Hong-Kong Protesters Call for a ‘Bank Run’ – Here’s what’s in it for Crypto

The 10th-week of the protest at Hong Kong the Chinese government rule took a dramatic turn as the protestors shut-down the international airports. It is one of the busiest airports in the world. While incidents of outbreaks were witnessed occasionally, it has mostly been a peaceful protest. Hong-Kong citizens, mostly comprising of teens and […]
Source: bitcoinwarrior
Hong-Kong Protesters Call for a ‘Bank Run’ – Here’s what’s in it for Crypto

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Case Against Ripple Toughens as SEC may “Hammer” XRP

Crypto Enthusiast: XRP Will Overtake Bitcoin For #1 Crypto By Q3 Of 2021 And Hit $109 By 2022

According to Tone Vays, derivatives trader & YouTube content creator in a tweet on August 14, 2019, the U.S. Securities and Exchange Commission (SEC) is coming after Labs with Thor’s Hammer. Vays’ comment was made regarding the lawsuit from several members of the public , the blockchain company behind XRP.

Members of Crypto Space File Lawsuits Against Ripple

Several people in the cryptocurrency community had filed lawsuits against Ripple since May 2018. However, the blockchain company was able to merge these suits in the California state to form one in the Federal court. The bone of contention of these plaintiffs is that Ripple had offered XRP as unregistered security for sale, illegally.

In a fresh update made to the lawsuit, the plaintiffs claim that XRP was sold as unregistered security which violates the registration provisions of federal and state securities laws. There are also claims that Ripple made false and misleading statements about XRP and falsely advertised the virtual asset.

The list of allegations goes on and on; however, the plaintiffs have tied their recent claims to SEC’s guidance for digital assets. Ripple has been ordered by the court to give an answer regarding the latest claim and has until September 19, 2019, to respond to the allegations. According to Jake Chervinsky, general counsel at Compound Finance, it is also the first time Ripple will speak in court substantively about the matter.

Tone Vays Warns SEC is Coming After Ripple

Tone Vays, on the other hand, while making comments about the lawsuit said the SEC is coming after Ripple with Thor’s Hammer. He further revealed that he would speak more about the matter in his Law Review podcast. Vays also called for comments from loyal followers of XRP stating that: “Come at me $XRP Army “of the Brain Dead” your scam coin should never have existed #Ripple Corp!”

As would be expected, not very many found Vays remarks very welcoming. A user, for instance, said Ripple has been fostering the adoption of cryptocurrency and its real-world usage. As such, Vays needs to be more appreciative of what the company is doing instead of always putting them down. Another opined that XRP would soon overtake Bitcoin to become the first cryptocurrency to receive regulatory approval.

Nonetheless, there were still certain users who ultimately agreed with Vays. According to them, Vays is right, and Ripple deserves what it has coming. Another said even if XRP succeeds to be adopted by banks globally, it could still crash as soon as fiat crashes. In their opinion, Ripple has tied itself too much to fiat.

The post Case Against Ripple Toughens as SEC may “Hammer” XRP appeared first on ZyCrypto.


Source: zycrypto
Case Against Ripple Toughens as SEC may “Hammer” XRP

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Bitcoin as a Hedge Against Uncertainty Is An Overstated Narrative

Demand for in Argentina and Hong Kong is such that locals are paying up to 10% above market price.

The ongoing unrest in both regions has led to soaring Bitcoin demand, as investors look to hedge the system. And once , Bitcoin has shown itself to be the default option when times get tough. But is this narrative an accurate reflection of reality?

Argentina’s Financial Markets Tank On Election News

Following the defeat of President Mauricio Macri, in Argentina’s primary elections over the weekend, the country is teetering on the edge of a financial disaster.

bitcoin

Outgoing Argentine President Mauricio Macri. Image courtesy of Shutterstock.

The shock defeat to left-wing Alberto Fernández left markets reeling. With the country’s main index, the MERVAL, plunging 48% on Monday to a new YTD low.

The Argentine Peso is also under pressure, having lost 15% of its value against the US dollar as markets opened following the weekend result. One Peso is now worth just under two cents.

Argentine Peso against the US Dollar since 2010. Courtesy of XE.

Many saw this election result as a way for the people to express their dissatisfaction with Macri’s austerity policies. However, attention now turns to the incoming administration, which some believe are more likely to renege on the country’s IMF loans.

In response to the market reaction, incoming president, Fernández blamed President Mauricio Macri by saying:

“Markets react badly when they realise they were scammed. We are living a fictitious economy and the government is not giving answers.”

And so, reports are circulating that Argentinians are increasingly turning to Bitcoin as a way to protect their assets. Rayne Steinberg, CEO at Arca, highlighted this trend by saying:

“Bitcoin is becoming the asset of last resort in areas of extreme currency devaluation and political uncertainty. In the last week alone, Bitcoin is up approximately 50% against the Argentine peso and trading at a significant premium on local exchanges. And they are not alone, joining the ranks of Venezuela, Hong Kong and Turkey who have also experienced similar shocks.”

