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Cryptonex Review. Should you buy CNX token?

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CNX token is the native asset of the Cryptonex decentralized exchange and the payment protocol. The CNX token has been seen rising from time to time.

Comprehending the entire functioning of the Cryptonex protocol.

Development of payment systems as the blockchain hysteria

Many payment systems came into existence, with the inception of Bitcoin, but the only a handful of them was able to sustain the competitive edge, linked to the exponential development in the crypto space. Payment settlement systems like MoneyGram or Western Union money transfer had been dominating the financial domain before the advent of cryptocurrencies, a post which they experienced a steep downfall in their business as the Blockchain technology had incentives the entire process and had made its simple. Therefore, the potential of Blockchain technology can be experienced by its use cases and applications. Ripple is one of the most popularly used cryptocurrency payment settlement systems. Let’s read about the Cryptonex Project and its native token CNX token.

 

What is Cryptonex?

It can be considered as a decentralized exchange, which entails its payment settlement system. Initially developed by, the Investment Financial Group, which intern specializes in software development and management for various varieties of financial risks, provides a great way to improve the efficiency of the system. One of the most essential features and aim of the project was to make the crypto to Fiat and vice versa conversions seamless. Its dedicated payment cards or mobile can be made use of to accomplish nearly instant transactions with a minimal fee.

 

How does Cryptonex function?

The Blockchain based initiative is not built upon the traditional ERC20 Protocol, but incorporate it on exclusive blockchain platform for its functioning. Dum keyword incorporates the cost-effective proof of stake consensus mechanism which in turn uses the scrypt algorithm. This would indirectly increase the total supply of CNX tokens by 12% every year. To take part in the Proof of Stake mining, the users need to download the entire desktop client and keep the wallet online for as long as possible. The miners are rewarded based on the stake they hold within the system. The decentralized exchange is still under constant development. No specific details about how everything works have been shed light upon by the developers.  

 

What is CNX?

CNX token is the native asset of the decentralized exchange and the payment protocol. The CNX token has been seen rising from time to time. The CNX token reached it all-time high in January 2018, where the price of the token reached up to $9.17. According to coinmarketcap.com, the current price of the CNX token is $2.18. The CNX token was made available to the public in October 2017. The total supply of the CNX tokens is fixed and accounts to 210,000,000 tokens. The fixed total supply would mark an increase in its value, as a direct consequence of the increase in scarcity of the coin.

 

How to buy CNX token? Along with understanding the wallet capabilities

The users, however, need a desktop wallet for storage of the CNX tokens. firstly the users need to register their respective wallets with the exchange and can buy CNX through significant Cryptocurrencies like Bitcoin, Ethereum, Ripple, etc or through Fiat deposits. the cryptocurrency wallet is capable of undertaking real-time transactions based on the real-time prices as it collects the data from various reliable sources. Interestingly, the wallet also is capable of converting one cryptocurrency to another in an integrated fashion. The future of the decentralized exchange is highly futuristic, as it provides a single platform to integrate myriad types of operations.

 

Future of Cryptonex

The payment protocol and the Decentralised exchange, entails one of the most notable features which is transparency. The blockchain protocol is open source in nature and all the inside workings of the exchange are not hidden from the public. It is also to be noted that various bounty programs, as well as referral rewards, are kept aside, in the form of CNX tokens by the Cryptonex platform, so that sufficient incentives are provided to the users to keep them attached with the exchange. There is not much scope in the price surge of CNX Tokens.

 

Note: The following points are the views of the editors and may not be considered as an advice for investment in any of the digital assets such as Cryptonex or CNX. The cryptocurrency market is highly volatile and the investment in such assets is subject to market risks.

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Gerald Cotten faked his death? QuadrigaCX story fully uncovered.

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$190 million in cryptocurrencies may be lost forever. The owner of the QuadrigaCX died while he was in India due to complications from Crohn's disease.

