Singer Akon Launching Its Own Cryptocurrency, Blockchain Ecosystem And A City

Singer Akon Launching Its Own Cryptocurrency, Blockchain Ecosystem And A City

American singer and entrepreneur Akon is launching his own cryptocurrency ‘Akoin‘ and also building a 2,000-acre city in West Africa’s Senegal city, which will be called as Akon City and will have Akoin as its local currency, Bloomberg reported. Akon, whose full name is Aliaume Damala Badara Akon Thiam, spent his early childhood in Senegal before relocating to New Jersey.

Apart from the Grammy-nominated singer, there are two other co-founders of Akoin — Jon Karas and Lynn Liss. The cryptocurrency is likely to be launched in early July this year, according to Karas, who is the President of Akoin.

What is #Akoin? Watch this brief video to get an overview of what we’re working on.

— Akoin.io (@AkoinOfficial) May 27, 2020

10% of the total float of the cryptocurrency Akoin will be issued via a public sale in the beginning. This amount may change as per the demand while another 10% is to be held by executives, advisers and directors of the company, as per a white paper published.

About the Akon city, the construction of planned US $6 Billion futuristic-cryptocurrency themed cityis being done by KE International, a US based Consulting and Engineering firm. Akon City’s Phase 1 is expected to complete by end of 2023, and will see the construction of roads, a Hamptons Hospital campus, a Hamptons Mall, residences, hotels, a police station, a school, a waste facility and a solar power plant.

Akon City Phase 2 will run from 2024 to 2029 and will end with a complete cryptocurrency City running exclusively on AKOIN cryptocurrency.

https://t.co/qFgTJvXJtM pic.twitter.com/sJ98plUOWc

— AKON (@Akon) June 15, 2020

Besides, there will also be a Akoin Multi-Currency Wallet that will serve as the native Akoin wallet allowing its users to trade amongst partnered cryptocurrencies internally without facing major hurdles and fees often found with exchanges. This exchange is enabled through a proprietary and private Atomic Swap technology that makes a direct transfer with all major cryptocurrencies, our Partners’ alt currencies possible, without having to go through a major exchange. The Multi-Currency Wallet exists within the Dapp (decentralized applications) Marketplace as one of its functions.

Source: www.indianweb2.com

Author: IndianWeb2 Writers


3 Things to Know About BTC Futures and Crypto Exchange Liquidation Engines

3 Things to Know About BTC Futures and Crypto Exchange Liquidation Engines

Most traders fail to understand how Bitcoin (BTC) derivatives exchanges handle their risk. There is a consensus that the winners get paid by the losing parties, but it is not as simple as it seems.

Insurance funds were initially designed to protect clients positions during excessive volatile periods. Nonetheless, some exchanges such as BitMEX display a relatively steady insurance fund hoarding despite significant hourly price swings of 10% or higher.

BitMEX insurance fund vs. Bitcoin. Source: cointrader.pro

The above chart shows that the BitMEX insurance fund (orange line in BTC terms) was nearly unscathed after $1 billion worth of longs were liquidated on March 12.

Every time a position is liquidated due to insufficient margin, it is the exchange’s responsibility to handle this risk, and there are multiple ways to handle it. Most derivatives trading venues opted to create an insurance fund to manage those executions.

This insurance fund profits from liquidations executed better than bankruptcy prices, creating a questionable incentive to manage those orders more actively. This situation can be easily avoided by using stop-loss orders, although most traders fail to do so.

Let’s take a quick look at how BitMEX was able to gather this impressive $330 million pot during massive liquidations events and also how one can avoid becoming a victim.

Truth to be told, high leverage orders usually end up bankrupt in volatile markets. For example, any position using 20x or above must be forcefully liquidated after a 4.8% move. The problem occurs when the underlying asset price sharply moves in a short amount of time or as a result of a void in market liquidity.

The only way a liquidation engine can close a client’s bankrupt position is by executing an inverse order in the market for the same instrument. A $10 million liquidation on a long position means the derivatives exchange must sell that amount in its order book. Any realized loss above the client’s margin will leave the exchange short of funds.

This leaves Bitcoin derivatives exchanges with the option to either take back some of the gains from clients who benefited from this error (known as clawback or auto-deleveraging), or gamble with this risk by taking their chances while expecting the market to recover from high volatility.

