Poloniex splitting from Circle, ending service for US customers

Americans are about to lose one of their cryptocurrency options, as Poloniex is exiting the market. Circle have announced the exchange is “spinning out” of their portfolio, to be run by a new company.

The Circle Twitter account broke the news on October 18, providing details of the massive change:

While Circle emphasized the $100 million investment from an Asian group, users quickly noticed the exchange would be winding down for Americans in the fourth post of their Twitter thread. U.S. trading will cease on November 1, 2019, and withdrawals will end on December 15, 2019.

In an accompanying blog post written by Circle co-founders Sean Neville and Jeremy Allaire, Circle noted they would be making trading free between October 21, 2019 and the end of the year.

The good news, they wrote, was that this would allow Poloniex to have “the freedom and capital to compete in the international market, and the leadership team of Poloniex will be equipped to scale and grow beyond the scope of what Circle can provide.”

They also noted that Circle made the decision to spin out Poloniex to focus on “mainstream use cases for payments, investment, lending and fundraising.” That includes a renewed focus on their crowdfunding platform SeedInvest, and generally to focus on “a world with an open financial system.”

Eagle-eyed American Bitcoin SV (BSV) community members quickly noted that this marks the loss of another exchange on which they can trade for BSV; but others like noted community member WallStreet5 quickly suggested alternatives.

Poloniex was in the Circle family of products for less than two years. Circle initially purchased the exchange in February, 2018, paying $400 million for the exchange and promising it would “represent everything of value.”

They’ve since maintained an impartial stance in the cryptocurrency space, notably not taking sides during the contentious 2018 hard fork which saw BSV reborn to continue the original vision of Satoshi Nakamoto. They’ve also tried to do right by their users each step of the way, cancelling out trading fees in August to pay back lost BTC from their May flash crash.

Kraken to force a 10% clearance fee on Bitcoin SV users

The Bitcoin SV (BSV) community has not been treated well by Kraken for months now. After delisting BSV as a trading option in April, the exchange has now informed customers that they’ll have to take a haircut and sell any remaining BSV in their account for a loss.

This news started hitting the internet on September 21, when Kraken informed customers that all remaining BSV in customer accounts will be sold off for BTC on December 5, with a 10% fee being taken by the exchange itself.

This isn’t news that Kraken is celebrating necessarily, as they haven’t made any tweets about the decision or written about it in their blog; they’ve simply informed BSV users to keep things as quiet as they can.

But if you were a BSV holder, and weren’t caught up on why Kraken has decided to betray a portion of their customers, here’s the rundown. In April, Binance decided to delist BSV, not because there was anything wrong with the only faithful digital currency to the Bitcoin whitepaper, but because they couldn’t handle the truth that Dr. Craig Wright was spreading about the crypto world. Kraken followed suit shortly after.

But that wasn’t the first time they chose a side. When BSV was born from a fork in November 2018, they also chose sides, choosing to promote the alternative fork, for which they’ve since faced legal troubles.

The BSV community is understandably unhappy with this recent announcement. As withdrawals were shut down in May, they are being forced into an action that they otherwise might not want to make. Understandably then, they are seeing this as a corrupt money grab by the exchange.

Kraken is proving once again that, while they like to play the good guy when criticizing failed exchanges like QuadrigaCX, and claim that those exchanges are holding Bitcoin adoption back, they are no different. An exchange cannot call itself a professional service when they arbitrarily change the rules and force a 10% penalty on their users, and Kraken is making it even less likely that the cryptocurrency world will be seen in a good light as a result.

SFOX publishes to Bitcoin SV resources for its traders

The San Francisco Open Exchange, perhaps better known as SFOX, is an exchange that really does focus on providing value to its traders. Not only do they offer some of the best trading prices, account security and transparency, but they also work to inform their traders. They showed that most recently by publishing a very informative article about Bitcoin SV (BSV).

SFOX published “The Bitcoin SV People, Wallets, Miners, and Other Resources You Need to Know” to medium, a round-up of some of the most crucial information about the BSV ecosystem. In the article, the title pretty much speak for itself, as it covers all of the top minds, resources, and community information you would want to know.

For example, the article provides succinct biographies and social media information for Dr. Craig Wright, the creator of Bitcoin, as well as CoinGeek Founder Calvin Ayre, Bitcoin Association Founding President Jimmy Nguyen, and Bitcoin SV Node leaders like Daniel Connoly and Steve Shadders.

