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Image of The Day, 5 of December: The Daily Hodl, Forbes, Market Watch and Others

Daniil Danchenko

We're presenting "the image of the day". Bitnewstoday.com has chosen the most important news about the digital economy and virtual currencies. Only the most valuable stories from only the trusted sources. Each and every event from this list will change the world of the digital economy either way. The most important stories of this day in the most indicative quotes are below!


Cryptocurrency scammers dupe Singaporeans out of $78,000 in under 3 months

Cryptocurrency con-artists have duped citizens with phony articles featuring well-known Singaporean personalities to garner credibility, local media reports. The advertisements falsely claim local celebrities earned huge returns on their Bitcoin investments made with fake companies. These lies eventually lured unsuspecting members of the public into sending in their cash, receiving nothing in return.

Cryptocurrency con-artists have duped citizens with phony articles featuring well-known Singaporean personalities to garner credibility, local media reports. The advertisements falsely claim local celebrities earned huge returns on their Bitcoin investments made with fake companies. These lies eventually lured unsuspecting members of the public into sending in their cash, receiving nothing in return.

2. A SNEAK PEEK (Blokt)

Binance released a sneak preview of the Binance DEX platform

Cryptocurrency exchange Binance recently released a preview of its upcoming decentralized exchange Binance DEX. The preview of the new exchange shows how the DEX platform will allow traders to buy and sell their digital assets without depending on a centralized entity to hold their coins.

Binance CEO Changpeng Zhao revealed the project and said that it is coming earlier than he thought and asked the audience not to expect too much as it is a pre-alpha stage demo. The decentralized platform is built atop the Binance Chain, a new blockchain development that uses Binance Coin (BNB) as its native digital asset. The DEX platform will allow users to send and receive BNB with any other user on the platform, issue new tokens, burn tokens, freeze or unfreeze tokens and send buy or sell orders on community created trading pairs.


Joe Lubin’s Ethereum experiment Is a mess

A year ago, Joe Lubin seemed like one of the most prescient people on the planet. Cryptocurrencies like ether were in the midst of a hockey-stick ascent, and Lubin, a cofounder of the Ethereum blockchain and one of its most articulate pitchmen, was scheduled to speak at events from Davos to SXSW. At his firm’s “Ethereal Summits,” it was standing room only, with crowds hanging onto his every utterance, no matter how bizarre.

But with the price of ether in free fall, down from $1,389 to barely more than $100 today, Lubin’s fortune may have dwindled to less than $1 billion, calling into question how long he can continue to fund his dream. It all depends on how much ether he sold — and when.

4. JOINT OFFENCE (The Daily Hodl)

Ripple, NEM, Fetch.AI and Emurgo/Cardano are joining forces to launch a new association called Blockchain for Europe

The association is designed to represent the interests of blockchain companies and businesses throughout the region, while providing education about the “true nature and potential” of blockchain, cryptocurrency and distributed ledger technology. They also have an eye on helping Europe “create smart regulation to shape the global agenda on blockchain.”

Co-founder of the NEM Foundation Kristof Van de Reck thinks the blend of companies will give the association a unique way of communicating with leaders and lawmakers in the EU:

“There is a lack of unbiased information, especially when it comes to the open and decentralized application of the technology. By joining forces with different stakeholders that have blockchain at the core of their business, we aim to provide insights which are not tailored to the agenda of specific organizations or stakeholders.”

5. CORNERED (Forbes)

Bitcoin bear market forces Ethereum cofounder to make changes

The fall in the price of Bitcoin, Ethereum, and Ripple's XRP (as well as the wider cryptocurrency market) over the last month is beginning to cause companies to rethink their strategies — battening down the hatches in preparation for what could be a long crypto winter.

Ethereum cofounder and ConsenSys chief executive Joseph Lubin (who last month predicted blockchain technology would cause a radical overhaul of society) has said he's planning to restructure ConsenSys to protect it against the recent downturn that saw bitcoin record falls of more than 40% in a matter of weeks. Ethereum's tradable token ether is down by more than 50% since early November, topping off a year that has wiped some $700 billion from the cryptocurrency market as investors get cold feet waiting for long-expected institutional investment into the sector.

