Amazon, a global conglomerate offered recently a discounted signups for it’s fantasy game RunScape through its new platform twitch. A source very close to game developers revealed that about one-third of the people who took advantage of this promotional offer were from Venezuela. The game was flooded with hundreds and thousands new entries who were using credit cards, which had seriously questionable legitimacy. These cards appeared to be fraudulent or stolen or the passwords if these credit cards would have been hacked added the source.

“Amazon failed to conduct proper measures and checks to verify the legitimacy of the cards and hence such fraudulent cards easily got registered.

As per the company it has approached Amazon for its comment on this issue of not conducting proper screening measures.

Venezuela is facing one of the most disastrous economic crisis in the history of the world. The crisis is worse than the great depression. The rising hyperinflation and shrinking economy of Venezuela have made even the most ordinary food items priceless and people are forced to live hungrily.

Venezuelans have found a unique way to tackle this economy crisis, they are using video games to tackle this economic turmoil even though the profit earned is very less they are adopting this unconventional method.

In fantasy games like RunScape Venezuelans are doing an outlandish concept called “gold farming”. They are cultivating virtual hold in a video game and they trade this virtual asset with other users for foreign currency, Bitcoin or other cryptocurrencies since the hyperinflation has made the Venezuelan currency Bolivar worthless. Many of these virtual gamers are able to make only a few pounds for the entire day.

Still, these gamers fare these gold assets better than salaried workers of Venezuela as their earnings are indexed to Venezuelan black market dollar exchange age.

Trading virtual asset for real money goes against the spirit of the game and it is forbidden in the game. Venezuelans compelled to use this unconventional method of earning have now started to contribute to the inflation in the virtual world.

Efrain Pena, 29, sad he had never made this much money before and no other job can match what money he is making now. He plays games to support himself and his family another young unemployed computer engineer said that it was shameful and he never thought that virtual currency would have a worth more than the currency of his country
Venezuelan government earlier this year tried to control the crisis by taking certain measures. The government slashed five zero’s from the Venezuelan Bolivar but this could not do much to help the problem. Unemployment young and starving people are abandoning their country in search of better opportunities and the better life.

Venezuela’s yearly inflation hit 488,865 percent indicating the conditions are not recovering and the hyperinflation is increasing amidst the economic collapse

Hackers have illegally withdrawn approximately $99 million from crypto exchanges and wallets in South Korea, a new study unveiled.

The report was titled Measures and the status of Hacking Damage of Virtual currency in the last three years. The South Korean National Police Agency issues it. They are observing cryptocurrency related hacks which have attacked South Korean users since 2016. It finds that hackers have damaged a total of seven local crypto exchanges and 158 wallets till now. Police managed to capture six cyber criminals.

The numbers of attacks are also growing as the days went by. The crypto hacking incidents were lesser compared to the cases that are reported in the following years from 2016.

A piece of the report is: the amount of money which was stolen by the hacking of cryptocurrency exchanges has continuously been increasing every year. When the cryptocurrency exchanges activity was low in South Korea, a local cryptocurrency exchange firm Ripple4y confirmed an attack. Then the next year saw a notable jump with the hacking attacks at Coins, Bithumb, Apizon, and Youbit. These are the other cryptocurrency exchange platforms.

In 2018, police received complaints of only two hacking attacks. They are Coinrail and Bithumb. Bithumb is the South Korean crypto exchange platform. It got attacked by hacker twice.

The number of attacks grew when the cryptocurrency exchange world was undergoing a bull run. It was fascinating. The police reported that almost 50 percent of the total attacks which were reported took place in 2017. It happened when bitcoin and the other cryptos were climbing towards their heights.

The South Korean Government had inspected local cryptocurrency exchange platforms to their privacy and the other facilities like security, quality to their customers. All the results went through inspection were negative. Some of the exchanges which were got attacked pointed their security and privacy faults to the public after the Government. Many of the people believed that the hackers got their signal from the Government.

YouBit got hacked after the Government inspection in December. And the inspection was done in October. Hackers attacked Conrail and the Bithumb likewise after the Government inspected and pointed out their faults to the public.

South Korean Lawmaker Min Kyung Wook said that ‘the nature of cryptocurrency exchanges are always exposed to the hackers attacks. The hacking incidents occurred even in the places where the Government inspected some security checks’.

Element Group, a cryptocurrency economics, and digital assets solutions analyst, published a report explaining that the SEC’s delay in approving bitcoin ETF proposals is the primary reason why the market has become so boring in recent weeks.

