The Bank of England or in 2018 issued “Bitcoin digital currency”

nBankruptcy comment: According to the British “Telegraph” reported that the Bank of England or will launch in 2018 the country’s “digital Bitcoin currency.” And this central bank, which has a history of more than 300 years, set up a research department as early as in 2015 to start studying cryptocurrency-linked national cryptocurrencies. From this report, it seems that this process has made a breakthrough. According to the media, the central banker, Mark Carney, confirmed that Bitcoin and its underlying technologies are indeed areas of active concern and is currently discussing with multinational central banks on the issue of national digital money.n
nTranslation: Clovern
Bank of England or issue encrypted currency in 2018n


 n
Venezuela launched Petro digital currency. Russia is studying crypto rubles. Then there will be Britcoin this British cryptocurrency it? Or Ukoin? Robert Mendick, chief executive of The Telegraph, gives a positive answer to the reader. Mendick reports that Bank of England Governor Mark Carney “told the Treasury Select Commission before Christmas that he had discussions with central banks in other countries about the issue of digital money. “n

Mark Carneyn
The 52-year-old governor Carney is the first foreign governor of the Bank of England ever. Carney used to be Bank of Canada Governor and worked for more than a decade at Goldman Sachs. Just a few days ago, Carney confirmed that bitcoin was “an active area of ​​concern” and that what seemed to be the most interesting seemed to be its underlying delivery mechanism to centralize the distributed ledger. He said bitcoin’s retail potential is beyond its grasp, telling British lawmakers that “the technology will not end up being financially stable at the mercy of these financial stability and you will be in the best position for financial stability, and Save a lot of computing energy intensity. “n
He went on to describe the Bank of England’s study of Bitcoin as “very aggressive, but also fairly disciplined, and if we were to apply them at the heart of the system, we needed to achieve a five-sigma quality rating.”n
n
Research cryptocurrenciesn
His final commentary may have laid the groundwork for the exclusive coverage of the Telegraph, “Today my speech on this topic may not be applicable after six months because things are going too fast.” Indeed, The British newspaper started its report on the subject by stating: “The Telegraph understands that the Bank of England is set to release its digital currency plan similar to Bitcoin in 2018.”n
And early next year will continue to hold a meeting to discuss this, he confirmed: “I have been involved with many major central banks on the issue of central bank-backed digital currencies in the discussion.” And just this summer, the Bank of England use of the area Blockchain technology was tested to see if this technology could be used for clearing between central banks. The result of the test is successful. It was reported that he explained to Treasury Select Committe:n
n”In fact, this basic technology is quite interesting, and we in the Bank of England are working on this technology.”n
nLast spring, the Bank of England commissioned Dr. George Danezis at the University College London to design a cryptocurrency that was state-sponsored and run. As a result, RS Coin was born, and due to its involvement in the banking sector, the currency did bring about many of the automation-related efficiencies: the central bank can effortlessly control the supply of money at any time and can undoubtedly determine the circulation In the amount of money.n

George Danezisn
Although Cagney may think the Bank of England’s digital tokens have the potential to be used for transactions between central banks, the Telegraph report said that “the research department set up by the bank is studying the possibility of launching sterling-linked cryptocurrencies Sex. “It is hard to imagine that traditional retail banks would agree with this possible realization because it is bound to push them to an end. Traditional banking is unable to survive in a world of friction-free, hands-on trading of assets such as real estate and cars.n

CME introduced the Bitcoin Trading Simulator

nBankruptcy Commentary: CME introduced bitcoin futures contracts about a week later than CBOE, so its current trading lags far behind CBOE. To reverse this situation and dominate the bitcoin futures market as early as possible, CME Group announced a market-simulator that allows users to practice bitcoin futures trading in a risk-free environment and hopes to use it as their own New market to attract more users.n
nTranslation: Inan
On December 27, less than two weeks after launching bitcoin futures, CME Group released a tweet that it has launched its bitcoin futures simulator. The tool offers new investors the opportunity to trade bitcoin futures without any risk of capital loss and can allow experienced investors to test their platform to experiment with new trading strategies in a zero-risk environment.n
The launch of this market simulator tool aims to attract more participants to CME’s bitcoin market and thus to dominate the bitcoin CFD market.n

