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UK Treasury Committee Calls for End to ‘Wild West Situation’ in Crypto Market

The U.K. Treasury Committee has called for the expansion of cryptocurrency regulations in the country, citing concerns over investor protection and money laundering.

The U.K. Treasury Committee is calling for cryptocurrency regulations in order to protect investors, the BBC reported September 18.

The committee of Members of Parliament (MPs) in the House of Commons has reportedly called for a resolution to certain issues surrounding digital currency such as listing price volatility, poor consumer protection, the risk of hacker attacks, and money laundering.

As the BBC reports, the Committee also urged the Financial Conduct Authority (FCA) to supervise cryptocurrencies, though presently the FCA is not legally enabled to regulate either issuers of digital assets, or cryptocurrency exchanges.

Nicky Morgan, the chair of the Treasury Committee, is quoted saying that “it’s unsustainable for the government and regulators to bumble along issuing feeble warnings to potential investors, yet refrain from acting.” Morgan added that regulation should at least address the problem of consumer protection and anti-money laundering (AML). The Treasury Committee said:

“As the government and regulators decide whether the current Wild West situation is allowed to continue, or whether they are going to introduce regulation, consumers remain unprotected.”

CryptoUK, a self-regulatory trade association for the U.K. cryptocurrency industry, noted the Committee’s recommendations. Iqbal Gandham, the association’s chairman, said that “regulatory oversight is essential to ensuring consumer safety, guarding against malpractice and providing much needed clarity to an industry that is fast maturing.”

In May, CryptoUK addressed the Treasury Committee to advocate for favorable regulations, citing its intention to examine the role of digital currencies in the U.K., including risks connected to their usage by consumers, businesses, and the government.

CryptoUK then said that HM Treasury should impart new competencies upon the FCA, which would allow it to control cryptocurrency investment. The organization argued that regulations should focus on trading platforms and brokers, rather than the assets themselves.

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XRP Price Analysis: XRP Adds 20 Percent without CoinBase, SEC Support

The last week has been an eventful for XRP and Ripple the company. Straight from releasing an upgrade of their Ledger to Sargar hinting of xRapid launch in the next month or so, XRP bulls are on overdrive and up a massive 20 percent in the last day. Needless to say, it appears as if XRP prices are bottoming up thanks to yesterday’s high volume rejection of 25 cents. If it stays as it is, then we might see gains above 40 cents confirming last week’s XRP price analysis.

XRP Latest News–XRP Price Analysis

No doubt, the silence and the subsequent failure of the SEC to authoritatively categorize XRP is unsettling for coin investors. While Ripple has insisted that it is a distinct company and can’t influence the prices of XRP, it continues to improve on their ledger which they so depend for execution of their enterprise-level products. Through various soft forks as XRP Ledger version 1.1.0, the company is trying everything they can to be on the right side of SEC “investment contract” filter, the Howey Test.

As it stands, pundits and critics alike are shifty on their position and if SEC follow through confirming that indeed XRP value and profit margins are dependent on the “works of a third party”, prices of XRP will surely tank. This declaration will simply mean XRP shall be under the oversight of the SEC and token holders have to register their holdings with the regulator for tax purposes.

It’s along these lines that Ripple developers are now urging nodes to upgrade to XRP Ledger Version 1.1.0 by Sep 27, 2018. By introducing DepositPreAuth Amendment that is designed to work in tandem with DepositAuth Amendment, users can at anytime pre-approve incoming transactions and even whitelist addresses. Aside from this, the upgrade improves on contentions around fix 1515 while withdrawing support for the sign and sign for commands from Ripple APIs.

XRP Price Prediction

Weekly XRP Price Chart

Technically—and controversially, the path of least resistance is southwards, towards 15 cents. At one time, that projection was far-fetched but at current XRP valuation, it’s clear that sellers have been rampant even after yesterday’s sharp increment. Now, though XRP prices are up 20 percent, odds are buyers would have a hard time building on last week’s attempts. This is due to the confirmation of week ending Aug 12 bear break out by end of week ending Sep 9 losses. Like before, our XRP trading stand is clear: XRP buyers have an uphill task as long as prices are trading below the 35 cents-40 cents resistance zone.

Daily XRP Price Chart

In this time frame, yesterday’s 20 percent rapid gains at the back drop of high volumes confirms bullish attempts of last week’s second half. Notably, a stand out in recent price movement has not been about price—they have been in consolidation for the better part of the week, but on the degree of break out and the involvement behind that surge from 25 cents—our minor sell trigger line and support.