Some exchanges designed their insurance fund to have some buffer for such financial constraints, collecting the profits from liquidations executed better than clients bankruptcy price.

Not every derivatives exchange handles liquidations the same way but the gradual liquidation process used by a few major exchanges is definitely a step in the right direction. This is because it is a more proactive approach that increases the odds of a leveraged position surviving through extremely volatile situations.

First and foremost, traders should never let automatic liquidation engines activate. The only way to achieve this is by manually entering stop losses. Most derivatives exchanges provide an estimated liquidation price for each position so it’s not a difficult thing to do.

Futures contract liquidation price

Futures contract liquidation price. Source: Binance Futures

In the example above, the liquidation price for this long position sits at $4,327. A trader should enter a stop sell order above this price to avoid liquidation and it’s also best to reduce the position gradually to prevent high volatility situations.

There’s no golden rule for this stop loss level, although usually a $50 to $300 spread is often used. A stop-loss order for a long position is a sell/short order, whereas a short seller must place a buy order to reduce its position.

Stop-loss order entry

Stop-loss order entry. Source: BitMEX

For stop-loss orders, one should always activate close on triggers, also referred to as reduce-only. This will ensure no additional position is created by mistake, only allowing such order to reduce your exposure.

Another often forgotten setting is the trigger. There are three options: last price, which is based exclusively on the futures contract level, the index price, which is calculated by the average spot price of reference exchanges and the mark price which is composed by the index price plus the interest rate. 

One should avoid the last price option as future contracts might differ from underlying asset prices.

Using excessive leverage when trading future contracts is exposing your capital to unnecessary risk and some exchanges manage liquidations very aggressively. To prevent this scenario, one can actively manage the position and its stop-loss orders.

Not every derivatives exchange handles liquidation the same way, so it is crucial to understand this process. 

The mere existence of an insurance fund does not translate to more security for exchange clients. It all depends on how this risk is managed under extremely volatile situations.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

Source: www.bit-cointalk.com


What does the perfect wallet look like? Smarter!

What does the perfect wallet look like? Smarter!

Screen Shot 2020-06-22 at 01.18.32

In major media outlets, references to Bitcoin and other cryptocurrencies have become commonplace, yet crypto adoption still needs to overcome several hurdles. From exchange hacks and scams to building a clear case that makes a convincing argument about crypto’s value proposition for most people. But, the biggest hurdle is the simplicity of the user’s experience. On one end wallets need to empower people, giving them full control of their coins, and on the other managing private keys needs to be simple and seamless. For most people, managing your own private keys or mnemonic phrase is a difficult proposition. I am sure you’ve heard the phase “Not Your Keys, Not Your Bitcoin“. What this means is that if you store your crypto assets on an exchange or with any kind of third-party custodian, you have no guarantee of ownership. The reality is that most people today aren’t ready to be their own bank. If there is one thing you want to do with your money is that you want to keep it secure. Security is the first and most important principle for crypto to appeal to mainstream users. 

Ilias Louis Hatzis is the Founder at Mercato Blockchain AG and a weekly columnist at DailyFintech.com.

Users face a dim reality. All the available options in the market are either too complicated or too insecure, because they force the user into a security model they cannot handle easily. Either they sacrifice security for convenience and usability, by keeping their crypto on exchanges, or they need to manage their own security, by protecting their private keys and securing the mnemonic phrase.

SEEDmastr-696x497

If your private key or mnemonic (seed) phrase is lost or stolen, your funds are gone forever. There is nothing like the horror of realizing you’ve lost your private key or can’t find the paper with your seed phrase. Human error is an unfortunate reality and when it comes to crypto it happens a lot.

On the the other hand, for many it is common to buy and sell and hold cryptocurrencies on exchanges like Coinbase, Binance or BitStamp. Even though exchanges are convenient, history has proven that they’re a risky option. Most exchanges are rarely insured and when they are, the coverage is just partial.

In 2019 there were 12 major cryptocurrency exchange hacks, with over $292 million stolen. Cointelegraph as has a nice timeline with all the major hacks of the year.

What future awaits cryptocurrencies?
GOODBAD

3bad93c0c72ec6927663fe0efeeb4c86

Then you have hardware wallets. Some are easy to use, but I think it’s fair to say that most regular people are going to have a hard time understanding how they work. And anyway, why would anyone need another device to store crypto when they can already do everything else from their smartphones.

