Binance has reassured customers their money is still in their accounts after hours of speculation that the cryptocurrency exchange had been hacked.
CoinDesk
LetBet Pioneers in Blockchain to Make Online Gambling Safe and Legal in Your Neighbourhood
The global online gambling market will surpass billion in 2018, creating a borderless economy the size of wealthy Luxembourg. You can safely bet that many governments would like to be collecting taxes on this rapidly expanding market, which has doubled in size since 2011.
As long as corruption is high in the bookie-run gambling market, some governments will ban gambling, pushing gamblers into high-risk illegal gambling markets that often shut down overnight and keep players’ winnings, much to their disenchantment with the system. The self-regulating Blockchain is a promising technology to create safer, fairer gambling markets and rid the industry of the corruption that has kept gambling off the legal books.
Illegal Gambling
Fortunately, most jurisdictions do not punish players for gambling illegally, although some unlucky gamblers in strict states such as Singapore and Saudi Arabia have been rounded up by authorities. Nevertheless, the ‘illegal’ status of gambling keeps many from participating in games of chance, online and casino gambling.
The centralized gambling markets rely on third parties to take money, conduct fair play and return your winnings in a timely manner. These third parties known as ‘bookies’ have long been accused of match-fixing. Since the Chicago White Sox through the World Series in 1919, match-fixing has become more widespread and sophisticated.
In 2013, “Europol found over 380 European football matches that were fixed”. In the digital world, game algorithms can easily be tweaked and results falsified. If Lady Luck is on your side and you outsmart the house, a bookie is more likely to look for ways to limit or close your account.
Replacing the Bookie With a Smart Contract
Gambling on the Blockchain replaces the bookie with a smart contract. Players place bets directly with each other on a decentralised peer-to-peer betting system. The transparency and provability of transactions provide regulators with security in the system. Without a bookie to manipulate outcomes in his favour, the fairer system delivers a zero house edge. These innovations would favour the online gambling sector in June when the United States’ Supreme Court will rule on allowing states to legalise sports betting.
The Blockchain is benefitting from favourable legal rulings in other areas. More gamers are winning and buying rewards and gaming assets. Typically, these assets have stayed within the game environment. Blockchain gaming worlds are allowing players to trade game assets outside of the game. A number of US court rulings have deemed these assets non-gaming winnings, and allowed players to legally keep them. In addition to swords and castles, increasingly rewards will be divvied out in crypto tokens, more analogous to cash winnings. The legalising of gambling will uncomplicate the status of these game assets.
LetBet
LetBet pioneers in Blockchain chooses to revolutionize online gambling. LetBet moves gameplay onto a trustless platform. Instead of giving a third party your money, escrow is staked directly from your digital wallet. All actions on the LetBet platform are performed using the “LBT Coin”. Besides its utilitarian value, the coin’s value should increase as the LetBet market grows.
When it comes to speed and data quality, LetBet seeks to distinguish itself among Blockchain gaming platforms. Data is streamed from leading brokers, including Bet365, William Hill and BetFair, to help you find the best odds. LetBet’s proprietary Blockchain processes transactions at a speed of xx versus one minute on average on the Ethereum Blockchain.
The LetBet developer team has put its veritable experience and expertise in creating a smart fork within the Ethereum blockchain which is suitable for not only online gambling but for many other activities as well. This blockchain is a zero chain, meaning that it does not require any transaction fees, which increases its appeal greatly. LetBet has endeavored to revolutionize the online gambling industry with its secure, trustless and fast platform. It invites gaming enthusiasts to get a share of the pie by participating in the ICO.
The LBT Presale has already started on 20th Jan at price from .4 and has sold 3 million tokens as of 25th Jan, while ICO begins on February 25th with price from .8. Come, be part of the revolution!
The post LetBet Pioneers in Blockchain to Make Online Gambling Safe and Legal in Your Neighbourhood appeared first on NewsBTC.