CME Group launched Bitcoin Futures on December 18 and became the second U.S. financial market company to offer such products after CBOE. Traders need to participate in this new market through large retail brokers such as TD Ameritrade allowing its clients to trade CBOE futures contracts and Interactive Brokers recently announced plans to allow customers to trade CME futures contracts as soon as possible (currently allowing them to trade CBOE Bitcoin CFD). Interactive Brokers said it handled more than half the volume of CBOE bitcoin’s first day of trading, despite its platform’s margin requirements being much higher than those of CBOE.n
Major market makers DRW, DV Trading and Akuna Capital also said they will provide liquidity for the Bitcoin futures market.n
Although the introduction of the Bitcoin futures market has generated heated debate, the trading volume of Bitcoin futures is not much compared to the size of deals conducted in major crypto-currency exchanges. As of this writing, CME sold a total of 1078 contracts and CBOE sold 4,790 contracts.n

SEER – The next generation of real-world marketplace based on blockchain

Reporter: pencil boxn

Realistic forecast market, is to use market mechanisms to allow users to express their judgments on future events and set the wisdom and views of all people to predict the future events effectively. SEER is a decentralized, blockchain-based reality forecasting marketplace based on this mechanism. Based on Graphene framework development, SEER can provide 3000 transactions per second processing speed, to provide users with real-time blockchain experience. By introducing multi-host de-centralized oracle machinen
(Oracle) capabilities, SEER provides users with a neutral and trusted de-centralized reality forecast market service. At the same time SEER integrated council and arbitration mechanism, making SEER both efficient, neutral, credible, autonomous and so on.n
The SEER test chain has been developed and is now being fully developed. The first full version is being developed. The team is expected to release the first minimum available version in the first quarter of 2018. The original Power Fans team will also be based on investor’s Continue to participate as a SEER project and develop DApp based on SEER.n
n”There will be a World Cup in 2018 and other sports events, and we expect the market to have explosive demand for realistic forecasting applications by 2018.” SEER project team leader said: “With the original Power Fans team’s investment and support, we expect SEER project will be able to quickly land. “n
nIn addition to the underlying real-world predictive market capabilities, SEER will also provide encrypted proprietary forecast market functions along the blockchain and CNN capabilities to avoid hard-forking. More technical details and information can visit the official website and see the project white paper.n
n
SEER project application scenariosn
Sports quizn
While sports betting is a huge market, SEER offers a decentralized and reliable sports betting solution. In addition to the general single-homepredicator capabilities, users also have the option of using a more advanced de-centralization based multi-homed model design As a result, the multi-host model predicting machine can avoid the possible counterfeiting of the traditional centralized service, the single point service failure can not provide the result data in time,n
And a board was set up to finalize the data’s correctness.n
Asset price forecastn
Assets prices such as real estate prices and commodity prices are closely linked with people’s lives. By setting up a forecasting market in SEER and involving the entire network in forecasting, ordinary users can obtain the most intuitive price forecast information on a certain type of asset. For example, a forecast can be set marketn
Predict “2018 Shenzhen how much the average price?”, Through such a forecast market results can be made for those who intend to purchase real estate in Shenzhen reasonable arrangements for their purchase plan.n
Financial market forecastn
At present, there are many deficiencies in forecasting tools that serve the financial markets, such as low accuracy, inefficiency and high costs. SEER mentionn
For a more simple, reliable and efficient market forecasting tools. Do not need cumbersome settings, the user can SEER to establish the corresponding real market forecast, so that the entire network to participate in the forecast, such as the opening of “2018n
Year US GDP growth rate is high? “And other types of market forecasting.SEER allows fund managers, professional investors and other people through low-cost access to people on the event of the future of the pre-n
Period, the result obtained is more accurate.n
Event predictionn
In addition to these categories of predictions, SEER can also create a variety of different types of projections such as projections of political events such as: “Can Trump be reelected in the 2020 US presidential election?”, Entertainment industry projections such as: “Can a movie have more than 1 billion yuan in total box office receipts?” Social topics like: “On which day will the next generation of Apple mobile phones be released?”n
Official Website: http: //SEER.bestn
White Paper: http://seer.best/img/SEER White Paper .pdfn