Miners can quickly find out more about SVPool, Mempool, CoinGeek and other mining groups. Users can learn about all the wallets that support BSV, like HandCash, Money Button, Centbee, and of course, SFOX. Developers can gain access to resources like BSV/DEVS and the recently updates bitcoinsvdevelopers.com. And those looking to meet more members of the BSV community can find the Bitcoin Association, the Bitcoin Meetup Network and the Bitcoin SV Telegram.

For SFOX traders that may want to know more about BSV before investing in the true Bitcoin, this is a tremendous resource. Many of the best examples of the BSV world have been gathered all in one place, with the most pertinent details highlighted and links provided so they can find out more.

To be clear though, SFOX is an exchange that, while friendly to the BSV world, is very much neutral, and just trying to provide the most information for their own users. However, they are clearly doing it in the most fair and open manner by redirecting users to BSV’s sources of content, and letting them decide for themselves.

Certainly though, SFOX traders who access this information will quickly learn that BSV is the only Bitcoin to follow the original vision of Satoshi Nakamoto and pursue massive blockchain scaling. By doing so, it’s ensuring that Bitcoin will not only be the digital currency of the future, but also the world’s data ledger through the Metanet, allowing enterprises to build their future applications on the blockchain.

Cole Diamond explains the Canadian crypto market and why he likes BSV

The Canadian Bitcoin industry has been slow to build, and it has stumbled along the way. All the same, it is looking to grow massively and soon, and there was no better expert to explain the oncoming storm of Canadian crypto adoption than Cole Diamond, CEO of Coinsquare exchange, who joined Becky Liggero at the recent CoinGeek Toronto 2019 scaling conference.

Part of the Canadian aversion to crypto has been tied to a commitment to more stable investments. “You’re talking about a market that is traditionally, incredibly safe,” Diamond explained. “Like almost every Canadian is 100% focused on the real estate market or buying mutual funds. So, it’s taken a little bit longer for this market to take off to this space, but the underlying interest is unbelievable.”

The interest in investment, as the market shakes off dark coins and proves it can be a better place to put your money, will draw in the average Canadian. “Like anywhere else in the world, there’s a tremendous amount of excitement, there’s a tremendous about of greed, I’ll call it what it is,” Diamond said. “And that’s started to buckle up quite significantly. Not to mention, in Canada, you got a number of public companies, probably the most in the world, in this space, that’s attracted quite a bit of interest. So I think, as we move into the next bull run, Canada’s going to be at the heart of everything.”

Before any of that could start though, Canada had to experience its share of setbacks, with QuadrigaCX being a notable example. “Coinsquare is vocal about pro regulation for this space,” Diamond noted, going on to explain how his company won’t repeat the same mistakes. “Coinsquare’s in the process of applying for broker dealer and ETS registrations in Canada and in the United States. We believe that we got to do a lot of clean up in this market, get the wrong actors out, get the right actors, have a prominent focus so we can scale efficiently and what people are used to in the financial services market.”

Coinsquare wants to maintain its neutral position in the crypto industry, but Diamond will admit to having an admiration for Bitcoin SV (BSV). “I’ll tell you what I’m really excited about, about BSV, and that’s its ability for massive scale,” he told Liggero. “You got a much tighter, stronger code base, the original Satoshi Vision, smaller code base means better opportunity. The right team looks like it’s in place in order to make it real. And a platform like Coinsquare needs to make sure that it’s delivering for its customers in the most fast, efficient manner possible, so we need massive scale. So we’re probably going to need BSV as a key piece of infrastructure in the future.”

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Kate Hiscox: Bitcoin SV and the payment networks of tomorrow

Kate Hiscox is a serial entrepreneur with ambitious plans for her trading platform DRIVE Markets. With a background in supply chain businesses, Kate has recruited a team with wide experience of FX (foreign exchange) trading to create a suite of products that will work together to integrate fiat and crypto (CX) trading.

DRIVE recently received investment from Calvin Ayre, the owner of CoinGeek and a leading supporter of Bitcoin SV, who said that he likes “entrepreneurs who can cut through the noise and focus on technology that works. That’s why I like DRIVE.”

