Lithuania changing its crypto regulations for ICOs again!

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Lithuania yet again plans to update regulations for ICOs (Initial Coin Offering), virtual currency exchanges and depository wallet operators. Also, they plan to introduce requirements for them to ensure effective prevention of money-laundering and terrorism funding.

Transparent legal environment

Sigitas Mitkus, director of the Finance Ministry’s financial market policy department commented on the issue. “We want to create a transparent legal environment for virtual currency exchanges, depository wallet operators and ICO initiators. We also want to contribute to ensuring better consumer protection,” he said in an interview.

Under these amendments, only legal entities and their branches registered with the Center of Registers will be able to act as operators. They will also have to execute the Law on the Prevention of Money Laundering and Terrorist Financing. Also, they will have to check the clients’ identity and inform the Financial Crime Investigation Service about large financial transactions, he said.

It will be a requirement for companies to identify their clients and check their identity before providing services. However, this applies only if the operation value exceeds 1,000 euros. Also, they need to provide information to the FCIS, if the operation value is now less than 15,000 euros.

Going even further than EU directive

“By introducing limits for financial operations, we are going further beyond the EU directive. We will probably become the first in the world to implement the FATF (The Financial Action Task Force) recommendations and apply the requirements not only to the conversion of virtual currency to traditional ones and vice versa, but also when converting one virtual currency into another,” Mitkus said.

The amendments are aimed at transferring the fifth EU Anti-Money Laundering Directive (AMLD 5) and the FATF recommendations, adopted in October, into Lithuanian law.

Lithuania is very actively trying to find a proper regulation for crypto!

At the beginning of this year, the Bank of Lithuania issued an updated document on its official position on cryptocurrency and Initial Coin Offerings (ICO). Arguing that financial market participants are still allowed to receive payments only in the traditional fiat currency and it is forbidden to receive payments in the cryptographic currency.

At the beginning of March, the Financial Transactions Working Group issued preliminary guidance on cryptographic currency. Urging states to prevent money laundering and terrorist financing. Also, to provide licensing in the crypto sector and adapt the “Know Your Customer” principle.

Source:

https://kripto.media/lietuvas-finansu-ministrija-plano-sagatavot-grozijumus-likumos-par-kriptonozares-kompaniju-darbibu/
https://www.baltictimes.com/lithuania_plans_to_step_up_virtual_currency_control/

Vitalik Buterin spoke about Ethereum 2.0 in the South Korean Parliament

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Vitalik Buterin, the creator of the second largest cryptocurrency Ethereum, had a speech in the South Korean Parliamentary session. The main theme was the future of blockchain and the global economy. Min Bjung Du, the chairman of the South Korean National Policy Committee, also took part in the session.

14k transactions per second

“The purpose of Ethereum 2.0 is to reach 14,000 transactions per second, which is equivalent to 2.8 MB,” said Buterin. He explained that this is due to the transition to PoS and implementing sharding, which is still a major priority.

“We will use our Ethereum verification algorithm Casper as Ethereum 2.0-based technology,” said Buterin. “The technological progress helps to solve the initial problems of blockchain technology,” he said. “Over time, various blockchain technologies such as Proof-of-Identity will be used.”

Developing wallet security

Buterin noted that the key technology in the blockchain must meet the requirements of scalability, confidentiality and security. In reality, the speed of blockchain transactions is too small for it to replace the financial market safely.

Also, Vitalik Buterin said there is a need to develop ways to enhance wallet security. As far as private information is concerning, the users should probably not enter it into the blockchain. Given its specificity because such information can be disclosed.

He mentioned the Metadium project as an example that can work with identification data and successfully address security issues.

Bad performing ICOs

He also addressed the bad performance of ICO projects in recent years. Buterin said that, in general, innovation companies would probably suffer from a drop in stock prices after listing. Also, he was pointing out that in the future, the investors will determine the growth and viable financing models of these companies.

Buterin noted that in 2019 the quality of ICO projects has improved significantly, and the demand for certain blockchain applications is now becoming more apparent.

