Facebook’s Project Libra Already Being Oppressed by Governments!

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Facebook announced Project Libra white-paper yesterday along with Calibra, the digital wallet meant for transacting Libra. While people are celebrating and congratulating Mark Zuckerberg for this new achievement, various governments have shown oppression towards the highly anticipated project.

U.S. House Financial Services Committee asks To “Pause the Project”

Democratic Republican Maxine Waters, who is on the chair of the House Financial Services Committee, briefly after the Libra white-paper announcement, requested Facebook to pause the development on the project.

“Given the company’s troubled past, I am requesting that Facebook agree to a moratorium on any movement forward on developing a cryptocurrency until Congress and regulators have the opportunity to examine these issues and take action,” she said in a statement on Tuesday.

The hearing was called earlier that day by Republican Patric McHenry who also commented on this issue:

“While there is great promise for this new technology in fostering financial inclusion and faster payments, particularly in the developing world, we know there are many open questions as to the scope and scale of the project and how it will conform to our global financial regulatory framework,” he explained adding: “We need to go beyond the rumors and speculations and provide a forum to assess this project and its potential unprecedented impact on the financial system.”

And a senator, also a democrat, Sherrod Brown, expressed a particularly powerful comment on his Twitter account.

It’s like Caitlin Long tweeted that Facebook along with Libra finally will boost the governments willing to finally distribute legitimate regulations for this industry. However, I get the feeling that the U.S. government is acting like they haven’t heard of this project… like, ever! Facebook have been developing this so-called cryptocurrency for about a year, but once they release the white-paper, suddenly they want it to be paused. Maybe that is the reason, because Facebook have been ever so secretive about the development of the project.

All-in-all, Facebook have replied to these questions by saying: “We look forward to responding to lawmakers’ questions as this process moves forward.”

French Finance Minister Doesn’t Want to Allow Libra to Replace Traditional Currencies

In a radio show in France, the French Finance Minister Bruno Le Maire commented that Libra should be allowed to even talk about replacing the traditional currencies.

“It is out of question. It can’t and it must not happen,” said Le Maire in an interview on Europe Radio 1. He explained that a group of Seven central bank governors, who call themselves the guardians of the global monetary system, are preparing a report on Facebook’s project for their July meeting. They are most concerned about privacy, money laundering and terrorism finance.

Moreover, the governor of Bank of England, Mark Carney, also discussed Libra at the European Central Bank’s annual symposium in Portugal.

“Anything that works in this world will become instantly systemic and will have to be subject to the highest standards off regulation,” he stated.

At the same time, he says that “we” need to keep an open mind towards new technology that can facilitate money transfers across the world. They will look at it very closely.

It is clear that central banks across the world are freaking out, because they might lose a significant fraction of their income and operating services in general. This will soon be discussed in the G7 summit, where the top leaders of the world will gather to debate on how to regulate this exact case of project Libra. This is going to be interesting to watch in the upcoming weeks and months, so grab your popcorns and enjoy the show!



7 Ways How to Report a Scam Exchange

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In this article we will look over the 7 ways how to report a scam exchange.

So you have been scammed by a shady exchange. This is nothing new in the cryptocurrency field, and many of us have been there. Precedents like BiteBTC, Coinsmarkets.com, Bitconnect, Bitpetite and many more have “exit-scammed” and stole their users’ funds. Although previous practice shows that there is not much you can do about this situation, we stress it’s not all that black and white. Here’s what you can do if your exchange of choice exit-scammed, locked you out of your funds, doesn’t let you withdraw your funds, closes their website and etc.

1. Contact your local authorities

The first thing you can do is to contact your local authorities. You go to your local police station and file a complaint about an internet fraud. From that point on, it is up to them if they want to get in touch with their international colleagues and address the situation. It’s almost the same practice what you would do if your bike got stolen or any other everyday theft. Of course, it is up to you if you want to help the investigation by actively getting involved.

2. Let everyone know of your situation publicly

Next, you can do a series of posts, blog posts, twitter threads about your particular case online. Use social media like Facebook, Twitter, LinkedIn, Reddit, Bitcointalk or any others. Make sure you tag in the subject which scammed you. Also, tag in your local authorities pages or profiles. Use hashtags like #scam #fraud and similar to raise more awareness of your situation. Also, make sure to attach any visual material you have. Try to find similar cases to yours and engage with other people who are in the same position as you are. Maybe somebody got further in the case than you and knows something you don’t.

3. Contact your bank

If you sent your funds to the exchange with the help of your local bank account, and these funds are 100% legal and you can prove it, you can contact your local bank. Contact them by explaining your situation and providing bank accounts or addresses where the money was sent. You can raise awareness by letting the bank know that this particular bank account defrauded you. This is done so that the bank can identify these bank accounts and probably interfere their future operations. Maybe they’ll even black-list this account.

