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DigiByte Founder Jared Tate Talks Binance Listing Woes, Dangers of the Status Quo

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DigiByte Founder Jared Tate Talks Binance Listing Woes, Dangers of the Status Quo

What started as a Twitter thread of frustrated complaints about corruption and centralization in the crypto industry ended with an abrupt announcement: the delisting of DigiByte on Poloniex. Jared Tate, the founder of DigiByte, once among the most popular coins traded on the exchange, sat down with Cointelegraph to share about his concerns following the debacle.

Source: Twitter

The acrimonious relationship between Tate and the larger forces of Binance (and most recently, the Tron-acquired Poloniex exchange) traces back to a different era in the crypto industry. It was 2017, and markets were on fire. Binance was growing by leaps and bounds, becoming the most popular altcoin exchange in the world. Being listed on Binance was like having a license to print money.

It was in this environment that DigiByte first entered as a prospective listing on the new exchange, with Tate advocating for its addition to the growing library of assets offered by Binance. Binance showed interest in using DigiByte’s DigiSign technology as part of its launch process, Tate said, following China’s exchange shutdown. “We helped promote them. They had a Twitter poll where they said they would list DGB, we won it, and then they started pulling shenanigans, asking us how much money we had.”

Tate alleged that Binance expected substantial fees in the hundreds of thousands of dollars to be paid for the privilege of listing DGB on the popular new platform. “It’s not that people were opposed to paying Binance’s listing fees — we flat out couldn’t. There was no marketing budget,” he said. Thus, DigiByte was never listed on Binance, creating considerable angst in the community, especially after having such high hopes for the lucrative opportunity.

Fast-forward to Fall 2019, when, according to Tate, Binance again approached him about listing DigiByte on the new U.S.-based trading platform, Binance.US. “They said they would list us, respect us; that everybody would let bygones be bygones. They requested I get on a video call with them. I told the community, ‘Look if they make any crazy demands, I’m not going to go for it.’ I was told they wouldn’t make any crazy demands. Sixty seconds into the call, they’re asking for $300,000 and 3% of all DigiBytes.” 

Tate wondered why Binance would approach him at all, considering their past negative experiences. “90% of the crap that’s out there, they couldn’t list on the new Binance.US platform. So I think they were maybe using us to promote their new platform? You wonder, did they intentionally do that? They legitimately think this whole thing is nothing more than business. It’s a difference in values.”

When Binance CEO Changpeng Zhao was challenged on Twitter regarding the listing fees in September, he was dismissive, yet did not deny the allegations, stating he was “not gonna waste any time on these types of guys.”

Source: Twitter

Via a “Binance Listing Tips” article originally published in October of 2017, Zhao had advised listing applicants to follow the prescribed process and to respect a “strict” NDA, particularly forbidding the disclosure of listing information. Another tip advised, “It is a bad idea to ‘try-to-pressure’ Binance into listing your coin by spreading FUD or negative comments about Binance.” The blog also noted that all listing fees would be donated to the Binance Charity Foundation, a “100% transparent charity tracked on the blockchain.”

Paying tribute to a handful of tycoons

When working on his book, “Blockchain 2035: The Digital DNA of Internet 3.0,” Tate explained he had a “reality moment” seeing how much the blockchain space has changed in just two years. Certain behaviors and expectations that would not have been tolerated previously have been normalized, he said. Tate pointed to examples of projects consisting of completely pre-mined supplies and massive marketing budgets, which have turned into “hype machines.” 

He believes blockchain technology can empower a brighter future for humanity, letting users take charge of their own financial futures and personal data. “But if the whole industry is run by a handful of tycoons that you have to pay tribute to, to get anything done… it’s scary.”

Tate said people should support whichever project they want, whether it’s a genuine decentralized project or a 100% pre-mined centrally controlled hype machine. “But when that same project is masquerading and presenting itself to the mainstream financial media as a truly decentralized system, yet it’s far from it, to me, that’s just not right.”

The Poloniex debacle

Upon hearing that Poloniex had been sold to Tron founder Justin Sun and a group of Asian investors, Tate publicly expressed concerns regarding data privacy. He was particularly bothered that the company neglected to mention how personal client data would be handled. “This is more personally sensitive information than anything Facebook or Twitter or any other social media site gathers about you,” said Tate.