“One can argue that the depressed volatility patterns we’re seeing with bitcoin are the market slowly adopting bitcoin as a [Store of Value] SoV,” wrote Element analysts, Thejas Nalval and Kevin Luon, in the report published last week. However, they added that it seemed like an interesting yet premature theory.

Another unconvincing theory cited by the report was that BTC’s price discovery mechanism was becoming “more efficient.”

Bitcoin’s volatility index remained at 8.04 percent earlier in January, however, in the last 60 days, the figure dropped down to 2.71 percent. Hence, Nalval and Luon agreed that bitcoin “ran out of juice” heading into the fourth quarter.

But as the digital currency trades range bound within a 10% band over the past few weeks, which is more typical of a small or mid-cap stock instead of an asset that previously exhibited annual volatility levels closer to 100%, the research team is “a bit more skeptical”.

“We think the market has quite simply just run out of juice for now. It’s almost become boring. Seems like everyone is waiting on the sidelines for someone else to make the first move in what could be an extremely long game of chicken.”

The report also pointed out that BTC bucket shops, brokerage firms allowing people to place bets on the price illegally, are negatively impacting the market.

The Role of Bitcoin ETF Rejections

Bitcoin’s price is also dependent on the SEC’s approval or refusal of bitcoin ETF proposals. This year, ten ETFs were rejected by the SEC the Winklevoss BTC ETF in July and the rest of the nine ETFs in August.

The only proposal that remains unanswered is the VanEck/SolidX bitcoin ETF. When the SEC delayed the decision in September, it caused a disturbance in the bitcoin market. However, the price stabilized once investors figured out that the decision could be positive in the future. The report noted that the pending decision has resulted in a dull market.

Interestingly, the SEC can extend the deadline of approving an ETF proposal filed on the federal register by a maximum of 240 days. This can happen if the agency decides to use all the extensions in the approval process.

On Aug. 8, the SEC postponed the decision by extending the 45-day time period. Back then, the agency wrote that the final decision would arrive on Sept. 30. Since the decision was extended on Sept. 20, analysts expect the SEC to utilize all the extensions. If this happens, the final decision will arrive in late February.

The VanEck/SolidX BTC ETF has garnered support from many investors. But, the report concluded that bitcoin users should be prepared for both the decisions because if the proposal is rejected, “it could be one or two more years before another ETF is up for approval again given the current state of the underlying markets and the SEC’s thinking.”

The volatility time series chart shows that, historically, Bitcoin had a standard deviation of daily returns mostly between 5% and 15% before 2012. Except for two spikes in 2013, volatility was mostly kept subdued below the 5% line until the recent cryptocurrency fever.

China’s in-house Bitcoin billionaire and blockchain investor Li Xiaoli, is one of the most well-known, experienced persons in the whole cryptosphere. However, despite his status in this promising industry, he has unpredictably announced that he means to stop capitalizing actively in this future in the future.


He informed this on Weibo, one of the most well-known social media platforms in China, interpreted by TechNode. The Chinese Bitcoin tycoon went on to add that he has plans to work for several years, as he will contemplate of writing. There is still a speculation that can be invested in blockchain projects, but through alternative means, like an investment fund or institution.


Li Xiaolai’s value has been seriously underrated. While there were dozens who were sad to see him leave, there were others who thought it could not come soon to be the subject of controversy in the past. Earlier this year, Li stepped down from his role as managing partner of the $1 billion Hangzhou Xiong’An Blockchain Fund after a series of accusations were made against him. Most notable was his feud with venture capitalist Chen Weixing. Chen previously openly called Li as “tumor” of China’s cryptocurrency industry and later accused Li of owing a group of investors 30,000 bitcoins which he had collected in 2013 for an investment fund.


He was seemingly forced to step down from his partner at Hangzhou Xiong’An Blockchain Fund after he was accused of numerous fellow leaders. Chen Weixing, a Chinese venture capitalist, called Li a “tumor” in the side of China’s cryptosphere, for one, later noting that the investor is still over 30,000 BTC to an unnamed group of creditors. Although this situation has seemingly gone unaddressed, it could be assumed that this accusation made him want to distance himself from this industry.


In May, a program aired on CCTV (in Chinese) showed that despite the government’s cryptocurrency crackdown in 2017, ICOs were still widespread and the number of “air coins” (token projects not backed by genuine entities) were still on the rise. The report suggested that these projects encourage their associations with big-name crypto investors like Li Xiaolai in order to appear as legitimate.


