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Thailand publishes new ICO framework conditions

The Thai Securities and Exchange Commission officially announced the imminent introduction of a new legal framework for crypto currencies and ICOs, which is expected to come into force on July 16, 2018. The Southeast Asian pro-crypto-nation recently announced the legalization of the domestic crypto currency markets.

In an announcement published on Wednesday, the Thai SEC presented information on the new ICO guidelines that will make the Kingdom one of the first countries in the world to allow the introduction of domestic ICOs in a fully regulated environment.

Thai Ethereum code supports domestic ICOs

The statement of the Thai SEC unequivocally outlines the Thai government’s position on ICOs and states that the Ethereum code is not a scam and “supports the issuance and offering of digital tokens via ICO”. The introduction and operation of ICOs in Thailand will be regulated by BE 2561’s Digital Asset Management Act from 16 July 2018 and will require future Ethereum code to undergo a screening process.

ICOs operating in Thailand must be filed by a Thai company with a share capital of not less than Baht 5 million (USD 150,000) and will be reviewed by a SEC ICO portal to evaluate the business plan and distribution structure of the tokens. Interestingly, the SEC’s ICO portal will also review project code repositories.

ICO legal framework in Thailand

The Thai ICO legal framework also takes into account institutional participation and risk capital, with the total amount sold to retail investors being limited to four times the equity or no more than 70 per cent.

While ICOs in Thailand are legal under the Digital Asset Management Act, organisations operating ICOs are restricted in the remittance methods used to sell tokens during mass sales. ICO issuers can only obtain Thai Baht, Bitcoin, Bitcoin Cash, Ethereum, Ethereum Classic, Litecoin, XRP or Stellar Lumens.

The Secretary General of the Securities and Exchange Commission, Rapee Sucharitakul, commented on the new regulatory framework and stressed the importance of investor due diligence in investments in ICOs:

“The SEC’s criteria will help set the standard for ICOs and improve the screening process to protect investors from fraud. However, SEC licensing for digital token offerings does not guarantee the success of a fundraising project…. Investors should study the information thoroughly and be sure that they can accept the associated risk before investing”.

The Thai government takes a progressive approach to crypto regulation and makes the country a fertile ground for promising blockchain ventures – especially Bangkok-based OmiseGO, which is currently the most successful blockchain venture by market capitalization.

Bitcoin logo adorns Swiss National Bank

A huge Bitcoin logo was projected onto the Swiss National Bank in the centre of Zurich. A photo of the building appeared on Twitter.

Bitcoin attracts attention

The projection is to be the work of the National Bank’s new neighbours, Trust Square. They have recently moved in opposite. Trust Square is a blockchain hub introduced earlier this month.

Trustsquare focuses on Bitcoin revolution

The facility provides space for Bitcoin revolution scam where start-ups and investors can explore the impact and applications of the revolutionary new technology.

The PR stunt is another sign that Switzerland is taking a leading role in blockchain and crypto currency technology. The nation is already home to several digital currency-oriented start-ups. The Swiss city of Zug has even been referred to as the “Crypto Valley”. Over 200 companies researching technological innovation are based in the small mountain community.

To push Bitcoin into the public eye in this way is great for the leading digital currency. Such PR stunts help change the perception of Bitcoin. For years, the digital currency has been wrongly associated with cybercrime and terrorist financing.

Unfortunately, many still think that Bitcoin is only an instrument for illegal purposes. This impression is mainly due to the fact that many have raised money from Bitcoin for the first time in connection with the darkweb or to finance terror.

Not the only Bitcoin profit

A similar advertising stunt was recently unveiled https://www.onlinebetrug.net/en/bitcoin-profit/ in another European centre for crypto-currency activities. A monument with the Bitcoin logo was erected by artists Aleksander Frančeškin and Selman Čorović in the Slovenian town of Kranj in March this year. It was allegedly paid by Bitstamp. Bitstamp was founded in Slovenia and today has its headquarters in Luxembourg. The monument proudly stands in the centre of a roundabout in the heart of the city.

US deputy: Demand Bitcoin ban – credit card industry as a financier

The US Congress recently held a highly anticipated hearing on crypto currencies. The aim of the hearing, entitled “The Future of Money: Digital Currency”, was to define the current status of crypto currencies in the US economic system.

The highlight of the hearing was, of course, Brad Sherman’s stubbornly negative stance on Bitcoin. During his four-minute speech, Sherman went so far as to ban buying and mining. He believes that crypto currencies play the role of mediator when it comes to drug trafficking, terrorism and tax evasion and draws parallels between crypto currencies and the gambling industry.