Google data show that bitcoin annual search volume ranking in the forefront

nRunaway Comment: According to Google’s recently released 2017 Year in Search 2017, bitcoin’s search has overtaken the news of this year’s heated Las Vegas shooting and solar eclipse. The Google data show that to promote the overall bitcoin rankings are South Africa, Slovenia, the Netherlands, Nigeria and Austria and other countries users, the United States user search for this entry is ranked lower than the global classification of the rankings.n
nTranslation: Clovern
Bitcoin or North Korea’s news search hot what high or low?n
According to recent data released by Google, bitcoin search volume occupy an advantage, ranking the forefront. As detailed in the 2017 trending overview, Year in Search 2017 published by the search giant, bitcoin ranks second in the Global News category, indicating that this year’s technology search The volume is higher than the number of searches for news events such as the Las Vegas shootings and the solar eclipse, which raged for this year.n
Similarly, “How To Buy Bitcoins” is also ranked “How to …” to search for third place on the category list.n
According to CoinDesk’s bitcoin price index (BPI) records, bitcoin prices have risen 20 times during 2017 from $ 900 in January to a record high of $ 19783 in December. CoinMarketCap data shows that the market value of cryptocurrencies has risen to more than 650 billion U.S. dollars from 17 billion U.S. dollars in early January.n
Interestingly enough, the overall push to Bitcoin seems to be outside of the United States. For example, in the U.S. national classification, Google data shows that bitcoin-related entries rank lower than their global counterparts.n
In fact, the search for “bitcoin” in Google’s trend shows that the countries that have contributed to the current search volume include South Africa, Slovenia, the Netherlands, Nigeria and Austria, while the United States came 16th.n

Enterprise Ethereum Alliance set up working groups in terms of identity, energy and interoperability

nRunaway Comment: The Enterprise Ethereum Alliance (EEA) has grown in strength since its establishment early this year, attracting many high quality members. At present, the organization has more than 300 members and a growing number of working groups driven by internal members. Recently, EEA announced the formation of a working group on digital identity, energy and multiplatform interoperability to explore the use of Ethereum in these areas. The active cooperation of its members can drive a real breakthrough in Ethereum technology and accelerate the pace of launching creative solutions.n
nTranslation: Inan
The Enterprise Ethereum Alliance (EEA) has set up three working groups on digital identity, energy and multi-platform interoperability, respectively, in the hope of using Ethereum technology to develop and implement specific solutions in these areas.n
Founded in February 2017, EEA now has more than 300 members and is the largest blockchain alliance in the world. The organization brings together leading companies such as Intel, Microsoft and MasterCard and Ethereum to develop start-up companies and even government agencies that aim to create enterprise blockchain solutions using open source Ethereum technology.n
In a statement issued recently, the EEA announced three new working groups in terms of digital identity, multi-platform interoperability and energy, bringing the total number of working groups and commissions within the Alliance to 17.n
Jeremy Millar, founding board member of EEA, explained:n
n”The EEA members consider identity, energy and multi-platform interoperability as three areas that will gain real benefits through Ethereum technology in 2018. Working groups are set up to help them innovate, test new ideas and remain competitive.”n
nThe Digital Identity Working Group will focus on the role of Ethereum blockchain technology in developing digital identity classifications that can be implemented across the technology sector.n
The Energy Task Force will define blockchain standards for Ethereum in the energy sector (oil and natural, refinery, trade, utilities, mining, etc.). The group will also develop the necessary infrastructure for the widespread implementation of Ethereum in the energy sector.n
Finally, the multiplatform team will work to make the Ethereum platform available to multiple operating systems and physical hardware. Its ultimate goal is to make the Ethereum blockchain platform popular.n
Millar added:n
n”These EEA workgroups focus on the real challenges that come with deploying and using Ethereum in the enterprise. The output is a key part of the mission of the EEA and our members believe they are actively involved in business development that is good for their own business “n