Tate expressed concerns about SIM-jacking attacks, noting that exchange customer data tends to be a highly desirable target. “This kind of data especially in different hands or dare I say — governments — who knows what it might be used for?” When Tate reached out to Poloniex about these security concerns, he said he received no response.

On Twitter, Poloniex responded to Tate’s thread of criticisms, stating that they do not own any US customers’ data, “as all of them are preserved by Circle,” the previous owner of the exchange. It was in this same tweet that Poloniex announced the sudden decision to delist DGB.

Source: Twitter

“It’s sad,” he continued. “At one point, Poloniex was probably the best exchange in the world. It is very disappointing to see that this new group took over and to see the way they’ve conducted this whole thing.” What really triggered Tate, he said, was when he saw a since deleted Poloniex tweet reading “Just buy TRON.” In addition, tweets promoting free listings for all projects built on TRX “did not bode well,” said Tate.

Regarding the sudden delisting of DGB, Tate responded, “These exchanges, like Poloniex, have made millions of dollars trading DGB over the last 5 years.” On a number of occasions from 2015 to 2018, DigiByte was the asset with the highest trading volume on Poloniex. Tate said the decision was irrational. “From a business perspective, it doesn’t make any sense.” 

Tate insisted that any one delisting can’t kill DigiByte. The cryptocurrency appears on over 100 exchanges globally. “There is no budget to cut or employees to fire. The network runs itself,” he said.

Moving forward with or without Binance and Poloniex

Tate noted that the heart of the problem is a lack of understanding of, or interest in, true decentralization. “The fact that Binance would think we could just send them 3% of all DigiByte in circulation and $300,000 lets me know they truly do not understand what decentralization is.”

Despite the negative experience, Tate sounded hopeful for the future. He is looking to decentralized exchanges as the likely way forward, but anticipates a long road ahead. He expects further monopolization and consolidation in the industry, accompanied by a possible crash before things turn around. “Things might get worse before they get better. Eventually, it comes down to DEXs. To make this a decentralized ecosystem, it needs decentralized exchanges and interoperability between chains.”

Tate said, “Within 24 months, as regulators clamp down, I think you’ll see one or two leading DEXs emerge that take over as the largest source of liquidity for the markets.” 

Most so-called DEXs are not actually decentralized, according to Tate, “Poloniex ‘acquired’ a DEX, supposedly. How does a centralized exchange acquire a decentralized exchange? It’s all marketing hype, and some people are buying into it.”

“The problem is,” Tate continued, “there aren’t enough people speaking out saying ‘this is crap,’ or they’re getting drowned out by fake Twitter bots and hype. Once people are educated, they’ll make the best decisions.”

Tate explained, “Satoshi said it himself in the whitepaper: ‘If this technology becomes reliant on a trusted third party, we’ve failed.’ It’s been hijacked, and we’ve lost what made this great to begin with.”

Community response

In response to the Poloniex fallout, the DigiByte community was overwhelmingly supportive, said Tate. About half a dozen exchanges have decided to add DGB to their listings since the incident, with a few more “in the works” according to Tate. “I just want to say thank you to all DigiByte supporters and the community. I would urge everyone in the space to support true decentralization.”

Both TRON and Poloniex declined to comment for this story.

Published at Thu, 19 Dec 2019 20:31:00 +0000

Blockchain

Bitcoin.com exchange lists first AAA blockchain game Illuvium’s ILV token

Blockchain gaming is taking the industry by storm. Some of the most popular in-game items have sold for thousands of dollars on the top NFT marketplaces and new, incredibly entertaining games are laun

The post Bitcoin.com exchange lists first AAA blockchain game Illuvium’s ILV token appeared first on AMBCrypto.

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Blockchain gaming is taking the industry by storm. Some of the most popular in-game items have sold for thousands of dollars on the top NFT marketplaces and new, incredibly entertaining games are launched almost every day. There has been, however, a lot of talk about the quality of these. While most have led in their implementation of the new technology, few have provided players with fully immersive experiences.

Illuvium is an Ethereum-based game that promises to deliver on this end. Its open-world fantasy RPG format and crisp 3D graphics have led some to call it the first AAA blockchain game. For many, it represents a steep improvement from the current 2D projects that populate the space.

