Trader suits Huobi Cryptocurrency Exchange 241

Трейдер подал иск на криптовалютную биржу Huobi

Chinese trader sued virtual currency exchange Huobi and claimed for a return of 400 000 yuan that he lost making bitcoin operations. The trader also stated that cryptocurrency trade should be banned and said that these digital assets simply do not exist.

In autumn 2016 Wang Liang invested 1.4 million yuan. The trader aimed to gain profit out of bitcoin price volatility, however he did not manage to do that and siphoned off his funds after having lost a part of them.
In his claim Wang Liang also mentions that bitcoin does not exist and all deals made at Huobi exchange should be recognized as invalidated:

“Bitcoin does not exist, it is not a mean of payment. According to Marxism, each product should have price and value. However bitcoin is not a product. It is also not a currency because there is no central bank that issues it. These mean that bitcoin must not be used for trade and payment operations”.

Representatives of the exchange replied that the investor just had no idea about what is bitcoin. Moreover, it is not the exchange that makes cryptocurrency deals but other users of the platform which operates legally.

In addition, bitcoin price is determined  by the market and not by the exchange.

Beijing Haidian District Court dismissed the trader’s claim and stated that investors themselves should bear responsibility for their actions:

“Every investor regardless of where the investment is made should consider risks and be responsible. The best solution would be to invest the amount of money that an investor would be ready to lose”.

The court mentioned that bitcoin is not a product and has no value. The People’s Bank of China has no right to determine whether bitcoin is a product and whether Huobi can trade it or can not. The exchange can only offer trading services. The court advised investors to consider the issue serious and do not rely on what others think about digital currencies.

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The UN Will Cooperate With the IOTA to Increase the Productivity of its Work 827

The UN Will Cooperate With the IOTA to Increase the Productivity of its Work

The UN branch, called the United Nations Office for Project Services (UNOPS), will work with the IOTA to improve the management of UN records using the distributed IOTA open-source ledger.

The announcement of the partnership came out on Tuesday, the 22nd of May. The co-founder of IOTA Dominik Schiener supported the idea of ​​cooperation by saying:

“We are thrilled to begin working together with UNOPS and to tackle current and future challenges together. The IOTA Foundation is fully committed to putting the IOTA Tangle to work on behalf of important humanitarian and development causes.”

The technology is going to advance administering and validating important documents, provide a real-time transaction system. The goal of the project is to include all connected devices by checking the accuracy and transactional calculations that contribute to the development of these devices in order to provide their properties and data in real time, which is one of the features why the UN chose IOTA for cooperation.

The special adviser on the blockchain technology at UNOPS, Yoshiyuki Yamamoto, said that the ledger can work with batteries or alternative charging methods, which can be very useful for territories that do not have constant access to the Internet or even electricity.

As this collaboration will become a kind of experiment, Yamamoto is not sure how long it will take to fully implement the IOTA technology. He said that it depends on many factors, which include the complexity of the problem, the type of software, the user’s participation, so the results will be difficult to predict.

In the nearest future, IOTA technology will be supported by IoT devices that do not have high processing power requirements.

The UN considers this technology very promising, arguing that the organization would not cooperate with the project unless it proved its potential.

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Coinbase Exchanged the GDAX Platform For Paradex 362

Coinbase 将GDAX 改名Coinbase Pro

The GDAX cryptocurrency platform will cease its operations, while a new one called Coinbase Pro will be launched to serve individuals whose core business is trading in cryptocurrencies. The announcement was made by representatives of the American cryptocurrency exchange Coinbase.

The Coinbase Pro developers have left the same tools that were used with its predecessor GDAX and also added new ones. For example, the system of placement and cashing of funds will be simplified at the new platform. Users will also have access to advanced analytics and will be able to post their portfolio on the updated corresponding page.

Moreover, the cryptocurrency exchange purchased the decentralized platform Paradex, functioning on the 0x protocol. GDAX plans to launch its own digital coin Wallet Coinbase, which will provide the opportunity to trade with hundreds of tokens. The new wallet will be included in the new platform in a few weeks and is available to US cryptocurrency exchange customers.

We remind you that the company Coinbase announced the release of new products in mid-May, which is targeted at institutional investors. During the announcement, such products as Coinbase Institutional Coverage Group, Coinbase Custody, Coinbase Prime and Coinbase Prime were presented.

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