- Trust Revisited: The Evolving Stories Of Web3 Infrastructure ;
- Onecoin Leaders Indicted in the U.S. for Operating 'Fraudulent Pyramid Scheme' ;
- CEO of Crypto City Project Bitcointopia Pleads Guilty to Selling Land He Didn’t Have ;
- German Financial Regulator Issues Paper on Blockchain Securities Regulation ;
- Making Progress: Clarifying Crypto And ICO Rules In Japan ;
- 📑 Daily Crypto Calendar, March, 10th 💰
- STEEM Trading Update
Welcome to the Daily Crypto News: A complete Press Review, Coin Calendar and Trading Analysis. Enjoy!
🗞 Trust Revisited: The Evolving Stories Of Web3 Infrastructure
Last week, I explored Cherie Aimée's suggestion that if blockchain technology is to achieve mass adoption, people need to know they can trust blockchains. Since stories cultivate trust, I suggested that storytelling about the ecosystems that grow and nurture the technology could help encourage mass adoption. Now I would like to take a step back and look at the concept of trust in blockchain adoption. What is a "trustless" system? Can a trustless system be trusted? And what's the relationship between trust, architecture, and adoption?
Blockchains are not called "trustless systems" because no trust is involved; rather, users trust the technology to do what it's been designed to do. Instead of relying on human intermediaries to create or enforce the terms of a transaction, users can rely on the stability and predictability of the blockchain protocol. As the Lisk Academy explains, the protocol provides the basis for trust:
"Participants on the network run complex consensus protocols to unanimously and securely agree on what should be added to the distributed ledger of blockchain, whilst also ensuring its integrity at all times. As it is these failsafe protocols providing the basis for trust, it allows for the removal of middlemen and, as a result, decrease in the overall cost of transacting."
🗞 Onecoin Leaders Indicted in the U.S. for Operating 'Fraudulent Pyramid Scheme'
On March 8, the Department of Justice and the U.S. Attorney’s Office Southern District of New York (SDNY) announced that officials have indicted two of the top leaders of the notorious Onecoin project. The prosecutors charged Onecoin cofounders Konstantin Ignatov and Ruja Ignatova with a slew of charges in connection with defrauding investors. Konstantin Ignatov was also arrested in Los Angeles and appeared before a judge in California.
"Additionally, Onecoin Ltd. has claimed to have a private “blockchain,” or a digital ledger identifying Onecoins and recording historical transactions — The investigation has revealed that Onecoin lacks a true blockchain, that is, a public and verifiable blockchain".
🗞 CEO of Crypto City Project Bitcointopia Pleads Guilty to Selling Land He Didn’t Have
Morgan Rockcoons, also known as Morgan Rockwell, has pleaded guilty to two cryptocurrency-related charges in San Diego federal court this week. Rockcoons admitted both to selling land he didn’t have for a crypto city project dubbed “Bitcointopia” and to operating a money transmitting business without a license, daily news outlet the Los Angeles Times (LA Times) reported on March 8.
Per the report, Rockcoons first attracted the attention of law enforcement in 2015 with his Bitcoin (BTC)-fiat currency exchange services, which he advertised online. The LA Times reports that under United States federal law, businesses exchanging crypto for cash in the country must be licensed as money transmitters with the Financial Crimes Enforcement Network.
🗞 German Financial Regulator Issues Paper on Blockchain Securities Regulation
The German Federal Ministry of Finance has published a key issues paper on the treatment and regulation of blockchain-based securities, according to a ministry announcement on March 8.
In the paper initially released on March 7, the regulator discusses the introduction of regulations for electronic securities and the issuance of crypto tokens. The document stipulates that the regulation of electronic securities should be technology-neutral, which means that they could be based on blockchain, or distributed ledger technology (DLT).
🗞 Making Progress: Clarifying Crypto And ICO Rules In Japan
The Japan Cryptocurrency Business Association (JCBA) is weighing in with ideas as the nation's financial services regulator works out new regulations for ICOs and cryptocurrency. The trade group says it wants to aid in "the sustainable development of cryptocurrency business[es]" in Japan. This group, comprised of crypto exchanges, banks, insurance companies, and associated businesses, also wants to educate business professionals and the public at large about the budding crypto ecosystem and related technology such as blockchain.
📑 Daily Crypto Calendar, March, 10th 💰
- IOST (IOST)
"...Decentralized applications will be able to go live for consumer use on March 10."
- Siacoin (SC)
"If all goes well, this will be the final release candidate, we expect the next release to be v1.4.0, released on Sunday."
- Callisto Network (CLO)
Undisclosed exchange(s) list CLO.
- TRON (TRX)
Binance takes snapshot of TRX balances at 0:00 (UTC) on the 11th day of each month and airdrops BTT to TRX holders.
STEEM Trading Update by my friend @cryptopassion
Here is the chart of yesterday :
Here is the current chart :
We are currently testing the previous TOP and that resistance line, even if not really powerfull, has to been broken to start again really the UP trend. With this kind of pattern, we have always the risk of the double Top which is a bearish pattern but let's stay positive and check if we will be able to break that line in the coming hours.
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