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Topics - bambam

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1
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In what appears to be the first U.S. court case to address the matter, a New York federal judge has ruled that U.S. securities laws are applicable for prosecuting crypto fraud allegations, Reuters reports September 11.

U.S. District Judge Raymond Dearie ruled that the case against Brooklyn resident Maksim Zaslavskiy, which alleges that he defrauded investors in two cryptocurrencies reportedly backed by real estate and diamonds, can continue.

Dearie ruled Tuesday, Sept. 11, that federal securities laws should be interpreted “flexibly,” dismissing a motion from Zaslavskiy’s lawyers to drop the charges on the grounds that the cryptocurrencies didn’t fall under the Securities Exchange Act.

As cited by the Financial Times, Judge Dearie wrote in a statement:

    “The question is whether the ‘elements of a profit-seeking business venture’ are sufficiently alleged in the indictment, such that, if proven at trial, a reasonable jury could conclude that ‘investors provide[d] the capital and share[d] in the earnings and profits; [and] the promoters manage[d], control[ed] and operate[d] the enterprise.’ For present purposes, we conclude that they are.”

According to Reuters, Dearie’s statement and other filings in Zaslavskiy’s case did not mention any similar court decisions on applying federal securities law to crypto-related fraud cases.

Attorneys for Zaslavskiy did not respond to Reuters’ questions. Richard Donoghue, a spokesman for the office of U.S. Attorney who works on the case, declined to comment as well.

Prosecutors have claimed that in 2017, Zaslavskiy gained at minimum $300,000 from investors for a cryptocurrency called REcoin, which claimed to be backed by real estate, and Diamond, “backed” by diamonds. Prosecutors allege that no real estate or diamonds backed the digital assets.

Dearie noted that it would be up to the jury to make a final decision, adding that Zaslavskiy’s lawyers will be able to make their case in court that the aforementioned tokens should be considered currencies, making securities laws not applicable.

Earlier in March, Cointelegraph reported that another federal judge from Brooklyn ruled that the Commodity Futures Trading Commission (CFTC) can regulate cryptocurrencies such as Bitcoin (BTC) as commodities.


https://cointelegraph.com/news/breaking-new-york-judge-rules-securities-laws-can-apply-to-cryptocurrencies

2

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The International Monetary Fund (IMF) has warned the Republic of the Marshall Islands (RMI) about the risks of adopting a cryptocurrency as a second legal tender, according to an official press release published on September 10.

In the report, the U.S.-based agency backed by the United Nations addresses the government of the Republic of the Marshall Islands, stating that the introduction of digital currency as an official form of legal tender will pose risks to the country’s financial integrity, as well as relationships with foreign banks.

By adopting digital currency as a second official currency after the U.S. dollar, the Bank of Marshall Islands (BOMI) — the only local commercial bank of the country — will elevate the risk of losing “the last U.S. dollar correspondent banking relationship (CBR)” as a result of heightened diligence by banks in the U.S., the statement says.

Since the Marshall Islands are “highly dependent on receiving and spending U.S. grants,” the IMF states that the loss of important banking relationships could harm the country’s economy.

Moreover, the IMF believes that the costs of adopting cryptocurrency, such as the development and enforcement of anti-money laundering (AML) and counter financing of terrorism (CFT) policies, are “considerably smaller” than any potential financial gains:

    “The potential benefits from revenue gains appear considerably smaller than the potential costs arising from economic, reputational, AML/CFT, and governance risks. In the absence of adequate measures to mitigate them, the authorities should seriously reconsider the issuance of the digital currency as legal tender.”

The IMF urged Marshalese authorities to reconsider issuing a digital currency until the government is able to provide and implement “strong policy frameworks” in regards to economic, reputational, AML/CFT, and governance risks.

The Republic of the Marshall Islands — with a population of roughly 53,000 — first revealed plans to release its own cryptocurrency dubbed the Sovereign (SOV) in February 2018. As officials then claimed, the Sovereign currency would be “another step of manifesting [their] national liberty.” The Sovereign is set to be an alternative to the official currency of the U.S. dollar, and is planned to be distributed via Initial Coin Offering (ICO).



https://cointelegraph.com/news/imf-urges-marshall-islands-to-reconsider-adopting-digital-currency-as-second-legal-tender

3
Cryptocurrency discussions / Today btc dump
« on: September 05, 2018, 08:05:30 PM »
Quote
Today btc dumped 500$ in few hours because of three reasons.

Three reasons of Today dump.

1. Rising wedge correction which happened earlier after breakdown of triangle.
2. Rumor about 15000+ btc transferred to exchanges on from another wallet which are  holding approx 110000 btc to dump on market orders. That previous transferred tether still whales didn't used.

3. Goldman sachs drops plans to open crypto trading desk.

And now the other thing that shorts were increased parabolic from 2nd of September and currently holding above that 33500+ orders which also can be squeeze anytime soon and recently btc rebound from the previous reversal zone of bull flag pattern wait for safe entry.

Eth you can accumulate 235$-243$ in low leverage like 2x to 3x on small amount because possible of little more dump.

