Facebook Hiring: 5 Cryptocurrency Positions Open

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Something is definitely brewing in Facebook’s newly formed department. Early in May, there was a rumor that Facebook was interested in opening a cryptocurrency department within its headquarters. The advertised positions are:

  • Two Software Engineers
  • Product Marketing Lead
  • Data Scientist
  • Expert Quantitative Analyst
  • Data Engineer

According to experts, if the social media company was to launch its own cryptocurrency, it would have one of the most active circulations among other virtual currencies, with its two billion plus users. What happened in May instead was that David Marcus, who had been running the company’s messenger app revealed through a press announcement that he was going to lead a team of dedicated blockchain technology researchers.

The announcement made Facebook among the top blue-chip companies to announce their interest and venture into cryptocurrencies. According to the advert for the new positions, the company aims to help ‘billions of people have access to things they do not have.’ What Facebook plans to do is not clear as they remain tight-lipped about the way forward or what they are working on but the general speculation is that they could be launching a wallet or a token of their own.

Let us not forget that before this, Facebook has been yo-yoing with the idea of getting involved with cryptocurrencies. In January this year, they had completely banned all advertisements regarding ICOs and crypto after finding out that some of these advertisements were associated with intentionally misleading and deceptive practices that were not scripted for success. But the reasons behind the ban were not merely a cautious move. Satis Group had released a report stating that most of the ICOs with a market cap of above $50 million were scams. The move, though hailed as a good one by crypto enthusiasts at the time, turned out to hurt a lot of genuine digital currency business from making legitimate advertisements and therefore not being able to reach a lot of potential clientele due to the limited platform.

Five months later, the ban was lifted. Every crypto product that wanted to advertise had to make an application to the company and satisfy their eligibility conditions before advertisements were granted, including licenses and public stock exchange records. Now, the updated policy regarding the pre-approved advertising guidelines may have just made Facebook the sole arbitrator on what cryptos will have how much coverage. More like a first come, first serve situation. Meaning, that the crypto that gets the advert platform first, will have more coverage than its competitors.

Anyway, it is safe to conclude that whatever Facebook is planning, its big. The advertised positions all require not less than 7-10 years’ experience in the various fields and the fact that this is the second time they are hiring, since the inception of the blockchain department,

 

 

 

 

 

 

Cryptocurrency start-ups have had a rough year with a huge section of them laying off loads of their workers with the  Bitcoin price crash. Bitcoin has lost around $280 billion of its value this year alone, and the value of all digital tokens as at the time of posting has lost about $600 billion. So, comes with it a struggling market that has now led to a decline in cryptocurrency start-ups, Especially those that invested this year, banking on the close of 2017 prices.

Coinbase, for example, gained a surging number of customers since October 2017 and March 2018. The company is the largest coin brokerage in the U.S. ETCdev, following the incredibly volatile market conditions in 2018 has announced that it will be closing its doors due to lack of funds and being unable to raise more capital to keep the company afloat. This is despite the fact that the company is among the top most successful cryptocurrency start-ups, having launched Ethereum Classic and having a market capitalization value of $400 million.

As of September 2018, the cryptocurrency funding level recorded its lowest figures standing at $279 million, just shy of the required $300 million mark. Since cryptocurrency ICOs heavily depend on funding, the decline was blamed on the stricter regulations that have been put in place for most of this year mainly from the SEC, classifying ICOs as securities made it difficult for crowdfunding to function like it used to before since the funds were now subjected to securities law and scrutiny.

According to a recent post by Tech Crunch, another reason start-ups are failing is that the sheer amount of money being crowdsourced for cryptocurrency projects is simply frightening. Hence the inevitable scrutiny by regulatory bodies. According to tech experts, too much fuel in such a short period of time will always end up consuming the project and the drivers of the ICOs.

The marketing tactics are also very weak on the trust levels in the sense that ICOs are marketed via multi-level theory, just like Ponzi and pyramid schemes. Therefore creating greed for quick money and the fact that the future of the tokens is not analysed only opens doors to fraudulent funding.

