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The last few months, the cryptocurrency market is not happy with the majority of its members. Start Bakkt, which had hoped for a digital gold holders, not revived business activity. On the contrary, shortly after the start of trading deliverable futures price of BTC began a rapid decline.
Now many members of the crypto community and I hope that the developers confirmed the launch of the Telegram Open Network (TON) will give a powerful impetus to the market and lay the Foundation for a great economic system on the basis of the popular messenger.
Prepositions your attention, abridged translation of the material Binance Research describing the technical and economic features of the project TON, possible problems in the way of its full implementation, as well as its similarities and differences with Libra from Facebook.

The main provisions of the

In the first quarter of 2018 Telegram Open Network raised $1.7 billion from private investors. Later it became known that in the case that the team TON do not fulfill the promise and will not release the first tokens Gram until 31 October 2019, the proceeds will be returned to participants tocancel.

The launch of the Telegram Open Network will mark the emergence of the fifth generation of the block chain with such features as dynamic sharding, interoperability and support multichain systems.

TON and Libra — two very ambitious project, between which, however, there are a few key differences:

if the vision of a Libra is to rethink the mechanism of the global circulation of money, the TON seeks to dramatically improve the entire blockchain ecosystem;
from an economic point of view Gram is a token, susceptible to price fluctuations. In turn, Libra offers a relatively stable alternative to secured by traditional assets.
However, unanswered many questions remain, partly due to the chosen development strategy and, as a consequence, lack of public control:

whether the proposed strategy for scaling to work perfectly, given the radically rethought the overall architecture?
will not lead to centralization, we offer a combination of stakeholders in the context of Byzantine consensus (Byzantine Fault Tolerant, BFT) and algorithm Proof-of-Stake?
whether the ecosystem is a TON to attract enough developers?
It is not excluded that TON will soon present a minimum viable product (MVP), the simplest implementation of which may involve centralized administration of critical components.

Until finally, it is unknown whether TON to start on time and will the team complete the project promises listed in the whitepaper. If it succeeds, the Telegram Open Network will initiate a new era of development of blockchain systems that can support thousands of decentralized applications (dApps).

Integration necesitatile light wallets TON in Telegram messenger can promote the rapid growth of a huge user base. At the moment there is no official data on the current number of users to Telegram, but it was estimated Binance Research, the number could reach 500 million Such a large user base, you can instantly turn TON one of the most popular blockchains.

The current status of TON

7 September 2019 was submitted to the source code of the blockchain TON. Then there was the ability to run full nodes, the nodes validators, and use the reviewers of blocks in the test network. In addition, there are:

General Telegram whitepaper Open Network;
documents describing the features of the blockchain, and virtual machines;
the documentation for the language of smart contracts TON.
The initial proposal was conducted in accordance with rule 506 (c) of the securities and exchange Commission (SEC), which assumes that all purchasers must be accredited investors.

TON Ecosystem

In general, the TON ecosystem will presumably consist of nine different elements, complementing a kind of “blockchain blockchain”.

The platform used for micropayments and off-chain transactions, including payment for various TON services.
Domain Name System (DNS) is a service that generates user-friendly account names.
A distributed hash table is a system similar to the Kademlia protocol, which computes other network nodes.
Many additional services: various interfaces for the interaction of applications in browsers and smartphones.
Proxy [TON Proxy], which hides the IP addresses of users and nodes for privacy and to prevent DDoS attacks.
P2P network for user access to the Telegram Open Network, transactions and updates for certain components of the blockchain (the so-called shards).
Distributed database for storing information. Using a torrent-like approach, it stores copies of blocks and snapshots of data, as well as arbitrary files.
Interface for external TON integration. It serves for the interaction of on-chain applications built into the Telegram Open Network with other elements of the ecosystem, including the messenger.

Integration necesitatile light wallets TON in Telegram messenger can promote the rapid growth of a huge user base. At the moment there is no official data on the current number of users to Telegram, but it was estimated Binance Research, the number could reach 500 million Such a large user base, you can instantly turn TON one of the most popular blockchains.

