Tesla CEO Elon Musk is among a long list of people targeted by Ethereum scammers on Twitter.

The scam works like this - Elon Musk makes a real tweet, then immediately following it, a profile designed to look exactly like his will respond with something like "By the way, i'm doing a giveway for our fans..."  this usually then involves some gimmick like "Send 0.5 ETH, and get 3 back!".

The bots are aggressive, and manage to usually be the first reply to a targets tweets, causing Musk to comment:

"I want to know who is running the Etherium scambots! Mad skillz …"

Which then got Ethereum's creator Vitalik Buterin to respond, sadly saying:

“I do wish @elonmusk's first tweet about ethereum was about the tech rather than the twitter scambots........”

The scammers do seem to have dozens if not hundreds of impostor accounts pushing their scams.  Even Global Crypto Press has been hit by them - so far we've reported two accounts impersonating our organization (The only real one is @GlobalCryptoDev) - to Twitter's credit both were removed within 24 hours.

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The forex market is old, dating way back to the late 19th century. The cryptocurrency market, on the other hand, is a recent phenomenon and, unlike forex, has new coins entering the fray at regular intervals. The crypto world is neither affected by country-specific, geo-political issues nor macro-economic factors, because of its decentralised nature. This calls for a different approach to trading these instruments.

However, long-term and short-term trading strategies, along with arbitrage, are applicable in both cases. Each market has its own set of advantages and disadvantages for traders too.

Market Capitalisation
It is important to understand the nature of both markets before trading. The forex market remains the largest and most liquid market in the world. The average daily turnover in 2016 was approximately $5 trillion. It also has greater depth and stability, compared to the cryptocurrency market, due to its larger size.

In comparison, the cryptocurrency market is smaller, standing at $245 million as of June 28 2018. Moreover, most of the coins are available in limited supply. The price of crypto coins is determined largely by the demand-supply ratio.

These factors have to be kept in mind when we look at trading strategies.

High Volatility
The crypto market has highly volatile instruments. Random rumours and speculations drive price movements. In contrast, the forex markets show stability, and lower periods of volatility. You can expect 20% to 30% fluctuation in the crypto exchange rate in a day, which makes leveraged
trading a rare feature. However, higher volatility also means higher chances of profits, sometimes at unprecedented levels. This is why many short-term traders resort to cryptocurrency trading, since they get plenty of opportunities to get in and out of the market. In contrast, the amount of profit that could be made in the forex market is lower.

In either way, stop loss and other risk management techniques have to be used for both types of trading.

Cryptocurrency Exchange Rates Differ from the Actual Value
The exchange rates of cryptocurrencies can differ slightly from their actual value, unlike fiat currencies. Also, given that these are digital assets, they need to be stored on software or hardware wallets. Traders often prefer to store their crypto assets in exchange wallets. The problem, however, is that these wallets have proven to be vulnerable to hacking and theft.

Fortunately, leading brokers like Blackwell Global, are providing various means of crypto trading, like CFDs, where traders don’t actually own the underlying asset, but simply speculate on the price. CFD trading allows traders to take positions in both rising and falling markets. This is highly useful in trading in a highly volatile cryptocurrency market.

24/7 Crypto Trading
Cryptocurrencies can be traded 24/7. In contrast, forex markets close at the weekends. With robust trading platforms like MT4, one can trade in various crypto coins, with useful crypto indicators available to help determine the price action and assist in identifying buying and selling points. You can always choose a demo account to try different strategies in real market conditions, but without using any real assets for trading.

With the rise of blockchain applications, trading in cryptocurrencies is only expected to become increasingly lucrative. Many forex brokers have now included crypto offerings in their product portfolios, so that traders can benefit from the soaring prices of alt coins. Blackwell Global, a leading FCA-regulated broker, has introduced the largest-ever crypto CFD offering, with over 15 different coins to trade via a single account, along with forex and commodities. To know more, visit Blackwell Global.

YouTube has been added to the list of people and organizations in a class-action lawsuit against crypto scam Bitconnect, according to recently filed papers (link) which state:

“YouTube failed as a gatekeeper to protect its users from, and warn its users of, the very harm YouTube set out to prevent with its advertising protocols and proprietary algorithms"

The documents go on to make the case that it didn't stop with YouTube simply allowing videos promoting Bitconnect to be uploaded, but many of the video creators were rewarded by YouTube directly because the videos were monetized, stating:

"YouTube was negligent in failing to warn those victims of the harmful content for which YouTube compensated their creators and publishers."

In my opinion - this seems like a stretch.  Bitconnect 'victims' are searching for anyone to blame but themselves - the entire operation was clearly a scam from the beginning, and every legitimate person in the cryptocurrency world was sounding the alarm.

I am the only journalist to have confronted Bitconnect reps in person at the Silicon Valley Blockchain Expo (link) - I did this at the peak of Bitconnect when everyone was making money (or at least thought they were).