Moreover, as per the attest reports, it has also been openly called a gathering of leading crypto startups and projects. According to NEO “stupid and worthless,” Binance “fraudulent,” and Justin Sun to “scammer,” just to name a few of the inflammatory statements he made.

GameChain is the first block chain- agnostic gaming blockchain. The creators of the global best bring it- selling games such as ‘Star Wars: The Old Republic’ and the upcoming mobile blockbuster “Warhammer: End Times.” EOS Gravity the leading EOS community supports it.

GameChain is announcing the launch of its new platform which will be a game changer to the entire gaming community.

It is reported to be developed by the developers of the famous “Star Wars: The Old Republic.” And it is mainly supported by the EOS community. GameChain utilizes ‘smart contracts, atomic swaps and state of the art on chain developer tools to build amazing games.’

This new platform is amazing for the gamers, and the game developers can simply run ICOs to generate funding for their projects right on the GameChain platform.

This platform rewards people for their contributions to the GameCahain ecosystem for the users. The platform gives rewards in the form of reputational points to those who interact using these tools provided by this platform. The more contribution by the user, the more rewards the user gets. It can be traded for the real money.

GameChain is helping to connect multiple players on this platform. Users can comment on the live games being played on this platform. Rewards will be given in the GameChain Coin (GCC). It is the native on the GameChain platform.

As per the announcement on the projects, Medium Channel, GameChain will have its Initial Coin Offering. The date is yet to be confirmed but is scheduled for mid- October as projected by ICO tracker platform. GameChain says this date is subject to change.

Blockchain technology has become the most significant thing in this world. It is even famous for the technology transforming and automating all the aspects of human lives in diverse industries such as entertainment, health, financial sectors, and supply chain and many others. Community interactions are rewarded which is based on the communication performed.

With the help of this block chain, users can be able to make a platform for a better and most crucially, their platforms are immutable. It means they cannot be tampered with by anyone over the internet.

1.Transparent economic community incentives
2.Reputation-based platform
3. Easily adding decentralized currencies, items, and games to any game.

Bitcoin Jesus, the digitized currency analyst, named Roger Ver is struggling to win over the investors and converts for preferring Bitcoin cash coin (BCH). The reports are evident as the charts published by Chainalysis analytics firm suggest that the use of BCH in commerce is the bare minimum.

These reports that the firm concluded were brought together by the received payment review of the 17 largest crypto traders’ services and platforms such as GoCoin and BitPay. This review shows that Bitcoin payments suffered a slump after hitting the low in May of $3.7 million which was $10.5 million in March.

As a means of comparison, we can see that the total payments were $60 in May which was a significant downfall as compared to $412 million in last years’ September.

All these declines and low chart values are the tellings of the general fall of the digital currencies that witness throughout the year 2018. As a result, we can see a dip of 55% in Bitcoin whereas the Bitcoin Cash drops off by 75%.

The fluctuating market is visible throughout the year, but there are rare possibilities of a major recovery as predicted by market analysts. December 2017 was a period of high gains for market capitalization whereas Bitcoin Cash reports 85% drop from a peak of $9.4 billion. A similar analysis of Bitcoin shows that the market too enjoyed its peak and is now reeling from the high of $110 billion.

Even after these reports Bitcoin Cash remains to be the fourth largest digital coin but is comparatively 10% lower in market cap than its other companions. Kim Grauer, the Chainalysis senior economist, remarked that there are fewer users of Bitcoin Cash and even fewer holders compared to the reputation and gains of past years.


A year ago Bitcoin Cash parted ways with the official Bitcoin blockchain. Later, Roger Ver focused himself on the Bitcoin Cash market rather than observing the official market rates of According to Ver, he had a strong reason to explain his changed allegiance for Bitcoin Cash. He believed that for bitcoin levels to scale at a success which could serve as a means of payment, is by building the blocks more in size and comprising the blockchain.

It was done so with the help of Bitcoin cash, but other developers were not completely agreed on by this which raised concerns for centralization. Since the parting of both markets, there debated discussions and conflicting views from each side of the market on social media.

According to the reports, adoption of Bitcoin Cash in commercial use is relatively low majorly because of the concentrated ownership. The reports of Chainalysis suggest that more than half of the Bitcoin Cash monitors by the 67 wallets that not locate on the exchanges.