The current status of TON

7 September 2019 was submitted to the source code of the blockchain TON. Then there was the ability to run full nodes, the nodes validators, and use the reviewers of blocks in the test network. In addition, there are:

General Telegram whitepaper Open Network;
documents describing the features of the blockchain, and virtual machines;
the documentation for the language of smart contracts TON.
The initial proposal was conducted in accordance with rule 506 (c) of the securities and exchange Commission (SEC), which assumes that all purchasers must be accredited investors.

Despite the fact that 5 billion Gram is not yet released, some members of licensee in violation of the agreement already trading tokens that represent future rights to these coins. Transactions are carried out in two different ways: some individuals sell these, in fact, ious via the OTC platform, others through the exchange of Liquid, collaborating with Gram Asia.

In contrast to early investors who have already obtained a significant profit from such transactions, the recent buyers should worry about three things:

Gram tokens may not be released: launch the core network may not take place until October 31;
the counterparties for trading operations can refuse to perform its obligation to deliver Gram;
counterparties will not be able to perform obligations due to a breach of SAFT.

TON will not only support sharding, but also a set of elements, characteristic for systems of previous generations. Like most programmable blockchains, Telegram Open Network will support a virtual machine (the so-called Telegram Virtual Machine, TVM), based on the Noda and supporting smart contracts.

Fift is a Telegram used stack-based programming language, General purpose, similar to Forth. It is compiled into bytecode and executed on the TVM. Interestingly, Fift uses reverse Polish notation, is not particularly popular among programmers.

In a clear attempt to support the community of developers the team start Telegram and announce tenders. One of them aimed at implementation of different smart contracts, TVM improvements and fix bugs in the codebase of the blockchain.

The fundamental architecture of the Telegram Open Network is unique and much is focused on scalability. So, before TON is an incredible task — to achieve the ability to process "millions of transactions per second." For comparison, one of the most widely used payment networks — Visa — is an average of about 1,700 transactions per second. 

However, it is worth noting that:

TON is supposed to be scaled on demand, which means that initially it will not be about millions of transactions;
system capabilities will be involved not only in financial transactions.

Consensus

All the aforementioned elements work together and are embedded in the mechanism of consensus. To achieve significant scalability in TON will be used by the asynchronous variant of the Proof-of-Stake. In a whitepaper project compares delegated Proof-of-Stake and BFT-version mechanism PoS. Unfortunately, the document lacks details on the actual implementation of these mechanisms.

"Some materials were deliberately excluded from the document. One of them concerns the Protocol is Byzantine Fault Tolerant (BFT) used by validators to determine the next block of mastercan or sardjana; this issue is left for a forthcoming paper on network TON," — said in a whitepaper about the features of the blockchain Telegram Open Network.

Used the mechanism of consensus is one of the most important components of any blockchain, so the lack of this information causes anxiety. The specifics of implementation would be extremely interesting, since it is expected that this will be the first project that uses BFT to the public (permissionless) network.

If you require access rights permissioned-blackany can be managed through the mechanism of the Proof-of-Authority, for permissionless systems requires a system of economic incentives. So, work on related to Casper the PoS implementation public blockchain Ethereum has been ongoing for over two years and still not completed.

At least three elements deserve special attention because they are key factors in the differences between TON and other ambitious projects. This:

support both heterogeneous and homogeneous blockchain systems;
sharding on-demand;
the close link of the block chain.

Sharding

The basic idea of sharding is to split data arrays (which include decentralized databases) in multiple independently operating parts of shards.

Sharding can be performed in accordance with a predefined structure, or dynamically, when a separate transaction shards (called TON in the "communications") may trigger events in other shards. In Telegram Open Network using the second option.

The master chain contains hashes of all the shardchains and workchains. It defines some universal properties that must be observed in all shards, finalizes calculations using the BFT PoS consensus mechanism, and tracks information about active validators and their current shares.