Source:

https://kripto.media/vitaliks-buterins-dienvidkorejas-parlamenta-sede-pastastijis-par-ethereum-2-0/#respond

Photo by flickr.com

SHOCKING: BiteBTC is still Scamming ICOs And Users! UPDATE!

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The UPDATED text is at the end of the article!

Recently we covered a news story about BiteBTC.com. To recap – they announced that a fire had occurred within their data centers on new years eve and that all their main backup servers were destroyed. After this, a storm of negative user complaints fired about their accounts being inaccessible. They neither could access their accounts nor withdraw any funds. Above all, this happened three days before the annual Proof-of-Keys event, where users withdraw all their funds from exchanges to see the exchanges ability to provide solvency. Naturally, this raised a lot of suspicion about a possible exit scam. When we published the article, BiteBTC.com blocked us on Twitter. What kind of message does this send to us? Let’s see how far the situation has escalated up until now.

BiteBTC.com changes their legal address.

While browsing the bitcointalk.com forum, we found a senior user (subwoofer12) post who had noticed that bitebtc.com changed the footer of their front page. In order to confirm these claims, he demonstrated a couple of screenshots from the bitebtc.com website. Previously their footer, on which we based the information about their legal headquarters, was:

“Copyright © 2018 FINANCEFIRST PTE. LTD. All rights reserved. Consumer advisory – FINANCEFIRST PTE. LTD. (UEN 201706635G) the holder of FINANCEFIRST stored value facility, does not require the approval of the Monetary Authority of Singapore.”

However, now they have changed the footer to:

“Copyright © 2019 First Finance LLC, Seychelles. All rights reserved. Consumer advisory – First Finance LLC the holder of BITEBTC stored value facility, does not require the approval of the Seychelles Financial Services Authority.”

In contrast to the previous information, there is not much you can find about this new Seychelles location they have provided. It is an off-shore zone. Typically such companies go offshore to avoid taxes, money laundering, and corruption claims.

As subwoofer12 writes: “Perhaps trying to hide owner/shareholder information by incorporating in Seychelles, it’s a little bit late for that now.”

The owners of BiteBTC.com?

The user Subwoofer12 did very good work on finding information about this particular case. He managed to get the business profile of their company from the Accounting and Corporate Regulatory Authority (ACRA) Of course, this information could not be 100% accurate.

It shows that the owners of FINANCEFIRST PTE. LTD. are two Singapore citizens Ng Chee Siang (The director) and Sim Zi Chao (The secretary).

Also, subwoofer12 found a little of background information on these two guys, he writes:

“If these two want to resolve the situation you can start by returning all the money that you’ve stolen from your customers
There’s a chance these are the wrong people, but I’m almost sure that I’m correct. Both of them have an interest in finance, they used to run this blog together https://investmentstab.blogspot.com/ Viewing post activity on LinkedIn shows them liking topics related to Blockchain
It seems that they met each other while interning at the Bank of America in Singapore, looking at their work history on LinkedIn the periods of time match up.”

We do not assure that these are the people behind BiteBTC. We are only portraying what is available on the internet and what people are claiming.

BiteBTC.com now is asking for 0.01 BTC deposits to restore accounts!

The bitcointalk.org forum thread on this case was quiet for a while, but a few days ago a user westbanker posted an image which shows that the official BiteBTC support e-mail asks for a 0.01 BTC deposit to rectify his account.

If this is true, then this is an absolute madness!

Here is a e-mail conversation from with westbanker and the BiteBTC.com support:

“Me: When are my funds going to get restored to my account? I have been waiting almost 2 months.

Them: We will have to rectify your account for that
Once we rectify your account
Your issue will be resolved immediately.
Reply us back so we can tell you the procedure to rectify your account!

Me: How do we rectify my account?

Them:
You will have to make a deposit of 0.01btc to the rectification wallet address we will provide for you to rectify your account.
Once we rectify your account the btc will be refund back to you and after that your issue will be resolved immediately.
Reply us back so we can provide you the rectification wallet address to deposit into!