4
Basics / The difference between ERC20 and ERC223
« on: July 19, 2018, 12:59:37 AM »
ERC223 tokens are backwards compatible with ERC20 tokens. It means that every ERC20 functionality and contracts or services working with ERC20 tokens will work with ERC223 tokens correctly.

3 Primary improvements with ERC223

    1- Eliminates the problem of lost tokens which happens during the transfer of ERC20 tokens to a contract (when people mistakenly use the instructions for sending tokens to a wallet). ERC223 allows users to send their tokens to either wallet or contract with the same function transfer, thereby eliminating the potential for confusion and lost tokens.

    2-Allows developers to handle incoming token transactions, and reject non-supported tokens (not possible with ERC20)

    3-Energy savings. The transfer of ERC223 tokens to a contract is a one step process rather than 2 step process (for ERC20), and this means 2 times less gas and no extra blockchain bloating.

sources:
https://github.com/Dexaran/ERC23-tokens/tree/Recommended#erc23-token-standard
https://github.com/ethereum/EIPs/issues/223

5
Basics / ERC-20 Token Transfer fail error
« on: July 12, 2018, 06:43:32 PM »
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Whenever there is an ERC20 token transfer fail error.

The main reason are on the contract & token failure nature.

Below are the most common reasons an ERC-20 token transfer might have failed are:

 

The Token contract is locked or paused (tokens are not transferable yet)

The variables include: minting, mintingFinished, paused, transferable, transferableStartTime, paused, locked



The sending From address has an insufficient token balance

Please ensure that the sending address has enough balance of the transfering token before sending token to another address


Token contract does not emit a Transfer event even though the balance is actually deducted (Not compatible fully ERC-20 Compliant)

The token contract of a specific token does not provide a valid transfer events log thus causing the transaction to fail.

This issue is due to the compliance policy toward ERC20 tokens.


6
Basics / Ethereum Dropped Transactions
« on: July 12, 2018, 06:38:34 PM »
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A transaction that was previously broadcasted on the network (but yet to be included in a block) can get dropped from the connected nodes. This happens more frequently during times when the network is busy.



There are a number of reasons for this:



1) The Ethereum nodes (i.e Geth/Parity) that we are connected to has dropped the Pending transaction from the transaction pool (most likely due to a lower gas price compared to other pending transactions or other limits being hit).



2) There is a maximum amount of Pending transactions an Ethereum node can hold before certain transactions are dropped from its pending pool (this depends on the various settings/limits of the individual clients connected to the network).



3) If a dropped transaction is not re-broadcasted, it will not be included in a block. If this happens it would be as if the transaction had not taken place at all.



4) If a dropped transaction is successfully re-broadcasted either directly or indirectly (by a different node) then it will  re-appear as a Pending transaction.



5) For further assistance on dropped transactions please contact the sender/creator of the transaction (i.e your exchange, wallet provider, etc)

7
today a transaction of mine for 4 Gwei - 0.43$ was dropped. I feel something is wrong here, the Ethereum blockchain is going to become like bitcoin.
The Ethereum blockchain is supposed to be a platform allowing the launch of Applications ... with such a rising price do you think there is a future for ETH ?

8
A transaction i made with 4 Gwei gas price was dropped!!
it's 0.43$ at current price, and the transaction is being dropped !
what do you think is this sustainable ?

9
A statement from coinbase i found

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Many credit card companies will start processing purchases of crypto from Coinbase as CASH ADVANCES vs purchases. Meaning a Cash Advance Fee and/or a higher APR.





10
Basics / What is Ethereums block size?
« on: January 31, 2018, 01:09:51 AM »
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Ethereum has a gas limit rather than a block size. The gas limit is a cap on both processing and storage/bandwidth because the cost of a transaction/function is fixed in units of gas for each type of instruction.

The gas limit is voted up or down by each miner and each miner determines what gas price it is willing to accept which is like bitcoin transaction fees but on a per gas basis rather than a per transaction basis.

Here is a chart of some gas related data

To figure out how many transactions can fit in a block you dont need to know what the price of gas is. You just need to know how much gas a transaction uses and divide the gas limit by that.

If the network receives a load of spam transactions that start filling up blocks then miners have 2 choices. They can vote up the gas limit to fit in more transactions or they can start increasing the gas price and reject transactions that pay too low a fee. Like with bitcoin a transaction with a low fee might still get through but it would have to wait until a miner that accepts a lower fee (lower gas price) is willing to let it in.

With a sustained spam attack it would just getprogressively more costly to do transactions until either the spammer runs out of money or the miners make so much money that they start expanding the network capacity...


on average: https://etherscan.io/chart/blocksize

11
Guys what coins are the best for swing trading in your opinion?

12

Found these, are they accurate:

Quote
Day trading is usually minutes up to a day, swing trading can take a day to a week or two.

Day trading means you have sold all of your positions by the end of the day.

15
Bitcoin Forum / Soros: 'Bitcoin is not a currency' but it will flatten
« on: January 25, 2018, 11:47:18 PM »


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