Workchains are just “virtual” blockchains, representing a combination of underlying chardchains. Each workshop can contain local rules governing the format of account addresses, transactions, virtual machines, native crypto assets, and the like. Workchains are heterogeneous (that is, different), while shardchains are homogeneous (in other words, equal).

The “tight connection” of the TON blockchain suggests that many homogeneous shardchains from heterogeneous workchains can freely interact with each other. This feature plays a crucial role in ensuring interoperability and supporting a dynamic network of specialized blockchains.

This architecture lays the foundation for a fast-moving mesh network - Instant Hypercube Routing. This system has been studied in academic circles, but has not yet been implemented on the blockchain.

At first, probably, only one workchain will work - Telegram Open Network. It will use the Fift language for smart contracts, TVM for their implementation, and Gram will be used as a native asset.

Workchains will be created by sending a separate transaction to the masterchain. To prevent Sibyl attacks, masterchain operations will involve significant transaction costs. In addition, their implementation will require the approval of a qualified majority of validators, that is, two-thirds of their total number.

Integration of sharding and consensus

Transaction validation will involve four different types of participants:

The most important participants are validators. One of them can be by blocking Gram at the address of a special smart contract. It is expected that at first, when the loads are low, 100 validators will participate in the network (later their number will increase to 1000). He will choose their smart contract, taking into account various factors, for example, the shares provided and the maximum allowable load per one validator.

A global group of validators checks the blocks in the master chain. This group, however, is divided into many target subgroups in a pseudo-random and deterministic manner to match the number of shardchains.

Full nodes can act as validators, which need to comprehensively monitor the status of the corresponding shardchains. The verification period takes about one hour, after which the validators are redistributed to the new shardchain.

After a candidate receives two thirds of the total number of votes, he is included in the next block of the shardchain. After processing “almost all” (the documentation does not indicate how much specifically) the shardchain blocks, a new masterchain block can be issued. The latter includes all the hashes of the blockchain blocks.

To facilitate the work of validators and reduce the risk of centralization, several other participants are also involved:

the so-called Fishermen, who, for a fee, can publish masterchain transactions, including evidence of the invalidity of validator transactions and the corresponding Merkle tree;
Nominees - can vote for the validator, providing him with Gram tokens as a share. Thus, they become responsible for the decisions of validators. Nominees can receive part of the reward for checking the blocks, but they can also lose part of the capital if the share of the validator is cut (if the fishermen have proved that the transaction is invalid). Nominators vaguely resemble miners pooling together.
another group is the so-called Collators. They can offer candidates for shardchain blocks to get a share of the validation reward.

TON vs Libra

There are many similarities between TON and Libra:

both were created by companies seeking to tap into a huge user base in projects;
have significant resources to create new products and support existing ones;
these are ambitious, conceptual projects, the vision of which is largely contrary to the ideology of bitcoin.
There are many differences in the features of these projects, in their general strategies. If Libra intends to create a new user case for money, then the Telegram Open Network seeks to give a significant impetus to the development of the entire blockchain ecosystem.

Differences in Libra and TON strategies are visible, in particular, according to the corresponding GitHub repositories. So, Libra currently has 83 direct and more than 22,000 external contributors, TON has 15 and 8, respectively. The same situation is with services developed by third-party service providers. Unlike TON, the Libra source code is well documented.

The estimated launch dates for these two projects are also different. If TON should start before October 31 of this year, then Libra does not have such a clearly defined deadline. Nevertheless, it is expected that the project from Facebook will be launched in 2020.

Economic analysis

In the first round of the initial distribution, Grams were sold at an average price of $ 0.38. In the second round, the price of the coin was already $ 1.33.

At the end of September, tokens were traded on the Liquid exchange for about $ 4. Since Telegram’s initial project coin supply is 5 billion, Gram’s total market capitalization is around $ 20 billion. The stake reward implies annual inflation of 2% or $ 400 million in accordance with the current coin market price.

