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Floyd Mayweather didn’t just throw shade at 50 Cent – he threw EVERYTHING at the rapper … including a piping hot bag of dirty laundry. The on-again, off-again beef between the 2 is firmly back on, after Floyd shared a message on social media…
Hollywood’s longstanding say-anything, do-anything culture is rapidly turning into one where the wrong words can kill careers.
WSJ.com: US Business
Staff members at a New Orleans zoo are grieving Saturday after a jaguar escaped its confines and killed six animals, the Times-Picayune reports. How the Audubon Zoo’s 3-year-old jaguar got out at 7:20am is unclear, but it killed four alpaca, an emu, and a fox before being captured and…
Woman wanted for grand theft goes missing after her husband dies with lethal levels of Benadryl in his systemJuly 14, 2018 | dailybusinessnews
A missing Idaho woman’s husband had lethal levels of Benadryl in his system at the time of his death, records showed.
A woman recently brought a cute baby raccoon into her Colorado home, causing an ugly situation, officials said last week. According to authorities in Weld County, the woman brought in the abandoned animal, which ended up testing positive for rabies. Subsequently, 21 people had to be preemptively treated for rabies…
Following a Bloomberg News expose, alleging market manipulation of controversial alternative token Tether (USDT) on its exchange, Kraken fires off a savage blog post mocking journalists and defending their business’ integrity.
Kraken Goes Savage On Bloomberg
On Tether: Journalists Defy Logic, Raising Red Flags reveals the San Francisco-based cryptocurrency exchange is having exactly none of it. A journalist “covering market structure for Bloomberg News inexplicably fails to comprehend basic market concepts such as arbitrage, order books and currency pegs. More troubling, however, was the applause from other ‘journalist’ lemmings as they followed in walking their reputations off a cliff. It defies logic.”
Kraken is a scrappier exchange in the crypto world, and if the present rebuttal doesn’t convince readers of that fact, remembering back to its verbal joust with no less than the New York Attorney General would suffice. The AG issued its notorious Virtual Markets Integrity Initiative Questionnaire to leading cryptocurrency exchanges throughout the United States, and then, as now, Kraken went savage. CEO Jesse Powell shot back, referring to the AG’s request directly, “When I saw this 34-point demand, with a deadline 2 weeks out, I immediately thought ‘The audacity of these guys — the entitlement, the disrespect for our business, our time!’”
True too is the fact it has been one hell of a week for Kraken’s current object of scorn and derision, journalist Matt Leising. Not only was he principal author in the offending Tether story, he also released viral speculation about Satoshi Nakamoto’s reemergence via new writings. For Kraken, however, “The would-be Tether takedown was indefensible and handily dismantled by the community. Each comment a prelude to a thorough evisceration,” and nearly half a dozen scathing Tweets follow. Mr. Leising has since announced he is “off Twitter until July 9. Go yell at someone else.”
For the exchange, the need to push back on Mr. Leising’s work in this manner comes down to the presumption “lawmakers are reading this stuff. The title sure was sensational, and it undoubtedly grabbed eyeballs but what of the readers who are not following the outrage on Reddit and Twitter? What of those who rely on the journalistic integrity and expertise of their news sources? If we are to take up our pitchforks against market manipulation, guide your torches toward this illumination: the Bloomberg News piece was published on June 29th, the last business day of trading for Q2, and expiration date of numerous futures contracts. It raises red flags,” the post chastised at Mr. Leising’s methodology.
Tether’s Price is Not Being Manipulated by Kraken
After explaining USDT’s price stability is a function of the token’s inherent design and rather banal arbitrage, the exchange turns to its overall influence on the tether market at large. “As much as we pride ourselves on the level of recognition we enjoy in the industry,” Kraken explains, “we sadly cannot claim to be the arbiters of the price of USDT. It is more likely determined by the billions of USDT traded over markets like BTC/USDT or ETH/USDT on other platforms. If 1 BTC trades for ~6,350 USDT on one platform and ~$ 6,350 US dollars on Kraken, then the implied price of each USDT is logically $ 1 US dollar. This level of USDT price discovery happens on markets with hundreds of millions of dollars of volume, not on Kraken’s USDT/USD market, which has currently traded less than $ 1 million in the last 24 hours.” They further invite anyone to check their logic against publicly available data.
The exchange bills itself in terms of euro liquidity and volume “the world’s largest bitcoin exchange.” It operates in the United States, European Union, Canada, and Japan. Owned by Payward Inc., ironically it provides bitcoin core (BTC) pricing to the Bloomberg Terminal. It was founded largely in the wake of the Mt. Gox implosion, and established itself as a viable alternative. It was launched by Mr. Powell in Fall of 2013, and, with some noted hiccups, has been an ecosystem staple.
“We take allegations of manipulation very seriously,” the exchange insisted. “We strive to operate a platform that is open and fair to all of our users.” Nevertheless, “After reading the Bloomberg article, we scratched our heads, questioning just what type of manipulation was being claimed.” Rhetorically, it asks, “Is it so hard to believe that an asset-backed stablecoin could trade, well… with so much stability? As we discussed previously, one need only take a look at the order book to understand why trades of different sizes result in little-to-no change in price levels. If an order book is too hard a concept to grasp, think about stock at your grocery store. Why doesn’t the price on avocados change every time you put one in your basket?”
