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SEC Enforcement Division Says ICOs a Vehicle For Fraud

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Click here to view original web page at cointelegraph.com

SEC Enforcement Division Says ICOs a Vehicle For Fraud

During a speech given at a Securities Enforcement Forum on Thursday, the co-director of the Securities and Exchange Commission (SEC) Enforcement Division, Stephanie Avakian made it clear that the commission sees the need for strict digital enforcement when it comes to ICOs.

While the SEC sees and affirms the power of Blockchain technology, they are nevertheless fully aware of the danger that such digital technologies pose as a vehicle for fraud. The risk toward investors and the general public must be mitigated, according to the commission’s view. The co-director said:

“Blockchain technology presents many interesting issues and can of course present legitimate opportunities for raising capital. But, like many legitimate ways of raising capital, the popular appeal of virtual currency and Blockchain technology can be an attractive vehicle for fraudulent conduct. We think that creating a permanent structure for the consideration of these issues within the Cyber Unit will ensure continued focus on protecting both investors and market integrity in this space.”

The SEC has already made it clear that they will treat tokens as securities in many cases, driving fear into the ICO market. These recent statements only reaffirm the reality that governments are increasingly seeing the need for oversight in the field.

While this news may come as a negative for some, others have argued that clearing out the ‘riffraff’ of the ICO world would actually improve the overall marketplace.

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Desperately Seeking Devs: How to Fill Bitcoin’s Talent Shortage – CoinDesk

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CoinDeskDesperately Seeking Devs: How to Fill Bitcoin’s Talent ShortageCoinDeskFor all the explosive growth in the bitcoin community the last few years – in users, transactions, companies, open-source projects, press coverage, cultural references and of course the price – there remains an obvious deficit that’s both pronounced …

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A ‘Real Bubble’: Warren Buffett Not Impressed by Bitcoin Price Surge or ICOs

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Hacken Announces Its Token Sale Will Start October 31

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The crowdsale will last for one month or until the hardcap of 20 million HKNs are distributed

Hacken, an ecosystem of white-hat hackers and a bug bounty marketplace with a focus on blockchain security, announces its crowdsale is set to start on October 31. The company has already raised an equivalent of $900,000 during the pre-sale in September. Having distributed 800,000 tokens they’re now looking forward to a successful token sale with over 1,000 contributors registered in the Whitelist.

Dmytro Budorin, Hacken Co-Founder and CFO, says: “We designed Hacken to motivate hackers to make legitimate profits by being involved in white-hat penetration testing and research. Today the supply of сybersecurity services fails to meet the demand and we’re happy to see great public support for our efforts to create a unique blockchain-based cybersecurity hub”.

The alpha version of HackenProof, the bug bounty marketplace and the first component of Hacken Ecosystem, will be released during the first week of the token sale. While it has already been successfully tested with several e-commerce businesses during the HackIT cup finals, a team of developers headed by Andrii Matyukhin, Hacken CTO, are polishing the platform to have it completely ready by mid-December.

In addition to working on the product in preparation for the token sale, the Hacken team has established several strategic partnerships. Among them are:

  • TaaS Fund, the first-ever tokenized closed-end fund dedicated to crypto-assets designed to reduce the risks and technical barriers of investing in the blockchain space. The cooperation includes advisory support and provides traction for Hacken in the expert community. This is extremely valuable, considering Hacken’s primary focus on blockchain security.
  • Confideal, a visual smart contract builder that makes creating, managing and enforcing smart contracts easier than ever. The cooperation will provide discounted services of penetration testing and vulnerabilities analysis to Confideal and their clients, as well as broader opportunities on using smart contracts for Hacken and their clients.
  • Neuromation, a technology platform that creates synthetic learning environments for deep learning of neural networks. Neuromation is building a platform of distributed computing for creating artificial worlds where AI algorithms are trained on simulated sensory input.
  • SmartOne, a marketplace for legal advice, automated document preparation and individual legal consulting. SmartOne partnered with Hacken for security auditing to ensure its legal services marketplace and its clients are protected using the best security standards in the industry.