Me: I habe to give you money to get my money back? No, that’s not how this works.
You are scamming people. Give me my fucking money back

Them:
We’ve nothing to do with your money
Just to rectify your account
Then once we do that
Your money will be refund back to you immediately

Me: Why do I have to send you money to get my money back? Please explain that to me

Them:
The btc is for us to rectify your account so that your issue can get resolved
We’ve nothing to do with your money
It will be refund back to you once the rectification is done

Me:
Explain exactly how you need more money to rectify my account.

What are you spending money on to rectify your own files?

Them:
It’s not your work
It’s our work okay!
If you want your issue to get solved
You do what we asked you to do
Or you leave
And your issue will never get resolve

It’s not your work; You do what we asked you to do, or leave… Wow, this looks like a great example of how you should never communicate with your clients.

Twitter communication

As I mentioned above, BiteBTC Twitter blocked Best Coin Investments after we published the article. But as we all know – that cannot stop us from accessing their content. The strange thing is – they are operating like nothing would’ve happened. They’re making airdrop auctions, showing-off that they now have $100M in daily volume, and posting information on newly listed coins. However, every single post has at least one user saying that you should definitely read more about this exchange, and even more users asking for a refund.

But this tweet is just literally something out of this world:

Apparently, their Twitter manager has no idea that there isn’t such thing as a February 30.

Go check it out yourself. You will soon discover not to do any business with this exchange because of the bad reviews. Lots and lots of users are advising not to use this exchange.

Fraudulent token listing

While regular users are waiting for their refunds, BiteBTC successfully operates in listing new coins. However, there are claims of some ICO projects that BiteBTC has collected the listing fee, but somehow failed to pass the exchange’s verification process. Needless to say that they also haven’t received a refund.

“Dear Globycoin Team,
Thank you for your response!
We’ve received your payment and forwarded your request to our developers.
Your coin will be listed within 5 business days because of a queue.
I will inform you in 24 hours about your listing.
Additionally, we can list your coin within 24 hours for additional 0.1 btc Premium Listing fee or within 48 hours for additional 0.05 btc Express Listing fee.
Additionally, I would like to offer you to run Airdrop to attract more traders to your coin.
Please check some of our previous campaigns:
https://twitter.com/bitebtccom/status/983671610594025473– 1K participants in less than 2 days;
https://twitter.com/bitebtccom/status/994578155926106112– 400 participants in less than 12 hours.
I’ll be glad to offer you special conditions and run your airdrop within 1 week.
Thank you for being a part of BiteBTC community!”

– Response to Globycoin

So it looks like they are mainly living off of ICO listing fees. Also, Best Coin Investments is not the only one who got blocked by them on Twitter.

“We Team EGEM paid the listing fee and got “listed” but none of our coin holders could trade. When I asked Steven (the sales rep) about this he offered to sell me “Market Making services” – how is that for a scam.
We complained on their twitter and alerted the other coins that were paying the listing fees and got blocked”

Conclusion

From our perspective, this looks like a 100% scam. The communication with users is beyond any criticism. They claim that they have started coin redistribution, but somehow, nobody has received it.

If anyone from BiteBTC.com wants to back up these claims, please contact us at info@bestcoininvestments.com!

Some users claim that the owners are arrested in Singapore, but that is unofficial. However, that might be the reason for deleting the trade history of all the users. Also, they moved their company to Seychelles, which is very strange.

What is even more shocking, not mentioning the “You do what we asked you to do or you leave” comment, is that one of the solutions that they provide their users is registering again and trading with no initial balance. “You can open a new trader account, pass the KYC verification with the same photo id and start trading with no initial balance.”

Bitcointalk.org users claim that they have not received any refunds as BiteBTC.com claims.

Also, users from bitcointalk are submitting requests to CoinMarketCap to delist the exchange, in order to stop them.

This is unbelievable how an exchange with this kind of reputation can still manage to operate. It could be that all those accounts which are engaging with them are fake, just to make the exchange seem live. Hosting airdrops just for twitter engagement seems odd as well. We all know that the air-drop hunters don’t care what, who or where, “just gimme the damn coins”. But a new low for the cryptocurrency exchange business would be the combo of scamming users and ICOs as well. It looks like they feel so infamous at this point.

Needless to say that people are engaging with the police to stop this madness.