Bitconnect fans decided to send me death threats instead of heed the warnings from myself and others.  I saw the same things on Twitter when established people in the cryptocurrency and blockchain world tweeted warnings about Bitconnect being a ponzi scheme.  Bitconnect users simply responded in anger - saying these people were 'just jealous' that they missed out on huge profits.

Investors in Bitconnect were warned time and time again, anytime Bitconnect was mentioned online there would always be people responding calling it what it was - a scam.  But when it appeared that profits are rolling in, nobody wanted to hear it.

I'm all for everyone behind Bitconnect going to prison, and i'm fine with everyone who promoted it getting sued - but these are people *directly* involved.  The idea YouTube is now liable for what those people uploaded, and at fault for the victims believing what those videos said, is in my opinion a pathetic blame-game. 

Sure, there were videos on YouTube of people saying Bitconnect was legitimate - but what no one can explain is: why did you listen?  No one saying these things had earned any credibility, there's no reason they should ever had been considered a more reliable source than a random person on the streets.

At some point the Bitconnect 'victims' need to face the truth that something sounded too good to be true, and indeed was.

The volatility of crypto makes it impractical to use as an everyday transactional currency. Until the markets mature and price levels out, the only hope of mass adoption lies in the foundation of a viable “stable coin”, or a cryptocurreny pegged to a stable asset like the U.S. dollar. Many believe that the emergence of a strong stable crypto will herald an exodus from fiat into the world of internet money.

Currently there are more than 8 coins vying for this position on CoinMarketCap.com. They all have slightly different constitutions and proposed uses. Here are three of the most popular, and what makes them distinct.

1. True USD - An ERC-20 token pegged to USD. TUSD is a product of TrustToken, a platform which will eventually have tokens pegged to other assets like bonds and real estate. TUSD does not currently have many trading pairs, but it can be bought with BTC on Binance, Bittrex, Upbit and others.

2. Dai - From decentralized autonomous organization MakerDao, Dai is pegged to USD but backed by Ethereum. It runs on the ETH blockchain as a smart contract and is therefore public and transparent. Dai is not yet available on major exchanges, but can be found on Bibox and Hitbtc.

3. Havven - (Nomin) Also a decentralized organization, Havven is a blockchain whereby stable coins called Nomin are transacted. Havven is still speculative as it hasn't been tested on exchanges yet. Buy on Kucoin or Gate.io.

For now, coins like Tether and True USD are mainly used are safe-haven during Bitcoin corrections, though it should be noted that trading any crypto this way comes with risks. None of these products are perfect, they all have flaws, questionable origins, or over-complicated whitepapers. In some ways it has become a race for the prize. One thing is certain: any semblance of mainstream adoption relies heavily on the promise of a stable, fast, secure, and available medium.

Popular exchange Gemini announced a major new hire today -  New York Stock Exchange's Chief Information Officer, Robert Cornish.

“Rob is a tremendous addition to our team. He will ensure that Gemini continues to deliver the best platform experience to our customers as possible and set the standards of excellence for the cryptocurrency industry as a whole. Rob is globally recognized for his abilities in leading high-performing engineering teams, his expertise in exchange and matching-engine architecture, and running high-throughput platforms that are both secure and resilient” said co-founder Tyler Winklevoss.

Gemini founders the "Winklevoss Twins" best known for suing Mark Zuckerberg claiming he stole their idea (and got a settlement for it) have aggressively been pursuing the goal of running a company in the unregulated cryptocurrency space that still functions with approval from the government - even if it's not needed, yet.

It's an idea that makes a lot of sense if regulations are coming - imagine what they may be, function that way, and when it happens they won't need to change anything.

Most expect any government regulation regarding cryptocurrencies will likely sound a lot like the current rules for the stock market, which is why hiring Wall Street pro's could be a very smart long-term move.

Despite the 2018 bear markets, “institutional money”, a generic term to denote big banks, governments, and corporations, has slowly been making its way into the crypto industry. Although it may be difficult to see on a chart, here are several large companies exploring new patents in blockchain related tech as of July 2018.

Mastercard International
Blockchain powered payment card verification system.

Alibaba Group
Adjusting account balance on a blockchain.

Cisco Technology Inc.
Decentralized asset tracking for supply chain and inventory management.

Fujitsu Limited
Secure data sharing in a distributed network.

General Electric Company
Distributed manufacturing history.

Moog, Inc.
“Outer Space Digital Logistics System”: Traceable manufactured parts, 3Dprinting.

Sony Corp
Digital rights management.

Walmart Stores Inc.
Access to locked spaces using cryptographic keys.
Medical records stored on a blockchain, and obtaining them from a wearable device
Registration-Based User-Interface Architecture
Payment sharing system for vendors

International Business Machines Corporation
Shelf-life management for food products
“Blockchain Gaming”
Verifying news on a blockchain.

This is only a small sample of current blockchain applications. Also, It’s important to note that
these are only patents; they don’t necessarily prove development. However, it is evidence that
businesses are placing bets, or at least hedging, on a future of blockchain.

Being called the "J5" for short - America, the U.K., Canada, Australia, and the Netherlands are teaming up to form an International Task Force called "Joint Chiefs of Global Tax Enforcement" with the goal of sharing intelligence to track down tax cheaters.

