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After googling it, CFTC boss says DeFi is a ‘bad idea’ and probably illegal

CFTC Commissioner Dan M. Berkovitz has called for a crackdown on unregulated DeFi derivatives platforms.

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Commissioner Dan M. Berkovitz of the Commodity Futures Trading Commission (CFTC) believes DeFi derivatives platforms may contravene the Commodity Exchange Act (CEA).

Speaking as part of a June 8 keynote address dubbed “Climate Change and Decentralized Finance: New Challenges for the CFTC,” Berkovitz notes that:

“Not only do I think that unlicensed DeFi markets for derivative instruments are a bad idea, but I also do not see how they are legal under the CEA.”

Berkovitz noted that the “CEA requires futures contracts to be traded on a designated contract market (DCM) licensed and regulated by the CFTC,” however he asserts that no DeFi platforms are registered as DCMs or SEFs.

During the keynote, the commissioner emphasized the need for regulators to become familiar with DeFi derivatives and other applications amid the booming growth of the sector.

He referenced the huge amount of liquidity pumped into the market over the past twelve months, noting that now that “you’re talking real money” there needs be stringent regulation in place to protect DeFi consumers:

“Given the explosive growth of this sector, federal regulators should become familiar with this new technology and its potential uses and be prepared to protect the public against misuse.”

Interestingly, Berkovitz references a Wikipedia definition of DeFi, and notes that his research was based in part on a Google search. “If you type “DeFi” into Google search, a top link is to a CoinDesk article, ‘What is DeFi?’;” he said.”[It’s] an umbrella term for a variety of financial applications in cryptocurrency or blockchain geared toward disrupting financial intermediaries.”

The Co-founder of Coin Metrics Jacob Franek was quick to criticize the commissioner’s research, noting that he “needs to do more than read a CoinDesk article”:

The commissioner warned that the emergence of the unregulated entities from the shadow banking system may result in competition with regulated entities, leading them to assume either “more risks in order to generate higher yields “ or to seek less regulation to “level the playing field.”

“In my view it is untenable to allow an unregulated, unlicensed derivatives market to compete, side-by-side, with a fully regulated and licensed derivatives market,” he said.

Berkovitz questioned the argument put forth by DeFi proponents that cutting out intermediaries can offer investors better returns and more “control over their investments.”

He argued that intermediaries such as “banks, exchanges, futures commission merchants, payment clearing facilities, and asset managers” have developed a banking and finance model over 200 to 300 years which reliably support “financial markets and the investing public.”

“One of the key reasons our financial system is so strong is the legal protections that investors enjoy when they invest their money in U.S. markets, most often through intermediaries,” he said.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cointelegraph.com/news/after-googling-it-cftc-boss-says-defi-is-a-bad-idea-and-probably-illegal

Blockchain

Zort Automated Trading Platform comes online powered by the platform’s cryptocurrency

Suppose you haven’t heard about ZORT (or Zort Coin), a new cryptocurrency issued by the Zort project to empower its automated trading platform. In that case, you’re about to hear it mentioned very oft

The post Zort Automated Trading Platform comes online powered by the platform’s cryptocurrency appeared first on AMBCrypto.

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Suppose you haven’t heard about ZORT (or Zort Coin), a new cryptocurrency issued by the Zort project to empower its automated trading platform. In that case, you’re about to hear it mentioned very often.

Making a living as a daily trader in the world’s traditional financial markets (stock exchange, Forex, commodities, etc.) is quite hard. You need to be a specialist, know your technical analysis, be updated with the specialized news, know how to use the relevant online platforms, etc. It’s a full-time career. Mistakes are paid instantly with your own money. And we are talking about markets that have been around for centuries. The principles are supposedly well understood, and they have excellent liquidity.

And the cryptocurrency market is even more complicated than that. First of all, the assets in crypto are such that very few people really understand them. But the worse problem is that crypto’s liquidity remains much lower than, say, Forex.