As for the charge of wash trading, “If you’re looking around for potential wash trading in USDT, we recommend you look elsewhere. That said, it’s not clear what harm could come from wash trading of a pegged asset against its peg. In Kraken’s case, USDT is only traded against its peg, USD, which itself is an explicitly manipulated asset.” And that pesky 13,076.389 number thought to be so very maniacal? They “asked the botter responsible for the mysterious 13076.389 orders. The answer: ‘literally randomly selected.’ So, there you have it,” they conclude.
Is tether’s price being manipulated? Let us know in the comments.
Images via the Pixabay, Twitter.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.
The post Kraken Goes Savage Against Tether Manipulation Allegations appeared first on Bitcoin News.
The short version is that a 28-year-old man and a 29-year-old woman were arrested in Alberta, Canada, at a convenience store after the clerk got suspicious about a credit card, reports the CBC . Police came and took the pair into custody—but not before separate, hard-to-believe escape attempts highlighted by…
Mexico goes to the polls this weekend. 132 candidates have been killed since campaigning began, per one countJune 28, 2018 | dailybusinessnews
Even for a country numbed by escalating violence, the toll the campaign season has exacted is horrifying.
CNN.com – RSS Channel – Regions – Americas
A female passenger became enraged after a Spirit Airlines flight had to divert for a medical emergency Monday, and she was caught on video screaming to be let off the plane before ultimately being escorted off the plane by police, ABC 13 reports. Flight 346 took off from Houston heading…
One of the oldest, most respected sites in the cryptosphere, Blockchain.info (Info), is moving domains. For many ecosystem veterans, Info was where it all started. First wallets. First block exploration. First real interaction with cryptocurrency. Recently, the group announced its move and plans for the future. It’s also a change signaling maturation of the space.
Blockchain.Info Moving to Blockchain.com
“Later this month,” a notice on the Blockchain.info blog of read, “we’ll be consolidating all pages on blockchain.info under our one and only blockchain.com domain. We’ve been looking forward to this merger for quite some time, because it means you’ll only have one place to go for all of your crypto needs, instead of two. In the coming weeks, you’ll be able to access all of your .info favorites from blockchain.com.”
Info routinely ranks in the top 1,000 global websites, according to Alexa. The Luxembourg-based company took off Summer of 2011, and was widely known as a dependable block explorer. It grew to much more than that. Transaction data, charts, wallet, mined blocks information, developer resources, along with forum and media links. Their Android mobile app is also very popular.
The halcyon days in 2013-2014 saw Info become the most visited bitcoin-related website in the world, some 120 million views. It was the first to reach one million wallets. It was such a staple of the nascent community, when Apple nixed its iOS version, apeshit would be an understatement in terms of the reaction (people smashed their iPhones!). It was also during this time Info got its monetary sealegs, boasting tens of millions in venture capital. Street cred wasn’t dampened at all, as its wallet earlier embraced Tor.
Fast forward years later, and they’re “now one of the oldest, most established company in the industry and so much more than a bitcoin explorer,” they acknowledge. “We’re the world’s leading crypto wallet where 25 million users invest in and store Bitcoin (BTC), Ether (ETH), and Bitcoin Cash (BCH). We also allow users to analyze the top cryptocurrencies via our markets page and are continually expanding our widely used API services to make it even easier for developers to build on top of the block chain.”
They continue to rake-in cash. During the 2017 run up, Info snapped up another $ 40 million in venture dough. It took a bold step that same year by partnering with Unocoin to bring greater crypto awareness to India. They’ve also become something of an exchange, operating in nearly half of US states as a way to buy and sell crypto.
The domain move keeps a solid team intact, including co-founder Nicolas Cary. Mr. Cary was an early business leader in the space, attempting to marry commerce and philanthropy. He has a particular passion for encouraging youth entrepreneurs, founding Skies the Limit project. They “use data provided from our entrepreneur and volunteer users – such as their skills or needs, location, and stage of business – to predict and recommend high-quality matches. Then, we monitor and support these matches over time to help our entrepreneurs develop skills, build businesses and create jobs for themselves and others in their communities.”
The company promises a seamless transition to its dot-com digs. “We’ve done a lot over the years,” they conclude, “but have a lot more to do in building the future of finance. As we move forward through 2018, we know that your needs are ever-changing, and we need to be prepared to offer you the end-to-end experience you’ve been waiting for.”
What are your thoughts on Blockchain.info’s move? Let us know in the comments.
Images via the Pixabay, Blockchain.info.
Verify and track bitcoin cash transactions on our BCH Block Explorer, the best of its kind anywhere in the world. Also, keep up with your holdings, BCH, and other coins, on our market charts at Satoshi Pulse, another original and free service from Bitcoin.com.
The post So Hard to Say Goodbye: Blockchain.Info Goes Dot Com appeared first on Bitcoin News.