Hiscox plans to use the SV blockchain to record transactions: “the Bitcoin SV blockchain will be used by DRIVE Pay for our ledger specific requirements and BSV will be used as a bridge currency.”

On this week’s CoinGeek Conversations, Hiscox explains the thinking behind her plans to grow her business: “traders want to be able to trade crypto but they don’t have the right exchange [or] the right tools in place to do that. So we basically packaged something that would entice them.” That meant providing “the right infrastructure and trading experience so that ForEx (foreign exchange) traders can come over and trade crypto in a familiar environment.”

“The exchange business is very revenue-intensive,” Hiscox admits: “in launching multiple products that complement each other, by making the first one an exchange, the company will be profitable this year, in a very short amount of time.”

In creating a suite of new products, DRIVE has set itself some ambitious goals, but Hiscox is clear that each product must contribute to the bottom line: “anything we build has to make sense, has to grow revenue, has to complement the products that we already have.”

While some in the Bitcoin world are working on visionary projects that may not come to fruition for years, Hiscox is focussed on more immediate and more conventional business goals: “you can dream up all these wondrous things, but if you don’t have a customer at the end of the day and you’re not making any money, eventually you’re going to go out of business …That’s my thing, I think it’s evolution versus revolution.”

Hear the full interview with Kate Hiscox on this week’s CoinGeek Conversations podcast:

You can also watch the podcast video on YouTube.

Please subscribe to CoinGeek Conversations – this is episode 23 of a weekly podcast series. Just search for “CoinGeek Conversations” wherever you get your podcasts, subscribe on iTunes, listen on Spotify or visit the CoinGeek Conversations website.

ExchangeRates.Pro introduces new exchange comparison, crypto purchasing tool

ExchangeRates.Pro introduces new exchange comparison, crypto buying tool

A new service that allows cryptocurrency fans to check for the best rates when selling their assets is now available. ExchangeRates.Pro gives users an easy tool to find local buyers and trading platforms and offers support for a number of coins, including Bitcoin SV (BSV), SegWitCoin (BTC) and more.

According to a press release from the platform, “Designing the user-friendly, easy to understand interface is the company priority. The goal is to create a UI [user interface] that won’t confuse every ‘complete newbie to crypto.’ Most of the visitors will find the most suitable deals right after accessing the website or after entering the desired amount. At the same time, there are a lot of options to sort and filter the offers based on payment systems or bank (there are over 300 to choose from) preferences, KYC policy, rating, etc. It’s all up to the visitor – to pick an offer precisely based on a number of details or just take the one with the best rate, the highest rating, etc.”

Users can visit the ExchangeRates.Pro website, select their country and exchange criteria (fiat to BSV, for example) and receive a list of every source available to complete the transaction. From there, reviewing rankings, pricing and forms of payments, users are able to select the best option for their needs.

CoinGeek reached out to ExchangeRates.Pro for some additional details, and its founder, Anton Vereshchagin, offered some insight on what’s in the pipeline. Since the platform is relatively new, it is still building its support database. In certain cases, for example, BSV isn’t available everywhere and “the availability of BSV-to-fiat exchange depends on the country. At the moment, we have exchanges added that allow users to buy/sell BSV with fiat in Thailand, Russia and some other countries. But, in most of the countries, it’s only possible to exchange BSV.”

In the future, additional options will be added, such as the ability to sort or filter based on different criteria. Vereshchagin explains, “We plan to add cash payments with the possibility to look in specific areas in one of the coming updates; in a few weeks most likely.”

The platform was literally just released and has a “huge to-do list.” Vereshchagin acknowledges that there are many features that need to be added that are already in the works, but that he and his team are working hard to make improvements as quickly as possible.

Former SEC officer: Crypto-casinos will be brought down

Former SEC officer: Crypto-casinos will be brought down

There’s plenty wrong with the cryptocurrency industry, but you don’t have to take it from us. John Reed Stark, a cybersecurity expert and 20-year veteran of the Securities and Exchange Commission (SEC) wrote a scathing analysis of what’s wrong with it for Law360, and a lot of it is the exchanges’ fault.

He begins with the new concept of Initial Exchange Offerings (IEOs), better described as the recent trend of exchanges offering their own digital currency to profit more from the market. Stark doesn’t take kindly to this, calling it an “unregulated crypto-casino fundraising mutation.”