Links to previous articles about BiteBTC
Is BiteBTC a scam exchange?
Proof-of-keys: The exchanges that failed

We also did an article on how to choose the best exchange for trading, giving a few examples of good exchanges:
How to choose the best crypto trading exchange!

Moreover, we recently did an explanatory article on how to report scammy exchanges:
7 Ways How to Report a Scam Exchange


Update:
We received an e-mail from one of the BiteBTC customers who also suffers from the exchange. He told us that only 3 days ago the exchange stole 0.45 BTC from him. Their excuse is that he had violated the terms and conditions. However, the user says he didn’t violate any rules, they just blocked him! He cannot access his account and judging by the e-mail he received from BiteBTC, this is their final decision.
This is the e-mail he received:


If you are a victim of BiteBTC or have some useful information about this particular subject, contact us at info@bestcoininvestments.com, or send an e-mail to a group of people who share the same negative experience with BiteBTC at bitebtcfraud@gmail.com.

Source:

https://bitcointalk.org/index.php?topic=4612714.720
https://imgur.com/a/t2LiFe1
https://imgur.com/czyOcMI
https://www.cryptoinfowatch.com/bitebtc-when-scammers-run-a-crypto-exchange/

WARNING! Don’t even think about crypto investments until you read this!

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I remember it like it was only yesterday when all the coins and tokens were booming and you could get massive gains in every crypto asset you invested. It was the crypto investments bull run of 2017. It all looked so easy and it almost felt like this could go on forever. But it was just a big bluff since I and my friends weren’t with a financial background, and only got into cryptocurrencies in May 2017.

The first crypto investments – Bitcoin and altcoins.

Me and my friends started talking about cryptocurrencies in early May 2017. My ex-girlfriend had been talking about this thing called Bitcoin and I started reciting it to my friends. The more I talked about it, the more I understood it in the sense of a great investment opportunity. It was the time when Bitcoin was around $1,200. I told them that it is a new form of money, only fully decentralized, with no one able to shut it down or take full control of it. That it is a great opportunity to invest because ever since it is created, it has seen only a rising pattern (at least that’s what I thought back then).

It seems like I was very persuasive and they really understood my arguments, because the next time I saw my friends, they had already registered in this thing called “Poloniex”. At that time, as I already mentioned, neither of my friends had any economic or financial background. I didn’t even know that there are such things as exchanges, hence Poloniex.

The first trades

So we put our heads together and started looking at all the assets, charts, prices. Everything seemed like out of this world, and needless to say, we didn’t understand anything. My friends bought a little portion of Steem (STEEM), Ripple (XRP), Stratis (STRAT), Litecoin (LTC), Siacoin (SC), Folding Coin (FLDC) (I know, right?) and Dash (DASH). Why we invested in those particular assets, I have no clue. It just seemed like the way to do. My friend, who found out about Poloniex kind of lead me into this. However, when we sat down, and he showed me how everything works, and at first I bought into Ripple. But I kind of didn’t believe Poloniex, I switched to Bittrex. Later that paid off.

Trading history of my friends first trades

The first profits

As you can see in the picture, my friend quickly got to know how trading works. So very early in the game, he picked the first “fruit” in the form of crypto profits. At that time the total market cap was around $80 billion and Bitcoin’s price was a little over $2,2k. Of course, we had no idea that it was forming onto the biggest bull run in crypto history.

However, I kind of didn’t believe altcoins at first. Mostly because I didn’t have such high profits as my friend. Since I knew a lot about Bitcoin (a lot at that time, enough to understand that it was the first cryptocurrency), I invested in Bitcoin.

Of course, when I later saw how my friend was making even more money from altcoins, I started investing in them as well. Little by little, we got to know the secrets behind crypto trading. We found coinmarketcap.com, and similar websites where we could at least read about what we were investing in. We began buying more and more coins, based on what those companies were promising to their investors.

Investing in Initial Coin Offerings (ICOs)

Since I didn’t have much luck in trading altcoins, I stopped doing that and sort of was educating myself about cryptocurrencies. I watched my friends investing in them daily, we talked about their crypto investments and later on, I researched them. In some I believed, in some not as much, but basically, I was accumulating more Bitcoins.