All things constant, we suggest initiating small position longs knowing very well that any move above 45cents validates our long term XRP price analysis. As such, today we recommend buying on dips now that our buy triggers are valid. Yesterday’s surge above 30 cents did invalidate previous XRP price predictions.

Disclaimer: Views and opinions expressed are those of the author and aren’t investment advice. Trading of any form involves risk and so do your due diligence before making a trading decision.

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Bitfury launches new suite of Bitcoin mining hardware

Bitfury Group, the full-service blockchain technology company today launched a new generation of bitcoin mining hardware, led by its newest bitcoin ASIC chip, Bitfury Clarke. Building on their successful 5 generations of mining chips, the Bitfury Clarke…

Bitfury launches new suite of Bitcoin mining hardware

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Ripple XRP Price Prediction — Three Reasons We Could See $5 In 2019

If you think cryptos will return back to all-time highs, Ripple would present a greater ROI compared to a coin like Bitcoin. This is because, at its current price of… Continue reading “Ripple XRP Price Prediction — Three Reasons We Could See $5 In 2019”

The post Ripple XRP Price Prediction — Three Reasons We Could See $5 In 2019 appeared first on UseTheBitcoin.

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Blockchain Platform Allows any Phone-owner to Sell Content

Blockchain-based media platform Snapparazzi released the public prototype example of its eponymous blockchain-based content platform just yesterday, and it appears to post a significant threat to the troubled status quo of the media industry. 


Rise of social media

The content market has changed drastically over the past 10-20 years and is mainly represented by mainstream media outlets and independent/alternative content creators.

Issues resulting from this gap include reduced public trust in mainstream media organizations, elite talent circles, and a reduction in intellectual diversity.

Subsequently, the phenomenon of independent content creators and reporters has come to fruition: who range from travel documentarians to product and media reviewers, independent journalists, artists, and much more.

They have helped grow the platform, been launched to success by the platform, and in some cases – made small fortunes.

Problems within problems

The early days of these sites saw ordinary people, often far from the realms of “professional” entertainers, being afforded the opportunity to upload their creations and potentially achieve fame or relative fortune through cyberspace.

Since the days of ‘Chocolate Rain’ however, concerns such as YouTube demonetisation – which affects how much creators are paid, proportional to their channel size and popularity – have catalyzed a growing chasm even within the creator communities.

The saturation of creators suggests that there is certainly a demand coming from the suppliers of content however the lack of tangible rewards offered by existing models has arguably left a gap in the market that has been unaddressed for many months.

Power to the phones

It’s safe to say that almost everybody carries a phone in their possession with over 5 billion users expected worldwide by 2019. With phones acting often as an all-in-one personal device, it means that everybody has the potential to be a creator as well as a viewer of audio-visual content.

Snapparazzi hopes to dissolve the line between content creator and viewer by connecting users to advertisers and professional media organizations through their forthcoming mobile application.

It will allow anybody with a smart device to capture and market content and sell it in return for cryptocurrency based rewards, with users effectively answering local ‘bounties’ facilitated by geo-locational technology.

In all, the team claims that one of the primary objectives of this is “to reward exceptional and popular content creators”. This is achieved through a much larger proportion of the rewards going straight to the creator compared to standard platforms – and those trading content on the platform are fairly judged based on quality of work, rather than quantity of channel subscribers.

Even the viewers of content on the platform are able to earn currency in return for opting into viewing advertisements.

Everybody earns

To be more specific, the content creator is specified to receive 60 percent of all advertising revenue and 80 percent of the amount paid by the purchasing party, with the remainders going towards compensation of viewers of content – as well as a unique party in their decentralized eco-system who they call ‘moderators’.

Moderators play the role of content approval and authentication, in place of solutions such as in-house teams or proprietary self-learning algorithms used by many top platforms at present. To maintain impartiality, Snapparazzi will rely on community-sourced human moderators who in turn have a digital reputation based on accuracy rates.

The full version of Snapparazzi’s mobile app is due for release next month. The presale launched in tandem with the MVP, as well as round two of their airdrop. Each SnapCoin (SNPC) will cost $0.18 for the duration of this period.

With over $5 million in funds already secured through private investment rounds, it is more than likely that the team will accomplish the goals set for their public initial coin offering (ICO) in no time.