviewed: New Players, Veterans and Startups Which Didn’t Make the Cut

Forbes’ latest edition of “Fintech 50” has been released, this time with only six crypto and blockchain companies, as opposed to last year’s 11. Cointelegraph examines what made these companies stand out even amid the crypto bear market.

QuadrigaCX Is Filing for Creditor Protection Amid Liquidity Crisis, Community Remains Largely Skeptical

As the controversy around embattled Canadian crypto exchange QuadrigaCX deepens, Cointelegraph gives a rundown of the exchange’s legal history, current legal problems, and some of the questions raised concerning the death of its founder and the locations of its cold wallet reserves.

How We Will Remember the Year of the Dog? ICO Market Decline, Trend Toward Compliance and Other Takeaways

And happy Chinese New Year to all our Hodler’s who celebrated this week! We here at Cointelegraph looked at all of the major events that have taken place during the Year of the Yellow Mountain Dog.

#crypto #cryptocurrency #btc #xrp #litecoin #altcoin #money #currency #finance #news #alts #hodl #coindesk #cointelegraph #dollar #bitcoin View the website

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jacobhinkley · 6 years

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What Is NulleX?

There is no shortage of cryptocurrencies focusing on privacy. NulleX aims to differentiate itself in this market through a zero-trace privacy ecosystem. The currency is powered by the Null protocol, which is designed to offer users the privacy that they look for and deserve. Another competitor has emerged to challenge Monero and Dash.

The NulleX Principle

It is evident major cryptocurrencies such as Bitcoin and Ethereum lack any sort of privacy or anonymity. As such, the market focuses on privacy and anonymity currencies. Notorious names include Monero, Dash, ZCash, and PIVX. However, new projects emerge on a regular basis. Competition is a good thing, especially when it comes to currencies focusing on offering more privacy to their users.

How Does it Work?

Three main layers make up the NulleX concept. There is the Null Blockchain, which makes use of the Null Protocol. Its main purpose is to enable financial transactions and storage usage data. The Null Protocol keeps the information hidden from the public, even though the network is capable of verifying the necessary tidbits to ensure operations can occur as normal.

The Null Array is the part of the network which will seemingly facilitate privacy services. Numerous Null Array Verified nodes will be created around the globe. Owning such a node will result in a financial compensation for providing vital services to the NulleX ecosystem. Moreover, these nodes will oversee the burning and minting of new coins, as well as enforce the governance rules of the network, among other things.

Last but not least, there are the Null Applications or nApps. These decentralized, autonomous, and self-executing applications leverage the Null protocol to offer valuable services and unlock new product models. Potential use cases range from GPS services to social messaging and online shopping. All of this will be achieved while providing privacy features to users at all times.

The Road Ahead

For a relatively new cryptocurrency, NlleX has a rather lengthy roadmap. The team has successfully achieved the rollout of Null Array Nodes, which helps elevate the network to a whole new level. Behind the scenes, the implementation of Zerocoin is slowly inching toward completing. with a testnet release expected for Q4 of 2018. The mainnet release of the Null protocol will not happen soon, by the look of things. although it is still one of the top priorities.

What Is NulleX? published first on https://medium.com/@smartoptions

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legit-scam-review · 5 years

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Top Stories, Price Movements, Quotes and FUD of the Week

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The post Top Stories, Price Movements, Quotes and FUD of the Week appeared first on Review: Legit or Scam?.

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cryptswahili · 5 years

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NulleX Drama Explained – Team Annnounces Plans for a Fork / Swap

Cryptocurrency is still a relatively new industry. As such, there are plenty of lessons to be learned and mistakes to be made when it comes to various projects and services. Recently, the NulleX project has split up due to an internal conflict within the team. Let’s talk about what happened exactly and what lessons can be learned from the recent events.

What Happened?

It all started on January 7th when the official NulleX twitter account posted a series of tweets that claimed that Erik – NulleX’s Co-founder – has been fired.

Hello everyone. I regret to inform you guys that after the poor performance of NLX last year and mismanagement of the team that I have had to fire Erik. We are bringing in new management this year and expect great things. #onwardsandupwards

— NulleX (@NulleXOfficial) January 7, 2019

I ,Trystan… am banned from the telegram channel. Any words from me in the main chat, support channel, or official announcments is not from me.

— NulleX (@NulleXOfficial) January 7, 2019

So I hear that the fired team members want you to swap your NLX for a new coin there going to get listed somewhere? I wouldn't reccomend that.

— NulleX (@NulleXOfficial) January 7, 2019

The person behind the tweets is Trystan – the lead developer behind NLX. The disagreement came down between the two team members who at the end of the day weren’t satisfied with each others’ performance. After speaking with Trystan, he claims that the team “demand[s] changes then then blame me for those changes.”