David Schumpeter; Eidoo utility token backer,  is calling this ‘creative destruction’. First of all, with the failing start-ups, what is alarmingly clear is that majority of the investors are actually quiet about so much money going down the drain. According to David, the destruction of these failed ICOs is good news to some of the investors who do not plan on letting the whole idea collapse but are waiting for the ‘inevitable’ recovery of the market since the value of their investments will increase.

If the market recovers, which is hopefully soon, it will be very interesting to see how start-ups will come back from this mess.

 

 

 

https://www.youtube.com/watch?v=O3XvCbh8pQU

But what is the main Reason why Bitcoin has Dropped from a High of $19000 to $3700?
The main driving force of bitcoin short is the miners.
2018 has been in a steady decline with all the charts indicating further downward movement, so instead of selling their coins cheaper and cheaper, miners bought short sale contract to lock in the price they can sell their future mined coins at.
Now, what is a short contract?

A short contract allows you to borrow assets from somebody else, in this case, coins. You then proceed to sell it at market price. Later on, you buy the coins back and pay back the lender. A short contract will only make senses if you know, or think, the price will be lower in the future.

Still don’t understand? here is an example to really dumb it down:

October price hovers around 6K, November average out to 5K, December is around 3K. A short sell contract made in October and due December, essentially allows you to sell the coins you would have mined in November and December at October’s price, 6K a piece. A pre-sale if that makes sense. Later on, when the contract is due, you buy the coins at 3K a piece, December’s market price, and return the coins back to the lender who lend you the coins in the first place in October. You profited 3K per coin.

Now, obviously miners don’t need to buy the coin back, they will just return the coins they have mined from those two months. So, they are basically forced into this short position, because they are stuck with bitcoin, not fiat, from their operation. Exponentially more miners are doing this now because the price breaks their cost to mine, they are shorting to limit their loss. In the summer, miners are just making less money, now they are losing and everyone is panicking.

So long as the expectation is bearish, the shorts will always be there, from the miners, and it would be foolish to do otherwise. Kind of a vicious cycle as more shorts in the market represent an overall negative outlook which will drive down the price.

 

China’s Central Bank deputy governor has denounced STOs terming them as illegal activities in China following the slow progress from Initial Coin Offerings to the newer ICO called Security Token Offerings. STOs represent an ICO backed by tangibles such as assets, or profit or revenue of a company. Ultimately more lucrative than an ICO. However, both are still currently banned in China. 

Pan Gongsheng, the deputy governor of the People’s Bank of China said that financing activities through STOs and ICOs were illegal, even though the activities continue to be rampant in the mainland following a nationwide crackdown of cryptocurrency markets from 2017. 

Companies have been looking at moving to STOs following the lack of success with ICOs recently, companies in China may think that this loophole allows them to promote their business as ICOs are currently illegal in China. However, the governor announced, “The STO business that has surfaced recently is still essentially an illegal financial activity in China, Virtual money has become an accomplice to all kinds of illegal and criminal activities.”

Gongsheng admits that most ICO and STO fundraising projects in China are linked to possible illegal fundraisings and pyramid schemes, among other financial fraud.

China’s crackdown on ICOs in 2017 came after 80% of all ICO financing was taking place in China. The clamp-down in a bid to curb crime within the industry appears to have had a positive effect on the industry. China took steps to stop ICO operations and participation within the country due to the negative effect the potentially illegal activities could have on the countries overall financial industry.

Huo Xuewen, Chief of financial watchdog Beijing Bureau of Financial Work, issued a stern warning to anyone trying to operate an STO in China “I want to warn those who are promoting STO fundraising in Beijing. Don’t do it in Beijing. You will be kicked out if you do it.”

China remains one of the massive players in the cryptocurrency space and is taking steps to prevent companies from taking advantage of citizens and damaging the financial industry in the country.

