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Bittrex Change In Terms Of Service Language Is Concering

Bittrex has long been one of our favorite crypto exchanges based in the U.S. However, a recent change to the language in their terms of service disclaimer is a cause for concern.

Of course, we are not lawyers, and this is not legal advice. As always, consult a legal professional for all legal matters and advice.

That being said, the changes to the Bittrex Terms of Service wording has us quite concerned. Here is a quote from the Terms of Service, Version 4, amended 1/21/2021:

RISK DISCLOSURE: BY ACCESSING OR USING ANY BITTREX SERVICES YOU ARE VOLUNTARILY CHOOSING TO ENGAGE IN SOPHISTICATED AND RISKY FINANCIAL TRANSACTIONS. YOU ARE FURTHER ACKNOWLEDGING THAT YOU ARE AWARE OF THE MANY RISKS ASSOCIATED WITH THE USE OF THESE SERVICES AND WITH ENGAGING IN TRANSACTIONS IN CRYPTOCURRENCIES, INCLUDING BUT NOT LIMITED TO, RISKS OF FINANCIAL LOSS, TECHNOLOGY GLITCHES (INCLUDING BUT NOT LIMITED TO PROBLEMS WITH THE BLOCKCHAIN TECHNOLOGY), AND HACKING. BITTREX WORKS HARD TO PROVIDE STATE-OF-THE-ART SYSTEMS AND SECURITY. NONETHELESS, CERTAIN ISSUES AND RISKS ARE UNAVOIDABLE, AND IF SUCH ISSUES OR PROBLEMS ARISE IN CONNECTION WITH YOUR USE OF BITTREX’S SERVICES, INCLUDING TECHNICAL DIFFICULTIES WITH DEPOSITING OR TRADING CRYPTOCURRENCIES, IT MAY TAKE DAYS, WEEKS, OR MONTHS TO RESOLVE, AND SOME ISSUES MAY NOT BE RESOLVED AT ALL. BY AGREEING TO THESE TERMS, YOU ACKNOWLEDGE THAT BITTREX IS NOT RESPONSIBLE FOR THE AFOREMENTIONED RISKS, AND YOU VOLUNTARILY ASSUME AND ACCEPT SUCH RISKS IN DECIDING TO ENGAGE IN CRYPTOCURRENCY TRANSACTIONS ON THE BITTREX PLATFORM.

Sometimes legal wording/disclaimers can be extra wordy and confusing. Often, this is done on purpose.

This updated terms of service can be broken down into 3 parts:

  1. There are risks in cryptocurrency transactions.
  2. Bittrex has told you about the risks.
  3. If you continue to use Bittrex knowing these risks, the responsibility for these risks are yours and not Bittrex.

While those 3 points seem sensible and realistic at first glance, but, as the saying goes, the devil is in the details.

Let us quote directly from the above language, only we will take out much of the wordage – without changing any of it – just to make a point:

YOU ARE AWARE OF THE MANY RISKS ASSOCIATED WITH THE USE OF THESE SERVICES… INCLUDING …. HACKING. IT MAY TAKE DAYS, WEEKS, OR MONTHS TO RESOLVE, AND SOME ISSUES MAY NOT BE RESOLVED AT ALL. BY AGREEING TO THESE TERMS, YOU ACKNOWLEDGE THAT BITTREX IS NOT RESPONSIBLE FOR THE AFOREMENTIONED RISKS, AND YOU VOLUNTARILY ASSUME AND ACCEPT SUCH RISKS.

Again, we’re not lawyers and this is NOT legal advice. As non-lawyers, we read the above statement and conclude that Bittrex is telling you that if they get hacked, the losses “MAY NOT BE RESOLVED AT ALL,” and that “BITTREX IS NOT RESPONSIBLE,” and finally, you “ASSUME AND ACCEPT SUCH RISKS.”

If our understanding is correct, that means that if Bittrex loses any of your money in any type of “hacking,” you’re out and you cannot hold Bittrex accountable for the losses.

Would you deposit into a bank if the bank’s legal disclaimer told you that if the bank gets robbed, you’re money is gone and you cannot hold the bank responsible?

That sounds exceptionally risky.

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LiteLink Intends To Acquire A Stake In Leading Canandian Crypto Exchange

LiteLink Technologies Inc. (OTC: LLNKF), a company focused in emerging technologies across growth sectors including: cryptocurrencies, blockchain, AI and cloud technologies, has announced that it has signed a Letter of Intent to complete an equity investment in CatalX Exchange Inc. (“CatalX”), Canada’s premier cryptocurrency exchange with over 40+ Altcoins available for purchase on CatalX.io.