That’s the total market capitalization, but the “local” liquidities — those of each individual trading platform — are even smaller. The result is that prices in cryptocurrencies typically fluctuate significantly very quickly. That’s a professional trader’s worst nightmare. That’s why we haven’t seen the first generation of cryptocurrency billionaires appear in the world. It’s not just hard. It’s very nearly impossible.

The Zort project knows how hard life can be in the cryptoverse. Yet, they think that every cryptonaut should profit in the cryptocurrency trade in an autonomous, secured way, which is also very simple. That’s what the new Zort trading platform is all about.

The idea in Zort is for users to create a new account, purchase a subscription, bring some money in, upload their wallet keys and let their automated blockchain AI system trade on their behalf. Then the user sits back and waits for the money to start rolling in.

Yes, really, it’s that simple.

The whole thing is made possible by the platform’s automated trading technology, which is constantly processing the cryptoverse’s market information in real-time and using it to make trading decisions for the platform’s customers.

But there’s another critical ingredient: ZORT. ZORT is a cryptocurrency issued by the project; powered by Zort technology, which is as secure as blockchain tech is believed to be. At first glance, it seems no different from any other cryptocurrency: you can hold it, buy it sell it. But first glances can deceive you.

The Zort coin (ZORT) is also the fuel that powers the trading platform as a utility currency. And it offers many exciting advantages for those who own some of it.

Suppose you have ZORT in your wallet, all your trading fees in the platform decrease by 50%. Consider that Zort’s bot is going to be trading on your behalf. That means that it will be trading pairs all the time, and each trade causes a fee to be collected.

Fees make it slower for you to gain profits. Having your trading costs cut by half accelerates considerably your account’s ability to go into the green zone. This feature alone is worth owning some ZORT if you are trading on the platform.

But there is more. ZORT pays 8% annual interest to its holders, no locks, and it’s paid monthly. So owning some coins drives your costs down and also gives you passive income. That’s all on top of the profits the Zort automated trading will acquire for you.

There’s something else to take into account. Services such as Zort’s are available in the traditional financial markets. But they are accessible only to the most prominent institutional players, so even if they are there, you can’t use them as an individual retail trader. Zort’s approach is innovative in this sense, too, because everybody can sign up for an account and use the platform. It’s a more egalitarian way of doing business.

Take a moment to think about what Zort intends to do for you. You don’t need to keep current on cryptocurrency news, study technical analysis, be a seasoned trader in any market, or have any previous experience as a cryptonaut.

You don’t even need to be much of a computer user because Zort’s platform is designed with maximal simplicity in mind, so you can have all your business set up with just a few clicks. You don’t need to be checking how your account is doing every few hours or even daily. You just allow Zort’s AI to do what it does best, fueled by ZORT at every step of the way.

In other words: your Zort account will turn the world’s riskiest and most erratic market in the world (cryptocurrencies) and will transform it into a source of passive income for you. All you need to take advantage of it is to join.

The Zort platform is about to go online in the next few days. It will bring a degree of automation never before seen in the cryptosphere –yes, there are other trading bots, but they perform rather sketchily; and just as importantly, it will bring ZORT to the trading pairs of the world.

Disclaimer: This is a paid post and should not be treated as news/advice. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/zort-automated-trading-platform-comes-online-powered-by-the-platforms-cryptocurrency

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Blockchain

Zort Automated Trading Platform comes online powered by the platform’s cryptocurrency

Suppose you haven’t heard about ZORT (or Zort Coin), a new cryptocurrency issued by the Zort project to empower its automated trading platform. In that case, you’re about to hear it mentioned very oft

The post Zort Automated Trading Platform comes online powered by the platform’s cryptocurrency appeared first on AMBCrypto.

Published

on

Suppose you haven’t heard about ZORT (or Zort Coin), a new cryptocurrency issued by the Zort project to empower its automated trading platform. In that case, you’re about to hear it mentioned very often.