Grauer further remarks that there are better chances of wealthiest holders being responsible for sending more traffic to the merchants and traders. Out of the total wallets, two of them hold between 10,000 and 100,000 Bitcoin Cash.

Roger Ver still stands solidly on his comments and views regardless of the recent events. About the Bitcoin cash transactions, he tweeted that the long-term price of any cryptocurrency is one of the functions that highlights its usefulness as a digital currency.

Even after a long period Ver still hasn’t sold himself completely at the stakes of bitcoin cash as he believes in “flippening” sooner rather than later. It is the term used for overtaking of the market capitalization of Bitcoin by another currency, possibly Ethereum initially and then Bitcoin cash.

Ver says that it is “imminent” and Ethereum can likely overtake Bitcoin by the end of this year and Bitcoin Cash would do so before 2020.

A Singapore based unified digital commerce platform Olife is to alter the digital commerce landscape by increasing its services with the help of blockchain technology. It is expected to launch its own digital currency called the Oliffe with the Token naming OLIFE. The currency will be used in Olife ecosystem and traded on the cryptocurrency market. This will definitely add value to the industry.

The blockchain technology allows Olife – a multiple purpose digital commerce to utilize its mobile payment application, messaging, social media app. With this, Olife concentrates two major concerns that each user is facing are trust and transparency.

The platform is built on B2B2C digital commerce solutions provider with the smart contract technology in place that allows the hosting of master nodes as well as wallets staking. Those who are motivated users that would use OLIFE tokens to perform valuable actions. Because these tokens are valuable that can be used inside and outside of the application. Additionally, Olife will let the verified businesses to take part and purchase into an ecosystem of customer engagement and consumer market. In short, it will redefine how the businesses and consumers are connected and will streamline the business transactions more valuable.

In today’s competitive world, hardly anyone that has not used the app so far. In 2018 there are more than 5.8 million apps sprawling across Apple’s and Google app store. The smartphone users alone use 30 apps monthly. The app has been downloaded to a larger extent. The major benefits of using Olife, users can use only one app platform instead of multiple apps to explore numerous functions like payment settlement, business management, friends chat, mobile games, etc.

Besides, Olife wants to offer its users the best way of monetization process through decentralized networks. It uses highly sophisticated approach instead of the traditional models use. This will make sure that all those involved are rewarded for their respective efforts in order to distribute economic value.

There are numerous functions that the Olife has in place as follows:
– Corporate accounts where business users register themselves for their corporate accounts with Olife in order to communicate with other traders within the ecosystem to execute numerous business functions.
– Professional and Personal accounts management where users can build both the accounts as per their necessity. It lets the users to be separated from the two world.
– Olife payment where it allows to create wallets for each user account as Olife Pay. It consists of a spending wallet and staking wallet. With the help of Olife Wallet, a user can execute OLIFE transfers to any user or make payment for any products or services.
– Mobile Gaming where the Olife gaming platform introduces a variety of creative games that help engage with the community. On this platform, the users will be rewarded with OLIFE for both reward and scores that they receive from the games that they play.
– Chat functions where Olife offers numerous services like communication services, voice messaging, video calls, games, conferences, text messaging, photos sharing, location identification among others.
– Geolocation function – O Zone function where Olife offers the mainstream services for digital marketing activities based on the physical location of users. The function can be used for a retail discount, restaurant promotions, etc.
Technically speaking, the OLIFE token is created on the largest crypto platform called the Ethereum platform until its own proprietary network and blockchain is organized. This will surely add value to OLIFE with the efficient speed and token liquidity in place that will make users happy as always.

On the Ecosystem front, the Olife is created on six core pillars naming, Proof of Economic Activity, Advertisements, and Rewards, Proof of Stake, Professional and Personal Account, Cross-Chain Interoperability among others. When combining all these under the one roof establish a very good synergy between commerce functionalities and digital communication on the platform.

With this, Olife’s blockchain technology alleviates an open collaboration for businesses across geographies. Business can configure their side chains and merge the cross chain consensus by loading data which are able to be operated across both the chains.
Olife is surrounded by the blunt and sharp people in its team naming Anthony Koh who handles advisory function in payment solutions. He is also the co-founder and chief executive officer of MC payment which is a leading financial technology and business platform services provider specializes in assisting non-cash payments across Asia Pacific region.