This kind of offering, best exemplified by Binance Coin (BNB), is something the SEC is tracking and will crack down on in due time. He added:

“IEOs represent yet another blatant attempt to hijack a similar-sounding acronym—IPO—in an effort to lure investors seeking to get rich quick. However, just like ICOs, the IEO has not a single element in common with the IPO (other than the first and last letters of its acronym).”

He also pointed to the rampant use of many digital currencies, like Bitcoin Core (BTC) or Monero (XMR), as tools of criminals to hide their activity. “Need a way to collect a ransomware payment?” he asked. “Need to fund terrorist-related activities? Need to hire a hitman? Cryptocurrencies like bitcoin have become the payment of choice for these, and a slew of other, criminal enterprises.”

The reason these exchanges and cryptocurrencies won’t last, Stark concluded, are because they are so obviously tied to criminality. They distance themselves from proper oversight and regulation, and as a result, the SEC and other government bodies are eventually going to crack down hard on them, limiting their potential for future global adoption.

The only digital currency working to seriously correct this problem, and seeking better regulation and oversight, is Bitcoin SV (BSV). Because Dr. Craig Wright, Bitcoin’s inventor, wanted to build a digital currency that was private, but not anonymous, BSV provides the full accountability necessary for a government to hunt down criminals who use it, while providing the stability and scalability necessary for businesses to build with.

Bitcoin SV price soars on Craig Wright’s Bitcoin copyright approval

Bitcoin SV price soars on Craig Wright’s Bitcoin copyright approval

The sudden announcement that Dr. Craig Wright has received the copyright for the original Bitcoin whitepaper has already had stunning affects. The market, now starting to recognize that Wright is indeed Satoshi Nakamoto, has responded quickly and Bitcoin SV (BSV) has skyrocketed in price.

According to CoinGecko, BSV more than doubled in price, jumping from $61.80 to $125.41 in the hour after the news was made public. On Bitfinex, it climbed as high as $136 before leveling off, now floating between $112 and $125.

The May 21 revelation that Wright has gained the Copyright, not just for the Bitcoin whitepaper, but the original Bitcoin code as well, helps solidify what he’s been trying to tell everyone for years: he created Bitcoin.

Not only that, but it now gives him more credibility in the public eye when he advocates for the original vision for the digital currency, as a scalable and stable protocol that can grow to be the world’s new money, and provide utility as the world’s new data network. It’s been reborn to do that as BSV.

This jump in price could still be just a fraction of what’s possible. Binance and Kraken no longer offer BSV trading pairs, and users who exclusively use those exchanges who want to get in on this new surge of optimism for the real Bitcoin will need to shift their funds before they can trade for the currency. That may take some time, possibly allowing BSV to see another sudden rise in price once they can get their funds in place.

The sudden increase in price will be a welcome sight for early BSV adopters, but they know this is just a happy side effect of their investment. The real plan for BSV is to continue scaling the blockchain massively, with an increase in block size coming in July, allowing for greater use by businesses and enterprises. Those companies, looking for a block size that is ready for real world, practical uses, have the utility, and stability of BSV as their best and only option for real world applications.

As more court cases get settled in Wright’s favor, and the real decision makers of the world recognize what he’s built in his vision for Bitcoin, expect BSV to continue to soar.

That may happen once again after Wright sits down for a Fireside chat with Bitcoin Association Founding President Jimmy Nguyen. The two will chat at the CoinGeek Toronto scaling conference later this month. It’s a must attend event, as the two are expected to discuss the history of Bitcoin, and many revelations may be made.

Dr. Craig Wright: Crypto exchanges offer false promises of riches

Dr. Craig Wright: Crypto exchanges offer false promises of riches

Binance is ready to re-launch deposits and withdrawals on May 14, and somewhere down the road, they plan to launch their often hyped decentralized exchange (DEX). None of that changes the fundamental problems of what Binance is, and what it represents, though, and in his latest Medium post, Dr. Craig Wright picks apart the fallacies of the crypto market.

Titled “Crypto flim-flam,” Wright’s article looks into exactly what makes Bitcoin valuable, and why the product that exchanges offer is riddled with falsehoods. As the top crypto exchange in the industry, Binance represents a lot of what’s wrong with the industry, and Wright doesn’t hold back.

