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redmanjp wrote:Wish i could figure out d next coin that going to explode
paid_influencer wrote:bitconnect coin (BCC) down 97.4% today.
That doesn't seem so bad until you realize the hard limit is being down 100%.
Bitcoin Plummets as More Governments Crack Down on Cryptocurrencies
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By RYAN DEROUSSEAU 9:41 AM EST
Bitcoin lost more than a quarter of its value while Ethereum fell by nearly a third on Tuesday, as yet another country has begun to crackdown on the cryptocurrency craze.
The latest government to tighten the strings: China.
Chinese authorities say they will strengthen a ban put in place late last year to prevent its citizens from using cryptocurrency exchanges, Bloomberg reported.
The new rules will block access to cryptocurrency platforms that provide trading services, including mobile apps that function like exchanges, both in and out of the country. To further curb trading, China is also cracking down on related functions such as clearing services.
China’s efforts come on the heels of South Korea’s crackdown, in which government officials hinted that they might ban cryptocurrency trading altogether.
The news sent Bitcoin plunging below $10,000, and the leading cryptocurrency has lost about half its value since peaking near $20,000 in late December.
Which governments are cracking down on cryptos?
Among early adopters and traders, the big appeal of cryptocurrencies is their relative lack of regulations.
But as more and more countries begin to place restrictions on cryptocurrencies, trading volumes are likely to slow, which could deflate the price of these investments.
China isn’t alone in this trend of cracking down on these much-hyped tokens. Countries all over the world have instituted or discussed increasing oversight of the currencies.
So far, several countries have outright banned the trading of Bitcoin and other cryptocurrencies, including Bangladesh, Bolivia, Ecuador, Kyrgyzstan, Morocco, and Nepal.
But it’s the regulators in large cryptocurrency markets that really matter.
What will Russia do?
Thus far, Russia has had a rather seesaw relationship with cryptos.
In October, the Kremlin began blocking access to currency exchanges in the country, which came only a month after a promise to legalize the market.
Eleven days after the announced block, President Vladimir Putin issued five orders that needed to be satisfied in order to allow for crypto use. This included forming strategies to tax miners that dig for new cryptocurrencies, regulating ICOs, and producing a plan to create a “single payment space,” likely as a way to digitize the Russian ruble.
The Kremlin has provided few specifics on how these measures will look, but it’s clear the free crypto market won’t be a free-for-all in Russia.0
paid_influencer wrote:what goes down must come up
richardxsingh wrote:Bitconnect is a scam.
Just started looking into this. Might really be worth it especially as our electricity rates are low.cryotec wrote:you guys could try mining it; it is pretty profitable if you could get your hands on some gpus
zorced wrote:cryotec wrote:you guys could try mining it; it is pretty profitable if you could get your hands on some gpus
D Phil wrote:I keep far away from scams. Don't gamble with my money.
Only buy solid projects.
I had tron from 0.002
Substratum from 0.10
Power from 0.08
Etc
drchaos wrote:Big whales are shorting the market and keeping it low until the 26th when the second futures contract expires.
After that expect them to go long that's when we should get another bull run.
redmanjp wrote:drchaos wrote:Big whales are shorting the market and keeping it low until the 26th when the second futures contract expires.
After that expect them to go long that's when we should get another bull run.
which coins though?
'Crypto-heist': Coincheck Hack Could Be The World's Biggest Ever Cryptocurrency Theft
Gaurav Sharma , CONTRIBUTOR
One of Asia’s biggest digital currency exchanges – Coincheck – has admitted the loss of around $534 million worth of cryptocurrency following an attack on its network.
The Shibuya, Tokyo, Japan-based company said hackers broke in at 02:57am local time on Friday (12:57pm EST on Thursday, 25 January). However, the breach went undetected for nearly another eight and half hours.
Most of the losses pertain to a lesser-known cryptocurrency NEM; the world’s tenth-largest by market value. As an interim measure Coincheck has suspended deposits and withdrawals for all cryptocurrencies, except Bitcoin, as it attempts to get a handle on the situation.
Yusuke Otsuka, Chief Operating Officer of Coincheck, said the stolen funds were kept in an online 'hot wallet' as opposed to a much more secure offline 'cold wallet.'
Japan's Financial Services Agency and the police have been notified. Otsuka added: "We know where the funds [totaling 523 million NEMs] were sent. We are tracing them and if we're able to continue tracking, it may be possible to recover them. But it is something we are investigating at the moment."
The company is still examining how many customers have been affected, and it is yet to be established whether the break-in had been launched from within Japan or another country.
Pending investigation, the episode could end up as the world’s largest cryptocurrency heist yet. It could eclipse the theft of $400 million from MtGox, another Tokyo-based exchange, which collapsed in 2014.
The author is an oil market analyst and Business Editor of IBTimes UK. Follow him on Twitter @The_Oilholic
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