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JPMorgan Chase Settles Crypto Credit Card Lawsuit for $2.5M

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Banking giant JPMorgan Chase settled a 2018 lawsuit recently, with a $2.5 total payout — the result of unclear fees charged when using credit cards for crypto purchases. 

A May 26 court document detailed:

“The Court notes that Defendant JPMorgan Chase Bank, N.A., f/k/a Chase Bank USA, N.A. (“Chase” or “Defendant”) has agreed to provide a Cash Settlement Amount of an aggregate of $2,500,000 in cash.”

The lawsuit stemmed from lack of clarity 

In January 2018, JPMorgan Chase quietly altered the terms of use around its credit cards when dealing in crypto asset purchases, failing to alert customers until 10 days after the changes took effect. The terms allegedly charged users the same fees as cash advance activities. 

The legal action took flight later in 2018, seeing Brady Tucker, Ryan Hilton, and Stanton Smith press charges against the banking entity.

Reuters said in a May 27, 2020 brief:

“In a motion filed Tuesday in Manhattan federal court, plaintiffs said the settlement would result in class members getting about 95% of the fees they said they were unlawfully charged.”  

March news settled in May

The plaintiffs’ legal action requested compensation for the deceptively-charged fees, as well as $1 million for damages, with a 75-day window for settlement detail submission, as of Cointelegraph’s March 2020 article.  

The movement was unopposed, according the May 26 court document.

“JPMorgan is not admitting wrongdoing as part of the deal, according to the motion,” Reuters noted in the brief. 

A number of other lawsuit-related headlines filled the crypto space in the first half of 2020, involving Ripple, BitfinexTezos and others.  

Source: https://cointelegraph.com/news/jpmorgan-chase-settles-crypto-credit-card-lawsuit-for-2-5m

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Web 3.0 Will Drive Decentralized Business Models, Says Blockchain Exec

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Kevin Chou, CEO and co-founder at blockchain ecosystem Rally, believes that blockchain technology could lead the charge toward a virtual economy in the web 3.0 era.

Speaking at Unitize on July 6, Chou, who is also involved with the firms Kabam, Forte and Gen G, said that content platforms should move away from the old business model of web 2.0 that consists of the platforms taking a large portion of the revenue.

Instead, companies should create a new and decentralized business model that favors influencers, creators, and “give away the governance to the community,” said Chou.

He added, “The web 2.0 era of business models was very much about how I build a very large platform and give away the service for free but collect a bunch of that data. […] I’m surprised, and there are many great value services that have been created, but we’re also seeing the drawbacks to that today with the lack of privacy, lack of control of your own data, and lack of control over the economics because it’s primarily advertising-based.”

“I think a lot of the new blockchain projects and web 3.0 projects are all about how we create something that will eventually be decentralized. I think the space started with everything that needs to be decentralized from the beginning,” Chou concluded.

Bitcoin pioneering the concept of decentralization

Chou believes that Bitcoin (BTC) “did a great job of pioneering” the discussion about decentralization by making people and businesses aware that decentralization is feasible, adding, “But we also see now that there’s a path established by projects like Compound and Maker, and a lot of other DeFi projects.”

Source: https://cointelegraph.com/news/web-30-will-drive-decentralized-business-models-says-blockchain-exec

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Altcoins Boosted by Bitcoin Dominance Falling to 10-Week Low

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Bitcoin dominance has been caught in a descending channel since May when it reached 69%. At present, BTC represents 64.9% of the total cryptocurrency market cap, a 10-week low.

Bitcoin dominance

Bitcoin dominance year to date. (Source: tradingview.com)

The end of last month saw the start of a sharp down leg, which has had the effect of sparking life into the alternative cryptocurrencies.

Today sees a strong performance by the altcoins against Bitcoin, leading many to wonder if the long-awaited altseason is imminent.

Is Bitcoin Dominance Starting to Break Down?

Bitcoin dominance measures the market cap of BTC against that of the rest of the other cryptocurrencies. It serves as an indicator of Bitcoin’s strength about the altcoins. As such, when BTC dominance falls, altcoins pump.

The metric has long been used as a guide to predict the coming of the so-called “altseason,
where exponential increases in altcoin valuations lead to a frenzy of activity in the market.

And as Bitcoin dominance continues to show signs of weakness, expectations are heightened for altseason to arrive soon.

With that, a trader noted that BTC dominance had broken down from its bear flag. While he warned of a possible fakeout, he also stated that this move could be the start of a favorable macro trend for the altcoins.

“focus on the next important key level 65,65% (red line), once it breaks ->altcoin party – strongly defended though for now might be a fakeout.”

Small and Micro-Cap Altcoins Gaining Ground

But before investors can officially call a start to altseason, Bitcoin dominance needs to drop much further, to the 58% level for this to happen. Standing in the way is strong support at around the 64% level.

Despite that, the majority of altcoins listed on Binance have today posting gains against BTC. The list of multiple double-digit gainers includes Aave, Fantom, and Chainlink, with Dogecoin leading the charge against BTC.

top altcoins against Bitcoin

Source: binance.com

Dogecoin’s surprising performance is a result of viral exposure on TikTok. Thousands of creators on the social media platform have called on followers to buy Dogecoin in the hopes of driving it up to $1.

Community insights analysts, LunarCRUSH tweeted that social media mentions of Dogecoin were up significantly, having reached 2,294 occurrences within a day.

Although it’s too soon to call a start to altseason, the recent performance of some of the small and micro-cap coins would say otherwise.

That includes the likes of Zilliqa, up 223% in three months, and VeChain, up 214% in three months. Meanwhile, for comparison purposes, Bitcoin is up only 27% over the same period.