He first deals with the thought that trades on Binance somehow fall outside of the realm of U.S. law and regulation. That just isn’t the case, and they will pay for it eventually. He writes:

“Binance.com places the exchange squarely within the realm of US control. To say so is not a mere assertion, ‘.com’ domains have been considered to come under US territory for decades now. It is well tested in law.”

The big lie though is in the value people believe cryptos hold, and the trade of that value on exchanges like Binance. The true value of a token is in it’s worth to society, and the fact is, the vast majority of token’s are empty vessels. Binance gets rich by building belief that if cryptos become valuable from your trades, the common investor will get rich as well.

This has to come crashing down eventually, as worthless tokens with no use cases will have no reason to hold value eventually. Write notes, “Unfortunately, in this new round of growth of valueless assets and tokens that point to digital nothing, we will have to see the emperor in his full glory as the market for digital assets returns to its true value.”

Bitcoin SV (BSV), with its mission to scale massively and provide a new data network to the world, is the opposite case. It will prove to have uses as both the world’s new money, and the replacement to the Internet, making it an immensely valuable product. If the crypto market place doesn’t see that, the average consumer eventually will, and the tables will flip. Wright comments, “The exchange is Main Street, not Wall Street. (…) Value is what is offered to society at large. And markets come through use.”

The current rise in the price of Bitcoin Core (BTC) is very much an attempt of the crypto market trying to get as much wealth out of the market as they can before their house of cards comes crumbling down. That same fate will eventually happen for all the alt-coin scams that populate exchanges. Binance will keep that process going as long as possible, because they sell the promise of getting rich for nothing, whereas the real winner of this competition will be the token that provides value.

Wright concludes that there’s only one possible outcome to all of this: “In 20 years, we will look back following the massive crash that will come and see one surviving protocol.”

After Bitcoin SV delisting, Kraken shuts down withdrawals

After Bitcoin SV delisting, Kraken shuts down withdrawals

After Binance made their announcement to delist Bitcoin SV (BSV), Kraken soon followed with a poll asking Twitter users what they should do. Now, not only have they announced they will follow mob-rule and also delist BSV, but they’ve apparently disabled BSV withdrawals as well.

In their announcement, they claimed they would allow trading until April 29, with withdrawals available until May 31. An anonymous Kraken user has alerted us that it appears BSV withdrawals, and really all withdrawals, are currently unavailable at the exchange.

This source provided CoinGeek with a screenshot of their Kraken withdrawal page, with a red banner at the top indicating that withdrawals are currently disabled. We’ve independently confirmed that regardless of the cryptocurrency, withdrawals just seem to not be working at this time.

After Bitcoin SV delisting, Kraken shuts down withdrawals

For users of Kraken, no matter if they support the decision to delist or not, this will be a frustrating experience. For those that are on the clock though, and want to get their BSV out of the site and move it to private wallets or exchanges that aren’t playing a public relations game for the mob, it’s especially frustrating.

The anonymous user had the following to say about the situation:

“I find it completely idiotic that any exchange would delist BSV considering its market cap. Clearly the people running Binance and Kraken want to play God with other people’s money and do not care about their customers.

“I decided to move all of my BSV from Binance, Kraken and Poloniex today. Binance was very slow but eventually sent it. Poloniex was very fast and even though they will continue to list it I just prefer to keep the coins in a wallet now.

“As you can see by the screen shot, Kraken has decided to disable withdraws for BSV. Why would they do that when they just decided to delist it? I am pulling all my funds out of that place ASAP and never looking back. Clearly they are very reactionary and did not plan for the volume of BSV withdraw requests.”

This is the problem with these exchanges. They aren’t truly interested in what’s best for the cryptocurrency industry, they’re looking to win a news cycle by playing to the masses. They picked their target, Dr. Craig Wright, and as a result are causing financial harm to well-meaning cryptocurrency investors. They ultimately don’t have their customer’s best interests at heart.

Jack Liu’s BSV-based Float SV to deliver ‘real asset exchange experience’

Jack Liu’s BSV-based Float SV to deliver ‘real asset exchange experience’

A month after leaving his job at Circle to fulfill the vision he sees for Bitcoin, Jack Liu is back—with a new superwallet and a cryptocurrency exchange based on Bitcoin SV (BSV).