Later our discussions changed as they started talking about this thing called ICOs. They said that it is so easy to gain x10 profits and even more. You just have to use MyEtherWallet, buy some Ethereum and look for most popular ICOs. It all sounded too easy. However, they got huge profits out of these crypto investments. But those profits were crypto-wise, not fiat-wise. Later on, they had invested in more than 20 ICOs and the flat where they resided almost started to look like a full-time office. To me, it all looked so sketchy. I just sat behind and observed their success.

The biggest Bull Run in crypto history

After a couple of months, in late 2017, they were almost like professional crypto investors. They used all the opportunities that crypto handed over to them. They signed up for countless Airdrops, used Steemit to accumulate more crypto and with profits gained from steemit they invested in more crypto projects and ICOs. At that time, day by day crypto assets were rising at unbelievable measures and it seemed like you could invest in almost everything. They went from a couple of thousands to a couple of tens of thousands. I remember my friends 28th birthday when he said that now he has up to $28k in profits. We talked about what he could do with that kind of money and how his life could change, but eventually, he didn’t cash out. Now it seems like the biggest mistake, but as we say – you only learn from your own mistakes.

From $0 to $40,000

My other friend, on the other hand, didn’t have any funds to invest with, so he used Steemit to raise his capital. Now looking at what he did, it almost seems unbelievable, because he went from $0 to approximately $40,000. You could say that they got really lucky with the projects that they chose. Of course, they also invested in a few scam projects and lost their money, but that is not even comparable to what they had gained. At one point they profited more than $1k a day, so they came up with a plan: $100,000 challenge.

Considering the number of profits, it is needless to say that we, people with no financial or economic background, talked a lot about how we would spend this money and basically, we were shocked but very satisfied at the same time with our ongoings. All the provisional ideas, what if, and when that will boom to this amount was an everyday part of the discussion.
They invested very early is projects like Antshares (now NEO), Bitquence (now Ethos), Dent, and Substratum. $20 turned into $2,000. To me, they seemed like absolute crypto-guru’s.

Me on the other hand, I hadn’t invested in any ICOs at that time, because all the “MyEtherWallet”, “Gas”, “decimals”, and overall – “sending my money to some kind of a project which promised a revolution in the world” seemed a little bit odd.

“Money that comes easily disappears quickly”

Just recently I approached him to ask how he’s doing. It’s not like we don’t communicate since the bear market started, but the discussions about crypto have decreased to a minimum. Mostly it’s because the last drop in the sea for him was the hack of his Ether wallet. He lost most of his funds and investments. His biggest mistake was that he held all those assets in one wallet and was not cautious enough about the security. When I asked whether he plans to invest further in the future, he was positive. And that is understandable because the bear market kind of makes you think about your past decisions. I couldn’t leave without an interview, so I asked him to comment on what he would have done differently and a few words about his experience and future advice:

“Money that comes easily, disappears quickly. I have no idea what would have I done differently. It’s hard to say what would you do if you had another chance. I would have definitely cashed out. It’s like I thought that I will earn a lot of money, but you have to work hard for a lot of money and you have to understand what are you doing. You have to take profits. I didn’t have any education. The amount of money I had profited completely made me blind. We did almost anything that crypto offered, we tried this, then that, all in a row. I remember that time as some kind of euphoria, it didn’t seem like it would end at all. It seemed that real-world crypto adoption will happen instantaneously. To me, it felt like I needed to get as many coins as I could.”

Good or bad experience?

So I asked whether crypto did more good or bad to his life since he carried such a harsh story on his shoulders. He replied completely positively. No regrets is his motto of that day since he learned so much about many different industries, mostly economics, finance, money and things related to that.

“My main mistake was that I didn’t accumulate more Bitcoins. Every day I had that feeling that I needed to get more bitcoin, but I didn’t. I bought more and more altcoins. The fact that I didn’t cash out, basically means nothing, I needed to accumulate more bitcoin. Everybody told me and I read a lot that your portfolio is based on Bitcoin. So yeah, if I regret something then this is that. But the amount of knowledge I gained from crypto is unbelievable. I learned so much!”

It turns out that before he got hacked, he had more than 50 different assets. Now that’s hoarding!