Players of Illuvium are launched to a vast multi-region landscape in search of creatures known as Illuvials. These 3D monsters are designed by some of today’s leading artists and can be owned by players after defeating them in battle. Every captured Illuvial becomes part of the player’s roster and can then be used to fight other creatures.

More importantly, all Illuvials are NFTs with a finite supply. This gives each creature a unique value that players can then trade for ETH on the Illuvium Exchange.

The game recently launched its native ILV token on May 3rd with USDT and BTC pairs on Bitcoin.com Exchange. This in-game currency is earned through game achievements and gives players participation in Illuvium’s DAO governance mechanism.

A supply of 10 Million ILV has been allocated to the game’s flash pools, rewards, liquidity pools, treasury, launchpad seed, pre-seed capital, and the game’s 40-person professional development team. 

Bitcoin.com Exchange CEO Danish Chaudhry has shared his outlook on the project. “Entering the AAA gaming space is no small task, becoming the first AAA blockchain video game is just another step in the right direction for the industry. Illuvium is addressing some of the most pressing challenges in the gaming industry, including scalability or a lack of detailed artwork.”

As one of the most popular trading platforms, Bitcoin.com counts with more than 500K active traders per month. The exchange will give ILV holders access to a secure trading environment with high liquidity, 24/7 multilingual support, and dozens of other trading pairs.

Besides Bitcoin.com Exchange, other early backers of Illuvium include influential blockchains investment firms such as Quantstamp and Moonwhale.

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

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://ambcrypto.com/bitcoin-com-exchange-lists-first-aaa-blockchain-game-illuviums-ilv-token

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Blockchain

Meet RXI, the Revolutionary Real-time Risk Intelligence Solution

RXI will change forever the way brokers measure and view their risk and KPIs.

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Volatile times are still upon us, with brokerages facing many uncertainties yet increased opportunities through the evolution of fast-changing markets.

Considering the market changes over the last year or so, forex brokers now, more than ever, need to stay ahead of their competition by advancing their resources, automation, and overall operations.

Several elements in the forex industry highlight risk management and measurement as a great challenge for every forex broker.

With the significant risks that arise through trading, risk management is of most importance for any forex broker.

Forex brokers want to make instant decisions that can be implemented and trust in a solution that works operationally, is time-saving, and a solution that eases the mind.

The solution that is implemented should support them for further growth, liquidity, filtration, and a solution that, in parallel, can also optimize profits. Forex brokers require a solution that offers simplicity in an ever-complicated role as a risk manager or dealer.

FXCubic has developed a state-of-the-art all-in-one technology solution through their research and remarkably innovative attitude based on the data reflected in the market direction.

FXCubic is proud to have developed a next-generation sophisticated solution with its challenge-accepting attitude using a complex event processing engine and reactive technology called RXI.

RXI is an intelligence solution that will ultimately change the way brokers will measure and view their risk and KPIs. RXI has been designed to provide dealers and risk managers with a global view across their entire trading operation within a single GUI.

The ground-breaking solution offers simultaneous real-time data with in-depth risk analysis and the ability to allow for instantaneous actions.

As FXCubic put it, the RXI risk intelligence solution is “intelligence made simple.”

With multiple benefits that come with having the RXI solution, we are here today to share the reasons why Forex brokers should proudly use RXI as an additional solution that will change their brokerage game in an instant.

Below are the highlighted features that RXI offers dealers and risk managers.

Multidimensional Real-Time Data

RXI analyses and reconciles risk data in real-time, providing data-driven profit opportunities for a broker, allowing a broker to take timely actions accordingly.

The RXI intelligence solution allows risk managers to increase performance and profitability through real-time alerts customized by the broker, allowing risk managers to focus on predefined vital issues and take timely actions.

RXI updates broker positions and P&L with real-time customizable information from MT4/5 platforms. This allows RXI users to use the information to assess their risk and exposure.

Multiplatform Aggregation

RXI streams multiple MT4/5 platform data into its engine, allowing brokers to combine separate trading platforms’ risk data into a single interface.

Forex brokers can gain real-time insight into what is happening across all their platforms centrally. Dealers do not have to manually reconcile and use other data tools or practices as the data is intuitively customized and aggregated according to the risk manager’s preferences.

Customizable Filteration

RXI provides clients with fully customizable filters that enable risk managers to instantaneously see the complex events’ roots.

