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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.

#Exchange

Yobit Pump and Dump Scheme: Everything you need to know

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Yobit buys various random coins for a certain amount of Bitcoin and immediately after pumping up to a certain price, the process of dumping is initiated.

Grasping the entire Yobit pump and dump scheme.

 

Secret market manipulators

The Bitcoin domain which is originally initiated with clean intentions in mind, was also, not spared by the hackers and scammers on this world. This is self-evident from various hacks and scams that have been witnessed in the Crypto space. Therefore, all the investors and cryptocurrency users are cautioned to carefully understand and practice safety measures. Failing to do so, might lead to unwanted conditions. There are also various secret Bitcoin holders known as Bitcoin Whales, which manipulate the bitcoin market by either buying or selling a large amount of Bitcoin.

 

Yobit Exchange

Yobit is one of the most popular cryptocurrency exchanges, which, in recent days, has been struggling for its market sustainment and is trying to incorporate various measures to tackle the same. While other cryptocurrency exchanges attract customers through various incentives like reward programs, lower transaction fees or increased security measures but yobit has taken the marketing gimmicks to a next level. Yobit openly announced about its pump and dump scheme that it undertakes, in order to boost the trading activities in the cryptocurrency markets.

 

The recent Yobit pump and dump

During the pump, Yobit buys various random coins for a certain amount of Bitcoin and immediately after pumping up to a certain price, the process of dumping is initiated creating artificial waves of the price. Some investors and traders use make use of the market volatility during this time period. This method of generating artificial traffic is regarded as illegal in most countries across the world. Yet Yobit pump and dump scheme seems to be working out very well. Yobit had also pre-announced one of its pump and dump activity which was undertaken on 11th October 2018.  

 

Other activities of Yobit

Yobit has also been under controversies for many other reasons. Back in 2016, Yobit trading platform had pre-released the Waves/BTC trading pair, without the actual release of coins. The Crypto exchange has a very good record for its manipulative activities. The US Commodity Futures And Trading Commission along with US Department of Justice has charged legal implications on the exchange for such activities.

In 2017, even the Russian government banned the operations of Yobit, for possible frauds and data manipulation undertaken within its name.  

 

The reaction of followers on Twitter

The Yobit pump and dump schemes are openly announced on Twitter, where various users have expressed their distaste with respect to Yobit, for such shady activities. Some of them, in fact, have approached Coinmarketcap to delist the because of its intolerable activities. While some of the users are furious with the action, some of them consider it to be as a joke. There are also users which assume that at least, they are being transparent about their bad intentions. It is now the decision of the various regulators to classify them under suitable category and take necessary actions. Failing to do so, might lead to immense losses to the users of Yobit.

 

Further insights into Yobit pump and dump scheme

The crucial matter of concern is that Yobit never announces the name of the coin which is to be considered for its Yobit pump and dump scheme. By chance, if the investors get to know the coin which is to fluctuate, then they might have a good return, accordingly. On October 10th, 2018, the exchange revealed that they will be buying various Altcoins worth 10 Bitcoin in every 5 to 10 minutes.

 

A sincere advice to distance yourself from such activities

Investments in the cryptocurrency market are very risky as some of the cryptocurrency exchanges themselves are not reliable enough to be considered. Therefore, one must hold the entire responsibility for their investments and think twice before choosing a cryptocurrency exchange for trading and investing in any digital asset or cryptocurrency.

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Mt Gox Deadline Chaos: Users taking flights to Tokyo for refunds

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The biggest civil rehabilitation in history: Mt Gox is presently to begin tomorrow after the deadline for filing civil rehabilitation claims passes.

Mt Gox Civil Rehabilitation

The biggest civil rehabilitation in history: Mt Gox is presently to begin tomorrow after the October 22nd deadline for filing civil rehabilitation claims passes.

The process has been somewhat tumultuous. After filing for insolvency claims in 2015, numerous through Kraken, they are currently being asked to file again for civil rehabilitation.

The Issue with the refund process

The problem is these year old events have been forgotten by most. Online logins and passwords are not remembered. Few even know exactly what online logging, the one for Mt Gox, the one for the insolvency claim, or something else.

Plenty of people have been forced to file by post because, for reasons unknown, you can not e-mail the PDF application to the now revived [email protected]. So a surge is on for some and this is transforming into a nightmare for some people.

People are advised to not go in person because imagine if thousands of people suddenly appear at the Mt Gox offices in Tokyo to put their paper application through the letterbox. Yet Nobuaki Kobayashi, the Mt Gox Rehabilitation Trustee, says in an email:

“On the off chance that you file a proof of claim by the Offline Method, please make sure that the proof of rehabilitation claim must be received by the Office of the Rehabilitation Trustee before the end of the period for filing rehabilitation claims (i.e., no later than October 22, 2018 (Japan time).”

 

What is the Process

A simple reading of that suggests the post needs to arrive at their offices by circa 5 PM Japan time on the 22nd of October. The same number of applications are made from everywhere throughout the world, however, it may be very hard to guarantee a delivery by that day.