CatalX is a Canadian-based FINTRAC registered and compliant digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. CatalX has developed a scalable and modularized platform with a trading engine that can scale to millions of users in real time and cutting-edge cyber security system CyberSmoat®, which is patent pending.

Features of the CatalX platform include:

  1. Fully featured exchange order book
  2. $0 deposit fees and immediate funding (post-KYC)
  3. 0.15% trading fees
  4. Tightest buy and sell spreads in Canada under 0.1%
  5. Lowest rates to buy BTC in Canada

The proposed equity investment will be satisfied through the issuance of 37,500,000 common shares of LiteLink to CatalX and a cash payment to CatalX of C$500,000, and would result in LiteLink having ownership and control over 19% of the outstanding share capital of CatalX. In conjunction with closing of the investment, LiteLink will also pay a finder’s fee to an arm’s length party of 1,875,000 common shares of LiteLink. All securities issued in connection with the investment in CatalX will be subject to a four-month-and-one-day statutory hold period in accordance with applicable securities law.

“We are very excited to make this investment into CatalX, Canada’s leading cryptocurrency exchange, and gaining a stake in the expanding cryptocurrency market,” said LiteLink CEO Peter Green. “CatalX has had an outstanding year and continues to grow. In January 2021 alone, the company experienced 80% growth in new registrations quarter-over-quarter and has already clocked in $1.05 million in deposits in the first 21 days of January.

“In the last five days, CatalX has seen $525,000 in deposits, signaling big things to come moving forward as more and more businesses and investors turn their attention towards the crypto market.”

“CatalX has also experienced significant growth in its trading volumes, with average monthly volume hitting $1.37 million in December 2020. In the first 3.5 weeks of January, the trading volume was sitting at $2.85 million and is projected to reach $5 million for January, a 590% increase from its October/November average of $725,000. In the last five days alone, the trading volume was $1.36 million. In short, this company is growing very quickly.

“It isn’t surprising when you look at the growth of the overall market. Bitcoin just closed out one of the biggest years in its history and is expected to continue rallying in 2021 thanks to a surge of new developments coming into the crypto space this year, including the launch of Facebook’s bitcoin-inspired cryptocurrency and the US cryptocurrency regulations.

“Despite recent price volatility, Bitcoin is still up over 290% in the last year and is expected to stay elevated thanks to growing adoption of crypto among payment giants like PayPal and Square and rising interest among institutional investors.

“At the same time, the world’s second-largest cryptocurrency Ethereum has skyrocketed 300% over the last 12 months amid a flurry of interest in decentralized finance (DeFi)—using crypto technology to recreate traditional financial instruments such as loans and insurance with many DeFi projects built on top of the Ethereum network.

“Cryptocurrency is clearly here to stay, so we are very excited about building a strong relationship with Canada’s leading cryptocurrency exchange.”

The Company is at arms-length from CatalX.  Completion of the investment in CatalX is subject to a number of conditions, including, but not limited to, completion of due diligence, negotiation of definitive documentation and the receipt of any required regulatory approvals. The proposed investment is not expected to constitute a fundamental change for the Company, nor is it expected to result in a change of control of the Company, within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange.

LiteLink would also like to announce that it has engaged North Equities to provide and manage a comprehensive six-month digital media marketing campaign for the Company for a total cost of $100,000. The Company has also engaged Djordje Kovic for a digital media and marketing campaign for four months for a total cost of $45,000.

LiteLink Technologies Inc. is a company focused on emerging technologies across growth sectors including: crypto, blockchain, AI and cloud technologies. Led by senior leaders and industry experts, LiteLink invests in and provides subject matter experts within portfolio companies to accelerate success and maximize value for shareholders.

CatalX.io is a Canadian-based is a digital asset exchange platform that specializes in cryptocurrency trading, blockchain and cybersecurity technology. As a fully regulated Cryptocurrency exchange with FINTRAC, CatalX has the highest standards in security and compliance and is partnered with world-trusted names in Blockchain technologies, risk management and financial solutions including Bittrex, Prime Trust, Trulioo and Stably to provide their users with a trusted, secure platform.

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It’s Not Just Institutional Thirst, Retail Demand For Crypto Reaches ‘Unprecedented’ Levels

There’s just not enough Bitcoin to meet demand.

That’s not just some hopium-based fantasy by the leader of a fringe crypto cult.