The current state of wallets is certainly immature and for most people they are confusing. Bitcoin’s mass adoption is inevitable and it will become even more evident, when the next financial crisis hits. When that happens, people will gravitate to Bitcoin and will do everything from their crypto wallets. In 2012, around the time of the first halving, there were only 43,500 wallets. At the end of 2016, the total number of wallets were 10.98 million and this past May they reached 48.37 million. One million wallets were created 30 days before the recent halving on May 11th. Screen Shot 2020-06-22 at 02.12.50

For crypto to scale and achieve mainstream adoption, non-custodial wallets need to become “smarter” and streamline user experience without taxing security. They need to provide a consumer-friendly banking experience, while maintaining better security and ease of use.

  • Keyless signing and recovery: Deploy technologies like Threshold Signatures (TSS) that can sign transactions and recover funds without a private key or seed phrase. Moving away from paper backups to Multi-party computation (MPC) would a huge leap forward.
  • Freeze wallet: Enable functionality that lets users freeze their wallets, just like a credit or debit card in case of suspicious activity.
  • No addresses or QR codes: Just like a simple banking app, you connect to people you know to send them crypto using their name, instead of their address.
  • Wallets will serve as the gateway for all of our transactions and not just for storing or trading cryptocurrency. They will lets us manage and trade traditional financial assets, like a savings account, stocks, and bonds. But our digital wallets will also let us manage non-financial assets as well, like our passports, driver licenses, social security numbers, and voting registration.

    Security and custody are paramount.

    Those of us are familiar with writing down seed phrases and private keys and putting them in a secret location, understand that we need a lot more than a piece of paper, to make sure our money is safe. There are a lot of good wallets, but we don’t need another wallet to store hundreds of different cryptocurrencies. We need a non-custodial wallet that offers features familiar to traditional banking, and removes the complexity of buying and storing digital assets, while keeping them safe from hacks.

    Image Source

    Subscribe by email to join the other Fintech leaders who read our research daily to stay ahead of the curve. Check out our advisory services (how we pay for this free original research)

    Source: dailyfintech.com

    Author: Ilias Louis Hatzis


    LUKSO Achieves Market Cap of $756,357.15 (LYXe)

    LUKSO Achieves Market Cap of $756,357.15 (LYXe)

    LUKSO (CURRENCY:LYXe) traded 0.8% higher against the US dollar during the 24-hour period ending at 10:00 AM ET on June 21st. During the last seven days, LUKSO has traded down 2.6% against the US dollar. One LUKSO token can now be purchased for about $0.26 or 0.00002787 BTC on major cryptocurrency exchanges. LUKSO has a total market capitalization of $756,357.15 and approximately $337,886.00 worth of LUKSO was traded on exchanges in the last 24 hours.

    Here is how other cryptocurrencies have performed during the last 24 hours:

  • Crypto.com Coin (CRO) traded 2% higher against the dollar and now trades at $0.12 or 0.00001281 BTC.
  • Acash Coin (ACA) traded down 0% against the dollar and now trades at $0.20 or 0.00002155 BTC.
  • Huobi Token (HT) traded up 0.6% against the dollar and now trades at $4.09 or 0.00043698 BTC.
  • Maker (MKR) traded 0.6% higher against the dollar and now trades at $521.10 or 0.05567982 BTC.
  • Basic Attention Token (BAT) traded 7.3% higher against the dollar and now trades at $0.24 or 0.00002571 BTC.
  • IOStoken (IOST) traded down 0.3% against the dollar and now trades at $0.0396 or 0.00000526 BTC.
  • OKB (OKB) traded 1.9% lower against the dollar and now trades at $4.76 or 0.00050883 BTC.
  • FTX Token (FTT) traded 0.3% higher against the dollar and now trades at $2.98 or 0.00031862 BTC.
  • Kyber Network (KNC) traded 1% higher against the dollar and now trades at $1.25 or 0.00013382 BTC.
  • PlayFuel (PLF) traded up 0.2% against the dollar and now trades at $0.41 or 0.00004430 BTC.
  • LUKSO Token Profile

    LUKSO (LYXe) is a token. Its launch date was July 27th, 2018. LUKSO’s total supply is 100,000,000 tokens and its circulating supply is 2,900,000 tokens. LUKSO’s official message board is medium.com/lukso. LUKSO’s official Twitter account is @lukso_io. The official website for LUKSO is lukso.network.

