The cryptocurrency exchange market is beginning to prove to the world that if you are not investing in cryptocurrency, you would soon be left behind. One of the world’s oldest banks, Bank of Germany “Deutsche Bank” recorded it’s earning for the first quarter of 2018 with about $146 million in profit. However, it is not up to the total revenue generated by Binance, the worlds largest cryptocurrency exchange made a whopping profit of $54 million in excess of what Deutsche Bank made.
Binance surpassed Germany’s largest and one of Europe’s biggest banks in profitability. This is surprising because Binance, which is the largest cryptocurrency exchange in the world that is barely 8months old surpassed Deutsche Bank which is over 140years. This is an indication that the future of exchange, data and record storage lies within cryptocurrency.
Binance profit margin since its inception has been one that has been on a bullish trend. In the first 3 months from inception, profits amounted to $7,500,000 USD. In the 2nd quarter, profits amounted to $200,000,000 USD. The 3rd quarter is still in progress and is expected to have further growth. It is said that there would be an awesome tax income revenue benefit for any country that can attract the services of Binance in their country.
Considering recent history, Binance has surpassed the recent record the Deutsche Bank has referencing its relocation to Malta and its consistent profit margins. According to CCN.com, the move of Binance from Taiwan to Malta is a bigger move than Deutsche Bank permanently relocating its headquarters and operations from Germany to Malta. Malta’s government have no choice than to embrace the industry and startups of cryptocurrency Given the exponential growth rate and the rapid movement of the cryptocurrency market.
Even though the global market valuation of the cryptocurrency market is valued around $400 billion, which is less than the combined market caps of HSBC and JPMorgan. The cryptocurrency market is still at its early stage and considering that only bitcoin has been around from 2009 to 2015 until the creation of Ethereum and the tokenized ecosystem, the cryptocurrency industry is really less than five years old.
As long as the demand for the cryptocurrency market can be sustained and institutional investors continue to enter the space, similar to how Binance has been able to surpass Germany’s biggest bank in less than 8 months of existence, it is possible that cryptocurrency businesses take over the global finance industry in the next decade or two.
It is rumoured, based on experts like Tim Draper and Peter Thiel that The exponential growth rate of the market shows the possibility of million-dollar bitcoin price predictions.
Do you think cryptocurrency is the future of exchange or do you think Deutsche Bank would surpass that of Binance? Let’s hear what you think.
The Information provided on the website is designed to provide helpful information regarding cryptocurrency subjects. The content is not meant to be used, nor should it be used as a basis, foundational knowledge or prerequisite for decision making regards trading. Always do your own research and due diligence before placing a trade. We are not liable for any outcome based on any content found on the site.
Market Retraces its Steps after Opening the Week with Green across the Market.
The first day of the week just three days ago opened the week to a wide spread gains across the cryptocurrency market with Tron reporting the highest gains of over 9%. Today opens with significant losses that have wiped out the gains made in opening day of the week. Bitcoin is currently trading at a loss of 11.01% as at press time standing at $11,503. Total market capitalization sits at a $313 billion. Opening day of the week, it was at $327 billion
The second largest cryptocurrency by market capitalization Ethereum is trading at $271 which is over $30 lower than its week opening price. It is currently reporting 11.94% loss. XRP of Ripple is trading at a negative of 15.79% as Litecoin is also a little below standing at loss of 14.59%. The price of XRP stands at $0.33 while Litecoin is just over $100.
Tron which recorded the highest gains in the opening day of the week is reporting an astonishing 16.56% loss with Bitcoin SV, the embattled Bitcoin fork showing 18.56% in red. Top loser on today is EOS which is trading at $4.66 with a market capitilization of $3.9 billion but suffering a loss of 20.13%. Bitcoin cash is at 18.48% red trading at $339.29.
Tether the stablecoin positioned at number 8 by marketcap is stable at $1 but reports a 0.06% red which should be normal as it is of course a stable coin.
