Yesterday The Verge published an elaborate article portraying a picture of Justin Sun’s leadership at BitTorrent post the peer-to-peer file-sharing site’s acquisition by the TRON foundation.
Sun later responded to the ‘false-claims’ made by TRON/BitTorrent’s ex-employees in the article with ‘An Open Letter to Anyone Who Cares to Read’ on Medium.
In the supposedly expose piece, author Christopher Harland-Dunaway cites claims made by current and past employees that delineate Justin Sun as a ‘celebrity’ like an entrepreneur with a narcissistic and dictatorial spirit. Sun acquired BitTorrent in July 2018.
Refuting the above portrayal of his leadership, Sun, in his response, stated that he has devoted his entire life ‘to being a responsible, global citizen’. Adding to this, Justin said that is a true champion of libertarian principles for a significant portion of his life.
I have devoted myself to being a responsible, global citizen throughout my entire life, spending significant portions of my personal and professional life to activities promoting universal values of respect, liberty, equality, and kindness.
The TRON and BitTorrent chief impressed further on his ‘global’ approach to things. He explained that the TRON Foundation harbors a ‘global team of talented contributors and developers’. And that he takes ‘pride in working’ with this global community to make TRON ‘one of the greatest decentralized blockchain protocols’.
Dunaway reportedly engaged in conversations with folks who are/were associated with the TRON brand and the work culture. From what he gathered, Justin enforced a draconian company culture, with employees officially following the ‘9-9-6’ norm.
According to the article, TRON’s HR had Slack replaced with its Chinese counterpart DingTalk. The communication platform had an in-built surveillance mechanism that would use ‘Apple Health to count people’s steps’. Also, DingTalk used to ping employees literally all the time.
To this, Sun responded by saying that he has left no stone turned in, establishing a work culture that respects.
diversity and individuality through a culture that cherishes fundamental human values freedom of speech, user privacy, intellectual property protection, kindness, a diversified working environment, and compliance with legal standards.
Justin went on to comment that TRON and BitTorrent operate with a ‘globally collaborative team’. One that upholds and respects the ethos of cross-culture teams. Sun claimed that the folks at TRON folks have ‘worked hard’ to create a collaborative work culture. One that values freedom of speech and individual privacy.
The Verge piece mentioned that ‘decentralization’ was just a facade for what was happening behind the curtains. Justin Sun and his core officials exercised strict control over content moving about and within the TRON network.
This involved allegedly paying a Redditor to ‘erase negative posts’. Which later drew the ire of the community.
Free speech is part of the ideology of decentralization, where ideas flow without gatekeepers. Tron started deleting any post it wanted.
The article also claimed that TRON’s administration team was silent and allowed the perpetration of scams on the network. While this happened, scammers and the scammed continue to grow in numbers while the management did nothing to interfere.
Justin, in his Medium post, said that he and the entire TRON administration team function sans control. Even though the team at TRON works to upgrade the platform, they do not exercise any censorship/regulation.
…we have no control or discretion over what applications use the protocol, what data is transmitted, or how its community members use it.
Sun went to add that he and his team are proud of TRON and BitTorrent’s achievement over the years. He went to quote that both have collectively ‘served 2 billion users around the world. These include ‘numerous enterprises, universities, and governments’.
Lastly, the TRON and BitTorrent boss struck down all claims made by ex-employees Lucasz Juraszek, Richard Hall, and Cong Li. Justin declared that the TRON foundation’s legal counsel has submitted all the requisite proofs and evidence pieces to the court. “We believe the decision will speak for itself”, he said.
BTT and TRX’s price didn’t seem to undergo any correction following the release of the bitterly scathing Verge piece. On the contrary, BTT is actually up 2.3% in the last 24 hours.
Featured image courtesy of QZ.com
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Author: Published 22 hours ago on September 30, 2020
By Republished by Plato
Crypto Bets on the US Election Show Joe Biden Winning the Presidency by 60%
During the first half of the year, betting portals that allow people to wager cryptocurrencies on the upcoming U.S. election had shown Donald Trump winning the election. However, after Tuesday evening’s Presidential Debate, betting markets like Cloudbet show Joe Biden’s chances of getting elected is favored by 61% over the incumbent Trump.