    LUKSO Token Trading

    LUKSO can be purchased on these cryptocurrency exchanges: . It is usually not currently possible to buy alternative cryptocurrencies such as LUKSO directly using US dollars. Investors seeking to trade LUKSO should first buy Bitcoin or Ethereum using an exchange that deals in US dollars such as Gemini, Coinbase or GDAX. Investors can then use their newly-acquired Bitcoin or Ethereum to buy LUKSO using one of the aforementioned exchanges.

    Receive News & Updates for LUKSO Daily – Enter your email address below to receive a concise daily summary of the latest news and updates for LUKSO and related cryptocurrencies with MarketBeat.com’s FREE CryptoBeat newsletter.

    Source: theolympiareport.com

    Author: Cynthia Hall


    3 Ways Bitcoin Traders Can Spot and Avoid Crypto Market Manipulation

    3 Ways Bitcoin Traders Can Spot and Avoid Crypto Market Manipulation

    Unlike traditional financial markets, crypto exchanges are largely unregulated, and virtually every Bitcoin (BTC) and crypto trader is familiar with various stories detailing the degree to which certain aspects of crypto market price action is manipulated. 

    Despite this, many traders feel like there is little they can do to avoid the whims of whales and unethical market makers that shape the market to their advantage. Strategies like spoofing and hidden orders are common obfuscation tactics that savvy traders use to sway crypto prices.

    Tracking manipulators’ moves is a cat and mouse game, but there are strategies retail-size traders can use to circumvent them. Let’s take a look at three strategies that whales use and how a trader can avoid being deceived by them.

    Hidden orders are used to place sizable undetected bids and asks on the exchange order book. They allow for the automatic replenishment (iceberg) after each fill, thereby avoiding detection on exchanges order books.

    Example of an iceberg order

    Example of an iceberg order. Source: OKEx

    This strategy is the opposite of a buy/sell wall, where a trader spoofs the market by placing large orders with no intention of executing them. Hidden orders typically involve large amounts, and they are readily available for anyone to use at most cryptocurrency exchanges.

    Most buy and sell walls are not meant to be executed; they are meant to represent large flow but are usually canceled the minute the market reaches their levels. Very few whales would self-report their flow before executing it.

    A simple way to avoid being deceived by a hidden order is not to monitor the order book like a hawk. The less one relies on measuring order book depth, the better. Most exchanges allow traders to minimize the order book from the trading screen view. 

    Some traders do consider order book flow an essential part of their trading routine, and there are more sophisticated tracking programs readily available. It is worth noting that market makers and algorithmic traders know how to manipulate those as well.

    Whales sometimes deceive the general public by posting large trades on heavily monitored exchanges while simultaneously doing the opposite on a smaller one. Professional traders could also be doing this either to profit from funding rate arbitrage, wash trading, but sometimes they are merely aiming to hide their real flow.

    Market makers are usually paid for bringing flow to small venues, and they benefit from boosting their volumes on more significant exchanges in exchange for lower trading fees. Although this strategy is legal, it inflates volumes and is often used to delude traders into non-existent buy and sell flow.

    Traders looking to avoid these tactics can ignore large individual trades and focus on longer price trends to prevent being misled. 

    As crazy as it may sound, sometimes a whale will prop up prices to liquidate their exposure. This holds especially true when the market is already overleveraged, a scenario which can be measured by a significant funding rate imbalance. To benefit from this tactic whales simply open an opposite position of similar size.

    Forcing a liquidation oftentimes leads to a cascade of similar order flow and while most short sellers will suffer and the whale has its large short positions liquidated, the entity responsible for the forced liquidation also boosts their gains on the previous long contracts.

    There is no way to predict whether an entity is building this kind of strategy but there is an important indicator one can monitor to avoid being on the wrong side of such moves. 

    BTC futures contracts per expiry date

    BTC futures contracts per expiry date. Source: Skew

    Comparing the premium on longer-term contracts to perpetual futures provides an unbiased tool that helps to gauge professional traders positions. A neutral market should display an ascending curve, ranging from a $50 to $150 premium which is equivalent to 0.5-1.5 percent depending on the maturity.