The industry continues at grow and thrive with the reported achievements of Blockstack to conduct a SEC compliant token sales, the market normally responds favorably to such news. While its is normal for the market to step back a bit after an upward surge, could this be the result of the 7300s BTC dumped on Binance?
Someone on Binance is in a hurry to sell ~7.5k+ bitcoins ($100 million). It's a limit order, but it's aggressively adjusting it's price to be on top of the orderbook. Pushed down price from $12.6k to $12.1k. 5k btc left pic.twitter.com/f6jwAyDDc0
— Madoff wasn't on the blockchain (@bccponzi) July 9, 2019
We can only look at the charts and open our ears to hear positive news. And by the way, Bitcoin has increased in dominance to 65.4% as against its week opening dominance of 62.1%.
Bitfinex’s LEO Smart Contract Unusual Code: An Intentional Move to Defraud?
A software “Bug” was discovered recently in the Bitfinex Smart Contract for its LEO token. The bug grants any holder of the LEO token unusual levels of administrative privilegdes. Such priviledges are entirely unusual, though errors in smart contracts has been seen before, this is the first time these types of concerns has been raised concerning smart contracts codes.
Softwares are always with bugs. No matter how much care is put into writing the codes and rechecking, codes are written by humans who unintentionally make mistake. Mistakes which could cause untold damages financially and in other areas of life. In financial applications or softwares, one tiny vulnerability could allow bad actors to take undue advantages of systems and do what they are good for. Damage.
The Bitfinex ERC-20 smart contract code contains permission to enable owners of the Token to mint unlimited new tokens, they also have to ability to delete tokens of other people both in their personal wallets irrespective of the type of wallet. LEO owners are empowered via the vulnerability in the Bitfinex smart contract code to delete anyone’s coins both in centralized and decentralized exchanges.
Bitfinex, one of the world top cryptocurrency exchange was in the news some months ago and for a long time now owing to its shady behaviours as an exchange and also by its relationship to the stable coin Tether (USDT). Owing to financial challenges it was having since its funds were frozen, the embattled cryptocurrency exchange decided to host an Initial Exchange Offering were it aimed at raising xx billion dollars. A move which saw some reactions, however, the exchange later announced it has raised sufficient funds via other means and thus there will be no public sales of the LEO tokens.
In a tweet by the CTO of Bitfinex and Tether Paolo Ardoino, which was a reply to the call out made on the Bitfinex exchange, it appears this “bug” wasn’t in fact one rather it was coded into the contract with Paolo saying “For security and future reasons we left the ability to upgrade the Token Contract. That’s really a key feature for a contract that might live lot of years. Minting more tokens would not just make sense for Finex…like shooting our foot.”
In reaction to this, some twitter users were expressing their opinion on the issue.
6/7 Blockchain and smart contracts need to be trustless. Bitfinex breaks trust here by putting “evil” and “scammy” code here which allows them to cheat and have an unfair advantage over people like you and me.
— Bi od (@heybiod) July 1, 2019
Why does this matter? If you hold leo you trust bitfinex anyway. In fact it protects leo holders because if there was a bug in the smart contract bfx would quickly be able to fix it.
— Matt (@thinkingGBP) July 2, 2019
"Minting more tokens" why have that option in the first place then?
— Gwened (@BroGwened) July 2, 2019
With its reputation in times past, the Bitfinex exchange has a whole lot to contend with at this time however, this revelation presents an important reminder to everyone in cryptospace to not just Trust but Verify.
Tron (TRX) Accepted by Travala.com To Be Used for Booking in Over 500,000 Hotels
Tron (TRX) is the 10th cryptocurrency to be adopted by hotel booking platform, Travala. Before now, Travala had been accepting coins like; Bitcoin, Litecoin, Ethereum, XRP, Nanos, BNB, AVA, DGB, Doge, EOS, TUSD, XLM. It also accepts PayPal, VISA and Mastercard. As travel platform, Travala aims at merging decentralised technologies and tokenized incentive structures to make booking easy for travelers.