RXI users can dynamically assess their data as RXI’s output can be filtered, while real-time pivot tables can be created instantly.

Personalized views & Alerts

RXI allows for different visual charts available for further depth and transparency in a way it has never been done before. This allows individual risk managers to focus on the data they want to see, enabling further simplicity in an ever-complicated role.

Solutions for upper management are also a big part of RXI’s offering, including real-time information on countries and destinations that generate more revenue. This is available on the RXI dashboard, allowing business partners to focus on areas where they see more opportunities.

Mobile Functionality & Push Notifications

Accessible from anywhere and at any time, RXI has been developed to highly perform on mobile devices, making RXI the ultimate intelligence solution for risk managers that need access to their data on the go. Enabling critical customized alerts to be received remotely, RXI is able to send push notifications to mobile devices.

Adaptable Solution

RXI is a standalone application that has been designed to coexist with any other technology, making this risk intelligence solution one of a kind.

RXI connects to MT4/5 servers through Manager API in seconds without any plug-in installations, making it conflict-free with other plug-ins on the server.

Optimizing Profits

RXI merges all client risks into an individual solution that allows brokers to reduce the number of inefficient hedges or trades.

Brokers can come to better conclusions through the flexible real-time data allowing actions to be taken ahead of time by implementing the risk managers’ rules and actions. These actions will increase performance, profitability, and a smooth P&L environment.

RXI provides Forex brokers a global view across their entire trading operation. The benefits of integrating RXI are innovatively phenomenal. There is no reason why Forex brokers should not opt into using FXCubic’s byproduct for further control, depth, and ease of mind.

We think that FXCubic’s risk intelligence solution will change the market’s view on intelligent risk solutions. RXI is next-generation technology, and we look forward to furthering byproducts from the FXCubic team.

To find more information or to request a free demonstration of RXI’s sophisticated new technology, click here

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/thought-leadership/meet-rxi-the-revolutionary-real-time-risk-intelligence-solution/

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Blockchain

Meet RXI, the Revolutionary Real-time Risk Intelligence Solution

RXI will change forever the way brokers measure and view their risk and KPIs.

Avatar

Published

on

Volatile times are still upon us, with brokerages facing many uncertainties yet increased opportunities through the evolution of fast-changing markets.

Considering the market changes over the last year or so, forex brokers now, more than ever, need to stay ahead of their competition by advancing their resources, automation, and overall operations.

Several elements in the forex industry highlight risk management and measurement as a great challenge for every forex broker.

With the significant risks that arise through trading, risk management is of most importance for any forex broker.

Forex brokers want to make instant decisions that can be implemented and trust in a solution that works operationally, is time-saving, and a solution that eases the mind.

The solution that is implemented should support them for further growth, liquidity, filtration, and a solution that, in parallel, can also optimize profits. Forex brokers require a solution that offers simplicity in an ever-complicated role as a risk manager or dealer.

FXCubic has developed a state-of-the-art all-in-one technology solution through their research and remarkably innovative attitude based on the data reflected in the market direction.

FXCubic is proud to have developed a next-generation sophisticated solution with its challenge-accepting attitude using a complex event processing engine and reactive technology called RXI.

RXI is an intelligence solution that will ultimately change the way brokers will measure and view their risk and KPIs. RXI has been designed to provide dealers and risk managers with a global view across their entire trading operation within a single GUI.

The ground-breaking solution offers simultaneous real-time data with in-depth risk analysis and the ability to allow for instantaneous actions.

As FXCubic put it, the RXI risk intelligence solution is “intelligence made simple.”

With multiple benefits that come with having the RXI solution, we are here today to share the reasons why Forex brokers should proudly use RXI as an additional solution that will change their brokerage game in an instant.

Below are the highlighted features that RXI offers dealers and risk managers.

Multidimensional Real-Time Data

RXI analyses and reconciles risk data in real-time, providing data-driven profit opportunities for a broker, allowing a broker to take timely actions accordingly.

The RXI intelligence solution allows risk managers to increase performance and profitability through real-time alerts customized by the broker, allowing risk managers to focus on predefined vital issues and take timely actions.

RXI updates broker positions and P&L with real-time customizable information from MT4/5 platforms. This allows RXI users to use the information to assess their risk and exposure.