$190 million in cryptocurrencies may be lost forever. The owner of the QuadrigaCX died while he was in India due to complications from Crohn’s disease and he was the only person with access to the cold wallets. What’s highly suspicious and insane here is that they did not have a multi-signature wallet set up for $190 million worth of customer’s cryptocurrency. 115,000 users are left without their money and that is tragic. Some of these users had very large balances on the exchange with one user apparently having up to $70 million worth of cryptocurrency on the exchange. The exchange has now filed for bankruptcy.

The exchange has been granted an order for creditor protection in Nova Scotia. This is basically a 30-day stay of proceedings in a way to stop any lawsuits from proceedings against the company at this point. It’s a tragic situation when someone dies, a company goes under, thousands of people lose their cryptocurrencies and thousands of bitcoin disappear forever. But then it starts to get weird because the QuadrigaCX case has got a lot of strange things going on in the background. These may be just rumors or things that people are talking about right now when it comes down to what’s going on with this exchange. The reality at the end depending upon what the investigation turns up may prove to be different.

 

The Series of Coincidences around QuadrigaCX and the death of Gerald Cotten:

Gerald Cotten, who was the only person who knew the passwords for the cold wallets. Before his sudden death, there were also quite a few reports of long delays in getting withdrawals. That itself is a bit of a red flag. There are of course acquisitions that basically you could only withdraw your money when someone else deposited their’s which means that there were serious solvency issues at the exchange if of course, that was true. The accounting of the exchange has been really bad which may be just bad business practices but the company was also hit with cease trading order for failing to file financial statements. Cotten’s wife has also said that she has been unable to find any corporate records.

It is unclear whether or not QuadrigaCX had all of the cryptocurrencies that they say they do which was millions in cryptocurrency at the time of closure and at the time of the founder’s death. QuadrigaCX never disclosed their cold storage wallet addresses. Taylor Monahan, the CEO of MyCrypto has been investigating the Ethereum’s side of this situation. She said that the company didn’t possess a significant amount of its Ethereum to make it liquid and the cold storage Ethereum addresses may not have existed at all. Then it comes to litecoin. It is unconfirmed whether these are the addresses of QuadrigaCX, research has indicated that QuadrigaCX’s litecoin cold storage wallets are moving litecoin after the claim that the keys were lost. However, it is not confirmed whether that is company’s litecoin addresses or not because they are not disclosing that information even now.

The Co-founder Michael Patryn might be a famous conman going by the name of Omar Dhanani who is a convicted scammer. Dhanani was a member of the shadow crew and pleaded guilty to numerous counts of identity fraud back in 2005. He also used the name Omar Patryn in a forfeiture case. These company corporates are the guys who have the KYC information of more than 100,000 users. So this proven identity scammer now have access to all this KYC information which would make it so easy for him to open up new accounts in other exchanges, cashing out using fake id’s. Michael Patryn apparently left QuadrigaCX back in 2016 but considering how fishy the rest of the story is, it would not be surprising if he maintained an influence or a relationship with
Gerald Cotten.

Some have speculated that Gerald Cotten faked his own death and basically got a knock-off death certificate in India or perhaps he was killed by his business partners but even the death itself is incredibly suspicious. Dying from Crohn’s disease when only 1.6% of sufferers from this disease die of it and to happen to die from Crohn’s disease in such a young age is incredibly rare. Gerald Cotten was cremated and his ashes were dumped into a river in India and to make it even better he filed a will 12 days before his death. In that will Gerald Cotten accounted for things like his dogs to be taken care of, his house etc. but he casually forgot to include any information about how to release the $190 million in user funds on his exchange which he had the sole access to. Also, QuadrigaCX did not announce his death or the missing keys for a month. With so many coincidences it’s crazy.

QuadrigaCX worked with CryptoCapital who also work with companies like EXMO and CEX which have been having withdrawal issues recently as well, Coinapult which basically stopped business overall on 10th December last year and Bitfinex. All of these have reported withdrawal issues in the recent past. In fact, Cryptocapital on the day of the announcement about QuadrigaCX delisted Bitfinex from their website. This adds to the fishiness of this whole story.