Making a living as a daily trader in the world’s traditional financial markets (stock exchange, Forex, commodities, etc.) is quite hard. You need to be a specialist, know your technical analysis, be updated with the specialized news, know how to use the relevant online platforms, etc. It’s a full-time career. Mistakes are paid instantly with your own money. And we are talking about markets that have been around for centuries. The principles are supposedly well understood, and they have excellent liquidity.

And the cryptocurrency market is even more complicated than that. First of all, the assets in crypto are such that very few people really understand them. But the worse problem is that crypto’s liquidity remains much lower than, say, Forex.

That’s the total market capitalization, but the “local” liquidities — those of each individual trading platform — are even smaller. The result is that prices in cryptocurrencies typically fluctuate significantly very quickly. That’s a professional trader’s worst nightmare. That’s why we haven’t seen the first generation of cryptocurrency billionaires appear in the world. It’s not just hard. It’s very nearly impossible.

The Zort project knows how hard life can be in the cryptoverse. Yet, they think that every cryptonaut should profit in the cryptocurrency trade in an autonomous, secured way, which is also very simple. That’s what the new Zort trading platform is all about.

The idea in Zort is for users to create a new account, purchase a subscription, bring some money in, upload their wallet keys and let their automated blockchain AI system trade on their behalf. Then the user sits back and waits for the money to start rolling in.

Yes, really, it’s that simple.

The whole thing is made possible by the platform’s automated trading technology, which is constantly processing the cryptoverse’s market information in real-time and using it to make trading decisions for the platform’s customers.

But there’s another critical ingredient: ZORT. ZORT is a cryptocurrency issued by the project; powered by Zort technology, which is as secure as blockchain tech is believed to be. At first glance, it seems no different from any other cryptocurrency: you can hold it, buy it sell it. But first glances can deceive you.

The Zort coin (ZORT) is also the fuel that powers the trading platform as a utility currency. And it offers many exciting advantages for those who own some of it.

Suppose you have ZORT in your wallet, all your trading fees in the platform decrease by 50%. Consider that Zort’s bot is going to be trading on your behalf. That means that it will be trading pairs all the time, and each trade causes a fee to be collected.

Fees make it slower for you to gain profits. Having your trading costs cut by half accelerates considerably your account’s ability to go into the green zone. This feature alone is worth owning some ZORT if you are trading on the platform.

But there is more. ZORT pays 8% annual interest to its holders, no locks, and it’s paid monthly. So owning some coins drives your costs down and also gives you passive income. That’s all on top of the profits the Zort automated trading will acquire for you.

There’s something else to take into account. Services such as Zort’s are available in the traditional financial markets. But they are accessible only to the most prominent institutional players, so even if they are there, you can’t use them as an individual retail trader. Zort’s approach is innovative in this sense, too, because everybody can sign up for an account and use the platform. It’s a more egalitarian way of doing business.

Take a moment to think about what Zort intends to do for you. You don’t need to keep current on cryptocurrency news, study technical analysis, be a seasoned trader in any market, or have any previous experience as a cryptonaut.

You don’t even need to be much of a computer user because Zort’s platform is designed with maximal simplicity in mind, so you can have all your business set up with just a few clicks. You don’t need to be checking how your account is doing every few hours or even daily. You just allow Zort’s AI to do what it does best, fueled by ZORT at every step of the way.

In other words: your Zort account will turn the world’s riskiest and most erratic market in the world (cryptocurrencies) and will transform it into a source of passive income for you. All you need to take advantage of it is to join.

The Zort platform is about to go online in the next few days. It will bring a degree of automation never before seen in the cryptosphere –yes, there are other trading bots, but they perform rather sketchily; and just as importantly, it will bring ZORT to the trading pairs of the world.

Disclaimer: This is a paid post and should not be treated as news/advice. 