Many bitcoin exchanges stop accepting new user signups

nRunaway Comment: With the current skyrocketing Bitcoin prices, a large number of new users are pouring into the cryptocurrency market. While this massive increase in users is something that all businesses dream of, the Bitcoin Exchange has had to stop registering new users to upgrade support and backend systems to better handle these rapidly increasing traffic volumes. load. Bittrex, CEX.IO, Bitfinex and other major exchanges are suspended to accept new user registration, and explains the reason. The only way for new users today is probably to wait and try again.n
nTranslation: Clovern
A large number of new clients ask you to receive their funds, which may be the sweet worries all businesses dream of. But now, the Bitcoin exchange has had to try to ease the load to deal with the situation. As a result, the new trader has only a handful of exchanges left to choose from, as many exchange houses no longer register with new clients.n
n
Come back next yearn
Whether you are planning to explore the bitcoin world for the first time, or a veteran investor who wants to try to trade on many different exchanges, you may have noticed that it is not easy to open an account on many exchanges now It’s These companies face a large number of applications, but the support team can not provide services in a timely manner. Therefore, many exchanges have temporarily stopped accepting new users to apply for registration in order to be able to handle the existing business.n

Bittrex acknowledged previously reported user complaints and explained its decision to discontinue new registrations:n
n”We are excited to have so many new users joining the Bittrex community, but unfortunately we have to make some upgrades to our support and back-end systems to handle the increased traffic and load.”n
nCEX.IO also explains in a similar fashion the suspension of new user registrations:n
n”Every day a large number of users sign up on our exchanges, putting additional pressure on our support and validation teams, and we’re at a critical juncture now that the number of votes submitted to our support team has become extremely important.”n
nBitfinex also sent this message to all users who want to register:n
n”We decided to temporarily stop accepting new account registrations because we could not flood the system with newly filed small accounts and thus compromise the quality of service we provide to existing traders.”n
nn
Decreased service qualityn
While other exchanges have not explicitly announced the cessation of new user registrations, many complain that virtually none of their applications for registration have yet been processed. If you keep enrolling in the queue while Bitcoin prices continue to rise, you may feel very painful to change it.n

At the same time, the rapid adoption of so many new users’ registrations poses no small challenge to providing normal services to the exchange. For example, Kraken admits:n
n”Operating conditions have dropped dramatically and become unreliable. Customers can experience severe congestion delays and difficulty interacting with all web pages and API services. Requests often experience timeouts and failures, and the only solution for now is to wait , Then try again. “n

31% of South Korea’s working-class investors are cryptocurrencies

nRunaway commentary: South Korean website Saramin recently conducted a survey of some of South Korea’s working-class and found that 31.3% of them are engaged in encrypted currency investment. Although some people have failed in their investment, most people benefit from the overall situation. With Bitcoin prices skyrocketing in the last two months of this year, many retail investors began to study and participate in this new market. This situation is quite worried about the South Korean government, prompting it to accelerate the specification of cryptocurrency-related behavior.n
nTranslation: Inan
South Korea 31.3% of working-class investment in virtual currencyn
On Wednesday, South Korea’s online job search portal Saramin conducted a survey of 941 working-class adults, with 31.3% claiming virtual currency investment, with an average investment of 5.66 million won ($ 5,300).n
Among those surveyed, 44.1% invested less than 1 million won and 18.3% invested between 1 million and 2 million won. 12.9% said that they invested more than 10 million won, 9.8% invested 2 million -4 million won, 7.8% invested 4 million -600 million won.n
As for the reasons for investing in virtual currencies, 54.2% of people think this is the quickest way to make money, while 47.8% think it is relatively easy to make small investments in this currency.n
Like any other investment, some earn, others lose. About 80.3% of respondents said their investments in cryptocurrencies paid off, while 6.4% said they lost money while 13.2% said they even went bankrupt. Of these, 21.1% reported returns above 10% and 19.4% reported returns above 100%.n
n
Market prosperity is accompanied by an increase in uncertaintyn
South Korea is particularly active in bitcoin. It owns three of the world’s largest cryptocurrencies, accounting for 20% of global Bitcoin transactions.n
It is estimated that 200 million people in South Korea own bitcoin and other digital currencies. The surge in bitcoin prices has attracted a great deal of newbies – from college students to seniors. They are willing to pay a premium of 15% to 25%, hoping Bitcoin’s gains will continue.n
With so many individual investors joining the market, South Korean authorities are concerned about the potential impact of the crash. In early December, the South Korean government said it is preparing a bill to ban activities related to digital currency, including bitcoin, unless the deals are conducted on six exchanges that meet its requirements.n