Tuesday’s Presidential Debate was considered by many as one of the “worst debates” in the history of American leadership. However, many people still kept score on how each candidate did during the evening’s political discourse.
In addition to all the people watching the debate on television, a great number of people have been betting on the outcome. The betting web portal Cloudbet, a gambling operator that accepts BTC, USDT, BCH, and ETH, detailed that the company saw a “significant pick-up in betting activity ahead of the debate.”
Back in February and in June 2020, news.Bitcoin.com reported on gambling websites and prediction markets that said Donald Trump would likely win the election. However, after the Presidential Debate, it seems the tides have changed more broadly in Biden’s favor.
“Cloudbet saw a significant pick-up in betting activity ahead of the debate: About 10% of the value of all bets on the U.S. election was placed in the 24 hours leading up to the event,” a spokesperson for the company said. “Bets on Trump accounted for 90% of the new positions.”
Cloudbet’s spokesperson added:
Odds on a Biden win shortened to 1.65, meaning betting markets give him 61% chance of being elected, according to prices compiled by crypto sportsbook Cloudbet. That compares to 1.73 (58%) just before the debate. Trump’s odds drifted to 2.23 from 2.16.
In addition to Cloudbet, a number of other betting portals are accepting cryptocurrency-fueled bets on who will win the U.S. election this November.
Betmoose, another crypto gambling operator, has a few different election bets going. For instance, the Betmoose wager called “Will Donald Trump be elected president in 2020?” has seen 12.93 BTC ($138k) in total volume to-date. So far 6.443 BTC or 74 bets say that Trump will win, while 6.491 BTC or 46 cumulative bets say Biden will win.
Trump’s chances are also lower at the FTX Exchange as well, as the “TRUMP” futures token has slid from $0.62 or a 62% chance of winning to $0.40 today. This means the presidential election futures token bets show that Biden is leading Trump by 60% today.
Another betting exchange taking U.S. election wagers is Fairlay, and one particular staked bet says Trump will win by 91%. Fairlay is one of the only crypto-infused gambling operations that shows Trump winning a number of election stakes, as most crypto betting operators today show Biden leading by 55-65%.
Looking at the prediction markets leveraging Augur shows that there are still two wagers showing that Trump could win the election. However, there’s a new prediction market called “Will Donald Trump be Re-Elected in 2020?” that has $22,221 at stake showing he will lose by 56%.
What do you think about the bitcoin betting portals that show Joe Biden might take the presidency from Donald Trump this election? Let us know what you think in the comments section below.
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Author: News by Jamie Redman
Crypto-Currency Ban ‘Rumours’ Creates Fear Among Indian Investors: Should Government Permanently Ban The Future Of Currency Or Adopt It And Ensure Its Systematic Regulations?
On the wake of 16th September 2020, a Bloomberg Quint reported that India plans to introduce a new law banning trade in cryptocurrencies, placing it out of step with other Asian economies which have chosen to manage the fledgling market.
The bill is predicted to be discussed shortly by the federal cabinet before it’s sent to parliament, consistent with people conversant in the event who asked to not be identified, citing rules on speaking with the media.
The federal will encourage Blockchain, the technology underlying cryptocurrencies, but isn’t keen on cryptocurrency trading, consistent with two people. India’s finance ministry spokesman didn’t answer call and a message seeking comments.
The above article was reported on the basis of statement given by unidentified officials and this caused a frenzy of other news articles reporting the same. For crypto investors, this was a moment of fear and their hard earned money at stake.
Blockchain is an unalterable digital list. This digital list has a record of who owns what. The key point is that the list can’t be tampered with. This is because an up-to-date copy of this list of who owns what, is stored on the computer of every member in the system. If someone tries to mess with an entry
On this list it’s not going to match the rest of the entries in the system. This renders the tampering invalid.
From Blockchain came cryptocurrencies and a lot of other technologies. The biggest story in Blockchain right now has to be defy or decentralized finance imagine being able to take out a loan without having to speak to anyone or even open up a bank account or gain a six percent interest on your savings deposit without a bank signing anything or even interacting with anyone either.
This and much more already exist today and it’s gotten simple enough that anyone with a phone can pick it up and take part. It works something like this- you deposit your dollars or government currency and the app automatically converts it to a crypto of your choosing.
