Cryptocurrency

[FrontEnder]

Oi pooper, you've missed this news bit:

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Arrested BitConnect kingpin is connected to yet another cryptocurrency scam

Nearly eight months after BitConnect pulled one of the most iconic exit scams in cryptocurrency history, the authorities across the globe are still catching up with the crooks behind the pyramid scheme.

The Indian police arrested Divyesh Darji, the alleged Asia head of BitConnect, on Saturday, local publication DNA India reports. Darji was travelling from Dubai to Delhi, when he was nabbed at the Airport by Gujarat Criminal Investigation Department (CID) officers, with the help of the immigration department.

With the last cryptocurrency exchange that still trades BitConnect now discontinuing it, and this crackdown of authorities against BitConnect architects, it does seem that BitConnect is breathing its last. But it’s not his BitConnect connection that makes Darji’s arrest interesting, it’s his connection to other suspected cryptocurrency scams in India.

https://thenextweb.com/hardfork/2018...cy-scam-india/

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TulipCoins == Scam, same as "timeshare" even though some of which could have been (and maybe is) legit.

Bitconnect was an obvious scam, we've discussed it in here and I'm pretty sure everyone here avoided it.

[Zigenare]

Bitconnect was an obvious scam, we've discussed it in here and I'm pretty sure everyone here avoided it.

And so it starts...

as value of cryptocurrencies falls a lot of new and risk taking investors are suffering immensely

After the latest round of big price drops, many cryptocurrencies have given back all of the enormous gains they experienced last winter. The value of all outstanding digital tokens has fallen by about $600 billion, or 75 percent, since the peak in January, according to data from the website coinmarketcap.com. The New York Times:
The virtual currency markets have been through booms and busts before -- and recovered to boom again. But this bust could have a more lasting impact on the technology's adoption because of the sheer number of ordinary people who invested in digital tokens over the last year, and who are likely to associate cryptocurrencies with financial ruin for a very long time. [...] By many metrics, more people put money into virtual currencies last fall and winter than in all of the preceding nine or so years. Coinbase, the largest cryptocurrency brokerage in the United States, doubled its number of customers between October and March. The start-up Square began allowing the users of its mobile app, Square Cash, to buy Bitcoin last November.

[...] Kim Hyon-jeong, a 45-year-old teacher and mother of one who lives on the outskirts of Seoul, said she put about 100 million won, or $90,000, into cryptocurrencies last fall. She drew on savings, an insurance policy and a $25,000 loan. Her investments are now down about 90 percent. "I thought that cryptocurrencies would be the one and only breakthrough for ordinary hardworking people like us," she said. "I thought my family and I could escape hardship and live more comfortably, but it turned out to be the other way around."

[...] In the United States, Charles Herman, a 29-year-old small-business owner in Charleston, S.C., became obsessed with virtual currencies in September. He said he now felt that he had wasted 10 months of his life trying to play the markets. While he is essentially back to the $4,000 he put in, he has soured on the revolutionary promises that virtual currency fanatics made for the technology last year and has resumed investing his money in real estate. "I guess I thought we were 'sticking it to the man' when I got on board," Mr. Herman said. "But I think 'the man' had already caught on, and had an exit strategy."

A fool and his/her money...

[b0redom]

https://www.carbon.money

When running it'll be paired with the dollar. However, unlike Tether, it does not require dollars in a bank (Which Tether will not prove that they do).

Instead Carbon will adjust the circulating supply. So if you hold 10 tokens and there's a bear market people will start buying lots of Carbon. Carbon will automatically create more tokens to meet demand and maintain parity with the dollar. Your 10 tokens will become 100, 1000, 10 000 and so on.

I'll likely buy a bunch during the next bull run.

So that works for quantitive easing, but what happens when there's a bull market and people start selling? Are they committing to buying back coins which are rapidly shrinking in value?

[Hobosapien]

So that works for quantitive easing, but what happens when there's a bull market and people start selling? Are they committing to buying back coins which are rapidly shrinking in value?

They have a whitepaper on their site if you (or anyone) fancies reading it and giving us the brief overview of why this coin is different and worth keeping an eye on. Ta.

[scooterscot]

So that works for quantitive easing, but what happens when there's a bull market and people start selling? Are they committing to buying back coins which are rapidly shrinking in value?

Contraction
When coins are trading for less than $1, Carbon Credits are auctioned off via a reverse dutch auction to market participants willing to burn their stablecoins, creating upward price pressure, appreciating the stablecoin price back up to $1.
When the oracle indicates that the exchange rate is below a dollar, the smart contract will initiate an auction for new carbon credits. The CUSD received will be burned, diminishing supply thus raising the price.

Expansion
When coins are trading for more than $1, coins are distributed to Carbon Credit holders pro rata, creating downward price pressure, bringing the stablecoin price back down to $1.
This system has several key benefits: It has a very simple ROI formula, making the Carbon Credits easy to price which will translate to a higher degree of price stability. As the token supply should gradually expand at a diminishing rate (volatility should go down as volume increases) so we anticipate over the longer term a pricing effect similar to that of other logarithmically diminishing coins such as Bitcoin and Ethereum. We expect this system to result in more efficient performance of the Carbon Credit distribution formula due to the simplicity of calculating ROI.

Its all here: https://www.carbon.money/whitepaper.pdf

[TheGreenBastard]

Contraction
When coins are trading for less than $1, Carbon Credits are auctioned off via a reverse dutch auction to market participants willing to burn their stablecoins, creating upward price pressure, appreciating the stablecoin price back up to $1.
When the oracle indicates that the exchange rate is below a dollar, the smart contract will initiate an auction for new carbon credits. The CUSD received will be burned, diminishing supply thus raising the price.

Expansion
When coins are trading for more than $1, coins are distributed to Carbon Credit holders pro rata, creating downward price pressure, bringing the stablecoin price back down to $1.
This system has several key benefits: It has a very simple ROI formula, making the Carbon Credits easy to price which will translate to a higher degree of price stability. As the token supply should gradually expand at a diminishing rate (volatility should go down as volume increases) so we anticipate over the longer term a pricing effect similar to that of other logarithmically diminishing coins such as Bitcoin and Ethereum. We expect this system to result in more efficient performance of the Carbon Credit distribution formula due to the simplicity of calculating ROI.

Its all here: https://www.carbon.money/whitepaper.pdf

Sounds like it would require a efficient market, which I doubt it will have the volume for. Plus is it just another tulipcoin (ERC20 token) on the back of ETH?

[scooterscot]

The point is it takes trust out of the equation. With Tether you have to believe they're holding the currency. They've refused point black to do so.

[TheGreenBastard]

The point is it takes trust out of the equation. With Tether you have to believe they're holding the currency. They've refused point black to do so.

I don't trust this will keep parity with the dollar either because it won't have an efficient market. I'd trust a backed crypto like Tether more if I'm after USD tracking.

[scooterscot]

Zencash has not been rebranded to Horizen. In time the platform is used to exchange material securely and anonymously as well as value.

The new site: https://horizen.global

[AtW]

oh dear:

China shuts down blockchain news accounts, bans hotels in Beijing from hosting cryptocurrency events

The two incidents are the latest instances of China’s continuing crackdown on cryptocurrencies, which began last September with bans on local exchanges and ICOs

https://www.scmp.com/tech/article/21...ocurrency-news

Very soon China will start executing "miners" - the control of tulipcoins will be in the hands of Chinese Govt and they will shut it down for good, you've heard it on here first