Travala.com, a reputable blockchain travel platform, dedicated to revitalizing the yet to come travel industry. Established in the year 2017, it now boasts of 567,928 properties in 210 countries across the globe, with over 82,000 destination coverage.
Travala.com as of yesterday declared that its clients can now make payments with Tron (TRX) token in over 550,000 hotels across the world with an added discount of 15% for every transaction performed with the token.
According to Travala.com their customers are to use TRX to book 550,000+ hotels worldwide with an average saving of 15% on http://Travala.com and the customers can get further savings up to 10% off the already amazing prices with our SMART program.
While the other coins listed above like Bitcoin, BNB, Nano, etc have been enjoying this privilege for some time now, it is coming new for Tron, and this can be taken as an added advantage for the cryptocurrency. Unlike every other blockchain technology, every moment of Tron (TRX) is filled with exciting news. The quality and potential of any cryptographic project in the space is determined by the adoptions and partnerships it gets.
As a means to echoing the success of Tron, Misha Lederman, a well-known member of the Tronix team, had once related that Tron has produced more blocks than Ethereum. According to Lederman, “Tron has produced 8.3 million blocks since its independence in June 2018 and Ethereum, on the other hand, despite its longevity, has only produced 7.5 million blocks since July 2015.”
Photo credit: Botcoin Exchange
IOST Records More Transactions than Ethereum One Month After Mainnet Launch
IOST is an application-friendly next generation public blockchain network which is reported to be the first platform to launch an application-ready mainnet which features multiple live DApps (Decentralized Applications). IOST project’s software modules, as claimed by the management team, have been implemented using blockchain technology and they provide “secure and reliable data” as they “prevent tampering by third parties.” and thus, the IOST platform having been built on public blockchain infrastructure, allows “decentralized application developers overcome some of the most challenging problems with mass adoption.”
IOST is one of the most scalable blockchain networks. Although, its design principles are similar to some of the other leading dApp creation platforms, it has its own consensus protocol, known as “proof-of-believability.” Notably, the programming languages and development environments supported by the various dApp deployment platforms are a lot different from each other such as Ethereum, Tron, EOS, NEO etc. as each use different consensus algorithms such as proof-of-work (PoW), proof-of-stake (PoS), delegated proof-of-stake (DPoS), and delegated Byzantine Fault Tolerance (dBFT).
According to a news outlet, On April 6th, 2019,”the IOST network reportedly processed more transactions than Ethereum ( ETH ). Noting that Ethereum is the world’s largest blockchain-based platform for deploying decentralized applications (dApps), however, “IOST was able to register 580,231 transactions on its network while Ethereum only managed to log 558,272 transactions on the same day (April 6th).”
As contained in IOST’s press release, the smart contract development platform has achieved the following after “the first month of its mainnet launch:”
- Registered [over] 213,000 live accounts on its network, with an average of 15,000 wallets added per day
- Launched 9 dApps, including 6 games (one of which hit 700 million IOST tokens in a single day) and a USD-pegged stablecoin
- Been listed and traded on 26 exchanges
- Processed more than 25 million transactions, including a peak of 580,231 transactions per day
- Brought more than 100 partners and developers onboard to build the IOST ecosystem, all partners totalling to more than 200 today
Regulation News5 days ago
Libra: Big Tech shouldn’t be given more Power over Public infrastructure like the Financial System.- Senator Sherrod Brown
Exchange3 days ago
Short BNB and Get Rekt; CZ Shills the Binance Coin
FEATURED4 days ago
Africa Blockchain Alliance Calls for Applications to the Second Cohort of the Africa Blockchain Developer Program
FEATURED2 days ago
Why Trump’s bashing on bitcoin is a milestone achieved to cryptocurrencies