There have been a few hiccups when it comes to some upgrades for NulleX which put some stress on the developer. For example, the NulleX team was excited to release DMRS (Dynamic Masternode Rewards System), which unfortunately caused a split and an instability in the chain. This caused the team to revert back to a previous version of NLX in order to fix the issues. However, this caused negative pressure in the market which in turn caused the NLX price to lose quite a bit of value. Obviously, the team wasn’t happy with the failed launch of DRMS as that was hyped extensively on their social channels.

While the failure of DMRS wasn’t the straw the broke the camel’s back, it definitely added to the internal struggle of the team. Erik released an official statement on the NulleX telegram channel which reads as follows:

“After months of struggling with the development of the project, Trystan was not able to deliver the promised DMRS/Zerocoin/Null Protocol and other features, as listed on the roadmap. We proposed, several times, to add more resources (developers) in order to deliver the promises made. This was turned down every time by Trystan, who is also holding and using the team budget, without consulting the team first. We have been left with no option but to announce a fork/swap from him so that we can move on and keep developing the project accordingly.”

When it comes to allegation of Trystan refusing to hire a new developer, he responded with the following on the discord channel:

“I refused to hire 1 new developer who was only here to help Joe with his software[.] And I didn’t even refuse.”

Trystan did confirm that he holds the team budget and provided a screenshot of the two wallets with a combined value of over 3 million NLX.

Who Owns What?

Because of the collaborative nature of the project, different team members from different sides own different resources of NLX. Trystan has control over the NulleX budget, the official NulleX twitter account, the official NulleX discord channel and the NLX github. On the other hand, Erik has control over the Nullex.io domain and the official telegram channel. As such, it’s important to understand that depending on what channel you look at, the views on the recent split will be different.

What Will Happen Moving Forward?

As of right now, there are no set plans in place for what will happen moving forward. Looking at their telegram channel it seems that most of the team members sided with Erik and will be moving forward without Trystan. Their plan is to either fork or swap NLX to a different project.

On the other hand, Trystan is planning to stick with NLX and continue working on the project. When asked about any future development plans Trystan said:

“No I dont have anything concrete at the moment tbh. This wasnt a planned event. I have a few people that I’m interviewing, I have a few old team members that Erik pushed out that expressed a desire to return now he is gone… the Null Protocol is in full development by myself. There are a couple other coins that have beat me to the punch developing the concept, good news is that their testing it right now. As soon as they release the code I can adapt it to NLX with no problems. None of those guys that left are developers. Not like I could put tasks to them… I’ve been the only developer here ever.”

Lessons to Be Learned

There are a few lessons to be learned from the NulleX team split. The first one is that a complete decentralization of the ownership of a budget and important social media is required for any cryptocurrency project. If only a few people own the major communications channel of a project, it creates an avenue for team members to take sides and make decisions without the other team members’ approval.

The second lesson to be learned is that when a disagreement does happen, it’s important to handle it with extreme caution. The NLX price dropped over 50% since the announcements on January 7th, that is after the cryptocurrency was already doing relatively poorly due to the failed DMRS implementation.

If the split had been handled more professionally and without emotions, the price of NLX could have been saved from the major dump. At the end of the day, one has to keep in mind that regardless of the internal disagreements of the team it’s important to protect investors who put their faith in the project.

Having a chance to speak to one of their investors on telegram “Shake And Bake,” he had the following to say:

“This entire thing has me furious man. I was one of the biggest holders, team kept encouraging me to buy no signs of conflict. For it to happen like this during this where I took a 20k loss, I’m speechless. Was one of my golden tickets.”

It pains me to see the people who invested their hard earned money into NLX, only to see the project fail. Some have even told their friends and families to invest in NLX, and losing someone else’s investment is almost worse than losing just your own.

When leading a cryptocurrency project it’s important to put all egos aside especially when it comes to something as unpleasant as a team split. We can only hope that the new NLX or the new project that comes from this split will regain the community’s confidence and allow for an out for those investors that took a huge loss during the recent events.

The recent NLX news has also been covered by mnmmg (masternode money making guide), which you can read about here: http://mnmmg.com/nullex-developers-announce-project-fork-and-coin-swap/

Join the NulleX discord channel here: https://discord.gg/wshA73K

Join the NulleX Telegram channel here: https://t.me/NullexOfficial

Image(s): Shutterstock.com

The post NulleX Drama Explained – Team Annnounces Plans for a Fork / Swap appeared first on NullTX.

[Telegram Channel | Original Article ]

#cryptocurrency

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