An excerpt from the statement given by Joseph Lin, Co-founder of Olife, “We envision Olife to be a self-sustaining ecosystem, where users are able to weave seamlessly between their personal and professional lives securely, thanks to the benefits of decentralization. Olife will be the all-in-one app for people to navigate their lives,”

In a nutshell, Oife will be organizing its introductory event called “Olife Connect” at Golden Village theatres in Vivocity in Singapore on 8th August 2018. The event will focus more on Olife app as well as it will show the ecosystem that can be joined as an early adopter. The whole event is chaired by veterans from cryptocurrency and blockchain industry.

Let’s not forget that the blockchain technology when combining with information technology or artificial intelligence or any other perspectives, it always creates a mark in the digital world!!!

There has been a lot of murmur in the market the ETF proposal of Winklevoss brothers which was rejected by the SEC, moreover, a lot of such proposals by different enterprises have been rejected by the regulation authorities. The effect of these rejections can be noticed in the manner in which Bitcoin and other currencies faced a slump in the market. However, Ethereum founder has something to say about how there are other things in the market that need to be focused on right now, issues which are more pressing for the future of digital currency.

The co-owner of Ethereum, which is currently giving competition to the eminent Bitcoin, has said that while we are focusing on the ETFs too much, the market and its entities should also focus on the other things such as making it easy for a number of consumers of cryptocurrency to conduct transactions on the day-to-day basis. Moreover, even though an ETF will help with the increasing in the value of prices, it is the adoption of virtual currencies by the masses that is of more importance right now. This comment on twitter received a lot of responses.

The debates that followed had a lot to do with connection of retail and cryptocurrency and what are the other factors that might affect the more prevalent use of cryptocurrency in the market.

It can be concluded that in spite of Buterin stating that ways to propagate the use of cryptocurrency in the market should be undertaken, after careful observation it can be seen that ETF can be one way of doing so. The fact that Ethereum and Bitcoin are not categorized as Securities is working well for both the chances of formation of ETFs as well as for the adoption of this method of transaction by a lot of ordinary citizens. Integration of several salient features of crypto currency can also help with the ambition to add virtual currency in the day-to-day financial transactions. Moreover, if blockchain options are just a click away, than it would be easier for a number of people yet unaware of its mechanisms to learn and thereafter adopt and be included amongst the existing number of users in the market.

The co-founder of Ethereum has given a strong opinion by saying that mass adoption should be the ultimate goal of digital currency, but several steps will have to be taken so that this new sector in the economy ceases to remain on the sidelines and increasing number of economies find it relevant.

A lot of changes are taking place world over with respect to crypto currency, from the advice of the Federal Reserve chief of United States against crypto currency, to the tightening of the laws of FSA of Japan; there is a lot that has been going on for the crypto currency markets. The latest wave of downfall and the subsequent upheaval of the tokens in the market have also led to a lot of attention from the media to the crypto currency. However, India has an entirely different story to tell about crypto currency than that prevalent across the world.

But firstly, it is essential to give details about the History of crypto currency in India. RBI has strictly warned the banks from supporting the crypto currency operations in any way and the court has also banned any crypto currency transactions in India from the 6th of July, 2018. Following this verdict, it is being believed that crypto currency will be accepted in the form of commodities. However, there is a huge “maybe” when it comes to the future of crypto currency in India. As of now, the final hearing of crypto currency in Supreme Court has been set in September. That is, the last and the final verdict about the kind of role that crypto currency will play in India will be decided on September 11th, 2018.

The SEBI is yet to come up with its arguments. However, it has been clarified that there will be three judges on the bench. There have been various views which are being stated from across the Indian nation about the different expectations that are being held by the prominent figures in the economic sector of the country from the impending decisions of the high court.

Moreover, very limited arguments were made from the RBI because of the lack of any arguments from SEBI. It has been said by IAMAI that the circular written by RBI will stand to damage the prospects of the users of crypto currency in India in the coming time. At the same time, it could be noticed that very little was said by IAMAI as well. It is expected that more arguments will take place in the impending hearing of the Supreme Court in the month of September.

There are those who are expecting that the coming hearing will fare better for the future of crypto currency in India, for example, Abhishek G, who is the co-founder and also the CEO of Throughbit in India, has expressed that the bench seemed more open to the arguments and there is a chance that the hearing will take a longer time than is expected.

However, only September will decide the fate of crypto currency in India. There will be an upheaval in the market regardless of the decision. Whatever decision the bench deems fit, it will definitely affect the financial sector in a grave manner and also the various users of crypto currency in India.