Advice for the next bull run

Don’t follow the hype

As we experienced previously most of the massively hyped projects in crypto are now down almost 98% since their peak prices. These type of investments are mostly based on the hype that the community generates. Be smart. The saying “buy the rumor sell the news” is there for a reason.

The biggest losers from ATH. Source: onchainfx.com

Take small profits, don’t be greedy

It’s much better to take small profits like +2% or even +1% in the long term. Don’t be greedy, and don’t expect your investments to rise more than +10% to +50%. It will most likely never happen again in crypto. For daily stock traders, there is a “1% risk rule”. This keeps your capital losses to a minimum and avoids harsh market conditions. You can achieve this by using targets and stop-loss orders. The provisional idea is that if you take a 1% profit on every trade you make after a year you can grow your capital by +365%. Think long term, not short.

Follow your gut/heart

Most of the times, you kind of feel when the market is starting to switch directions. Again – don’t be greedy and do what you think is best for you. If you have a feeling, based on your experience and knowledge – follow it. It is better to take profits on +1% – +2%, than rather loosing -10%, or even everything on your trades or investments. Most beginner traders have this feeling that I won’t get this chance anymore, so I have to use it 100%. That is false. The market is constantly evolving and more projects and institutions are coming in, so don’t worry about your single trade.

Cash out everything to fiat

While some experts say that Bitcoin mass-adoption is a 50-year long-term plan, it is highly unlikely that the broader society will switch to only Bitcoin or even cryptocurrencies in general. At the moment, and for a couple of years from now on, fiat will be the main form of money and as they say “a bird in hand is better than two in the bush”. I’ve heard stories from many investors, that they cashed out everything to fiat when the bull-run started to emerge. They took all the profits when Bitcoin was at $9000 – $10,000. Of course, they could’ve profited more, but how do you think – are they regretting something at this point?

Educate yourself constantly

There is nothing more valuable than education. It won’t do no harm to you or your investments, only good. You have to stay up to date. Learn more about the industry that you have invested in, and know every little detail. It will grow your confidence in regards to your trades or investments.

Do your own research

This binds with the first advice – don’t follow the hype. You have to research the assets you are willing to invest in by only yourself. At this time, when social marketing and the internet, in general, is constantly evolving, you have to understand, that nobody will share valuable information for free.

Further, this also applies to your gut and nerves. You will feel constant anxiety in those cases when you follow a different opinion rather than yours. On the other side, when you build your investments only based on your own knowledge, you will feel more safe, and secure about your decisions.

Never invest money that you can’t afford to lose

There are countless stories of people investing their life savings, mortgaging properties, applying for loans, and in general, investing more money that they can afford. These actions are at very high risk, and almost never pays off. Again – it is better for everyone around you if you invest only the amount that you can afford to lose. Even if that is only $10, you will feel more calm and balanced. Because at the end of the day – these are investments, which are meant to improve your life, not destroy it. Crypto investing is unique in its base – you can invest small amounts in almost every kind of a project. As you saw in the pictures above – crypto investments of as little as $7 dollars can gain you multiple thousands in return. And it is definitely better to lose $7 dollars rather than $700.

“Be happy about what you have, not what you could’ve had!”

However, this is not financial advice. I don’t have a financial degree. This summary is only based on my and my friends experience. Do you own research and don’t base your opinion on somebody else. And most importantly – educate yourself! 

Photo by Chris Liverani on Unsplash

Malta Blockchain Summit 2018

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Malta is one of the world’s smallest and most densely populated countries. It has a population of 475,000 people. Also, Malta has become the worlds central hub for blockchain and cryptocurrencies. Two cryptocurrency exchange giants Binance and OKEx have announced that they are moving their offices to Malta. One of the main reasons why this is happening is because of Malta’s pro-crypto government, and especially Malta’s Prime Minister Joseph Muscat. “These blockchain operating companies don’t care about our taxation system but are coming to Malta, because of our innovative regulatory structure that will certainly be the first, and I also think the best, in the world,” he once said in a political speech in Mqabba. 