Buy&Sell A Secure and Safe Digital Marketplace for the Blockchain Era
Lets face it, buying things online can always be a bit of a risk. Theres fraud everywhere, scammers around every corner, and half the time sites just dont care. Few ecommerce platforms have, until now, put the effort into keeping things really safe for their users. This is something that has more or less become part and parcel of doing business transactions on the internet. When dealing with individuals or small companies there is oftennRead MorenThe post Buy&038Sell A Secure and Safe Digita
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Kidnapped EXMO Analyst Found Safe, Company Releases Statement
A recent event involving the abduction of an employee of one of the cryptocurrency exchange platforms caused a stir in the community. The employee, Pavel Lerner– an analyst at EXMO, a UK based exchange was reported to have been kidnapped by a group of unidentified people in a black Mercedes Benz while he was leaving work in Kiev, Ukraine on December 26, 2017. According to recent reports, the abducted EXMO has since been found and the company has established contact with him earlier today.
Following the latest developments, EXMO has officially released a statement addressing concerns regarding both the health of Pavel as well as the security of user funds on the platform. The official release from the company states —
“Pavel holds a role of a leading analyst at EXMO, and is a blockchain expert who leads an array of personal blockchain startup projects not related to the operations of the EXMO platform.
On December 26, Pavel was captured by a group of unknown masked people, and all the connection with him ceased for several days. On December 29, we managed to get a hold of Pavel. At the moment, he is safe, and there was no physical harm inflicted on him. Nevertheless, Pavel is currently in a state of major stress, therefore, he will not provide any official comments in the coming days.
The case is currently under investigation by the state security authorities.
We would like to note that the story of Pavel’s abduction has overgrown with rumors that might tamper with the official investigation. That said, EXMO currently refrains from any comments or suggestions of own versions of the possible scenario, until the end of the investigation.
We would also like to point out that Pavel’s activity at EXMO did not involve an access to financial assets of our users. Despite the aforementioned, the platform continues its usual operations.
EXMO team is deeply grateful to the cryptocurrency community and the media for their active support. We promise to timely provide any updates on the situation.”
The abduction was widely reported in all mainstream as well cryptocurrency media outlets and in few cases, Pavel was mistakenly reported as the CTO of the EXMO. In addition, the platform also became a target of DDOS attack at the same time, causing panic among many EXMO customers. There were fears of the kidnappers coercing information from Pavel and using it to siphon off funds from the platform.
These concerns were addressed by the company by stating,
” …Despite the situation, the exchange is working as usual. We also want to stress that nature of Pavel’s job at EXMO doesn’t assume access either to storages or any personal data of users. All users funds are absolutely safe.”
With Pavel found safe and sound, the company is refraining from making any statements at the moment due to the ongoing investigation into the alleged kidnapping. More information from law enforcement agencies and EXMO is awaited.
The post Kidnapped EXMO Analyst Found Safe, Company Releases Statement appeared first on NEWSBTC.
Bitcoin is a Safe Haven from the Financial System Collapse: Analyst
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The post Bitcoin is a Safe Haven from the Financial System Collapse: Analyst appeared first on CryptoCoinsNews.
Blockchain Forks Are All the Rage, But Can They Ever Be Safe
More and more blockchains may be forking, but developers still don’t think they’ve quite found the best way to execute the upgrade.
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Blockchain Forks Are All the Rage, But Will They Ever Be Safe?
More and more blockchains may be forking, but developers still don’t think they’ve quite found the best way to execute the upgrade.
CoinDesk
Banks like Goldman Sachs are Recognizing Bitcoin as a Safe Haven Asset
Goldman Sachs analysts including Jeffrey Currie and Michael Hinds have compared Bitcoin to gold, and the relevance of Bitcoin as a safe haven asset in the global economy. Demand For Bitcoin as Safe Haven Asset is Increasing Over the past two years, the demand for Bitcoin has increased at an exponential rate, as the market … Continue reading Banks like Goldman Sachs are Recognizing Bitcoin as a Safe Haven Asset
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Will bitcoin ever be a safe investment or always a gamble?
The boss of JP Morgan was unequivocal about bitcoin at a recent conference in New York: the digital currency was only fit for drug dealers and would …
BitNewz.net