Multiplatform Aggregation

RXI streams multiple MT4/5 platform data into its engine, allowing brokers to combine separate trading platforms’ risk data into a single interface.

Forex brokers can gain real-time insight into what is happening across all their platforms centrally. Dealers do not have to manually reconcile and use other data tools or practices as the data is intuitively customized and aggregated according to the risk manager’s preferences.

Customizable Filteration

RXI provides clients with fully customizable filters that enable risk managers to instantaneously see the complex events’ roots.

RXI users can dynamically assess their data as RXI’s output can be filtered, while real-time pivot tables can be created instantly.

Personalized views & Alerts

RXI allows for different visual charts available for further depth and transparency in a way it has never been done before. This allows individual risk managers to focus on the data they want to see, enabling further simplicity in an ever-complicated role.

Solutions for upper management are also a big part of RXI’s offering, including real-time information on countries and destinations that generate more revenue. This is available on the RXI dashboard, allowing business partners to focus on areas where they see more opportunities.

Mobile Functionality & Push Notifications

Accessible from anywhere and at any time, RXI has been developed to highly perform on mobile devices, making RXI the ultimate intelligence solution for risk managers that need access to their data on the go. Enabling critical customized alerts to be received remotely, RXI is able to send push notifications to mobile devices.

Adaptable Solution

RXI is a standalone application that has been designed to coexist with any other technology, making this risk intelligence solution one of a kind.

RXI connects to MT4/5 servers through Manager API in seconds without any plug-in installations, making it conflict-free with other plug-ins on the server.

Optimizing Profits

RXI merges all client risks into an individual solution that allows brokers to reduce the number of inefficient hedges or trades.

Brokers can come to better conclusions through the flexible real-time data allowing actions to be taken ahead of time by implementing the risk managers’ rules and actions. These actions will increase performance, profitability, and a smooth P&L environment.

RXI provides Forex brokers a global view across their entire trading operation. The benefits of integrating RXI are innovatively phenomenal. There is no reason why Forex brokers should not opt into using FXCubic’s byproduct for further control, depth, and ease of mind.

We think that FXCubic’s risk intelligence solution will change the market’s view on intelligent risk solutions. RXI is next-generation technology, and we look forward to furthering byproducts from the FXCubic team.

To find more information or to request a free demonstration of RXI’s sophisticated new technology, click here

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://www.financemagnates.com/thought-leadership/meet-rxi-the-revolutionary-real-time-risk-intelligence-solution/

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Blockchain

Citigroup is considering offering crypto services.

Citigroup has said it is considering launching a new series of digital currency services for its clients, following a surge in interest in digital currency over recent months. According to reports in the Financial Times, the Wall Street giant is weighing up digital asset services like digital currency custody and trading as a reflection of the […]

Read full post Citigroup is considering offering crypto services. on Chaintimes.com.

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Citigroup has said it is considering launching a new series of digital currency services for its clients, following a surge in interest in digital currency over recent months. According to reports in the Financial Times, the Wall Street giant is weighing up digital asset services like digital currency custody and trading as a reflection of the ‘very rapid’ take-up of cryptocurrency investments across its client base. Global head of foreign exchange Itay Tuchman said the bank was focusing on how best to serve the needs of clients in this emerging space.

“This is not going to be a prop-trading effort.”

Itay Tuchman said, “There are different options from our perspective, and we are considering where we can best serve clients. This is not going to be a prop-trading effort.” The move builds on an earlier report published by the bank, which suggested cryptocurrency could become an international currency of trade, even though that banking giant said at the time that it had no firm plans to launch its own cryptocurrency services anytime soon. Tuchman further added that while the bank was actively considering its options for serving the digital assets sectors, it would not rush through its offering.

“Cryptocurrency is here to stay.”

Tuchman further said, “I don’t have any FOMO because I believe that crypto is here to stay and that we are just at the very beginning of the market. This isn’t a space race. There is room for more than just one flag.” While Citi considers how best to enter the digital currency markets, others in the banking sector have already stepped forward with their own offerings. As reported earlier, Goldman Sachs restarted its cryptocurrency trading desks back in March, offering a range of cryptocurrency derivatives, while Deutsche Bank, Morgan Stanley, and BNY Mellon are already working with clients in the sector.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://chaintimes.com/citigroup-is-considering-offering-crypto-services/

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