Interpretation of today’s cryptocurrency market: Why is it so different from Wall Street?

nRunaway Comment: At the new year approaching, many people recall that the development of cryptocurrencies over the past year has always been a tribute to it. In fact, although this market has achieved a major breakthrough in 2017, it still exposes many problems, some of which may even affect its next trend of development. Jill Carlson, a well-known consultant, elaborates on these issues through this article, pointing out that today’s cryptocurrency market is replicating the old Wall Street system, reminding people to get back to the beginning and work hard to achieve the initial vision of cryptocurrency.n
nTranslation: Inan
The first time I actually heard the term cryptocurrency or working on Wall Street.n
That was 2013, when I was trading credit in Argentina. One of my brokers in Buenos Aires wondered if I knew bitcoin. At that time, Argentina had been squeezed out of the capital markets for more than a decade. The seemingly dollar-pegged Argentine peso is traded at a discount, leaving locals long for other ways of storing value.n
In this case, the meaning of Bitcoin is exactly a value reserve that will not be dominated or destroyed by a single central agency.n
As I learn more about Bitcoin, it shows my promise of functioning as an optimized financial system. The debt crisis in Europe, especially at the time of Cyprus, underscored the importance of digital storage of value that could be directly possessed – external actors could not undermine this value storage.n
This is an asset that does not require an intermediary. Removing middlemen from the trading system is very appealing. This technology allows direct interaction between the parties to the transaction without the need to disclose the details of the transaction or identity to a third party.n
This is also a programmable asset. As a derivatives trader, I spent a lot of time considering the counterparty’s risk, guarantee and capital requirements. Can smart contracts provide an automated method of auditing this systemic risk?n
Soon I was disillusioned with the old financial system: insider trading was conducted on a large scale, reckless ventures often rewarded, and market manipulation under various pretexts was still rampant.n
Cryptocurrencies are expected to become a substitute for this system.n
For many, 2017 is the first year they’ve actually heard of bitcoin. However, many of the promises of cryptocurrencies have not been honored in retrospect of the year.n
Instead, we built another traditional financial system around cryptocurrencies, so the participants are familiar to us: issuers, brokers, exchanges, and custodians. Along with these participants are those remaining issues such as centralized control, intermediaries, systemic risk, market failure, and, most importantly, “short-term greed.”n
We may think that we have fallen into a cryptocurrency rabbit hole, but in fact we are still living on Wall Street.n
n
Issuern
Encrypted currency is often advertised as a “trustworthy” currency, which is to say that it allows people not to trust a single central agency but to trust networks of decentralized actors.n
However, many of the tokens that appeared last year were issued by a small team of entrepreneurs and must be trusted to get the project started. As cryptocurrency communities place importance on open source development, the latter part of their work is usually done in a more decentralized way.n
Therefore, investors and consumers need to coordinate the contradictions between decentralization of the project and the actual operation of the project in the early stages.n
The example of Venezuela probably best reflects this contradiction. Venezuelan President Nicolas Maduro announced his intention to issue a cryptocurrency a few weeks ago, possibly to avoid economic sanctions. This is unlikely to happen, and he overlooks the fact that one of Bitcoin’s promises is to function as a value reserve that is not controlled by the central agency.n
Even if Maduro issued a new Venezuelan cryptocurrency, the currency could be mismanaged like Bolivar.n
Other assets also show this. Tether is a centralized mismanagement token. It claims to be a fully backed and dollar backed asset. The fact is, however, that it is non-convertible and its issuer’s auditing activities are opaque and fraught with problems that make it as suspect and even more suspicious as any financial innovation product on Wall Street.n
Decentralization is a transformative concept in finance and technology. But if the source of the value of these products still depends on central issuers, how is it different from the financial products that Wall Street has developed for decades?n
n
Intermediaryn
Cryptocurrency is also considered a deintermediation technique. The point-to-point nature of such blockchain-based assets may be its most interesting feature.n
However, the real trading and custody of these assets is extremely dependent on intermediaries.n
The specialization of the distribution process is an example of a traditional system of crypto-currency copying. Services provided by investment banks in equity capital markets are now being packaged for sale to start-ups who want to sell tokens.n
These services include conducting due diligence on investors, asking for purchase, handling compliance issues and following legal procedures. On the one hand, this is an important measure that marks the maturity of the market. On the other hand, it is reshaping Wall Street’s system around this new asset class.n