A Reddit post from today highlights the risks inherent in crypto investment, noting that the poster took the $20,000 loan he got for debt consolidation, put it into cryptocurrency. The post solemnly includes, ‘I’m wondering the extent of the troubles my stupidity will bring me.’

The poster says that in addition to the debt he already took the loan out against, they are now ‘paying a total of $1300 in debt payments and the total interest hitting me is $700 a month.’ While anyone with any investment in cryptocurrency is likely praying to the decentralized gods for a crypto turnaround, this individual sincerely needs something to turn around soon.

The anecdote is yet another reminder that one should absolutely not invest something in cryptocurrency they couldn’t afford to lose. The market is simply too volatile and new for any investment to have any sense of security. Crypto is interesting in this way, as it attracts investors with little experience (and often with little-starting capital) despite being one of the most challenging markets for even veteran investors to make correct predictions in.

While most in the thread called out the poster for essentially gambling away money he sorely needed, some gave advice, and one user noted that ‘You didn’t gamble it, you invested it. Stupidly, perhaps, but all investments are gambles.’ Indeed, all investments on some level are gambles, but sometimes the stakes are just not worth the odds.

TenX president Julian Hosp has been implicated in connection with an Austrian discount shopping service called Lyoness.

Lyoness has been declared an illegal pyramid scheme in Norway, Austria, and Switzerland. A video has emerged that appears to show Hosp presenting an online tutoring session before becoming the face of Tenx.

The emergence of the video  points to a damning lack of integrity and a willingness to promote a dishonest project by the TenX  President in pursuit of Profit. In the video, Hosp is heard advising potential clients to exploit relationships with friends and family because they “cannot evade” them, and to hide the real reason for requesting meetings with them.

Reputational Damage to TenX

TenX raised over $80 million in its ICO last year on promises to “make cryptocurrencies spendable anywhere  anytime” by connecting bitcoin to the real world with a Visa debit card and banking license. According to the TenX whitepaper, the platform native PAY token would qualify holders to dividend payments generated from the use of its cards – a promise which has since been dropped. The bitcoin-linked debit cards is yet to be produced one year Later.

With that said ,some early Investors have concluded that the company is in fact yet another iteration of an ICO exit scam.

Check out the Video:

The video is unlikely to bother Hosp too much because multi-level marketing schemes are not a regulatory priority in the U.S. What will bother him a whole lot more however is the SEC’s current affinity for prosecuting ICOs that sold unregistered securities during the height of the ICO boom last year, one of whom is TenX.

CoinAlpha got served with a cease and desist order today from the SEC on the grounds of operating as an unregistered entity. The SEC also accuses the company of being sneaky in the way of business operations after raising over $600,000 last year and quickly unwinding the fund once the SEC came calling. Another reason is that when the company filed for an exemption for offering securities, they were deemed ineligible but still sourced investors. The Silicon Valley-based blockchain company had earlier raised close to $3.5 million to create a fully-fledged digital asset management program.

The reason behind founding the company in the first place was the success Ethereum had. Their use of smart contracts changed their whole perspective on transaction obligations and reinforced contractual parties without the influence of a third party. The company has been running two asset funds; Coin Alpha Falcon which deals with machine learning strategy and Coin Alpha Index, which was a market cap index. Now, following the company contravening section 5(a) of the Securities Act, and subsequently unwinding the fund, the SEC slapped the sanction on them today.

Technically, the actual offence is the soliciting of investors without proper relationships between the investors and the company. Interestingly, the website was also accessible to the investors without any passwords. The company, in turn, earned management and incentive fees from the fund, but when called upon by the SEC, halted the fund immediately. The SEC mandated that the company is to pay  $50,000 immediately to cater for the charges. Matter of fact, the website is at the moment inactive.

The SEC is looking for effective ways to manage cryptocurrencies and as such has made it clear that some specific conditions must be met, such as disclosure and securities registration. The power of the SEC is not to be taken lightly. Just have a look at the pending proposal to execute and approve Bitcoin Exchange Traded Fund, a proposal that was initially made by three different ETF providers, but is still on hold.