Unlike Libra, Gram is not a currency, but a utility token. Thus, there is no reason to fix the price of a TON project coin at a certain level. This means that the price of a coin in the secondary market will fluctuate depending on the ratio of supply and demand. However, in order to stimulate price increases, TON can redeem part of the Gram offer, putting the coins in reserve and thereby reducing their number in circulation.

Since Gram is a utility token, it can be used in several user cases:

Staking required for block validation.
Transaction commissions. To send the transaction to the TON masterchain and workchain, payment in Gram will be charged. In other working groups, commissions may be charged in other native crypto assets.
Gas fee. Like Ethereum, interacting with a smart contract is costly.
Storage fee.
Gram and Ethereum have pretty similar user cases, so the SEC is unlikely to classify the Telegram coin as a security. Also, given that the initial TON offer was conducted in accordance with SEC requirements, Gram tokens are likely to be classified as crypto assets. This can create short-term benefits for TON, as the relevant regulation is either not yet in place or is only being developed.

Libra, in turn, has a much more limited range of use cases. The coin from Facebook is primarily a currency whose exchange rate stability will be supported by reserve fiat assets and short-term government bonds.

As for the users of Telegram, at present their number exceeds 500 million people. Facebook has 2.4 billion users, which is 5 times more than Telegram.

Unresolved issues

The most exciting question: will the project TON free to start before 31 Oct, having all the technical features described more than 500 pages of documentation.

Unlike other popular projects (e.g., Polkadot) development of a TON was completely isolated. Some of the code is published on GitHub, but in General, the work on the project is carried out in a closed, non-transparent mode. As a result, it is problematic to find out some specifics of the architecture, which could help to identify potential attack vectors.

On the other hand, some obvious barriers to entry for developers, which can become a serious obstacle to the introduction of a new blockchain solutions. For TON is characterized by a very unpopular and poorly documented programming language, a very small community of developers and a whole new, difficult to understand the architecture.

Thus, instead of broad and open community that can actively participate in the management process and give the project a network effect, there is a risk that over-TON will operate a homogeneous group of developers, which increases the likelihood of centralization.

It also remains unclear the extent of confidentiality of the transactions. Is it possible to implement "obligations of the Pederson", which, among other things, will reduce the amount of data stored? Whether it is a workable paradigm of endless sharding? Finally, a sharp transition to the millions of transactions is difficult to reconcile with the practical reality and the distributed consensus nodes, deployed throughout the world.

findings

If successful, the Telegram Open Network will achieve significant success by solving the most significant problem of the entire blockchain ecosystem: the scalability of a decentralized database. In tandem with the BFT PoS permissionless mechanism, the paradigm of infinite sharding can solve many performance problems.

Like most PoS blockchains, TON is apparently vulnerable to centralization. This problem can be exacerbated by a small and homogeneous community of developers.

Given the number and scale of problems that can be solved with TON, open source development would be more than justified. Although the documentation for the project is very extensive, to a large extent it is only a logically consistent plan that does not describe in detail the implementation.

Open source would enable everyone to make suggestions and point out potential security flaws. Obviously, the lack of such communication is a wake-up call. On the other hand, this may indicate the style of work of the project team.

Perhaps the development team at first will be forced to present only a minimally viable product. The simplest compromise in such a system could be the replacement of the consensus mechanism by centralized management.

On the other hand, Telegram has what every project in the cryptocurrency ecosystem longs for - users. If ultimately TON starts in tight integration with convenient Telegram Messenger, most likely, users will begin to massively use the Gram crypto asset.

If the project is successful, the development of the entire blockchain ecosystem will reach a new level. The technology will provide many decentralized applications that will become everyday for millions of users.

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The Venezuelan government uses cryptocurrencies “for free national and international payments,” Bloomberg reports citing President Nicolas Maduro.

According to Maduro, the new tools of the Ministry of Finance and the central bank will soon allow everyone to carry out banking operations, including international payments.