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/zort-automated-trading-platform-comes-online-powered-by-the-platforms-cryptocurrency

Continue Reading

Blockchain

BNB Technical Analysis: Price May Fall Below $356.21

BNB price has tested and fallen below the 23.6% FIB retracement level of $360.76. The price may soon test and fall below the 23.6% FIB extension level of $355.80 as well. Thus, as of now, the bears seem strong. In that case, the price may continue to fall tomorrow as well.

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Binance is one of the largest crypto exchanges that allow users to trade in digital currencies within minutes. In terms of volume, it is the biggest crypto exchange for trading in bitcoin and altcoins. It also provides users with a robust trading platform with built-in interactive charts and technical analysis tools. BNB is the prime governance token of this exchange and below is its technical analysis.

Past Performance

On Jun 7, 2021, BNB opened at $393.65. On Jun 13, 2021, BNB closed at $365.80. Thus, in the past week, the BNB price has decreased by roughly 7%. In the last 24 hours, BNB has traded between $360.10-$368.78.

https://d229noksprj98s.cloudfront.net/wp-content/uploads/2021/06/bnb-technical-analysis-price-may-fall-below-356-21.png

https://zephyrnet.com/wp-content/uploads/2021/06/bnb-technical-analysis-price-may-fall-below-356-21.png

Day-Ahead and Tomorrow

Currently, BNB is trading at $361.02. The price has decreased from the day’s opening price of $365.81. Thus, the market seems bearish.

READ  ONT Technical Analysis: Watch for the Price Breakout of the First Resistance Level of $1.95

The MACD and signal lines are negative. Moreover, a bearish crossover by the MACD line over the signal line has occurred. Thus, the overall market momentum is bearish. Hence, we can expect the price to fall further.

Currently, the RSI indicator is at 29% – in the ‘oversold’ territory. It faced rejection at 43% and fell to the current level. Hence, selling pressures are very high. High offloading activity will push the price further down.

Besides, the OBV indicator is downward sloping. Thus, selling volumes are higher than buying volumes. High selling activity will exert downward pressure on the BNB price.

In short, all three oscillators have given bearish signals.

BNB Technical Analysis

Currently, the price is below the second Fibonacci pivot support level of $359.53. It may soon fall below the subsequent support level of $356.21.

READ  Binance Coin Continues to Shine as Bitcoin Seeks Direction

The price has tested and fallen below the 23.6% FIB retracement level of $360.76. The price may soon test and fall below the 23.6% FIB extension level of $355.80 as well. Thus, as of now, the bears seem strong. In that case, the price may continue to fall tomorrow as well.

#Binance Coin #BNB

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.cryptoknowmics.com/news/bnb-technical-analysis-price-may-fall-below-356-21

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Blockchain

How Blockchain Games are changing the Games Industry!

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Blockchain technology entered our lives via cryptocurrencies and cryptocurrencies became one of the most popular financial investment tools. Starting from the beginning of this year, cryptocurrency owners made lots of profit until the massive pullback happened on the 19th of May. In addition to being a financial investment tool, we have seen people talking about whether any of the cryptocurrencies can be the future form of money that we will use in our daily lives.

Some companies like Tesla announced that they are going to accept Bitcoin as a payment method but after a while they backed off from the decision. Moreover, there are some online gambling opportunities Ethereum Casinos or Bitcoin Casinos, where you can deposit cryptocurrencies and start online gambling.

As cryptocurrencies get more popular and the demand for them is getting increased, the governments are getting concerned about cryptocurrencies even if they don’t take any action against it, the announcements that are made by governments or big companies have a huge impact on the market.

However, in this article, we will focus on how blockchain technology is changing the gaming industry and why it is powerful against the traditional transaction methods used in the industry before.

Easier In-game Purchases

If you are a game developer, you can easily help players by letting them make purchases by using cryptocurrencies. In this case, the players won’t need any third party payment providers to process their payments and they can instantly buy in-game items.