This is also reflected in the platform for trading cryptocurrencies and tokens. The emergence of cryptocurrencies over the counter was particularly ironic for me because I was sitting right next to the trading desk when I first realized the value proposition of Bitcoin. These help desks and exchanges undoubtedly play a key role in providing liquidity to the market, but in many ways they are replicating the old systems we know about.n
As a result, decentralized exchanges are one of the most attractive areas of research in this area. Instead of rebuilding a traditional exchange, it seeks a new way of trading that more truly reflects the value proposition of the technology.n
As with exchanges, wallets also play an important role in promoting the adoption of cryptocurrencies. Interaction with private keys is still a serious user experience challenge. While many people choose to manage their cryptocurrencies on their own and do so precisely as an important feature of such assets, we have not yet seen which product is capable of achieving a secure and legitimate private key without relying on third parties custody.n
Instead, the industry once again created a mirror of the traditional system – a specialized hosting service.n
Not only is this new image not as inaccurate (or immature) as the old financial infrastructure on which they depend, it also alters and corrupts the product’s original intentions. Encrypted currency creates more intermediaries than the one it removes.n
The original purpose of such assets is to allow people to directly control their own funds, to avoid being seized by banks and the government. Nowadays, this kind of control is handed over to a new kind of actor, and these actors are often more irresponsible than in the traditional system.n
n
Institutionn
Institutional accountability issues are directly related to another commitment to encrypt money. With its programmability features, cryptocurrencies can enforce financial contracts. This will solve the issue of collateral management and ensure that capital requirements are respected. The financial crisis intensified in 2008, in part because of the lack of information on the part of the counterparty. The verifiability and enforceability of cryptocurrencies should help reduce or at least expose such systemic risks.n
However, the current situation of third parties created around cryptocurrencies is not different from what banks, exchanges and custodians faced in 2008.n
The mix of purse and exchange funding, opaque audits and ambiguous margin requirements are a few sources of institutional risk in this market. The relative lack of standards for cryptocurrencies means there is insufficient research and understanding of these risks. Users have not yet made a wide range of disclosure requirements in this regard.n
Emerging infrastructure built around cryptocurrencies is a mapping of Wall Street institutions. Therefore, it is not surprising that the same risks remain.n
n
Integrityn
The similarities between the old and new systems are not limited to issuers, infrastructure and institutions, but involve the integrity of the participants as well.n
In the cryptocurrency market, manipulation of markets, insider trading, fraud, higher shipping and conflicts of interest can be found everywhere. This is not surprising to Wall Street traders, especially given the relative immaturity of the cryptocurrency market.n
While I was still a trader, I clearly realized that on the other side of the Wall Street electronic screen was an investor who pledged a pension or college deposit to a broker, trustee, clearing house and other parties.n
As retail consumers start buying cryptocurrencies, the same goes for this emerging market.n
There have been some initiatives and standards in the industry. Like other areas of the cryptography market, these moves reflect to a large extent the lessons learned from Wall Street. For example, Messari is an open source EDGAR-like database that provides transparency to investors on newly issued tokens. The Brooklyn Project, sponsored by Consensys, focuses on consumer protection and token standards and encourages issuers to self-regulate.n
Even Coinbase’s investigation of employee internal transactions shows that it is taking its role in the market seriously and setting the standard for it.n
Through its own experience, Wall Street has also realized that accountability is an important market practice. This not only protects consumers but also ensures the growth and long-term growth of the entire market.n
n
“Long-term greedy”n
If the campaign for cryptocurrency in 2016 was all about replacing Wall Street’s infrastructure with blockchain technology, its propaganda in 2017 would be to replicate Wall Street’s infrastructure around cryptocurrencies.n
This led us to deviate from many of the original promises of cryptocurrency: a commitment on the part of issuers, middlemen and agencies. Unfortunately, their level of market integrity is almost the same as that of the old system, and their integrity is even lower due to the immature market and lack of consistent standards.n
“Long-term greed” is also a concept of cryptocurrency borrowing from Wall Street, which means that although some behaviors may return less in the short run, they will be good in the long run.n
These behaviors include steady growth in a stable market, which is very familiar with cryptocurrency investors. More importantly, these behaviors also need to respect other market participants.n
I think 2018 will witness the continued growth and self-regulation of the cryptocurrency market. 2018 will teach us that “long-term greed” is not only about holding, but also for maintaining integrity.n
Finally, cryptocurrency may find some way back in 2018 as the market remembers that the real value of cryptocurrencies does not lie in imitating the old system but in its initial decency and deintermediation commitments.n