“Venezuela is already working in the cryptocurrency world,” Maduro summed up.

Last week, it became known that the country's central bank is exploring the possibility of including Bitcoin and Ethereum in its reserves. The idea was put forward by the state oil and gas company Petroleos de Venezuela SA (PDVSA).

“Donald Trump and his sanctions block Venezuelan transactions in any of the world's banks. But there are other payment schemes, as a result, our payment system works perfectly in China and Russia, ”said Maduro.

Earlier it became known that Venezuela avoids US sanctions by converting airport fees to Bitcoin. The scheme involves partners from China, Russia and Hungary.

Representatives of the Stellar Development Foundation (SDF) said they would remove the inflation feature in the upcoming protocol update, as users are not using it for its intended purpose. In their opinion, it will also lead to the problem of scaling in the future.

SDF recalled that the weekly generated XLM tokens (1% per year) were intended to support projects on the Stellar network by voting among users. Most users join in pools to receive payments to their accounts, rather than vote for useful projects.

“Each week, the protocol creates new XLMs. Every week, most tokens are sent to individual account holders or SDFs, ”wrote Stellar developers.

SDF invited validators to install a new version of the protocol. Network update will occur on October 28.

If consensus on the upgrade is not reached, the developers will again turn on the inflation function in the next version.

Recall that in May, the Stellar blockchain “turned off” for two hours.

This week has been for the cryptocurrency industry as one of the most memorable in 2019 – a long-awaited launch of the platform Bakkt finally took place, however, the growth of the market, as suggested by many, has not happened. Moreover, during the week the price of "digital gold" fell by an impressive 20%.

The price of bitcoin

On Monday, bitcoin traded at around $10,000, but even a small reduction during the day, there are signs of collapse, which can be observed on the following day, when the asset for a short period of time fell more than $1000.

The decline continued the next day – at a certain point bitcoin fell below $7800. Further recovery attempts were far from luck, and by late Sunday the first cryptocurrency was trading near $8,000 with a tendency to further decrease.
Note that this was the deepest weekly drop in bitcoin for the whole of 2019, which pulled into the deep red zone and the rest of the cryptocurrency market.

Against the backdrop of a sharp decline in the price of bitcoin, the market sentiment indicator Fear & Greed Index earlier this week fell to around 24, which means an extreme degree of anxiety among investors.

The tool takes into account factors such as volatility, market dynamics, trading volumes, social media trends, data from various studies, the BTC dominance index, as well as Google Trends data.

Interestingly, a sharp drop in the market occurred in anticipation of the expiration of bitcoin options on Deribit and LedgerX exchanges, as well as CME futures.

According to Arcane Research, an analytical company that analyzed data from January 2018 to August 2019, on the eve of the expiration of CME futures contracts, the price of bitcoin fell by an average of 2.27%.

Meanwhile, CoinDesk Markets analysts pointed out that on Friday the price of bitcoin closed below the 200-day moving average (MA 200), regarded by many investors as a kind of border between the bull and bear markets.

The prevalence of sellers is indicated by the MA slope with periods of 5 and 10, as well as the histogram of the MACD indicator. Moreover, the fall in prices is accompanied by a significant increase in trading volumes, confirming the strength of the downward correction.

The well-known trader Tone Weiss, meanwhile, has suggested that bitcoin moves to $4000.

The start-up of deliverable bitcoin futures from Bakkt

In the night of Monday, September 23, held a widely publicized launch of cryptocurrency platform Bakkt. Its first products are futures contracts for bitcoin with a physical settlement – at the expiration of the contract payout in case of a successful bet in bitcoin and not Fiat, as it happens, for example, on the Chicago Mercantile exchange.

However, as mentioned above, the expected growth of the market in connection with the launch of the platform is not only hosted, but also during the week the price of bitcoin dipped noticeably. Quite modest while the volume of trades, which also drew the attention of the experts.