You can use these holdings as collateral to loan. You can also get interest on your deposit depending on how volatile the crypto is. The less volatile the higher the interest rate. These applications are built on top of a cryptocurrency called Ethereum
Ethereum unlike bitcoin manages to do this through something called a smart contract. A smart contract is essentially a digital contract made of code. Its job is to replace what a human intermediary would do. The code in the smart contract writes up the terms of the agreement and enforces the rules all within the same program.
No humans required. Some smart contracts are written. So they’re tied to Real-world assets. You’d have to be very careful of putting any of your money in these things since it’s at such an early stage and there’s probably many bad actors out there but regardless the concept is very interesting.
Continuing on in the world of finance with Blockchain, the world’s largest refiner of newly minted gold the Perth (a city in Australia) mint which holds over 3.2 billion us dollars of gold within its vaults is launching the first government gold guaranteed digital asset titled ‘perth mint gold token’.
This means that through the use of cryptocurrency you can own gold within a vault. This is in stark contrast to other tokens on the market which are often not including stable coins backed by nothing of value in the real world.
Continuing on with the episode in Italy 85 of banks now use a Blockchain system called ‘Corda’. Previously banks in Italy sent physical tapes between each other in order to reconsolidate transfers between the banks. This meant that the process could take between one to two months to complete.
Now with the help of quarter authenticated and reliable reconsolidation is completed within 24 hours. It seems that every bank and financial institution is finding uses for Blockchain and cryptocurrencies.
A couple of Swiss banks have recently been given approval to offer cryptocurrency trading. Mastercard visa and paypal are all pivoting their services to incorporate crypto and Blockchain.
J.P. Morgan successfully tested their multiple currency prototype with Singaporean financial authorities. This was five years in the making. This payment network aims to make cheaper and faster International money transfers and is already being rolled out.
The use of middlemen tracking and storage can create problems that drastically impact a company’s efficiency. Chronicled a California-based company is integrating Blockchain and internet of things systems in order to create a more efficient logistics system.
They recently partnered with a large pharmaceutical company to help transport their products. With the authentication of each product’s origin this process not only makes transportation more efficient but it also makes it more difficult for everyone to try and intercept the supply chain to switch out Items with counterfeit products.
Blockchain is also being implemented by some tech giants. Earlier this year Microsoft introduced A Blockchain that integrates into microsoft’s cloud computing service. This allows developers to Integrate Blockchain solutions into their apps.
Last year Samsung integrated a Blockchain wallet into their smartphones with the unveiling of the S10 this gives way to the use of decentralized apps. These apps give developers the opportunity to integrate Blockchain into mobile applications.
Cryptocurrency is helping advance the semiconductor industry. Interestingly the pursuit of faster and More efficient problem solving has increased demand for semiconductors due to bitcoin mining. Bitcoin mining is the act that gives the coin its value by making it a rarity. The mining process is credited by some analysts as one of the leading causes of recent advancements in the semiconductor Industry.
In south Africa, son of their president is trying to tackle the issue of illegal poaching which has ravaged the country’s wildlife in the name of greed. His product works to use the internet of things and Blockchain to verify the ownership of animals.
The idea is to track an individual animal’s movements heart rate and more and put all of this data on a Blockchain. This creates another layer of difficulty for poachers to illegally sell and illegally attain animals. It is the first cryptocurrency for rare and endangered wildlife. It’s an investment platform for profit. So it’s the digital equivalent of a stock exchange for wildlife and livestock.
Blockchain is starting to make its way into government. The united states postal service issued a Blockchain patent. This was to secure mail-in voting disclaimer. China, Japan, Canada, Britain, South Korea, and many other countries are talking about making big moves into cryptocurrencies.
Meanwhile the united states and other major global economies like our country India are struggling to change and adapt to the rapid pace of Blockchain development. Some analysts are predicting a return to healthy competition in the financial sector thanks to Blockchain.
The implementation of cryptocurrencies is not constrained to just governments. In fact, there appear to be many examples where digital coins are being used. Due to a lack of government leadership, Hong Kong passed legislation which would allow governments to freeze and confiscate people’s assets.