4. File a complaint at the U.S. Commodity Futures Trading Commission

While the previous three options were related to your local authorities, this is where international authorities come in. CFTC is an international establishment and their mission is to protect users from internet scams. You can report a scam on their website. Their mission reads:

“The mission of the Commodity Futures Trading Commission (CFTC) is to foster open, transparent, competitive, and financially sound markets. By working to avoid systemic risk, the Commission aims to protect market users and their funds, consumers, and the public from fraud, manipulation, and abusive practices related to derivatives and other products that are subject to the Commodity Exchange Act (CEA)”

In this link you can report your scam exchange by describing the situation, telling about the firm/individual you are complaining about, telling about yourself, and the instruments that you used. Also, you can upload additional files which would help the investigation. 

5. Federal Bureau of Investigation: Internet Crime Complaint Center (IC3)

Another international option is to file your complaint to the FBI special Internet Crime Complaint Center. Their mission is to ensure positiveness and safety environment in online advertising, freeware, mobile apps, and even virtual currency. In the past couple of years, the FBI IC3 Center has received thousands of complaints about more than $15 million stolen in crypto scams combined. You can file your complaint by filling out the complaint form.

Previously their primary focus was on Telephone, online advertising, phishing e-mails, and pop-up messages, but now they have involved cryptocurrency-related scams as well.

6. Better Business Bureau

BBB is a trust marketplace where buyers and sellers trust each other. Although this company is mainly focused on U.S., Canada, and Mexico, it handles international companies and is willing to guide a scam victim through the process of filing a complaint. Also, they have their own database where you can search whether the company have any other complaints.

Just visit their webpage and follow the instructions. 

7. USA.GOV’s Online Safety

Although you might not be from the United States, you can contact them to find out which exact agency you should contact for your specific case. The page consists of a few links of government authorities which could handle your case. They mention government authorities such as the FBI, the Federal Trade Commission (FTC), EConsumer.gov and the Department of Justice (DOJ). In addition, they have put out some pointers on how to protect yourself on the internet.

Visit their webpage for more information.


We contacted many lawyers and people who are connected with law and finance. They all say that you should better forget about your money/investment which you lost because there is literally nothing you can do. The main reason being that these companies have a hidden true beneficiary and they choose specific countries where to register. Mostly those are countries with high risk jurisdictions which aren’t cooperating with international organizations. In addition, it is relatively easy to become a licensed registered agent within these countries. The competition has grown fierce, costs have gone down, and it’s easy to start a reselling business and still offer attractive pricing while raking in a nice margin.

You can check the list of some of these countries here and here.

In this article we kind of proved the opposite. Actually, there is so much you can do. You can report a scam to these authorities. Those are your funds. Nobody likes to lose money. These cryptocurrency scam exchanges always seem legit judging by their UI and special offers they provide. That is a clear consumer deception, and the authorities should properly address these cases. Hey, at least it is better to sit around and do nothing about your money. Even if you will not get your funds back, you will have the feeling that you did everything you could. 



Bitcoin is a legitimate form of currency – Ohio accepts crypto as a tax payment.

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November 25, the state of Ohio starts accepting Bitcoin as a tax payment. Originally it applies only to businesses willing to pay their taxes with Bitcoin, but eventually, this will be introduced to the broader society like individual taxpayers as well. 

Starts already this week

As of now, businesses based in Ohio can start the registration to begin paying taxes with Bitcoin, the leading asset of cryptocurrencies. Crypto payments service provider BitPay will process these payments. BitPay has been operating in the Bitcoin payment area since 2011, and they already are cooperating with major players like Microsoft, Virgin, Shopify and possibly BMW.

Initiated by a pro-crypto state treasurer

The regulation initially came from Josh Mandel, who is a pro-crypto American Republican politician. He is a former city councilman and a member of the Ohio House of Representatives. He is confident that this move will continue to develop among other states, leading to a wider cryptocurrency adoption. Mandel stands optimistic on the issue of a national cryptocurrency.

Other states also apply for cryptocurrency adoption

Additionally, other states in the U.S. also have proposed on accepting cryptocurrencies for tax payments, but state legislators have delayed their final passing. Maybe the state of Georgia – the home of BitPay, will be the next one? 



Photo by Benjamin Lehman from Pexels

Could Ripple be the U.S. answer to China’s Bitcoin mining monopoly?

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China controls almost 80% of the Bitcoin mining and the majority of Ethereum mining today. That is a huge share if we look at it globally. And of course, it generates a competition between the strongest players in the world. China and the U.S. have been competing in trade wars since Donald Trump won the election. And now that is the direction that Ripple is looking. They have been in close contact with the White House and the Trump administration. Cory Johnson, Ripple’s chief marketing strategist, an ex-journalist had an interview with BREAKER magazine last week where he shared some inside information on the Ripple situation. He tried on dispelling the centralization rumor by saying that Ripple controls only 10 of 150 XRP validators, but didn’t provide any factual proof, and he confirmed that Ripple owns 60% of the coin supply. He says that because Ripple has created a cryptographic lock they cannot go and sell it all into the market. Johnson explained that Ripple has quarterly letters where they announce exactly how much have they sold and how that affects the value. 

Continuing on with questions about the White House, Johnson said that he was very surprised about the amount of knowledge that the White House representatives had: “When I started to meet with people in government and regulators, I had very low expectations. I have been truly amazed at the open-mindedness, number one. And number two, the smart questions, sometimes even tough questions. There’s clearly a lot of homework going on.”