 

 

In terms of assets, the above-mentioned bank is the third largest in Russia, with a management capital in form of assets worth $3.1 billion. And for this reason, for a renowned world power in every sense and most ominous of it being an economy to contend with, it only makes sense that the bank follows suit in revolutionary currency developments; in this sense cryptocurrency.

First of all, this is not to say that Russia has been on the backpedal on matters digital assets. As of the beginning of 2018, the country has been on the legislature path of cryptocurrency regulation. In actual case, the bill in Parliament was dubbed ‘Digital Financial Assets’ the bill did not get much ground due to the lack of knowledge on the subject and the resistance of traditional methods of the same. Consequently, the central bank came up with a draft of regulations for upcoming ICOs. The pre-existing cryptocurrencies were not readily accepted by Russian banks due to the nature of the transactions.

The bank is owned by the state, regulated by the Swiss Financial Regulatory Authority. It specializes in investment and depository services, corporate banking and retail banking. It is safe to say that the bank has no independent power to make any of its crucial investment banking ideas without parliamentary consensus.

The bank announced its plans to launch cryptocurrency services in 2019. In fact, the announcement was made by the Swiss branch of the bank. The decision is not independent though. The bank is partnering with Avaloq and Metaco, to provide these crypto services. This is hot on the heels of Bobby Lee’s contest that cryptocurrencies should be managed as a differentiated asset class. The working theory behind this is that government will be able to make very specific regulation regarding cryptocurrencies.

Regulation of cryptocurrency around the global market has had its different perceptions and attitudes and not many countries have been so receptive to it. Meaning that in terms of regulation, it has mostly been every country on its own. Not until last week did the G-20 summit members come up with a recommendation on a universally recognized fundamental regulation of how cryptocurrency business should be conducted, (pending 2020 clarification and fresh presentation).

The bank wishes to cater to its private clientele and also any other interested clients by making it an easier process for them to transact and make any other exchanges easier. With the wave of cryptocurrencies around the world, 2018 has pushed banks to try to understand and incorporate digital assets into their system.

Swiss banking giant UBS and a multitude of other banks had been making plans for cryptocurrency adoption since 2015 and they have finally made the move. The goal was to make money exchanges more reliable and efficient. The invention of cryptocurrencies and blockchain has challenged banks to develop effective monetary policies to handle cryptocurrencies; while the market is currently a shit show, optimism is still high and hopefully, this move will prove beneficial in the long run.

 

 

 

Bitcambio, a Brazilian crypto exchange has reportedly sent one of its users a whopping $35 million – after the user attempted to withdraw $127.

According to local news outlet Portal do Bitcoin, the cryptocurrency exchange immediately called the user. Speaking to the news outlet Nunes stated:

“Early last month, I issued some normal withdrawal orders. After a while, Bitcambio called to let me know that they issued all this value and that they needed me to recognize a document in a notary’s office. I thought it was a coup.”

Per the report, Nunes initially believed a hacker managed to get a hold of his personal information and was now trying to get his signature, or that he was facing a rogue employee trying to scam users.

Believing it was a scam, Nunes initially ignored the crypto exchange, but the exchange insisted the transaction had been cancelled, but that “to complete the process it was necessary [for Nunes] to go to the notary, to recognize a signature and a document that they sent by email “.

Looking to learn more about the case Nunes told a Facebook group related to cryptocurrency discussions in Brazil about the ordeal. One of Bitcambio’s suppliers, Rodrigo Souza, is reportedly an administrator in said group, and replying to Nunes recognized the exchange’s error.

Addressing the user on his personal page, he commented that Bitcambio operates within the law, but that mistakes do happen and they aren’t afraid to draw attention to them. Speaking to the local news outlet, he revealed a bug was behind the large error and that given the size of the transaction, it wasn’t possible to cancel it without a letter of agreement.

Now, both parties are seemingly working towards fixing the problem. Notably, Souza noted Nunes’ time would be rewarded, stating “Kaique will be reimbursed for all the costs he has to go to the notary’s office.”

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