So, by Sunday evening the total volume for the monthly transactions on the platform was 165 BTC at the last contract price $8037.5.

Bakkt CEO Kelly Loffler, however, is convinced that the launch of the platform is an extremely important event for the industry.

Three reasons why Bakkt's deliverable bitcoin futures are important for the entire industry, according to the head of the company, are as follows:

- proven and regulated infrastructure;
- adoption of new technology based on digital currencies;
- The rapid spread of innovative management practices and the transfer of digital value.

Stuttgart Stock Exchange Launches Spot Bitcoin Trading

Also on Monday, another important event, however, appeared in the shadow of Bakkt. Germany's second largest stock exchange, Börse Stuttgart, in partnership with fintech company solarisBank, has announced the launch of regulated spot trading in cryptocurrencies. At this stage, only one pair is represented on the site - Bitcoin to Euro.

Trading on the Börse Stuttgart Digital Exchange (BSDEX) is carried out in accordance with the German Banking Act. At the same time, both retail and institutional traders have access to the trading platform, and it itself is not much different from the existing platform for trading in securities.

The number of Lightning nodes in the Bitcoin network has exceeded 10,000

On Thursday, September 26, the number of active Lightning nodes in the bitcoin network exceeded 10,000 for the first time. It was noted that 40% of the network bandwidth is controlled by only one player, LNBIG.

An anonymous programmer providing the work of these nodes, said that micropayments are the future, and the Lightning Network is the same breakthrough as bitcoin itself. He also said that he reduced the fees for using his channels to almost zero, because he previously earned only $ 20 per month.

LNBIG uses the LND client, as c-lightning and Eclair are less convenient.

“If at least a small part of Bitcoin users starts using LN, then my project will become profitable instantly,” said the LNBIG operator.

EOS network successfully hosted the first hard fork

EOS block manufacturers have activated version 1.8 of the EOSIO protocol. A massive update required the first hard fork on the network, which took place on Monday, September 23.

The release includes updates to the consensus protocol # 6831 and # 7167, as well as a set of protocol functions that are activated independently of each other. These included fixing problems related to a deferred transaction, prohibiting references to non-existent resolution, resolving conflicts of deferred transaction identifiers, and other important functions aimed at making interaction with the EOSIO blockchain cheaper and more complete.

Brendan Bloomer, CEO of Block.one, the company responsible for developing the EOSIO protocol, noted that the new release will allow application developers to offer their users a free and seamless interface, while the latter will no longer have to worry about overuse of resources.

Telegram will pay up to $ 400 thousand to the creators of smart contracts for TON

This week, representatives of the Telegram messenger announced a competition for creating smart contracts for the Telegram Open Network (TON) blockchain platform.

According to the terms of the competition, participants must:

- create one or more smart contracts in accordance with the description in the attached file;
- offer improvements for FunC or TON virtual machine;
- identify bugs and suggest corrections for the Telegram Open Network test network.

The prize fund ranges from $ 200,000 to $ 400,000, and the competition will end on October 16 at 01:00 Moscow time.

Recall that the launch of the main Telegram Open Network should take place no later than October 31, otherwise, in accordance with the agreement, the project is obligated to return funds to investors.

Equating cryptocurrency mining to finding a treasure is a strange idea of ​​Russian bankers

This week, the Association of Banks of Russia (ADB) prepared the concept of cryptocurrency circulation, which, according to its concept, will deprive the owners of digital assets of anonymity. This implies the possibility of collecting cryptocurrency in the framework of enforcement proceedings, in case of taxation or bankruptcy.

It is proposed that the system of tax collection be made similar to that applicable to investors in the securities market. To implement his ideas, ADB Vice President Anatoly Kozlachkov, in particular, proposed equating cryptocurrency mining to occupying property or finding treasure.

“Using legal fiction, it could be argued that the first owner of the crypto assets“ found ”them, since receiving from an anonymous system can be conditionally considered a find,” the ADB document says.