Their specific targets - tax evidaders using offshore accounts, and cryptocurrencies.

"The unique thing about the J5 is the operational collaboration between five countries on tackling professional enablers that facilitate offshore tax crime, cybercrime and the threat of cryptocurrencies to tax administrations, as well as making best use of internationally available data and technology.” said Hans van der Vlist, General Director of FIOD.

More news on this will come "late 2018" according to a press release from the IRS.

Full information can be found at http://www.irs.gov/J5

“The premiere was a success!” said Dieter Müller, head of communications for the city of Zug, Switzersland, which is one of the more affluent cities in the country.  The city just wrapped up their first test run of a new voting system that relies entirely on blockchain technology!

Feedback from those involved has been overwhelmingly positive - "Almost all participants found it easy to vote digitally" says local news outlet Swissinfo.

The factors they evaluated to determinate if it was a success include voter privacy & secrecy, and that votes were both verifiable, and unchangeable.

While this pilot program was just a 'test' with a non-binding vote, Swiss officials believe the ability for someone to have a digital identity secured by blockchain technology could eventually help citizens streamline many other aspects of how they interact with the government - from filing taxes to paying traffic and parking tickets.

Keeping with a common theme among true blockchain evangelists, the City of Zug has also committed to sharing their code and keeping it open source, saying:

"We believe that this technology should not belong to a single company. We will build the e-voting platform 'Open Source' so that people can understand what the technology is and how it works. We want to encourage more people to develop blockchain-based applications for governments worldwide."

There's a similar program also entering a test phase in the United States, specifically West Virginia.  The program there will begin with US Military personal currently overseas, allowing them to vote in their states Senate election remotely. They believe there are some major advantages to both the voter and the state, and that the ability to vote digitally and securely will one day replace mailing absentee ballots to citizens currently outside of the country.

All of this brings up an interesting possibility - the masses are likely to be introduced to blockchain technology first though something besides cryptocurrency.  But naturally, once the public sees how it improves one area of life, seeing the benefits cryptocurrencies offers over older traditional financial systems also becomes more apparent.

While most of the crypto markets have seen declining prices recently, Binance Coin (BNB) has been on a steady uptrend.

Many attribute this to the high standard upheld by the exchange; Binance.com is proving itself to be a responsible and discerning marketplace. Each coin undergoes a selective process to determine listing eligibility.

Others claim the growth is due to Binance’s new decentralized sister exchange, soon to be released in 2018 and also using BNB as a medium. Huobi Pro’s HADAX has seen significant increase in volume and number of listed coins, and there’s no reason to believe that Binance Chain will be any different.

While many investors and traders are anxiously awaiting the rollout, there will be a few major differences between Binance Chain and Binance’s main platform.

More coins: The Binance crew will have much less, if any, control over what coins get listed. This is the nature of a DEX. “Most likely anybody can list any coin” founder CZ stated in an interview with Bloomberg.

While this sounds like a bonus to crypto enthusiasts, it’s important to remember that CZ and Binance currently choose to list only projects they believe have integrity. So the decentralized counterpart may be lacking in quality tokens compared to what you are used to.

Slower, with higher fees: According to CZ, the DEX will require much more processing power. At least until significant improvements in tech, expect a snail’s pace and heavy cost.

Less customer support: By nature, decentralized exchanges are automated. While Binance.com is known for superb customer support, be prepared to handle your own issues when using Chain.

In general, DEX’s are made to be community-run, open-source marketplaces. They are meant to work outside the control of a central authority. This means they can’t be shut down or otherwise censored. While Binance Chain will likely be more user-friendly than other DEXs like IDEX or EtherDelta, don’t expect the same quality experience as their flagship.

However, since decentralized exchanges operate through a peer-to-peer blockchain, you can rest easier knowing that your assets are distributed among thousands of nodes instead of sitting in a central location. All thanks to the security of cryptography.

The Sichuan province of China has been called the "Bitcoin mining capitol" of the country - and it's just been hit with harsh weather, heavy rains - followed by major flooding.

Initial reports out of the region are claiming losses of "tens of thousands" of mining rigs, worth millions in hardware and even more in lost mining fees.

According to Chinese news outlet Jinse (link)...

"[Translated] Recently, continuous storms hit Sichuan Mianyang, Guangyuan, Chengdu, Aba, Meishan and other places, causing floods. The collapse of the mountains and the rapid rise of the river have caused local hydropower and communication facilities to suffer from various degrees of damage. At the same time, in areas such as Sichuan and Aba, which are rich in electricity and electricity, these areas have become a centralized area for cryptocurrency mines. In the flood, some mines were not spared, and tens of thousands of mining machines were flooded. Inundation, heavy losses."

The good news is, the loss on mining power hasn't had a measureable effect on the Bitcoin network overall - there has been no noticeable decline in transaction confirmation speeds or hash rates.

It is estimated up to 70% of Bitcoin miners are located in China, where low cost coal and hydraulic power gives miners a large cost advantage.