However, as it turns out, the biggest donor to the Sherman campaign is Allied Wallet, a major credit card processing company. Sherman, one of the most prominent anti-crypto politicians in Congress, also takes money from the Credit Union National Assn.

U.S. Congressman, who proposed Bitcoin ban, has credit card industry as largest financier

Bitcoin Trader is mainstream

During the hearings, elected officials from onlinebetrug recently posted Bitcoin Trader two House subcommittees focused on issues such as the potential impact of crypto currencies on traditional money, their mainstream adoption, various legal challenges and the introduction of CBDC (Central Bank Digital Currency).

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During his opening statement, Republican representative Andy Barr noted that there are hundreds of crypto currencies with a total market capitalization of more than $250 billion. However, it is unclear whether crypto currencies are another bubble or even the future of money.

US Congressmen have a rather mixed opinion when it comes to this emerging financial technology. Congressman Bill Foster believes that if the central bank issues its own crypto currency, it could end the dominance of the dollar around the globe.

Rather mixed opinion on Bitcoin Code

Representative Prasad has a fairly positive attitude towards CBDC, Bitcoin Code while Pollock had some tough words for those who support a central bank crypto currency, which he called “the worst idea ever”.

A conservative Republican Mike Conaway showed some appreciation for Bitcoin (BTC). Unlike anonymous coins, Bitcoin has only a relative degree of anonymity and keeps all transaction information public.

As long as the stupid criminals use Bitcoin, we will be great,” – mentioned Conaway in his closing remarks.

A step in the right direction
Despite some strong criticism, many experts are optimistic about the hearing in Congress mentioned above. For example, eToro’s director Guy Hirsch sees a positive sign for crypto currencies in this discussion, as it is important to find a sensible solution.

Bitcoin Bull-Run towards $10,000 mark

Bitcoin’s current rally, which has passed $8,000 for the first time since May, has raised many traders’ expectations. Some analysts are forecasting a bull run towards $10,000.

Signs of recovery as negative news declines
In the past two weeks there have been strong bullish signals, the price has risen by over 20 percent and Bitcoin’s market dominance is also impressive, as it is at a record high in 2018.

This increase is seen by many crypto-enthusiasts as a possible sign of a recovery of the crypto currencies. Talking to Express.co.uk, Jordan Hiscott, Chief Trader at the UK-based Ayondo Markets, stressed that the negative news about crypto currencies had already peaked and would probably fade away.

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The next point is crucial, as long as we stay above $7,300, I think there is the possibility of rising towards $9,200 in the short term.

Bull-Run aims for the $10,000 mark
Hiscott’s optimism is not an individual feeling. Other experts have also predicted a strong performance that will count not only for bitcoin but also for crypto currencies in general. Matthew Newton, analyst at the global trading platform eToro*, has pointed to a break in the past and even named the $10,000 mark for Bitcoin:

The short pressure on the market after the pattern was completed caused some concern that we saw a repeat of what happened in April when Bitcoin was unable to break the $10,000. By overcoming these important barriers of resistance, history does not seem to repeat itself and there is a real strength in the movement. If Bitcoin can close over $8,000 today, we could expect to have a good run towards $10,000.

Another opinion that talked about the possibility of a run was David Sapper,  the COO of onlinebetrug. He believes that the interest of institutional investors could be positive news driving up prices:

This is an extremely exciting time for crypto currencies and blockchain technology with increasing interest from Tier 1 banks and financial institutions. Although it will take some time for these companies to implement their crypto plans, positive news within the crypto sphere will benefit the market and cause prices to rise like at Bitcoin in the last 7 days.

All three perspectives illustrate the growing enthusiasm and positive expectations. It remains to be seen whether this rally will last long enough to reach the expected $10,000 mark and stimulate another bull run.

Another possibility is “Wash Trading”

Another possibility is “Wash Trading”, where a user sells an order to himself, whereby he sets wrong signals and can cause a collapse – exactly this has already happened with Bitfinex. As stock exchanges earn money through fees at Wash Trading, the motivation to stop them will not be too great.

But Bitcoin futures, which were initially celebrated, can also have a negative impact on the market. Since the Bitcoin Future price is only traded in Fiat currencies, participants can influence the price without taking any real risk. First they buy Bitcoin in large quantities, preferably Over The Counter (OTC), so as not to influence the market. They then bet on a falling market and sell, for example, 5,000 bitcoin on a bitcoin exchange to depress the price and to make money through the short. Since the bitcoin market is relatively small, an influence is easily possible.