The organization proposes to consider cryptocurrencies as “newly created” property produced by the citizen himself.

We asked the experts whether such a non-standard idea would be able to achieve recognition of the Russian financial regulators and whether it would put an end to the taxation of cryptocurrencies. The short answer is no. More advanced - the ADB proposal can be considered a “fantasy”.

The price of the first cryptocurrency continued to fall and fell below the psychological mark of $ 8,000 for the first time since June.

Altcoins followed the flagship of the market, and the stablecoin Tether came in fourth in the CoinMarketCap ranking with a capitalization of $ 4.16 billion, ahead of Bitcoin Cash.

The total market capitalization at the time of writing is $ 208 billion.

Today, $ 77 million long positions were liquidated on the BitMEX Bitcoin exchange.
Primitive Ventures partner Dovi Wang said a drop below $ 7,500 would jeopardize mining profitability on the Antminer S9. These devices provide a huge share of hashrate.
Recall that the price of bitcoin fell below $ 9,000 on Tuesday, September 24.

1

Commissioner of the Commission on securities and exchange Commission (SEC) Hester pierce believes that cryptocurrency in the future can become a “money online”, reports Cointelegraph.

Pierce spoke about the perspectives on digital assets and regulation at the summit on the legal compliance of cryptocurrency (DACOM) in new York. She stated that it is considering a digital asset as “a mechanism for transactions”, an important function is to be a means of accumulation.

“I think as technology changes we see that they increasingly will become the money of the Internet,” added pierce.

SEC Commissioner agreed with the view that the U.S. is losing competitiveness, lingering with the development of a legal base for innovation. In her opinion, the regulator needs a push from Congress. However, Pearce believes that the Commission's approach to the regulation of cryptocurrency should be “a little less paternalistic”.

She also said the SEC needs to think about how to apply the methods of law enforcement to the cryptocurrency industry. Pierce noted that the field of view of the regulator does not just scammers, but the organizers unregistered tomenselo.

Recall that according to the CEO of Twitter Jack Dorsey, the native currency of the Internet may be the bitcoin.

Fluctuations of bitcoin prices does not mean that cryptocurrency is time to get rid of, says General Manager Morgan Creek Capital Management mark Yusko.

In an interview with CNBC, he answered the fear of falling prices of cryptocurrency, which on Thursday fell below $8000. According to Yusko, price of bitcoin can rise and fall, but the annual dynamics gives a good reason to buy assets, not sell.

Such indicators bitcoin network, as the number of wallets, the number and amount of transactions, Hasrat grow, said Yusko. The price of any asset is always fluctuating, he added.

The head of Morgan Creek has compared the bitcoin with Amazon, whose shares rose from $1,73 in 1997 to almost $1800 at the moment.

“Every year, including this, they had double-digit drawdown. Average peak 31% twice, 90%. When was the right time to sell? Never,” concluded Yusko.

Earlier, the founder of Morgan Creek said that in the next two years the bitcoin price will soar to levels of $50-100 thousand.

Cryptocurrency exchange Binance collaborated with the UK police in the investigation of fraud of £41.6 million ($51.2 million), according to the blog, chief specialist on legal compliance in the company Samuel lim.

The exchange helped the division for combating cybercrime of London police to investigate the case against a citizen of Bulgaria. He was suspected of creating and disseminating tools for phishing, which have been used against the visitors at least 53 web services.

Creating clones of sites legal UK companies, attackers using phishing scripts received private information of clients of services. This data is then sold on the darknet.

According to Lima, are victims of phishing attacks were about 500 thousand people.

Criminal extradited from Bulgaria to Britain, where he appeared before the court. The defendant pleaded guilty to five counts of fraud and was sentenced to nine years in prison.

“We are pleased with the outcome of this case and are proud to have helped to achieve justice against those involved in it,” wrote lim.

Recall, 23 September it was reported that the British police auctioned cryptocurrency amounting to about $621 thousand confiscated earlier.

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