    A flattish or inverted curve signals whales are heavily skewed to a bearish sentiment. On the other hand, any premium above 1 percent for contracts expiring within three months is a bullish indicator.

    As previously stated, professional traders go to great lengths to avoid detection. They do the exact opposite when they intend to utilize buy and sell walls to benefit from the resulting FUD and FOMO. 

    Unfortunately, there is not a 100% transparent, auditable indicator that can monitor manipulative tactics, especially in a market that has nearly zero fees for large traders.

    As the markets continue to grow but also remain outside the reach of financial regulators, obfuscation and spoofing strategies could become more widely used. 

    As a rule of thumb, retail traders should learn to take a longer-term view on crypto price action instead of watching charts measured in minutes because a bird’s-eye view provides a more general sense of the trend and what is occurring in the market. 

    The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every investment and trading move involves risk. You should conduct your own research when making a decision.

    Source: www.bit-cointalk.com


    Bitcoin Is Braced For A $1 Billion Earthquake This Week

    Bitcoin Is Braced For A $1 Billion Earthquake This Week

    Bitcoin’s early 2020 rally has come to an abrupt halt, with the price failing to hold above $10,000 per bitcoin.

    The bitcoin price, up around 30% so far this year, has been treading water at around $9,400 since it briefly moved above $10,000 earlier this month.

    Now, bitcoin traders and investors are braced for more than 100,000 bitcoin options totaling $930 million to expire on June 26—nearly 70% of bitcoin’s entire open interest.

    MORE FROM FORBESChina Is Challenging Dollar Dominance At The Worst Possible Time For Donald TrumpBy Billy Bambrough

    Bitcoin traders and investors are braced for major moves in the bitcoin price this week after a … [+] brief period of low volatility.

    Bitcoin’s looming options expiry could spark a bout of price volatility, with previous large expiries causing the market to “bounce quite aggressively” and the size of the bitcoin open interest market recently soaring.

    Bitcoin open interest has climbed to $1.3 billion, double what it was just a couple of months ago, according to data from bitcoin and crypto analytics provider Skew.

    Deribit, a Panama-based derivatives exchange, accounts for 77% of the bitcoin options market, although regulated venues CME and LedgerX have gained ground recently.

    The split between bullish and bearish options is currently fairly neutral, although most of the CME contracts are for bitcoin at above its current price—with 75% of CME contracts calling bitcoin at $11,000 and higher.

    On top of Friday’s coming bitcoin options expiry, global stocks have slipped due to a resurgence in coronavirus infections across Europe, the U.S. and China weighing on investor confidence.

    “If markets react very negatively towards the increased Covid-19 cases, we may see more panic which could also pull bitcoin lower.”

    MORE FROM FORBESAs Bitcoin Struggles, This New Crypto Has Soared 250% To A Massive $2 Billion ValuationBy Billy Bambrough

    There are far more bitcoin options set to expire this week than usual–something that could trigger … [+] a fresh wave of market volatility.

    Meanwhile, despite a surge in bitcoin options interest, most bitcoin buyers are treating it as digital gold, preferring to hold bitcoin for the long term term.

    “The data shows that the majority of bitcoin is held by those who treat it as digital gold: an asset to be held for the long term,” Chainalysis researchers wrote last week.

    “With more people looking to trade bitcoin, which is only becoming more scarce following the recent halving, bitcoin moving from the investment bucket into the trading bucket could become a crucial source of liquidity. However, one would expect this will only happen if bitcoin’s price rises to a level at which long-term investors are willing to sell.”

    Source: www.forbes.com

    Author: Billy Bambrough


    Singer Akon Launching Its Own Cryptocurrency, Blockchain Ecosystem And A City


    Previous
    Cryptocurrency exchangesBityard Cryptocurrency Exchange使复杂的合约交易变得简单_玩币族
    Next
    Cryptocurrency exchanges3 Ways Bitcoin Traders Can Spot and Avoid Crypto Market Manipulation
    Did the article help? Rate it
    1 Star2 Stars3 Stars4 Stars5 Stars (No Ratings Yet)
    Loading...
    Add comment

    Get Awesome Reviews

    Coins, exchanges, wallets, crypto games, crypto cards.
    Search for reviews and share your own experience.

    GO TO REVAIN