Anti-Government Protests In Hong Kong Are Intensifying

Elsewhere, continuing political tensions in Hong Kong have seen reports that Beijing is posturing a military response to protestors.

Although Chief Executive Carrie Lam backed down on proposals to extradite personal on China’s wanted list, civil unrest in the Special Administrative Region did not fizzle out as expected.

Demand for Bitcoin in Argentina and Hong Kong is such that locals are paying up to 10% above market price.

Indeed, the general mood of Hong Kongers is down to more than just changes to extradition policy. Lam’s extradition proposal was merely the final straw in what has been years of increasing uncertainty for the Hong Kong people.

Is Bitcoin The Default Alternative For Most?

And in times of uncertainty, Bitcoin has, on more than one occasion, been championed as a viable alternative. Thus, lending support to the idea that Bitcoin is a way to protect assets during times of economic and political uncertainty.

However, Economist, Alex Krüger seeks to calm what he sees as irrational thinking. Indeed, Krüger pointed out that, in reality, the USD is the default alternative and not Bitcoin.

And while Krüger is not anti-Bitcoin as such, he thought it necessary to bring to light exaggerations that play off of national tragedies.

And Krüger is not the first to say this. Indeed, while Bitcoin has provided a lifeline for some Venezuelans, there are reports that its popularity is greatly overstated.

José Rafael Peña Gholam, Editor at CriptoNoticas, pointed out the prevailing scam sentiment, as well as the lack of internet access, present considerable barriers to mass adoption in the country. He wrote:

“Bitcoin can play an important role for some people in Venezuela. But cryptocurrency adoption is not massive and should happen in a more organic way. A lot of foreign crypto enthusiasts simply don’t understand our country. Don’t try to fit Venezuela’s crisis into your favorite crypto narrative.”

The post Bitcoin as a Hedge Against Uncertainty Is An Overstated Narrative appeared first on NewsBTC.


Source: newsbtc
Bitcoin as a Hedge Against Uncertainty Is An Overstated Narrative

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Coinbase Defends Against BCH Lawsuit From Users, Case Ongoing

is found not guilty of fraud, but the is not over yet


Source: cointelegraph
Coinbase Defends Against BCH Lawsuit From Users, Case Ongoing

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Ethereum Underperforms Against Bitcoin: What Next for Altcoins?

Ethereum

As everyone knows, the price of has a profound effect on the entire crypto market, and as the price of the world’s biggest cryptocurrency rose steadily over the first half of 2019, the entire crypto market profited. However, since July, has definitely entered choppier waters, and now the momentum has gone out of its sails. That being said, it is , long considered to be the only possible rival to Bitcoin, which has found itself in the middle of a free fall.

Will Ethereum Recover?

More importantly, Ethereum (ETH) has declined at an alarming …

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Source: cryptocurrencynews
Ethereum Underperforms Against Bitcoin: What Next for Altcoins?

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Bitcoin as a hedge against global turmoil, volatility in the equity markets, and escalating currency wars? Tom Lee weighs in on CNBC’s Fast Money

Bitcoin as a hedge against global turmoil, volatility in the equity markets, and escalating currency wars? Tom Lee weighs in on CNBC's Fast Money submitted by /u/BashCo
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Source: BTC
Bitcoin as a hedge against global turmoil, volatility in the equity markets, and escalating currency wars? Tom Lee weighs in on CNBC’s Fast Money

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Ethereum price analysis: ETH can get bullish against BTC

price analysis (BTC) reveals that the (ETH)  price has been fluctuating widely since July 16 this year, however, now the price has taken a set route. ETH/BTC pair reached a low of 0.020 Bitcoins on July 16 then bounced back to 0.0224 Bitcoins the very next day. Then the price decreased […]
Source: bitcoinwarrior
Ethereum price analysis: ETH can get bullish against BTC

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NYAG Argues Against Continued Stay of Demands for Bitfinex

New York’s Office of the Attorney General has issued a swift rebuttal to the defendants’ cost complaints in the ongoing Bitfinex and Tether


Source: cointelegraph
NYAG Argues Against Continued Stay of Demands for Bitfinex

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NYAG Argues Against Continued Stay of Demands for Bitfinex

NYAG Argues Against Continued Stay of Demands for Bitfinex

This article was originally posted on Cointelegraph – an independent publication covering cryptocurrency, the blockchain, decentralized applications, the internet of finance and the next gen […]
Source: cryptonewsmonitor
NYAG Argues Against Continued Stay of Demands for Bitfinex

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UK Court Decides Against Craig Wright’s Defamation Case Against Roger Ver, Citing Lack of Jurisdiction

A judge in the United Kingdom has recently decided to shut down the infamous defamation that Craig Wright has started Roger Ver some months ago. According to the judge, the case was weak and “inappropriate”, so there was no reason to move forward with it. In order to understand the case and why […]
Source: bitcoinexchangeguide
UK Court Decides Against Craig Wright’s Defamation Case Against Roger Ver, Citing Lack of Jurisdiction

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