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Digitex Futures CEO Goes Furious After Testing The Platform: “What the f**k do I do with this?” He Said

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Things didn’t go well for Adam Todd, CEO of Digitex Futures, the trading platform that promised to be the new Bitmex Killer. After testing the product presented to him by his team of developers, the platform was virtually unusable.

The community of the project that has over 1.5 million people on its waiting list, and more than 70k+ members on its Telegram group witnessed how its leader announced that the platform scheduled to be launched at the end of the month, had to be delayed until further advice.

However, the CEO’s announcement was not polite, nor did it seek to calm its users. Clearly furious, Todd explained that he was not going to give his users a piece of garbage. His words were very direct:

“What they’ve delivered here is not the Digitex Futures exchange. This is not the BitMEX killer. The only way this would be the BitMEX killer is if Arthur looks at this and f**king dies laughing.”

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Mr Todd explained that there were too many bugs, there was no trading volume, there was no possibility to adjust the leverage or from exit to position. The spot Price was not displayed either and to top it all, the zero-fee Exchange charged commissions for each trade.

Of course, with so many failures, Todd preferred not to launch the product. He seems to have canalized his rage into the uploaded video stream:

What the f**k do I do with this? We’ve been delivered this piece of garbage that doesn’t even work. It doesn’t work.

After this announcement, the native Digitex token (DGTX) dropped more than 70% in less than an hour, which represented a historic level for this platform.

Mr. Todd explains that he is not willing to give up or disappoint his community. He explained that he had already assembled a new team of developers, emphasizing that from now on he will be personally supervising the progress of the team as an “unyielding motherf**ker”.

Todd’s announcement triggered a wave of rage similar to the one he himself showed in the video, but the team also received various displays of support.

Several Twitter accounts urged Todd to focus on developing a functional platform. Some shared optimism but disappointment was undoubtedly the most common emotion.

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Ethereum News

NY Judge Grants Motion To Modify Preliminary Injunction Against Bitfinex

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May 17, 2019 6:01 PM

Bitfinex is calling it a victory, but the exchange is still barred from using Tether as a line of credit.

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Ethereum News

Gab’s New Strategy: Fork Open-Source Software And Add Bitcoin

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May 16, 2019 4:34 PM

After Keybase announced integration of Stellar on its platform, Gab has threatened to fork the open-source chat software and swap its XLM wallet for a Bitcoin Lightning Wallet. The famously anti-censorship social network previously forked the Brave browser. It’s all part of Gab’s evolution into what CEO Andrew Torba calls a “free speech software company.”

Read the full article here.

The media team is the collaborating entirety of the writing staff at ETHNews.

ETHNews is committed to its Editorial Policy

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Ethereum News

Binance Halting Trades, Deposits and Withdrawals in System Upgrade

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Leading cryptocurrency exchange Binance will be undergoing a system upgrade starting at 11PM EST.

According to the post published on the official exchange website, Binance will be suspending trades, deposits and withdrawals during the planned maintenance, which will take approximately 6-8 hours. In the update Binance states that deposits not finished by the start of the update will be forced to wait until the process is over,

Binance will suspend deposits, withdrawals, and trading during this period. Deposits that are not completed before the start of the upgrade will be processed after the upgrade is complete. Please allow some time for deposits to be reflected in your account following the system upgrade.

Once the upgrade is complete, we will make a further announcement and provide users with a 30 minute window to cancel orders, process deposits, withdrawals, and use all other account related functions before trading resumes.

We apologize for any inconvenience caused, and thank you for your patience.

Changpeng Zhao, the affable and popular CEO for the cryptocurrency exchange also took to Twitter to announce the update. In addition to providing the start time, he also claimed that the company would continue with its regular process of updating users every 2 hours on the progress of the upgrade,

Final stretch, 11PM Tuesday, EST + a few hours. Thank you for patience, cooperation and support so far! 🙏🙏🙏

During trading halt, we will update no less than every 2 hours, as per usual.

Binance has been at the center of both trader and investor concern following a hack that stole over 7,000 BTC from the exchange’s hot wallet, worth $54 million following the most recent price rally. While Binance reports that their SAFU Fund will cover the expenses lost, investors were wary of the high-profile nature of the hack. After months of outpacing the market, the price of Binance Coin fell sharply before recouping losses over the weekend’s bullish run.

The upgrades comes on the heels of a cooling in the general crypto markets, with the price of BTC slipping to $7800 after scorching to new levels over the weekend. The entire market capitalization of cryptocurrency gained $20 billion in 24 hours, with analysts adjusting their price outlook for BTC in a substantial turnaround for the market.

However, Binance is still recovering from the wake of the hack, with tonight’s upgrade likely in response. Changpeng Zhao and his team have been careful to update traders without compromising any unnecessary information, which the CEO claimed the hackers could use to further evade the exchange’s security.