No, it’s simple fact from tallying just a couple places where Bitcoin can be bought.

We’ve reported that institutional money is moving into cryptocurrency assets, and that institutional demand is higher than it has ever been.

Retail demand is also currently at “unprecedented levels.”

Unprecedented levels

Israeli trading and investing platform Etoro warned customers in Europe on Friday of possible limitations on crypto purchasing over the weekend. In an email, the exchange said: “The unprecedented demand for crypto, coupled with limited liquidity, presents challenges to our ability to support buy orders over the weekend. In light of this, it may be necessary for us to place limitations on crypto buy orders.”

eToro’s statement acknowledging unprecedented demand is just one of many that point to the fact that there isn’t enough Bitcoin available at today’s prices to meet demand.

Pantera Capital’s recent monthly letter to investors states that:

In last month’s investor letter we discussed that after 30 months of operation, Square’s Cash App is estimated to be buying around 40% of all newly-issued bitcoin.

PayPal just launched their new service that enables customers to buy, sell, and hold cryptocurrency directly from their PayPal accounts. It’s already having a huge impact.

The bitcoin community is proud to have grown to 100 million users over twelve years. PayPal has 300 million active users. As we’ve argued — and will argue more fully in our December investor letter — this rally is much more sustainable than 2017. One of the main differences is the ease of investing in bitcoin now — via PayPal, Cash App, Robinhood, etc.

Previously the friction to buy bitcoin was pretty onerous: take a selfie with your passport, wait days to a week to get activated, daily limits.

Three hundred million people just got instant access to Bitcoin, Ethereum, and other cryptocurrencies.

BOOM! The results are already apparent.

PayPal’s crypto infrastructure provider is Paxos. Prior to PayPal’s integration of crypto, itBit, the Paxos-run exchange, was doing a fairly constant amount of trading volume — the white line in the chart below.

When PayPal went live, volume started exploding. The increase in itBit volume implies that within four weeks of going live, PayPal is already buying almost 70% of the new supply of bitcoins.

PayPal and Cash App are already buying more than 100% of all newly-issued bitcoins.

Only 900 New Bitcoins Created Each Day

Bitcoin supply is growing daily. Literally, it’s growing by 6.25 newly created Bitcoins with each new block mined. By design, one Bitcoin block is mined every 10 minutes, resulting in an average of 144 new blocks every day. 144 x 6.25 equals 900 new Bitcoins created each day.

Genuine Bitcoin Investor Demand

As we reported above, just Paypal and Cash App are responsible for buying more than 900 Bitcoin per day.

Let’s look at another rather obscure place to buy Bitcoin: LocalBitcoins.com. This is a site outside of the massive mainstream crypto exchanges. It is sort of a peer-to-peer classified ad site that matches buyers with sellers on an individual level.

Compared to the big exchanges, such as Coinbase, this site is tiny. For instance, Binance alone had a Bitcoin trading volume in the past 24 hours of $2.77 billion at press time.

Contrast that to the average daily trading of Bitcoin at localbitcoins.com which is a mere $6 million. The difference in size is staggering. The point being, trading volume at localbitcoins.com is a tiny, extremely tiny, amount of Bitcoin being bought each day.

Now, be aware that most of the trading volume on Binance and other big exchanges is just that: trading, not investing. A trader can buy and sell multiple times per day with each of those trades adding into the cumulative total trading volume.

On localbitcoins.com it is definitely not “traders” doing the trading, it is mom and pop type of people buying Bitcoin to hold as an investment.

So let’s look at the numbers. $6 million worth of Bitcoin are being bought right now every day on localbitcoins.com.

How many Bitcoin is that?

$6,000,000/$37,000 each equals 162 Bitcoin.

Remember, there’s only 900 being created. And this tiniest little peer-to-peer exchange is responsible for its users buying up almost 1/5 of all newly created Bitcoin each and every day. This is purely Bitcoin volume, and does not include other cryptos such as XRP and Litecoin.

Paypal and Cash App are already buying more Bitcoin than are being created each day. This tiny little site is facilitating the buying of nearly 20% of all new Bitcoin being create. What about the customers of Binance? What about demand from the customers of Coinbase, Gemini, Kraken, Bittrex, Bitstamp, Huobi, Bitfinex, and hundreds of other exchanges are are many times lager than localbitcoins? Where will all the Bitcoin come from for those buyers to be able to purchase?