A court-ordered lawyer will be getting a hold of the encrypted laptop from QuadrigaCX and that laptop might actually provide access to $190 million worth of customer funds. An independent third party will be the one taking over the custody of that laptop during the bankruptcy procedures.

Maybe the official story is exactly what happened. Maybe the founder really died and no one has the access to the user’s funds and it’s just a case of coincidences about Dhanani, cremation of the body etc. but if the worst rumors prove to be true and the scammers get caught maybe some people will get a bit of their money back assuming that the lawyers are not able to get it out of the laptop. There is still some hope out there for people.

 

What are your thoughts on Quadrigacx and the death of Gerald Cotten? Tell us in the comments section below.

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Warning: Disadvantages of Leverage trading on Bitmex and Bitfinex

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Leverage trading has been a market strategy since old times. Let's discuss leverage trading on Bitmex and Bitfinex and the disadvantages of leverage trading

Cryptocurrency trading has been a topic for discussion and argument for a very long time. It has both a huge section of analyst support this whereas a large set of traders are always opposing it. Apart from this argument by the two sets, one can’t deny that participating in a trade including cryptocurrencies is both risky as well as beneficial. One need to research and have a knowledge of related platform before investing his/her money in this space.

In this article, we will discuss particular trading known as leverage trading on Bitmex and Bitfinex. Nextly, we will discuss the disadvantages and dark side of leverage trading on Bitmex and Bitfinex.

 

Leverage Trading on Bitmex and Bitfinex:

Leverage trading has been a market strategy since very old times. In this type of trading, if you don’t have enough value to trade, you ask some value from someone else to complete your trade. The rules and regulations of this kind of trading are very simple and are used by many of the exchanges. This is also known as margin trading.

In crypto space also, the act of borrowing extra cryptocurrency to complete the trade is known as cryptocurrency leverage trading. Some of the cryptocurrencies like Bitmex and Bitfinex support this trading.

You can borrow at some leverage x:1 i.e. the lender will provide (1/x) of total investment. Suppose, the total desired investment is $100 then leverage of 4:1 means the lender will give you $25.

 

Let us understand with an example: Suppose, John wanted to buy bitcoin for $4000 but currently, has only $2000. Since alone he can’t do the desired trade, what he can do is to borrow $2000 from someone and trade it. Here, the leverage is 2: 1. This is an example of margin trading. Now, suppose, the trade gained a profit of 25%. The total worth is now $5000. He can give the borrowed $2000 to the lender and still can make a personal profit of $1000. Isn’t it amazing? But wait, it could be a trap for you!

 

The disadvantages of leverage trading on Bitmex and Bitfinex:

Often, it is said that the grass is greener on the other side of the fence. Same applies to this trading. As we all know that the cryptocurrency industry is often fluctuating and risky too. Let us understand with the above example how margin trading on Bitmex and Bitfinex can be a trap for you.

Suppose after borrowing $2000 from someone, you completed the trade and due to some market downhill, the trade goes to a loss of 75%. Now the total value is $1000. If you had only invested your money, you still would have $1000 but in the current condition, the first responsibility would be returning the money to the lender. He/She will claim his/her full amount. So, firstly you would have to arrange $2000 for him/her and for your money, forget about that. All of your money would be lost.

So, you can see how you can lose all of your money and even go in debt if you trade using margin trading and the market doesn’t favor you. Cryptocurrency is market of risk and if you are using leverage trading on Bitmex and Bitfinex and any crisis comes, you will be in great loss. So until you have a knowledge of margin trading, never try it. They can be rewarding too but are highly risky, so it is not advisable for the new joiner to invest in it. Also, even if you are using this trading, never invest the amount that you can’t afford to lose it.

Most of the people, in order to earn money at a very fast pace, try to use this margin trading and there have been instances where people have lost all their money in case of crisis and low price down of the cryptocurrency. In any condition of the market, the lender will ask for it complete money and you are bound to return the lender the complete amount plus some interest also. So, there is a very dark side of leverage trading on Bitmex and Bitfinex.