Liu announced over the weekend that he has teamed up with cryptocurrency exchange OKEx to roll out Float SV, a BSV exchange built on top of OKEx’s white-label solution OKNodes Program. On Twitter, Liu explained: “#FloatSV will resemble @OKEx interface at first, but over time, we will introduce many UX experiences.

The Float SV exchange will launch in April, but Liu noted, “…the exact timing will be adjusted forward if any major exchange delists Bitcoin (SV).”

Promising “real asset exchange experience,” Float SV will only list blockchains that runs Proof of Work SHA-256 and real assets such as commodities and currencies. This means no native tokens, no securities, and no security token offerings (STOs) on the platform. Part of Float SV’s exchange revenues will be reinvested into PoW, according to Liu.

This partnership with OKEx, according to Liu, brings his career to full circle. Liu, who previously served as chief strategy officer at OKEx, now returns as a partner and will leverage the crypto exchange giant’s technology as he works to bring “his own taste and values to the surface.”

“I have learned more from Star [Xu] than can be explained, and it is great to be back leveraging OK’s trusted and scalable exchange infrastructure with which I am very familiar with. Float SV can count on OK’s track record of being a neutral technology platform,” Liu wrote in a Medium post. Star Xu is the founder and chief executive of OK Group.

The announcement comes on the heels of the beta launch of Liu’s non-custodial wallet, RelayX, last April 1 in Argentina. Coined a “the world’s first mobile Superwallet,” RelayX promises to deliver a seamless payment experience around the world by supporting interoperable sends and receives over WeChat Pay, Alipay, and Kakao pay, with Line Pay and more to follow. The company explained:

“RelayX users will be able to spend their local currency denominated Bitcoin (SV) balance over Alipay and WeChat by simply scanning the receive QR Codes. Relay’s network of earners will process payments similar to how miners process transactions.”

Jack Liu’s BSV-based Float SV to deliver ‘real asset exchange experience’

Cross-platform transactions are limited to $100 during the beta launch period, with no fees involved. Since its launch, RelayX said it has already processed more than 500 on-chain transactions, including more than 200 cross-platform transactions. The company has also partnered with South Korean blockchain giant Coinplug, which will provide localized support allowing RelayX to connect with the Korean market.

RelayX is available today in beta on Android.

Coincheck to sell BSV holdings, pay users in Japanese yen

Coincheck to sell BSV holdings, pay users in Japanese yen

Japan-based cryptocurrency exchange Coincheck has decided that it won’t support Bitcoin SV (BSV). The platform first made the announcement after the Bitcoin Cash (BCH) hard fork last year, but is now moving forward with payouts of any BSV holdings. Those payouts will be made in Japanese yen.

According to a statement by the company, “Regarding the date and time of the planned event, there is a possibility that the [BSV] market price may be subject to manipulation, so we do not make a public date announcement.” It added that it will make a report on payments after they have been made.

The move by the exchange indicates that all users who held BSV in their Coincheck accounts at the time of the hard fork—November 16, 2018—will see those assets automatically converted to yen. Coincheck adds that users who held BCH in their “trading account” or “lending virtual currency account” will not see any conversion, and that the amount of yen delivered might be lower than the market price of the coin. Coincheck also expects to assess a fee for any yen withdrawals. 

The decision has already caused friction in the crypto community. “PaidSockPuppet” said on Reddit, “So, they’re either selling the BSV on the market and then giving the customers fiat, which means the exchange is deciding when and how to sell their customer’s property, or they are buying up their customer’s BSV with no chance for the customers to choose. Either way, it sounds like a pretty shitty deal for the customers. They should get to choose.”

On Twitter, “Mitsuki Yoshizawa” offered, “I feel that there is no credibility of Coincheck anywhere to dispose of human property.”

Coincheck hasn’t had what could be considered a solid history with the crypto community. It was hacked in January 2018, losing 523 million NEM tokens in the process. That made it the largest exchange hack at the time, even bigger than the Mt. Gox scandal. It also decided late last year to remove Dash, Zcash, Monero and Augur from the platform, even though these assets have remained popular. It also reported significant losses in the third quarter of last year and, despite receiving approval by Japan’s Financial Services Agency (FSA) for an operating license, has still struggled to stabilize its operations. The decision to remove support for yet another digital asset won’t do much to improve the company’s image.