The initial price for 1 HKN is $1 in fiat equivalent. The minimum amount to be purchased is an equivalent of 1 ETH. The currencies to be accepted are BTC, ETH, DASH, LTC, USD, EUR, TaaS. 80% of the funds raised are kept in an escrow account. To manage volatility risks and increase HKN liquidity in the future, Hacken will apply its unique innovation dubbed ‘the burning principle’: once the platform is launched, Hacken will charge on average a 30% fee for each transaction and then eliminate half of it from the system. Thus, the amount of Hackens available will be constantly reducing, thereby bringing greater value for community members. The initial total amount of HKNs is limited to 20 mln with no future emissions currently planned.

Visit hacken.io to buy HKN and to contribute to Hacken token sale by subscribing to our email newsletter. Follow us on Twitter or ask your questions on Telegram or on our Facebook page.

The Hacken Ecosystem is a community-based business organization consisting of the HackenProof bug bounty marketplace, Zero-day Remuneration Platform, Hacken Accelerator and Cybersecurity Analytics Center. The Hacken Ecosystem utilizes its own cryptocurrency HKN — a dedicated cryptocurrency for white hat hackers, to incentivize users to interact with its ecosystem. Hacken’s vision is to launch a movement that in several years will become one of the main driving forces deterring and countering international cybercrime.

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Bitcoin Price Drops Below $6000 While Bitcoin Gold is Trading at $120

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Click here to view original web page at www.coinspeaker.com

Just three days back, the second fork in the Bitcoin Network was activated, giving rise to another derivative cryptocurrency named Bitcoin Gold (BTG). However, after the hard fork was initiated, Bitcoin Gold has undergone quite a bumpy ride. Initially, the BTG website faced serious DDoS attacks which pulled down the website operations for several hours later.

Soon after the hard fork was initiated on Tuesday, the price of Bitcoin was around $5300. Within 24 hours Bitcoin prices showed a strong momentum recovering to $5700 and above and now shows a price of $5861.00 per coin, according to the CoinMarketCap Bitcoin Price Index.

However, during the same time, the price of Bitcoin Gold (BTG) plunged by nearly a whopping 60% from $528 to $127 and is now trading at $122.68 level. This is really surprising considering the fact that no exchanges have enabled deposits.

The Bitcoin Gold was created in order to offer competing rewards in the mining process thereby requiring affordable computing infrastructure as opposed to Bitcoins more expensive one. Moreover, just like in the case of Bitcoin Cash (BCH), the Bitcoin Gold will also be made available to everyone holding Bitcoin at the time of fork.

A few exchanges like Bitfinex, HitBTC and YoBit have already allowed users to start trading in Bitcoin Gold. In the major sell-off of Bitcoin Gold, exchanges Bitfinex and HitBTC contributed to maximum trading volumes.

Expert Views on Bitcoin Gold

Several independent analysts and financial institutions over the period of time have expressed mixed views over the split process. While some have stayed positive about it other believe that the split process poses a huge risk causing a large amount of confusion and uncertainty within investors.

Sol Lederer, blockchain director at Loomia, told CNBC: “These forks are very bad for bitcoin. Saturating the market with different versions of bitcoin is confusing to users, and discredits the claim that there are a limited number of bitcoins — since you can always fork it and double the supply.”

While on the other hand Bob Summerwill, chief blockchain developer at Sweetbridge, believes that splitting is a good thing allowing people to part ways having a contradictory view. In a word to Business Insider, Bob said: “Splits happen periodically in all open-source communities. Having everyone collaborating in a single project is ideal, but sometimes there are genuine differences of opinion, and network effects are not enough to keep everybody together, so a group secedes.”

At this point of time, it will be too early to predict where the prices for Bitcoin Gold are heading. However, one thing is sure that the developer and technical behind Bitcoin Gold will have to have to overcome the underlying issues of transactions complications and other. It will be only then when they will be able to create trust within the investors to welcome to the BTG platform.

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