Also because the third party providers are eliminated in cryptocurrency transactions, players don’t pay any fees for the transactions. Some of the blockchain start-ups are already noticing this opportunity. For example, Enjin introduced a concept for game developers which include software development kits, wallets, game plugins and other apps for item management and payment. In addition to this, they introduced a new token called ENJIN Coin, which will be used for the transactions in their platform.

Safer and More Secure Environment For Game Developers

Blockchain technology uses a complicated data encryption technology to secure crypto token transactions. By using the computer technology we are using today, it is nearly impossible to hack these encryption techniques. In addition to this, nearly all of the cryptocurrencies are decentralized and the hackers won’t be able to destroy a decentralized blockchain network since there is no specific server to take down.

Nodes have the distributed databases in a shared manner and each node has the whole information in the database. The existing information on the blockchain can’t be deleted or changed by the hackers and it is impossible to perform a DDoS (Distributed Denial of Service) attack against the blockchain systems. The consensus methods used in the blockchain systems such as Proof of Work or Proof of Stake keeps the network safe.

True Ownership and Secure Storage

Unlike the currency situation where you don’t really own an in-game item, a benefit of blockchain in gaming is that players can really own their items. The difference is made by the smart contracts which govern the transactions inside the game on a blockchain system. Smart contracts take place automatically upon fulfillment of conditions coded in them and once the conditions are met, the results are irreversible.

When you launch a blockchain-powered game, all the purchases that have been made by players using smart contracts are transferred to their public addresses. In addition to this, smart contracts allow transparency, which means that all the transactions are recorded on the blockchain and they can be viewed by all the players.

The blockchain is decentralized and the records are unchangeable. Nobody can change the public addresses where the assets are recorded and nobody can change the ownership of the in-game assets.

New Opportunities for Collaborations

Blockchain technology is revolutionizing the gaming industry by enabling an open communication between players and developers. This is happening  because blockchain applications are driven by community consensus and it is not top-down.

A player or another developer can come up with some ideas to make a game better and if the community agrees, those changes will be made in order to make a game better.

Blockchain Prevents Frauds

Earlier in the article, the strength of the blockchain system against hackers was explained. However, the smart contracts running on a blockchain can be manipulated if they have bugs. Earlier in 2016, we have seen in the Ethereum DAO case that those bugs can be exploited by hackers. In the case of Ethereum DAO, attackers manipulated  a loophole in the DAO (Decentralized Autonomous Organization) smart contract.

The attackers were about to make 3.6 Million Ethereum out of this attack, however, the transparency of the blockchain prevented this scam. As mentioned above, everyone can read the transactions recorded on the blockchain and thanks to this Ethereum community could discover the hack. They used a hard fork to prevent the transfer and refunded the money to DAO investors.

Blockchain technology anyways provides transparency and in a case of attack like Ethereum DAO but if you plan to develop a game on the blockchain, make sure that you code your smart contracts properly. The connection between gaming and blockchain is getting stronger naturally and if you are a current or future game developer, it is good to adapt blockchain technology into your projects as it is helpful for both the developers and the gamers. So, if there is a tool which will create a win-win scenario, why not use it?

Conclusion

To sum up, starting from 2013, cryptocurrencies gained popularity day by day and nowadays it has reached to a point where nearly everybody on earth knows about them. Thanks to the development in cryptocurrencies, the blockchain system is also developing. Bitcoin being the first, Ethereum the second and Cardano the third, we have seen three different generations of blockchain until today and it looks like the development will keep going.

The gaming industry is also taking advantage of those developments as blockchain provides true ownership, faster and cheaper transactions and prevents fraud while being transparent. For those developers who are working on new games, it is a good idea to keep in mind that building a game on blockchain will create gains for both the developers and the gamers.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.fintechnews.org/how-blockchain-games-are-changing-the-games-industry/

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