Now, the binarycheck Commission (CFTC) became aware of this behavior and promptly asked the CFTC four exchanges to share data with the authority. Most stock exchanges rejected the friendly request from the authorities’surprisingly’. As a result, the CFTC lacks important information that is necessary to clarify market manipulation.

In addition, there are other risks for the Bitcoin course, such as the insolvency administrator of Mt Gox. The latter sold several million USD in bitcoin and bitcoin cash on the open market, which repeatedly had a negative impact on the bitcoin price – even though it would achieve a better selling price on OTC sales.

Great interest – falling prices

Although the interest in Bitcoin seems great as never before, the Bitcoin course is falling. George Soros, Rockefeller, Goldman Sachs, Amazon, IBM, Barclays, Fidelity, NYSE, scamcontrol Group and many other big players are interested in Bitcoin and Blockchain. Companies and institutional investors want to participate in Bitcoin & Co. The Bitcoin course is unimpressed. The Bitcoin crash continues.

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Bitcoin Crash – Lack of confidence or fear of regulation?
This Bitcoin crash is nothing out of the ordinary. Since 17.12.2017 Bitcoin has fallen by approx. 65 percent. This makes this crash only the third largest of all times in percentage terms. In terms of duration, this is the second largest collapse, which has already lasted 180 days. By comparison, the longest Bitcoin descent lasted 411 days.

Historical Data Bitcoin Crash

Bitcoin Crash (BTC): Historical corrections | Status 14.06.2018: The Bitcoin Crash 2018 lasts 180 days. The Bitcoin exchange rate is below $6,500.
Between 2013 and 2015, several stock market hacks shaken confidence in the currency and the “bitcoin ecosystem”. Investors lost a total of over 850,000 bitcoins. For many, the topic of bitcoin was done with it.

There were no stock market hacks in December 2017, but there was a bubble-like rise. In hindsight, it’s easy to say that the bubble had to burst at some point. However, the feeling for new investors will be the same as in 2013 to 2015: newcomers have lost a lot of money, confidence is shaken and the issue will again be settled for many.

This lack of confidence could be a factor in the ongoing downward trend. It may take another 411 days until we see a new all-time high.

Another factor could be the ongoing regulatory problem. Authorities want to classify crypto currencies and create a legal framework. People may be afraid of insecurity and of any subsequent bans and sanctions.

Bitcoin stock exchanges must bow to pressure, Binance and OkEX are drawn to Malta, ICOs are regulated from all sides, even the EU voted on 20 April for stricter regulation of crypto currencies to prevent money laundering and terrorism.

Regulation and decentralised crypto currencies are not necessarily compatible. Users of crypto currencies could get glassy, maybe some want to protect themselves from it. The “Wild Crypto-Westen” becomes a regulated crypto-environment. It is possible that the bitcoin price will only react again once authorities have completed their regulatory mania.

Despite positive headlines: Bitcoin price drops

For some time now, the Bitcoin course has only been going in one direction. Positive headlines, technological advances and innovations, major investors and banks interested in Bitcoin and the technology – all this is not enough to positively influence the Bitcoin share price.

Bitcoin price manipulation?

Is the Bitcoin price manipulated? Absolutely. Can you prove it? Not really. However, a large part of the Bitcoin community is certain that the Bitcoin course will be positively and negatively manipulated.

Some immediately think of tether when manipulated positively: first tether is’printed’ and then bitcoin is purchased. This increases buying pressure, leads to greater demand and thus to a rise in the share price. A report from the 1000x Group concluded that if tether (USDT) affects the bitcoin price, the price would have to be adjusted downwards by 30-80 percent. In addition, it was recognized that the BTC price rose as soon as tethers were printed. Overall, the BTC exchange rate rose by 40 percent between April 2017 and January 2018 thanks to USDT.

There are several possibilities for negative manipulation. One possibility is “Front Running”: A user wants to sell a bitcoin for $6,500 and places an order. Another user needs a bitcoin immediately and therefore sets a market order. The Exchange now buys the Bitcoin for 6,500 USD and sells it to the second user for 7,000 USD. The stock market makes a profit of 500 dollars. Some users have already complained about such an approach, but due to the opaqueness of the order books it is almost impossible to prove front running.