8,500 people attend the Malta Blockchain Summit

The main stage

Last week was yet another giant step by Malta towards strengthening their Crypto Capital of the World title. Malta Blockchain Summit 2018 gathered more than 8500 people! People were waiting in long queues at the registration desk. More than 400 companies were exhibiting their products and services. The venue itself was two floored, and the exhibitions were everywhere. Almost half of them were juristic stands, where attendants could find out everything about Malta’s regulations on cryptocurrencies, ICOs, exchanges and crypto companies in general. Binance had a drone which was flying around the place. Cointelegraph, Bitfury, and Blackmoon were among the most popular exhibition stands.

Joseph Muscat, the Prime Minister, was a keynote speaker and emphasized that Malta is indeed an AI innovation hub. He referred to the island as “the island of opportunity,” and talked about the great opportunities that the Distributed Ledger Technology brings to Malta.

Stefano Virgilli and John McAfee, the crypto influencer.

John McAfee, the leading crypto influencer, also was among the attendees and gave a short, but very substantial speech at the end of the conference. He spoke about poverty, wealth, wealth distribution, and the ways life has treated him. “We sit here, drinking, enjoying, and laughing. Wearing fine clothes, while 90% of the world lives in poverty. I know this because I have lived within it, and I have seen it. We live in a world where the “Haves” have everything, and the have-nots have nothing,” he said during his very influential speech.

The year of regulations

The overall feeling at the conference was pretty positive. A lot of crypto-enthusiasts were expecting this year to be the year of security tokens, but it turned out to be the year when crypto gets regulated from inside out. There were ideas that maybe we don’t need security tokens, that may be a more qualitative alternative would be utility tokens. Someone called security tokens an overhyped idea.

A lot of sarcastic talks about ICOs in general. People were expressing ideas that most of the ICOs haven’t yet delivered a working product, nor worked on developing their blockchain. Our friend Stefano Virgilli also did a presentation on the bizarre market of ICOs. He performed in a sarcastic and humorous way, in a result, the whole audience laughed for more than 10 minutes.

Raitis Kaucis and Stefano Virgilli, the CEO of VOX

The positive feeling among the attendants also displayed the overall expectations for the crypto markets for the future. Everyone understands that significant investments are coming to crypto, but at the same time they are aware that the destination for these investments won’t be tokens or altcoins in general. Venture capitalists and new investors want to invest in regulated assets, so they “can sue them.” One venture capitalist said: “I’m going to invest only when I can sue you.”

Sophia – the AI citizen from SigularityNET

Sophia – The AI citizen

Yes, Sophia also was there and yet again showed off its communication skills. We were expecting much more. She (I’m not entirely sure you can refer to a robot as a “She”) answered a lot of basic questions and sounded like basically reading from Wikipedia. We had the impression that any built-in iOS or Android alternative is at the same level of knowledge. It is basically for raising awareness for the SingularityNET project. The conversations consisted of the moderator asking “her” questions like “Tell me something about” this or that, and the robot would answer monotonically. Then he went on asking “How do you know that?”, and the robot answered in a basic way – “Because you programmed it into my start package.” Kind of funny, but at the same time, didn’t show much progression.

The Abstract

Our friend and colleague Raitis Kaucis, the founder of Gagapay, Network.Guru and Dexopay also attended it, so we naturally asked him to share some of his insights from the conference. Raitis visits a lot of cryptocurrency and blockchain conferences almost daily, all around the world. This particular conference by his words was “one of the biggest” he has ever been in. The main topics coming out of the meeting was – you (your company) have to be regulated. The preconditions are to be governed. Otherwise, you no longer can operate in the crypto-ecosystem. Consequently, Raitis told us that his companies – Gagapay, Dexopay, and Network.Guru has handed in all the paperwork and started the process of registering within the legal borders of Malta.

Raitis Kaucis, the founder of Dexopay, Gagapay and Network.Guru

Overall, a huge conference, with many industry professionals coming together, sharing ideas, experiences, meeting new business partners, registering their companies, and in general – making the future of cryptocurrencies.

Source:

https://goo.gl/ofRG53
https://goo.gl/XiaicD
https://goo.gl/TwE1NQ

Photos by Best Coin Investments and Blockchain Malta Summit 2018