Although it is not clear how the U.S. could be using Ripple in regards to a foreign control competition aspect, but one thing is clear – the U.S. White House administration is aware of the global cryptocurrency situation and they seem to think that Ripple could be the answer.

Johnson revealed that Ripple meets up with government regulators and politicians regularly, so we could be expecting a major Ripple implementation soon. Or on the other hand, the government is just starting to test various cryptocurrencies and seeks for a better use case. As he mentioned in the interview:

“I don’t know that the SEC wants to be in a position to have to comment on every single cryptocurrency or digital asset created and issue a ruling about it. I don’t know if they like what they did with bitcoin and Ether. I would guess that an administrative agency doesn’t want to take on regulating an entirely new part of the world when no one’s asked them to do it, and no one’s going to raise their budget for doing it.”

Could the future of the global crypto-situation turn out to be a competition between foreign affairs? Not so much, because China isn’t showing much appreciation towards Bitcoin and cryptocurrency mining. Having banned exchanges and ICOs in general, now they are looking towards mining farms, and the electricity they are using. That is the reason why most of the mining farms are expanding their headquarters to other countries like Canada and the U.S. China has a very low electricity price and in some places even free, so it is obvious why the country controls almost 80% of mining, but what is not clear is why China is pushing cryptocurrencies away from their domestic area? Are they just making it look that way? Could it be that China isn’t aware of the Bitcoin power they have? 



Photo by Canva.com

United States SEC rejected 9 Bitcoin ETFs

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On Wednesday, August 23, nine inquires from three companies – ProShares, Direxion and GraniteShares, were all denied because of the same reason. The decision is still under review, but the main reason is that the products offered by these companies, does not comply with the requirements by the “Exchange Act Section 6(b)(5), in particular, the requirement that a national securities exchange’s rules be designed to prevent fraudulent and manipulative acts and practices.”

Later on, the SEC Commissioner Hester Peirce tweeted that it was not the SEC commissioners who actually denied the ETF proposals, instead, they delegated that responsibility to SEC staff, namely, the Division of Trading and Markets. She wrote: “The Commission (Chairman and Commissioners) delegates some tasks to its staff. When the staff acts in such cases, it acts on behalf of the Commission. The Commission may review the staff’s action, as will now happen here.”

ETFs are marketable securities that track an index, commodity, or basket of assets, that are proportionately represented in the fund’s shares. ETFs experience price changes throughout the day as they are purchased or sold on a stock exchange. If the SEC allows a BTC ETF, a fund would purchase an underlying amount of actual BTC and distribute those funds into shares, which further are distributed to shareholders.

The rejection of these nine ETFs comes only weeks after the Winklevoss bitcoin ETF was denied – a decision SEC Commissioner Hester Peirce strongly disagreed with. Which might be the reason she is receiving good words from the crypto community in her twitter: “Hester we “heart” you! This is needed now more then ever. It’s a stepping stone toward the legitimacy needed for this technology to continue to grow, not just financially. Hopefully moving forward more will become correctly educated, because there seems to be quite lacking in DC”, says tweeter with a username @seanyg73. But on the other hand the conversation shifts towards a different opinion: “5 votes are against her. Review don’t mean anything.. Lets get over it and move on… This will again stall the market and at the end we will get a “dissent” note…”

I could agree on both sides of the argument. If she has 5 against 1 votes by default, then the logical action would be to drop it and work on a new proposal. Otherwise, it would just take too much time. And that time would be needed for making a new proposal.

Another thing what tweeters are writing about is: “An ETF that doesn’t buy actual BTC is not good for crypto” where the response was – “True. But approving any of these gives a good direction as to what will happen with CBOE+Van ETF. I think that is the main course. These are appetizers in crypto world,” which is true. We need mass adoption for Bitcoin and crypto related issues, and this is the way we are slowly moving towards it. Already the daily plan for SEC has been disrupted because of these continuous BTC ETF proposals. It’s coming sooner or later.

Do you think we need a BTC ETF, where the amount of BTC is distributed into shares and shareholders? Do we need a BTC ETF in general? What are your thoughts?





https://goo.gl/QaBY1V – the original SEC document

Photo by Wikimedia Commons

Cash App now available in all 50 states of America

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The American company Square Inc. started to allow buying bitcoins within their app in early January this year. The only problem was that several U.S. states had difficulties on regulating the issue of cryptocurrency. Those were Wyoming, New York and two other states. Now they’ve come out with an announcement that all U.S. States approved their app. 

Cash App is a mobile payment service allowing users to transfer money to one another using a mobile phone app. As of February 18, 2018, the service recorded 7 million active users.

They have a very original description on their web-site:

“It’s Friday. You wake up to a $15 Cash App notification. A pal paid you back for that pizza you shared. Your balance now reads $172.30.

You use your new money to get $1 off coffee with your personalized Cash Card. You even hit up the ATM after.

5PM. Direct deposit hits. Do you buy Bitcoin, or do you cash out instantly to another bank? With Cash App, you decide.”