Singapore International Commercial Court rejected B2C2 bitcoin lawsuit

nBankruptcy commentary: With the rapid rise of bitcoin prices, the case of British company B2C2 suing Quoine Singapore Crypto Exchange earlier this year has been getting more and more attention. At present, the Singapore National Commercial Court has ruled on this and dismissed the lawsuit in support of Quoine in order to ensure fair market withdrawal of the transaction. The decision also enabled more people who trade cryptocurrencies to realize that even though the new market is hardly regulated today, it is still not advisable to undermine its fairness. Honesty is an important factor in the normal operation of cryptocurrencies.n
nTranslation: Inan
Singapore’s International Commercial Court announced on December 28 the dismissal of a lawsuit filed by the plaintiffs in an attempt to recover 3092 bitcoin from a crypto-currency exchange.n
The case was brought to court by Singapore-based B2C2, an electronic market maker B2C2, in April this year against Quoine, Singapore’s cryptocurrency exchange, which attracted the attention of a large number of bitcoin. According to the CoinDesk Bitcoin Price Index, the current value of 3,092 bitcoin, worth $ 3.7 million, soared to $ 43 million.n
According to court documents, Judge Simon Thorley’s ruling upheld Quoine’s claim that prior B2C2 behavior was deliberately using the platform to make a profit, and the terms of the Quoine agreement gave the exchange the right to withdraw such deals.n
CoinDesk reported that B2C2 managed to capitalize on the “technical bug” that Quoine had seen in April, replacing 3,092 bitcoins with 309 tokines for a profit of 3.7 million U.S. dollars. According to CoinDesk’s price index, bitcoin was $ 1,226 at that time, about 25 times more expensive than ether.n
Quoine quickly withdrew the transaction without notifying B2C2 on the grounds that the company’s actions violated the market’s fairness rules, causing B2C2 to file a lawsuit in an attempt to recover 3092 bitcoins.n
According to court documents, Judge Thorley concluded:n
n”The plaintiffs were well aware that the price was completely inconsistent with all other prices it tried to trade on that very day (all prices were more than 250 times lower).”n
nBoth B2C2 and Quoine have not yet responded to the verdict.n