 

We discussed how leverage trading on Bitmex and Bitfinex could be the worst decision of your life. Like any other market, margin trading can be rewarding as well as it is very risky as you may lose all of your investment in case of crisis. In the worst condition, you may lose all of your money and may have to arrange the lender’s borrowed amount to be returned from your additional savings. This article focusses on disadvantages and dark side of leverage trading on Bitmex and Bitfinex.

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Coinbase: The Best Startup of 2018

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Headquartered in San Francisco, Coinbase emerged as the leading digital currency wallet service that allows traders to buy and sell cryptocurrencies.

Headquartered in San Francisco, California, Coinbase emerged as the leading digital currency wallet service that allows traders to buy and sell cryptocurrency like bitcoin.

The interest, as well as the amount of investment that was put into cryptocurrencies, hyped up in the past year and there emerged the need of a secure facility of exchange to allow the buying, selling and execute other transactions related to crypto- at such a time Coinbase emerged as one of the safest portals to deal in cryptocurrencies.

 

Things You Should Know

Coinbase was launched in Fransico, back in 2012 and is currently functional in as many as 32 countries and serves over 12 million customers with over 40 billion dollars in digital currencies. When 2013 was reached, Coinbase came out to be the most funded Bitcoin startup and was also the largest portal for the exchange of cryptocurrency in the world. It is different than other exchanges in the market that require users to trade in a market- Coinbase, on the other hand, allows them to exchange their cryptocurrency at a set price that is based off the market value, which makes the whole transaction much faster than any other exchange. It also just happens to be one of the few portals that accept credit cards (in addition to bank transfers).

Coinbase went on to gather some real high-browed backers as investors, including the Bank of Tokyo and BBVA, which is proof of its legitimacy.

Some people wonder whether the facility of Coinbase is safe or not- well, among its competitors, Coinbase is probably the safest that there is. It is important to note here that Coinbase is based In the USA and it complies with all of US’s State and federal laws- thus making it much more secure than other exchanges that have a loose law system.

 

Safety Measures

As far as storage of funds is concerned, the methodology of Coinbase is highly transparent- it categorizes and separates customer finds from company’s  operational funds and it has mentioned on its website that any funds that they hold on behalf of their customers are kept safe in custodial bank accounts and in case a financial crisis does occur, neither Coinbase nor its creditors would have any rights or claims to the funds of their customers. Coinbase also guarantees that 98% of customers’ cryptocurrency finds are stored offline by the means of hardware wallets and paper wallets that are further secured in vaults and safety deposit boxes around the world. The security is further boosted with Coinbase claiming that the left percentage of the cryptocurrency which is stored online is insured and in the event of any hacking that is near to impossible, customers will have a claim to receive any funds that they may have lost via their insurance policy.

 

Recognition Received

Coinbase found worldwide substantiation for their efforts and for some of our amazing colleagues. Ultimately, these awards highlight the efforts of every single employee, and  Coinbase was highly grateful to all its employees and staff members for making it such an amazing place to work. Top highlights include:

  • LinkedIn went on to rank Coinbase as the #3 most desirous and profitable startups in the US.
  • Fortune’s prestigious publication- The Ledger featured four members of Coinbase in its list- 40 under 40
  • Major personalities working with Coinbase such as Tariq Meyers and Emilie Choi have been recognized by many international magazines and newspapers, like The Root.

 

Customer Service

Coinbase is not going to leave you stranded alone in this cyber world, for it offers customer support via email and you can easily find a knowledge base on its website along with FAQs that are available for customers. Although the time that you will be spent in waiting for customer support may vary, Coinbase makes sure that all its users are left with their questions answered no matter how busy or caught up they are.

And so we can say that something so novel to have reached the heights of success so soon is truly a tremendous achievement for Coinbase; it is indeed the best startup that 2018 bore!

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