Howeycoins Parody ICO From US SEC

The US Securities and Exchange Commission made a parody Initial Coin Offering website in its bid to educate prospective investors about investing in highly risky investment opportunity.

Owen Donley the Chief Counsel in SEC’s Office of Investor explains that bad actors in crypto sphere can easily make a very attractive website complete with all the features of a very enticing investment seen in many fraudulent offerings: a whitepaper with a complex but vague explanation of the offering, bold claims of guaranteed returns and a countdown clock that shows prospective investors how much time is left before the opportunity expires.

HoweyCoin.com was made to educate investors about the dangers of SCAM ICOs and let them see classic signs of fraud so that unwitting investors will know what to look for when detecting them.

The site seems to look like the same form and structure of a vast majority of websites offering ICOs. The initiative is seen as a clever and creative way to educate investors.

Audit Clears Upbit of Accusations Of Fraud

A well-established South Korean accounting firm, Yoojin, released results of an audit of UpBit’s Cryptocurrency holdings clearing the latter of accusations that it has inflated its balance sheet and has deceived its investor, thus committing fraud.

Upon receiving tips that the South Korean exchange have been processing cryptocurrency trades without actually holding user funds.

This stems from the fact that Upbit only operated wallets of around 90 cryptocurrencies even if it has around 130 listed crypto in the exchange.

The lack of wallet support of the said cryptocurrencies led to the investigation.

This accusation is seen as one of the factors why the market fell sharply over the past week although the South Korean cryptocurrency community has already dismissed the case and it is expected that authorities will release their findings in a couple of days.

Legendary Venture Capitalist Says Warren Buffet Wrong On Bitcoin

Legendary Venture Capitalist, Fred Wilson, responded to American investing Tycoon, Warren Buffet claims that Bitcoin as “rat poison squared” is fundamentally flawed.

He also added that the Mr. Buffer have not done his research. Speaking at Consensus 2018 Mr. Wilson stated that the value of bitcoin rest on its underlying technology not the businesses that build on top of it.

He also added that Mr. Buffet’s animosity of bitcoin stems from the fact that there is no underlying business in the Bitcoin ecosystem that he could invest into.

However, he cautioned would be investors that current market prices are inflated and might not represent a good deal even years from now.

Digital Money And Digital Rights In Russia

The Prime Minister of Russia Dmitry Medvedev has recently revealed that for cryptocurrencies to work in Russia’s legal framework legislators will replace slang words like cryptocurrencies and tokens with legal terms such as “Digital Money” and “Digital Rights.”

Two draft laws have been filed in Duma for the long-awaited crypto regulations.

The first one deals bill defines crypto related activities like initial coin offering and mining the other one an amendment to Russian Civil code to regulate cryptocurrency transactions.

The Prime Minister also emphasized that regulating every aspect in crypto space is counterproductive and government will have to be flexible when dealing with this new type of financial environment.

Australia To Explore Blockchain Technology For Welfare Payment Distribution

The Digital Transformation Agency of Australia (DTA) has obtained funding to the tune of 700,000 Australian Dollars to explore distributed ledger technology for efficient government services, initially for welfare payment distribution.

It plans to conduct research on both private and government existing use cases of the said technology to determine the best Blockchain-based service delivery.

The agency is looking at all possible applications from benefits of employee buys-in to machine learning, artificial intelligence and security.

A prototype is planned to be release mid-2019.

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