Only Existing Holders Can Supply Bitcoin To Match Soaring Demand

One thing is certain, there is no way to increase the supply of new Bitcoin being created each day and available on the market. With demand absolutely overwhelming new supply, that only leaves existing holders willing to sell in order to satiate buyer demand.

Which means only one thing: prices will continue to be bid higher.

There’s good reason for the crypto fear and greed index to be pegged on greed.

How high is high? Here’s our Bitcoin forecast for this year and beyond.

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Blockchain News Cryptocurrency News

Pando Coin Launched On Bittrex

Pando Software Inc., whose Pando Browser ad blocking app has recorded more than 100,000 cumulative downloads on the Google Play Store within 3 weeks, has effectively launched their Pando Coin (PANDO) on the U.S. based exchange Bittrex and is currently available for purchase.

Pando Browser is actually a Web 3.0 browser which sports a large list of benefits when in contrast with existing browsers. Owners can simply make a decision to display or even block advertisements based on the preferences of theirs, all the while dealing with the information of theirs in a safer browsing environment. Sending and paying cash through the internet browser is made simple with the integrated Pando Browser wallet. Expansion into messengers and web browsers makes perfect sense strategically for the business to further recognize the perception of a “Transparent Internet.” The Pando Browser is strongly linked with a variety of business models and also has developed strong synergies in the area.

Pando Coin (PANDO) has also announced plans to grow the Pando ecosystem through advertising and technology growth cooperation based on numerous partnerships in Korea and abroad. Entering the U.S. industry through listing on the Bittrex global exchange was a big stepping stone to more development.

About Pando

The Pando Coin was engineered to make a groundbreaking new means of Rewards culture to the browsing environment. The world as we realize it’s always changing. Based on the present changes taking place in the fast shifting worldwide consumer and business engineering, we are aware that web culture is also changing. Blockchain technology is impacting the manner in which we have the web. PANDO coin is actually engineered to enable the subscribers of its to feel maximum financial benefits with transparency and the privacy protection level they deserve. Pando intends that the products of theirs like the internet browser and messenger will help support great change in the crypto community.

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Bittrex Announces Delisting 3 Privacy Coins

Cryptocurrency exchange Bittrex announced impending delistings of three privacy cryptocurrencies as of Jan. 15.

As privacy coins, the three fit into a category that is increasingly under threat from government regulators worldwide.

A not-so-Happy New Year for privacy enthusiasts?

On Jan. 1, the Bittrex cryptocurrency exchange posted a notice on their website that effective Jan. 15, Monero, Dash, and ZCash would be removed from their trading platform. These three are privacy tokens, which anonymize transactions.

The notice states:

You must perform any trades with these tokens no later than Friday, January 15, 2021, 23:00 UTC.

After the markets are removed, Bittrex generally seeks to provide users up to 30 days to withdraw any delisted tokens, but in certain instances the withdrawal period may be shortened. Users should withdraw any tokens before the posted withdrawal deadline.

Privacy tokens, as the name suggests, are relatively difficult for investigators to track. Their use is rising, and some tokens have been in regulators’ sights for a while.

Back in November, Bittrex announced the delisting of 23 tokens for a variety of performance or regulatory issues. The exchange also singled out Grin at that time as a possible target for future delisting. Readers should note that Bittrex also pointed to MEME and VRC for possible delisting.

Bounty program

 In Sep. 2020,  the Internal Revenue Service of the US government offered  up to $625,000 to the team(s) that could crack Monero’s or the Lightning Network’s encryption. The announcement carried a sense of urgency, considering that tight time frames were included in the rules. In particular, Monero seems to be a thorn in the regulators’ side. The request for proposals specified that a Lightning Network on Bitcoin monitoring tool already existed. However, tools for Lightning on Litecoin and on Ethereum were needed. 

Europe is seriously determined to thwart privacy.

In October, EUROPOL, the EU’s united policing body, released the Internet Organized Crime Threat Assessment (IOCTA) for 2020. Privacy coins ranked among the top threats. Mixing services and anonymization are evolving, the report noted. Moreover, crypto-enabled crime adapts quickly to the changing landscape.

Communications encryption 

Governments focused their attention on more than privacy coins in 2020. They turned to encrypted communication as well, and saw a threat. The European Union emphasized this in early November. The EU Council of Ministers issued a proposal regarding a resolution forbidding end-to-end encryption of communications. This proposal affected What’s App and Signal in particular. 

While the proposal was non-binding, it shows where the EU is heading in terms of privacy. The rest of the world is following close behind.