This raised fears that it may be used for a tool to suppress speech particularly those who aren’t fond of their government. Soon after the laws are enacted certain stable coins – (coins which are tied to existing real-world currencies) saw an uptick in value.
Trading volume rose between Hong Kong dollars and the US stable coin- dollar. This suggests that whoever is trading be it a handful of wealthy individuals or a mass number of the average citizens whoever it is these people in Hong Kong Were cautious of the new law and they were taking things into their own hands by protecting their assets by converting to a more flexible and easier to transfer store of wealth.
Hard hit by the Covid-19 pandemic, many nations like India saw its economy struggle. During these times the national currency dipped to a record low along with fall in GDP. This caused the nation to also see a similar uptick in the trading volumes of Stable coins.
Meaning of stable coins: Stablecoins are a new type of cryptocurrency that often have their value pegged to another asset. With bitcoin suffering abrupt crashes and sudden gains, advocates believe stablecoins help eliminate doubt about conversion rates — making cryptocurrencies more practical for buying goods and services.
This now seems to be a new global trend among poorly performing economies. When currencies are failing and trust in government is diminishing, it seems that individuals within these troubled economies are turning to cryptocurrencies to preserve their wealth.
Even in the united states a study as reported by Forbes revealed that every 15 of American adults now own a form of cryptocurrency and about half of those were first-time buyers in the year- 2020.
By introducing a digital currency that would make it easier for consumers and businesses to disintermediate the banks. Well the banks may not be the innovators. It may be that they are the reactors. That they will react when others innovate. Right now digital currency sounds very edgy but it’s becoming the mainstream.
So the largest banks in particular are very aware of this they’re investing in the technology and they will provide this service as its profitable enough after considering the cost to them of losing some of their current business that they’re going to disrupt.
So although it’s not being discussed in the media, the implementation of cryptocurrencies to create more secure assets and the Blockchain to automate more of our economy seems more relevant now than ever.
Central banks are now seriously looking into this technology while many businesses are finding innovative uses for Blockchain the boom.
But taking a deeper look it actually doesn’t seem like cryptocurrencies are going away. Blockchain solutions keep springing up from fighting poachers to improving banking to helping citizens with unstable governments. It really looks like Blockchain will be an important part of our future.
India is said to introduce law to ban trading in cryptocurrency. You got to understand that markets have insane capability to churn out news especially bad news at the most perfect time. This is how they can create a herd effect. They can shift mass amounts of people in their psychology to think in one way or one direction. It is a well-timed mechanism that people have you know a trigger to kind of pull.
So as I checked the market right after the ‘news’ broke now. Really nothing has changed. I looked at bitcoin coming into my key levels. I was looking for a few things number one- I definitely want to see decreasing volume on the way up and I saw that. So that’s a good sign. And we see decreasing volume, your kind of want to see increasing volume as price starts rolling over.
But as we approach the area again just around the 50 moving average which is the red Line. This is really just caution. It’s time to be careful. It’s time to maybe start closing out your lungs. Maybe start hedging short.
I did not really catch many signs of weakness just yet in the market. In fact, we actually saw that traders broke out of this trend line just overnight.
So I’m looking at this market a whole lot of strength right here and the thing about ethereum is that when bitcoin is actually really bullish or when ethereum is much more bullish before bitcoin that means- the market overall is about to have some good money flows put in.
And we know the market overall is bullish then the very fact that everything is quite struggling here and bitcoin is quite just trading up a touch bit it. Doesn’t necessarily mean that things are as positive as most might imagine . This might actually be the silence before the storm.
The Indian government should definitely not ban Digital currency permanently. Ban on cryptocurrency would only reflect as lack of understanding of the affirmative impact the technologically influential cryptocurrency can create on the Indian economy.
Many governments have expressed fear over tokens as there’s no central authority to manage the worth or oversee the exchange of tokens. The fear stems from an inability to manage the crypto market or monitor the valuation or track the transfer of cryptocurrency. But with fiat currency, governments can do all of the above.
Author: News Bureau
History of bitcoin – Wikipedia
Number of bitcoin transactions per month (logarithmic scale)
The Times 03/Jan/2009 Chancellor on brink of second bailout for banks.
- Interactive bitcoin history