6. FACELESS MEN (The Next Web)

Bitcoin scammers steal identity of television host in New Zealand

A television host in New Zealand has denounced Bitcoin scammers for impersonating him to fraudulently market a dodgy cryptocurrency business. In a sharp message, breakfast host Daniel Faitaua made it perfectly clear: he has never owned any Bitcoin, and any websites stating otherwise are absolutely false, local media reports.

“I just want you to stop for a second. Wherever you are, just stop,” Faitaua said, looking directly into the camera. “A number of websites have been posting a story saying this show, Breakfast, had a young Bitcoin investor on for a chat, and during the chat, he helped me invest money, which I made a huge profit on straight away. Well, that’s a lie. It is fake news, and whatever you call it — it’s not true. It is a scam,” he explained. “The interview they say we did never happened. I have never invested in Bitcoin, and therefore I never made the profit they say I did.”


Bitcoin falls 5% to one-week low, with breach below $3,500 at risk

Bitcoin prices on Wednesday traded to their lowest level in a week and were on the brink of falling below a psychologically significant level below $3,500. The price of a single bitcoin,  the world’s largest cryptocurrency, was last trading at $3,700.30, down 5.2% since Tuesday at 5 p.m. Eastern Time on the Kraken crypto exchange and to its lowest level since Nov. 27.

Despite the persistent selling pressure, one market watcher said at these levels there is more upside than downside for those looking to find a buying point.

“Bitcoin continues flirting with the [$4,000] level as it struggles to find its footing following the latest selloff,” wrote Jani Ziedens of the CrackedMarket blog. “But given how far we fell, at this point there is more upside than downside. That said, few things move as far and as fast as cryptocurrencies.”

8. A NEW CLASS (The Daily Hodl)

US congressman Introducing legislation to designate Bitcoin and cryptocurrency as a new asset class

Bitcoin and cryptocurrency may finally become its own asset class, if a new bill heading to the US Congress becomes law. US Representative Warren Davidson of Ohio is proposing to bring some much needed clarity to confusion on whether crypto should be categorized as securities, commodities or properties.

According to Cleveland.com, the Republican from the 8th District says he plans to introduce legislation in the House of Representatives that would create a new, unique asset class for cryptocurrencies and initial coin offerings (ICOs), allowing for a more clear path to government regulation. The bill would prevent crypto assets from being classified as securities and empower the federal government to “regulate initial coin offerings more effectively.”

Davidson says the bill will help legitimize the blockchain industry, giving new companies the power to raise capital a different way, directly from consumers.

9. RIDING THE WAVE (Seeking Alpha)

What can plan sponsors gain by catching the fintech wave?

"It's time to start thinking about the future." That's the message the retirement industry conveys to participants in hundreds of iterations. Tomorrow is closer than we think, a point illustrated nowhere more clearly than the tech world.

Financial technology — "fintech" to the initiated — is transforming how banking institutions and insurance companies interact with consumers. As plan sponsors explore how to serve the tech-savvy retirees of the future, a revamped digital experience may be the most impactful upgrade they can make.

10. DRAMA OF BLOCKCHAIN (The New York Times)

The hope and betrayal of blockchain

Blockchain is far more than just the technology underlying Bitcoin, the cryptocurrency. It is a tool that promises to decentralize the structures governing all economic transactions and, in the process, redefine our concept of trust. This is the most revolutionary and innovative aspect of blockchain.

The benefits of a decentralized system are clear: Users are able to build trust without involving a third party. Group cooperation is enhanced. Fraudulent transactions are minimized. In addition, users can build their personal reputation across multiple platforms, and they can not only control their vast transaction data but also build and manage their own digital identity — bypassing the surveillance of the tech giants.  But it’s not that easy.

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