Logically you’d figure they will consider all applications dated prior to October 22nd as having been filed inside the deadline, yet sometimes logic and law don’t fit, so bureaucracy may get in transit.

In that case, it might be that all post that was received after the 22nd may have to re-file again through a late claims process. In spite of the fact that who knows, perhaps the presence of mind will prevail.

Once every one of these applications is made and processed, Kobayashi will then have to distribute to tens of thousands of goxers $1.5 billion worth of dollars and crypto, with $500 million of it in fiat and about $1 billion of it in 140,000 BTC and 140,000 BCH.

 

Kraken comes into the picture

It is probably every one of these funds will be distributed through Kraken, meaning that all goxers may have to join with them on the off chance that they haven’t done so already. Kraken stated:

“We are working with the rehabilitation Trustee to provide payout support for Kraken clients. On October 5, 2018, Kraken executed a memorandum agreement with the rehabilitation Trustee regarding future support from Kraken. However, the details of Kraken’s support have not yet been determined.”

How quick they move currently remains to be seen, yet nearly five years since liquidation was declared, this case may have now reached the stage where just last touches are needed for circulation.

 

The Scenario

Kobayashi has sold $500 million worth of BTC and BCH. That is the fiat value measure of all cryptos and fiat holdings on MT Gox at the time of liquidation with one BTC fixed at a price of circa $400.

In other words, if Mt Gox had not been bankrupt at that time, it would have needed just $500 million to pay every one of its customers all they were due.

That means $1 billion is in profits. That has been retained in BTC and BCH, with individuals free to choose whether they need it back in crypto or in fiat.

Then there’s another $250 million worth of bitcoin and bitcoin cash which has been converted into fiat and is kind of ring-fenced to cover claims or counterclaims Mt Gox had with other businesses that are disputed and are kind of unrelated to the insolvency.

So everything is at long last in place now for this $1.5 billion to be given back. When remains to be seen. This year looks unlikely as they make last preparations, yet around the beginning of 2019 may seem probable.

How the market would be affected remains to be seen. Most have completely written off these Mt Gox holdings, yet now that it would appear that they may really receive 3x the fiat sum they thought they lost, some may get excited and should seriously think about it as a nice reward.

What they will do with it nobody knows. There are some 10,000 individuals involved, so some may need the fiat, some may keep on holding. Some who receive fiat may transform it into crypto.

Making it perhaps a cheerful ending to a terrible series of events as now after years of forced holdings many are in profit and by quite a bit.

So bringing up that issue again of whether history will consider MT Gox as the devil, or perhaps after all as the angel that bootstrapped the bitcoin economy when few were eager to do as such or to keep doing as such for whatever length of time that they did.

Something which may depend on how this dispersion progresses, with a considerable lot of an entire generation presently experiencing a genuinely unique process that makes this whole crypto scene simply that bit more exciting.

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Mercado Bitcoin: Largest Brazilian Bitcoin Exchange starts massive Employee Firing

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Mercado Bitcoin, Brazil's largest cryptocurrency exchange by trading volume, as of late fired "somewhere around" 20 employees

Mercado Bitcoin, Brazil’s largest cryptocurrency exchange by trading volume, as of late fired “somewhere around” 20 employees in the midst of restructuring endeavors being made to “center around professionalization, better governance and greater dexterity in client service.”

Neighborhood news outlet Entry do Bitcoin supposedly addressed four now ex-employees that served at various progressive levels. One noted it “was appalling” and said that there “were individuals crying” over the event.

The ex-employees uncovered that senior executives began getting laid off not long ago, on October 15, with other employees being fired by an executive the exact next day. The company, advocating what was happening, uncovered it was restructuring its marketing and human resources departments.

Those met by the neighborhood news outlet asserted the influenced departments were covered after the cutbacks. One said that executives told employees that “it was a company minute, they expected to dry out their structure. To put it plainly, they went one stage over what was being charged.”

As per their records, Mercado Bitcoin fired employees it hired from other companies under a half year back and, sometimes, fired individuals that had been working there for under two months.

The move is prominent as the cryptocurrency exchange is the largest one in Brazil. As indicated by accessible data, it traded 4,150 BTC in September, and 1,965 BTC so far this month, which implies it speaks to more than 30 percent of the Brazilian market’s volume.

 

Crypto Exchanges Under investigation

Reacting to a demand for input from Entry do Bitcoin, the cryptocurrency exchange uncovered it has been “advancing changes in its structure” since the start of this current year to serve its users better. In October, its answer peruses, changes were made to the marketing, HR, and administrative departments, while others were left unaltered.

 

The exchange administrator included:

“As for personal and financial data, Mercado Bitcoin does not disclose its data to the market, but rather clears up that the quantity of individuals who left the company in October is essentially lower than demonstrated, achieving 20 individuals just, on the off chance that we incorporate consultants and other service suppliers.”

 

Exchanges in Brazil have been under investigation, as back in August the government sent them a 14-point questionnaire to take in more about their businesses and their potential use in money laundering. Prior this month, the nation’s antitrust watchdog, CADE, sent them another questionnaire they’ll need to answer or face a fine that can reach $25,000.

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