Some community members are skeptical of the update, and fear it may be related to further losses or breaches in security other than what Binance has publicly released. While the exchange has been fairly transparent in their handling of the theft, initial reports were startling in the extent of user data that was potentially uncovered during the security breach. However, others have voiced their approval of CZ and his team, claiming that the open communication with traders has been a welcome change compared to how other exchange’s have operated in the wake of a hack.

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Bitcoin News

Bitwise Bitcoin (BTC) ETF Verdict Delayed By The SEC… Again

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Bitcoin ETF Verdict Delayed Again


According to a breaking report from CoinDesk, the verdict on the Bitcoin (BTC) exchange-traded fund (ETF) application from California-based crypto upstart Bitwise Asset Management has been delayed once again. In a document published Tuesday morning, the U.S. Securities and Exchange Commission (SEC), who presides over such products, revealed that it won’t be issuing a final verdict (approve or deny) just yet.

It appears that the SEC will need to issue its next comment on this crypto-backed investment vehicle in another 45 days or so.

This latest news was somewhat expected, as in March, a delay to May occurred. As reported by Ethereum World News, the SEC used its right to give itself another 45 days to discuss the proposals.

Interestingly, the regulatory entity has yet to comment on the proposal from VanEck and SolidX, which many investors believe has a higher chance of succeeding.

Bitwise Hopeful

While this occurred, Bitwise still believes its proposal should be approved. In a comment made to CNBC earlier this year, Hunter Horsley remarked that cryptocurrencies as an asset class are in their “most viable” state ever. That led Horsley to his next point, as he remarked that considering the market conditions, a crypto-linked ETF could be the logical next step.
When questioned by the CNBC anchor regarding the SEC’s apparent fears of market manipulation, a byproduct of nascent, overseas-based markets, and custody, Horsley responded with confidence.

Interestingly, the SEC’s Hester Pierce is also bullish on a Bitcoin-backed ETF. According to Decrypt Media, the commissioner explained that “the time [for an ETF] was right a year ago”, adding that she is dismayed that regulators are hampering the adoption of this newfangled technology.

Some have been a bit skeptical of an ETF, however. Per previous reports from this outlet, Sam Ahn of Hana Trading released a six-page, nine-point tear down of Bitcoin and the proposed ETF product, which would open the floodgates to BTC. While Ahn’s points were drawn-out, a clear theme of anti-mining, Satoshi Nakamoto cynicism, and “BTC doesn’t have intrinsic value” was apparent. The investor remarked that not only is Satoshi’s magnum opus hard for him to process, but that the cryptocurrency isn’t like gold as in “a string of 64-digits, with about 17 leading zeroes” (hash) cannot be likened to a physical item used in electronics, jewelry, and as a value store.

Title Image Courtesy of Andre Francois Mckenzie Via Unsplash 

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Ethereum News

Coinbase Rolls Out Its USDC Stablecoin to 80+ Countries, Showing Aggressive Global Expansion

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The Coinbase platform has voiced a rollout of its stablecoin to a pack of new countries to let traders around the world use it to their benefit

On May 14, the San-Francisco-based Coinbase exchange has written in its blog that from now on their stablecoin dubbed USD Coin (USDC) will be added for support in 80+ countries globally.

Previously, USDC could be traded only in the US, including New York. The stablecoin can be traded both on Coinbase.com and Coinbase Pro.

Aggressive global rollout of Coinbase

Top centralized digital exchanges in the current market are fighting for every customer, offering new products and expanding in every possible manner. Coinbase is eager to expand and the new 85 countries where USDC can now be traded is a confirmation of that.

Leaving the stablecoin aside, Coinbase can be now accessed by traders in slightly over 100 countries.

Just last month, Coinbase added 11 new countries to the list of its clients. Those include India, where the local central bank, RBI, initiated a crypto ban last year, prohibiting banks to work with crypto startups and exchanges. Apart from India, Coinbase is now accessible in New Zealand, South Korea, Mexico and others.

Recently, Ethereum World News also reported that Coinbase now offers its customers to take advantage of using a crypto Coinbase card, based on collaboration with such a conventional giant of the financial services business as Visa. The card can be used via a special Coinbase app.

Peers are getting ahead

Another crypto exchange, a peer of Coinbase, that has also been expanding quite aggressively is Binance, the Malta-based platform. Binance is considered to have the largest actual trading volumes in the world. Recently, it has launched a decentralized exchange (DEX) on a specially created ledger Binance Chain and is currently moving its native BNB tokens from Ethereum to Binance Chain.

Besides, Binance is famous for its Blockchain Charity Foundation (BCF) and Binance LaunchPad. The latter has been a platform for Initial Exchange Offerings (IEO) for such projects as BitTorrent, and several others, which have conducted their token sales successfully on it.

About USD Coin

USDC was launched by Coinbase and the Circle startup. It is pegged to the USD rate and is backed by actual US dollars stored in the accounts of the partner banks.

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