Investors have mostly forgotten about Dogecoin, until now. But with its ranking as of today’s top performer, it’s clear that investor sentiment has already flipped towards the altcoins.

Is this a trend that will continue to spread across the rest of the alt markets?

Source: https://www.newsbtc.com/2020/07/07/altcoins-boosted-by-bitcoin-dominance-falling-to-10-week-low/?utm_source=rss&utm_medium=rss&utm_campaign=altcoins-boosted-by-bitcoin-dominance-falling-to-10-week-low

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A look at Fairspin Crypto Casino

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Check out our full Crypto Casino List for other betting providers.
It is illegal to gamble under the age of 18 –


Promoted post – Part of our Bitcoin Gambling series


Fairspin Crypto Casino

In this article, we’ll have a look at a recently launched Crypto Casino called Fairspin, which is offering both fiat and crypto deposits and a range of games. Registration with the platform is straightforward, although I do note that they require both an email address and a phone number when registering.

The casino uses their own token called TPlay, so any of your deposits will be converted into that, and it’s clearly outlined at the time when you’re on the deposit screen what these are. When you sign up, it offers you a 120% bonus, as well as 30 free spins with one of the slots. There are options to pay with fiat (visa/mastercard), or cryptocurrencies with Bitcoin, Ethereum, Dash, Litecoin, zCash and Tether available. The bitcoin blockchain was pretty congested at the time of writing, so I made a deposit using ethereum. Once the transaction confirmed a couple of minutes later, I got an alert by email telling me the funds were on my account, as well as the bonus funds. These bonus funds have a 25x wagering requirement to withdraw. The casino also features a cashback, offering 5% for the first couple of days, which then drops to 2% and then 1% after about a month. This gives funds back to your main balance, not your bonus balance.

The casino has a dark colour scheme, with a range of games from betting providers including Spinomenal, Microgaming, Betsoft, QucikSpin, Pragmatic Play, Playson, PGSoft, Booongo & Pragmatic Play Live.

The casino game section features a pretty solid range of tournament slots, slots, roulette, card games, video poker and then a range of live games. There was the option of a lottery, however it was blank at the time of writing.

I started off by having a look through the live casino. here it gave me three types of games, roulette, baccarat and my personal favourite blackjack. Some of them also had localised versions, with German, Russian, Macau & Turkish rooms available for Roulette.

The table I was at had a polite croupier, very high quality video and good audio, with a full table. The bets default to 10 dollars which was the minimum for the rooms available, which did catch me out on my first bet, and bonus funds aren’t eligible for play in the live casino. The betting sizes are 1, 5, 10, 20, 100 & 500 dollar bets. I played a couple of hands and unfortunately lost, so decided to move out of the live casino and give the slots a shot.

All the slots have a demo version, so you can give them a bit of a spin before committing real money. I tried a couple, crystal land is a variation more akin to a match 3 game where you spin and if the colours match, they get destroyed and you win. It also had frozen sections on the side so if you get them, it drops more and you can get combinations. There was quite a variety of games, with single line, some video-game style slots, and then a number of multi-line games. All of the games have sound, with some also featuring music, which is easy to switch on or off, and a full screen option if you want to play without distractions.

I then went into have a look at some of the roulette games. Now here I did notice some were using flash, and as I was using Brave browser (which has flash disabled) so I didn’t have the full range of games available to me. I played a couple of rounds on European roulette, and thankfully broke even or won on the games I played. So I decided then to move onto classic blackjack and played a couple of hands. I lost most of what I played, not having much luck on the night unfortunately.

Moving on from there, I remembered that I had gotten 30 free spins with my deposit, so when I went into my balance screen, it told me the game was 4 Horsemen. This autostarted, and I won a lot of the rounds, and there was bonus multiplyers on some spins, as well as additional free spins so I actually got about 42 free spins in the end instead of 30. I had no control over it though, as the spins happened automatically and at the end the bonus funds were added to my account.

So now I wanted to see how getting funds off the platform was like. I had several bonuses, one from my first deposit bonus, and the second from my free spins. You can’t withdraw without cancelling your bonus funds. Now normally I’d use them first, but as I do want to test getting funds out, I cancelled both the bonuses I had received from my first deposit and the free spins.

I chose to withdraw by ethereum, and for this it told me that the minimum withdrawal was 10 TPlay (equivalent to 0.01 ethereum) which is pretty low, so I went ahead and put in my wallet address. Once concluding the withdrawal, it said it would be processed in about 15 minutes. I did the deposit at 9:15pm and they were confirmed in my wallet by 9:53pm, so there wasn’t a major delay on this, and I was pleased with how smooth the process was. I didn’t have any KYC to do though when withdrawing, although the T&C’s say this may happen with larger withdrawals.

So all in all, summing up my experience of Fairspin casino; the casino is new so it has a solid selection of games, although maybe not the biggest range compared to more established crypto casinos, but more than enough for me to have a good session playing a range of games. Other than the few games that didn’t work because of Flash, all the games were bright, had nice graphics, pleasant audio and it was great to be able to do the demo mode on the casino games and figure out if I liked a game before betting real funds. The live casino does have a higher minimum bet than others I’ve tried, which might put some people off, but they had high quality streams and every table I played on was full with plenty of other players. Getting funds off the Fairspin casino was simple, the conversion between fiat/crypto and TPlay is clear, and getting funds off the platform was a smooth, fast experience and faster than lots of other casino’s I’ve tried.

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Source: https://bitcoinsinireland.com/a-look-at-fairspin-crypto-casino/

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